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Kazakhstan plans to start fuel oil exports from Georgia's Batumi terminal in May, diverting some 700,000 tonnes from Baltic Sea ports, mainly in Estonia, by the year-end as it seeks to cut its costs and transit risks, traders said on Wednesday. Kazakhstan has faced increasing competition from Russian oil product suppliers in the Baltic Sea ports, including Ust-Luga and Novorossiisk in the Black Sea.

Russia''s parliament has agreed to write off almost $10 billion of North Korea''s Soviet-era debt, in a deal expected to facilitate the building of a gas pipeline to South Korea across the reclusive state. Russia has written off debts to a number of impoverished Soviet-era allies, including Cuba. North Korea''s struggling communist economy is just 2 percent of the size of neighbouring South Korea''s.
Europe should avoid more sanctions against Russia over its role in Ukraine and continue to pursue dialogue with Moscow, the chief executive of OMV , the longest-standing Western trade partner of Russian gas monopoly Gazprom, said. The Austrian energy group signed its first long-term supply contract with the Soviet Union in 1968 and is a major importer of Russian gas.
India's Reliance Industries , owner of the world's biggest refining complex, and HPCL-Mittal Energy Ltd (HMEL), part owned by steel tycoon L N Mittal, have sought environment ministry approval for raising capacity of their plants. Reliance, whose two plants at Jamnagar in western India has installed capacity to process about 1.2 million barrels per day (bpd) oil, has the capability to turn the heaviest crude into value added products.
US natural gas futures eased by less than 1 percent on Wednesday, but they held above support levels at $4.50 as the market remains in a tug-of-war between milder weather and a slow start to the injection period to refill supply. The May natural gas futures contract on the New York Mercantile Exchange settled down 3.7 cents, or 0.8 percent, at $4.53 per million British thermal units after trading as high as $4.60 per mmBtu overnight.
Turkey will seek a discount in the price of gas it buys from Russia in talks with the deputy head of state-controlled Gazprom next week when he visits Ankara, Turkey's energy minister said on Friday. "The contract we have with Russia gives us the right for a price revision. We will convey our demands about this to the Russian and Gazprom officials," Taner Yildiz told reporters.
Asian gasoil margins narrowed slightly on Wednesday as demand was seen thin for May, although refinery maintenance provided support, trade sources said. May gasoil cracks fell by 22 cents to $17.92 a barrel above Dubai crude, while the jet fuel margin narrowed by 23 cents to $15.87 a barrel, Reuters data showed.


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
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Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,516.27 0.68
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln