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Russia seeks over $11bn in 'debt' from Ukraine: Gazprom MOSCOW: Chairman of Russia's Gazprom Alexei Miller on Saturday said that Ukraine must pay back the full discount it has been granted on Russian gas over the past four years, worth $11.4 billion.Miller said this week's annulment of the so-called Kharkiv accords, which gave Ukraine cut-price Russian gas until 2017 in exchange for access to the Crimea's port facilities, means that Kiev should pay the sum total of this discount back."The sum of the discount granted in the time that the Kharkiv accords were valid was $11.4 billion (8.32 billion euros). That is the sum that the Russian government, the Russian budget did not receive," Miller told Russian television.The discount was a de-facto advance payment by Moscow for the future lease on Black Sea Fleet's facilities in the Crimean port of Sevastopol -- annexed by Russia with the rest of the peninsula -- and so must be paid back, he ...

Russia's Rosneft says starts surveys in Arctic JV with Exxon MOSCOW: Russia's top oil producer Rosneft said on Friday it had started geophysical surveys in the eastern Arctic, advancing work with ExxonMobil despite Western sanctions over Ukraine. Rosneft, which is not on the list of those sanctioned so far, said airplanes with special equipment would survey all six areas the two companies agreed to jointly explore, with a total area of 440,000 square metres due to assessed by the end of 2014. The survey is ...
Oil rises towards $107, watching Libyan output LONDON: Brent crude oil rose towards $107 a barrel on Friday as investors cast doubt on the possibility that Libya's major oil ports were about to reopen, boosting dramatically supply of high quality fuel to world markets. Expectations have been building that an eight-month blockage of Libya's oil export ports would end after rebels and the government said they were close to an agreement. The Libyan government said on Thursday it had seen evidence of ...
Oil-drilling plans face stiff resistance in Spain's Ibiza MADRID: Plans to drill for oil off the Spanish holiday island of Ibiza have met with fierce opposition from locals who fear the white sand beaches and marine life will be damaged."Everyone is against it here," said Carlos Bravo of the Blue Sea Alliance, an umbrella organisation of 50 groups including environmentalists, hoteliers and unions, seeking to halt oil exploration off Ibiza and Formentera, a neighbouring island that is only accessible by boat.More than 10,000 ...
Oil slides on prospect of rising Libyan crude supplies LONDON: Global oil prices sank Thursday on an expected return of Libyan supplies after a months-long disruption in exports, and following recent weak global economic data, analysts said.New York's West Texas Intermediate (WTI) for delivery in May slid 41 cents to $99.21 a barrel. Brent North Sea crude for May shed $1.16 to stand at $104.46 a barrel in midday London deals."The Libyan government is reportedly close to finalising a deal with rebels to reopen ...
Oil market drops before US data LONDON: Global oil prices sank on Wednesday as traders awaited the key economic data and weekly crude inventories in top-consuming nation the United States, analysts said.New York's West Texas Intermediate (WTI) for delivery in May slid 56 cents to $99.18 a barrel. Brent North Sea crude for May shed $1.16 to stand at $104.46 a barrel in midday London deals.The US government's Energy Information Administration (EIA) will later publish its report on American crude stockpiles ...
Gazprom hikes Ukraine gas export price by over a third MOSCOW: Russian energy giant Gazprom on Tuesday announced it was hiking the price of gas exports to Ukraine by more than a third, after a a Western-leaning government took over the country after the fall of the previous pro-Kremlin regime.Ukraine will now pay a price of $385.5 dollars per 1,000 cubic metres of gas, Gazprom chief executive Alexei Miller said in a statement, raising the price from $268.5 per 1,000 cubic metres previously.Copyright AFP (Agence ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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WeeklyApril 14, 2014
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