Valery Bessel

Gazprom net profit doubles in 2018

The net profit attributable to shareholders of Russian gas giant Gazprom doubled to 1.456 trillion rubles in 2018, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement posted on its website. …

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 Russia bans oil exports to Ukraine

The Russian government has banned exports of Russian oil and petroleum products to Ukraine, Russian Prime Minister Dmitry Medvedev said. "[The Russian government] bans exports of Russian oil and petroleum products …

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Gasoline prices decline in Russia

Retail prices of the regular (Ai-92) and the premium (Ai-95) gasoline declined in a number of Russian regions last week, according to data provided by the Central Dispatching Department of Fuel Energy Complex. It was the first decline …

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Venezuela crisis puts oil market in panic mode

Oil rose today, shaking off persistent concern about the outlook for demand after the U.S. government said it could impose sanctions on OPEC member Venezuela's crude exports. Brent crude futures were up 10 cents at $61.24 a barrel …

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Brent exceeds $60 per barrel after New Year panic

International Brent crude futures climbed back to $60 per barrel today, with OPEC cutting output and on easing concerns over weak demand growth. Around 0940 GMT, Brent crude for delivery in March hit $60 for the first time in 3.5 weeks …

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 Will Qatar trigger OPEC collapse?

Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) early next year, Qatar's energy minister Saad al-Kaabi said. Speaking at a news conference, al-Kaabi said the country would …

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'South Stream' to be revived as 'Turkish Stream-2'

Gazprom determined the Turkish Stream gas pipeline's route passing through the territory of Bulgaria, Serbia, Hungary and Slovakia. It is expected that deliveries to Bulgaria and Serbia will begin in 2020, to Hungary - in 2021, and …

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Brent $65, WTI $55 - What's going on?

U.S. oil prices wavered early today as investors continued to wrestle with rising crude supplies against lingering questions about demand. Global benchmark Brent crude is now down about 24% from its peak in October, with January Brent …

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Oil price slides to crisis levels

The price of Brent crude oil fell below the $70-a-barrel mark today for the first time in seven months, moving to the brink of bear-market territory. As of 15:57 (MSK), Brent crude reached $69.87 a barrel on ICE Futures Europe. Brent …

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Trump world can live without Iranian oil

U.S. President Donald Trump said in a presidential memorandum that he had determined there was sufficient supply of petroleum and petroleum products from nations other than Iran to permit a reduction in purchases from that …

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Turkish Stream to reach Turkey in December

The construction of the sea part of the Turkish Stream pipeline will be completed in two months, Gazprom CEO Alexei Miller said. The  construction of the Turkish Stream pipeline is underway," TASS cited …

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Russia to set coal production record

Russia can top a soviet coal production record of 420 million tonnes in 2018, while investments may amount to 130 billion rubles a year, Russia's Energy Minister Alexander Novak said, speaking at a meeting with government officials and top managers of energy companies.

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Oil prices rise on Norway strike

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike today after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher. Norway is Western …

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Will Naftogas seize Gazprom's European property?

Russian gas giant Gazprom said it was aware of actions by Ukrainian oil and gas firm Naftogaz to enforce an arbitration court ruling. Naftogaz said earlier today it had initiated the enforcement of a $2.6 billion award from the …

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EU closes Gazprom case

Russia’s Gazprom has settled its seven-year antitrust case with Brussels, avoiding a fine by promising reforms that European officials hope will make the central and eastern European gas market more competitive. …

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Brent oil hits $80

Brent crude oil is trading at over $80 per barrel for the first time since November 25, 2014, after the US broke the Iran nuclear deal and Total said it would likely withdraw from its South Pars commitments due to US sanctions. Today …

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Russia freezes gas production

Russia does not plan to increase gas production in 2018, freezing it at the level of 2017, Russian Minister of Energy Alexander Novak said, adding that everything will depend on the weather conditions. "As for …

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