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Eni Sells 6.7% of Galp for EUR677.6M

Eni Sells 6.7% of Galp for EUR677.6M

Italian energy giant Eni SpA (ENI.MI) Friday said it had sold 6.7% of smaller Portuguese peer Galp Energia SGPS SA (GALP.LB) for 677.6 million euros ($883.1 million).

South Korea Outlines Energy-Saving Measures After Reactor Shutdown

South Korea Outlines Energy-Saving Measures After Reactor Shutdown

It will be a hotter-than-average summer in South Korean offices this summer if companies comply with energy-saving measures the government is implementing to avert power disruptions following the sudden shutdown of two nuclear reactors this week after it was ascertained that they were operating with fabricated certificates for some components.

Gazprom Exec: May Delay Shtokman for A Future Generation

Gazprom Exec: May Delay Shtokman for A Future Generation

OAO Gazprom (GAZP.RS) could delay the development of its flagship Shtokman gas field in the Artic for "a future generation," a deputy chairman of the state gas giant's board was quoted as saying Friday.

Oil Market Shrugs Off OPEC Output Decision

Oil Market Shrugs Off OPEC Output Decision

OPEC's decision Friday to retain its production ceiling of 30 million barrels a day came as no surprise to the oil markets, with the lack of movement having been heavily flagged in the runup to the producer group's meeting.

EU΄s Oettinger: Nuclear Power Part of Bloc Future Energy Mix

EU΄s Oettinger: Nuclear Power Part of Bloc Future Energy Mix

European Commissioner for Energy, Gunther Oettinger, Thursday said the European Union's goals to reduce carbon dioxide emissions and combat climate change can only be reached with an energy mix including nuclear power. "Without a doubt nuclear energy belongs to the [mix]," Mr. Oettinger said. "In coming years reaching [climate] goals can't be done without nuclear power."

MOL Completes First Phase of Romanian Fuel Terminal

MOL Completes First Phase of Romanian Fuel Terminal

Hungary-based oil and gas firm MOL Nyrt. (MOL.BU) has completed the first phase of a new fuel terminal next to the River Danube in Giurgiu, southern Romania, the company said in a statement Thursday. MOL is investing 10 million euros ($13 million) in the project, which will have a total storage capacity of 7,000 cubic meters when it is completed. MOL didn't say when that would be

Syria Oil Output Dives To 5% Of Pre-war Level

Syria Oil Output Dives To 5% Of Pre-war Level

Syria's oil production has crashed to 20,000 barrels a day, or 5% of its pre-war output, Oil Minister Sleiman Abbas said, quoted on Wednesday in the ruling party's Al-Baath daily. "The terrorism of armed groups (rebels) and the unjust (Western) embargo imposed on Syria" were to blame for the collapse, he told a session of parliament

Saudi Oil Minister: OPEC to Discuss Secretary-General Selection Criteria

Saudi Oil Minister: OPEC to Discuss Secretary-General Selection Criteria

Saudi oil minister Ali al-Naimi said oil prices are at a suitable level for oil producers and consumers, the Saudi Press Agency reported Wednesday. "The situation in the international oil market at present is characterized by stability and balance of supply, demand and commercial inventories," Mr. Naimi said. Oil "prices are at the level suitable for producing and consuming nations and the petroleum industry."

E.ON Romania Threatens To Pull Green Energy Projects if Subsidies Are Cut

E.ON Romania Threatens To Pull Green Energy Projects if Subsidies Are Cut

The chief executive of E.ON Romania, the local unit of German utility E.ON AG (EOAN.XE), Wednesday said the company will abandon its green energy projects unless the government reconsiders its plan to reduce subsidies, news agency Mediafax reports. "It all depends on whether the law on supporting renewable energy is changed. If the law is modified, then we give up [our projects]," Frank Hajdinjak told a news conference

IENE Convenes Working Group Meeting  in Sofia on Nuclear Energy

IENE Convenes Working Group Meeting in Sofia on Nuclear Energy

An IENE Working Group, consisting of experts from Bulgaria and Greece, met today (May 29) in Sofia, to examine the role of nuclear energy for power generation in SE Europe. A review was conducted of the latest developments in nuclear related projects and initiatives focusing on Bulgaria, Romania and Turkey. In spite of the setback on their nuclear plans suffered by certain European countries, following the Fukushima disaster in March 2011, enthusiasm for nuclear electricity has not waned in the SE European region

EUs Almunia: Oil Price Manipulation Would Have Caused ΄Huge Damages΄

EU's Almunia: Oil Price Manipulation Would Have Caused ΄Huge Damages΄

Any confirmed manipulation of oil prices would have caused "huge" damages for consumers and the case has similarities to the Libor benchmark scandal, the European Union's top antitrust regulator said Tuesday. EU antitrust authorities carried out unannounced inspections of energy companies BP PLC (BP), Royal Dutch Shell PLC (RDSA) and Statoil ASA (STO) this month as part of a probe into whether they manipulated prices in the $2.5 trillion physical-oil market by giving false data to an oil index publisher, the Platts unit of McGraw Hill Financial Inc. The offices of Platts were also inspected