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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 (of people subject to U.S. sanctions) was a little surprising maybe, but it was quite an honour for me," he said in an interview with the state-run Rossiya television station to be broadcast later on Saturday."Some (problems) arise because some banks, realising who they are dealing with, are starting to create certain difficulties... They are frightened," he said, according to a pre-transmission transcript provided to news organisations."In general it is not all that serious because ...

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 ...
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 ...
Crude oil prices extend losses LONDON: Oil prices extended losses Friday on poorly-received economic data out of China this week that has raised concerns over potential weaker crude demand from the world's biggest consumer of energy.Growing expectations that Libyan oil will return to the market after rebels lifted a blockade of crude terminals also helped push prices lower, analysts said.The International Energy Agency, which advises countries on policy, meanwhile said Friday that the global oil market was returning to balance.However ...
Shell drops novel Norwegian subsea gas project, cites costs OSLO: Royal Dutch Shell has dropped one of Norway's biggest and most innovative industrial projects due to rising costs and complexity, dealing a blow to a technology that some hope could revolutionise offshore production. Shell said on Friday it would postpone a project to provide subsea compression at the North Sea's Ormen Lange, the second-biggest Norwegian gas field, despite the objections of a key licence partner. The decision will not be re-evaluated for several years, ...
Brent dips near $107 on weaker demand outlook LONDON: Brent oil futures dipped towards $107 a barrel on Friday following a weaker outlook for 2014 global demand growth from the International Energy Agency and due to expectations that more Libyan crude will reach the market next week. Brent crude was down 29 cents at $107.17 a barrel by 0927 GMT after settling 52 cents lower on Thursday.The contract was on track to end the week about 0.5 percent higher, recouping part of the ...
Crimea clouds oil market outlook: IEA PARIS: The global oil market is returning to a rough balance but Russia's annexation of Crimea has clouded the outlook with both supply and demand growth to slow, the International Energy Agency said Friday.While the IEA has recently been warning of tight markets as oil demand picks up with a recovery of the global economy, it said stocks had improved and a slowdown in the Russian economy would also help relieve pressure.The IEA left its ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln