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Total pushes ahead with $16bn Angolan Kaombo oil project PARIS: French oil major Total said on Monday it had decided to invest in Angola's Kaombo oil project after lowering its cost by $4 billion to $16 billion. The ultra-deep offshore field will have a production capacity of 230,000 barrels per day, for a start-up date in 2017, Total said in a statement. Copyright Reuters, 2014 ...
Ukraine suspends gas payments to Russia until talks conclude KIEV: Ukraine's state-run energy company Naftogaz has suspended gas payments to Russia until the conclusion of price talks, chief executive Andriy Kobolev was quoted as saying on Saturday.Russia, which last month angered Western powers by annexing Ukraine's Crimea peninsula, has raised the price it charges Kiev for gas and said it owes Moscow $2.2 billion in unpaid bills. It also says Kiev had failed to pay its bill on time.Russian gas giant Gazprom earlier this ...
Russia's Timchenko looks east for new gas markets, scoffs at sanctions MOSCOW: Russia's No.2 gas producer Novatek is exploring with Chinese partners the option of selling them gas in exchange for yuan instead of dollars or euros, Novatek co-owner Gennady Timchenko told Russian television.Asked about dropping the dollar and euro for gas sales as part of the Kremlin's move to loosen ties with the West, Timchenko said: "We are already analysing the situation and are conducting negotiations with our counter-parties."We are ready for this. And it ...
Billionaire Russian gas trader says US sanctions a badge of honour MOSCOW: Gennady Timchenko, the billionaire Russian gas trader hit with U.S. sanctions over his alleged ties with the Kremlin following Russia's annexation of Crimea, said being singled out by Washington was a badge of honour.But Timchenko, who sold his stake in oil trading firm Gunvor last month, acknowledged that the sanctions were slightly inconveniencing his business interests because some European banks were reluctant to deal with him."The fact that I was included in the list ...
Trade volumes on Polish gas exchange soar WARSAW: Poland's gas exchange reported a 435 percent annual rise in trade volume in the first quarter of the year, due to the growing number of market players, its chief executive, Ireneusz Lazor, told Parkiet daily in an interview on Saturday.Lazor said there were 26 active market players on the exchange, with four more waiting for their licences.Poland started the gas exchange at the end of 2012 to comply with European Union requirements for the ...


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