Europe
Saturday, 25 May 2013 16:46
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ATHENS: Greece agreed to change some terms in the planned privatisation of natural gas distributor DEPA, opening the way for Russian energy giant Gazprom to bid for the firm, a senior official directly involved in the sale talks said on Saturday.Privatisation agency HRADF finalised the terms of the sale contract late on Friday, lowering the amount that DEPA's buyer will have to deposit as a guarantee before the deal gets regulatory approval."The guarantee was halved to 10 percent of the purchase price," the Greek official told Reuters on condition of anonymity.HRADF also said it would compensate the buyer if DEPA fails to collect overdue bills owed by recession-struck Greek clients. "We are guaranteeing up to 180 million euros of arrears if they are not settled by Dec. 31, 2015," the official said.Gazprom has been lobbying hard to wring these concessions from Athens, leveraging its position as the only major energy ...
LONDON: Russia will steeply cut Urals crude oil exports from Baltic ports in June and load a total of 58 cargoes compared to 70 cargoes in May, trading sources said on Friday citing a loading schedule."It looks like a very short programme. It will certainly give a major support to Urals prices in the Baltic," a trader with a major said.Copyright Reuters, 2013 ...
BARCELONA: Venezuela and Russia formed a joint venture Thursday to produce 120,000 barrels of oil a day by 2016 in two fields in the Orinoco Heavy Oil Belt.Russia will loan Venezuela $1.5 billion to finance the development of the fields under the terms of the agreement, and put up $1.1 billion for a 40 percent share in Petrovictoria.The agreement establishing Petrovictoria was signed by the president of the state-owned Petroleos de Venezuela (PDVSA), Rafael Ramirez, ...
LONDON: Oil fell below $102 a barrel on Thursday in a broader commodities selloff as a decline in China's factory activity entrenched concern about weak demand and on worries about an early scale-back in Federal Reserve stimulus.China's factory activity shrank for the first time in seven months in May, a survey showed. The dollar index hit a three-year high on Wednesday, weighing on commodities denominated in the US currency.Brent crude fell $1.22 to $101.38 a ...
LONDON: Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.The American Petroleum Institute said late on Tuesday US gasoline inventories rose by 3 million barrels last week, suggesting the US domestic fuel market would be well supplied during the peak driving season.Investors awaited oil inventory figures from the ...
LONDON: Brent oil futures fell towards $104 per barrel on Tuesday on concerns that the US Federal Reserve might scale back its quantitative easing programme, which could damage fragile demand.Comments by Fed officials and upbeat US data last week fuelled speculation the central bank might start to reduce its bond purchases this year.Investors are focussing on the release of minutes of the Fed's last meeting and testimony by Fed Chairman Ben Bernanke to Congress, both ...
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