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UK approves drilling at Statoil LONDON: Britain's energy ministry on Friday gave the go ahead for Statoil to drill the Mariner heavy oil field in the North Sea.   "Mariner will be one of the biggest projects ever in the North Sea and the 4.6 billion pound commitment over 40 years from Statoil is a vote of confidence in the future of UK oil and gas," Britain's Energy Secretary Edward Davey said in a statement.   At its peak, the Mariner field is expected to produce around 55,000 barrels of oil per day, 5 percent of Britain's daily production.   Copyright Reuters, 2013 ...

BNP Paribas CEO sees low-growth outlook for Europe PARIS: BNP Paribas sees a low-growth scenario for Europe this year while Asia will be among the bright spots of the global economy, the French bank's chief executive told Reuters Insider television.   BNP is launching a plan to cut costs across its business and to grow in Asia and the US as a way of offsetting Europe's weakness.   Although the aim is to rethink BNP's business model, there will be no big change to business lines and ...
Oil prices drift higher LONDON: World oil prices drifted higher in subdued trading on Wednesday as traders awaited the weekly snapshot of crude reserves in the United States.   Brent North Sea crude for delivery in March added 22 cents to $118.88 per barrel in afternoon deals in London.   New York's main contract, light sweet crude for March, gained 26 cents to $97.77 a barrel.   The US government's Department of Energy was due later on Wednesday to publish its report on American crude ...
Greece, Italy, Albania sign gas pipeline deal ATHENS: Greece, Italy and Albania signed an agreement in Athens on Wednesday to support a pipeline project expected to bring natural gas from the Caspian Sea to Europe.   "The importance of this project will go beyond the borders (of the three countries) to establish the safety of Europe's energy supply," said Greek Prime Minister Antonis Samaras who was present at the signing ceremony.   The inter-governmental agreement regarding the Trans Adriatic Pipeline (TAP) was signed by Greece's Foreign ...
Serbian NIS net profit jumps 22pc BELGRADE: Serbian oil firm NIS posted a 22 percent rise in full-year net profit to 49.5 billion dinars ($592.9 million) on the back of efficiency measures and higher output.   Kirill Kravchenko, chief executive of the group which is majority owned by Russia's Gazprom Net, said the results were the company's best ever.   "We managed to increase profitability, while reducing the level of bank debt," Kravchenko said.   "The financial results for 2012 showed that the year was the most ...
Shell pitches for mini LNG projects in Russia MOSCOW: Shell may resort to developing small scale LNG facilities in Russia, a senior executive said, as its ambition to expand a major liquefied natural gas plant there appears thwarted.   Gazprom and Shell are partners in Russia's-only LNG plant on the Pacific island of Sakhalin, which produces 10 million tonnes of LNG a year.   Shell has been pushing for an increase in capacity there but the idea has failed to take shape.   Gazprom has its own plans to ...
Israeli firms take 30pc stake in Cyprus natgas field NICOSIA: Two Israeli firms have taken a 30 percent interest in a licence held by US energy company Noble to drill for natural gas off Cyprus, the Cypriot energy ministry said on Monday.   Cyprus's Commerce, Industry and Tourism Minister Neoclis Sylikiotis signed an agreement with Israeli firms Delek and Avner, both units of the Delek Group conglomerate.   No financial terms were disclosed.   Noble, which is already partners with the two firms in major discoveries off neighbouring Israel, reported ...


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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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