Business Watch
Anglo-Russian oil producer TNK-BP, which is being bought by Russian state oil company OAO Rosneft (ROSN.L), said Sunday that it will invest more that $7 billion in its Rospan gas condensate project by 2013. TNK-BP noted that it has doubled its investment in Rospan development by investing $233 million into the project in 2012.
Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Karsten Heuchert, Chairman of the Verbundnetz Gas Executive Board and Uwe Barthel, Member of the Verbundnetz Gas Executive Board signed a Sci-Tech Cooperation Agreement.
Ukraine committed a strategic error several years ago when it refused to rent out its Soviet-era gas transportation system to Russia and the European Union, President Vladimir Putin said on Thursday.
“We believe Ukraine committed a strategic, fundamental mistake. We offered jointly with the Europeans to take Ukraine’s gas transportation system on lease, without breaching Ukrainian legislation while keeping it in Ukraine’s ownership,” Putin said at an annual Q&A session in Moscow.
Russian gas monopoly Gazprom has decided in principle to extend its Nord Stream pipeline project to reach Great Britain, CEO Alexei Miller said on Friday.
The Shah Deniz consortium has now concluded its evaluation of potential gas export routes towards South East and Central Europe. The Nabucco West project with a route running from the Turkish-Bulgarian border to Baumgarten has been selected as the single pipeline option for the potential export of Shah Deniz Stage 2 gas to Central Europe. Development of the South East Europe Pipeline (SEEP) project, which had been assembled by Shah Deniz partners in collaboration with Bulgaria, Romania and Hungary, will cease.
Nord Stream natural gas pipeline, linking Russia and Germany under the Baltic Sea, is set to become operational on November 8, Gazprom CEO Alexey Miller has told Prime Minister Vladimir Putin. "Construction of the first line has been completed, commissioning is underway, and the pipe is being filled with gas," Miller said. About 60% of the pipeline's second line has been built, he added.