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Turkey to Take Iranian Gas Price to Arbitration

Turkey to Take Iranian Gas Price to Arbitration

International arbitration over the price of Iranian natural gas is “inevitable” due to Tehran’s reluctance to provide a discount, Energy Minister Taner Yıldız said yesterday, just a day before Iran’s foreign minister comes to Turkey for economic cooperation talks.

Vestas Wind Exec: European Debt Crisis Seen Impacting Med Sales In 2012

Vestas Wind Exec: European Debt Crisis Seen Impacting Med Sales In 2012

Vestas Wind Systems A/S (VWS.KO) expects southern Europe's sovereign debt crisis to continue to impact sales from the Mediterranean region this year and is banking on growth potential for wind power in the Middle East and North Africa to make up for muted sales from those markets in the coming few years, a senior executive said Monday.

Tepco: Board Members Not Responsible For Fukushima Disaster -Kyodo

Tepco: Board Members Not Responsible For Fukushima Disaster -Kyodo

Tokyo Electric Power Co. (9501.TO), or Tepco, in a document sent by Monday to its shareholders, denies that any current or former board members hold responsibility for the Fukushima Daiichi nuclear plant disaster triggered by the March 2011 earthquake and tsunami in northeastern Japan, Kyodo News reported.

Statoil CFO: No Exposure To Southern Europe Government Debt, Banks

Statoil CFO: No Exposure To Southern Europe Government Debt, Banks

Norwegian oil and gas company Statoil ASA (STO) said Monday it has no positions in government debt or banks in Southern Europe, but has moved its cash to government debt farther north and to highly rated and safer banks.

Lukoil 2011 Oil Output Down 5.5% To 90.7 Million Tons

Lukoil 2011 Oil Output Down 5.5% To 90.7 Million Tons

Russia's largest private oil company OAO Lukoil Holdings (LKOH.RS) said Friday it expects its oil production in 2011 to fall 5.5% from 2010, and sets output stabilization at its traditional areas of operations and higher free cash flow amid its top priorities for 2012.

Fitch: Italys 2012-15 Transmission and Distribution Price Review Rating Neutral

Fitch: Italy's 2012-15 Transmission and Distribution Price Review Rating Neutral

Fitch Ratings says that the final tariff proposal for FY2012-2015 for Italian electricity transmission and distribution networks published on 30 December 2011 by the Italian industry regulator, the Authority for Electricity Energy and Gas (AEEG), is broadly rating neutral for network operators rated by Fitch, including Terna Spa ('A'/Negative), Acea Spa ('A'/Rating Watch Negative) and Enel Spa ('A-'/Stable).

Petroplus Deal With Banks Gives Refiner Time To Restructure

Petroplus Deal With Banks Gives Refiner Time To Restructure

Swiss-based Petroplus Holdings AG's (PPHN.EB) eleventh hour finance deal allows the European refiner to restructure its loss-making business while it negotiates a possible crude supply partnership, but it could just end up being a stay of execution, analysts said Thursday.

Delek Group Loans Units $25M To Develop Israeli Offshore Gas Fields

Delek Group Loans Units $25M To Develop Israeli Offshore Gas Fields

Delek Group Ltd. (DLEKG.TV) said Thursday that it has made short-term loans to two of its energy subsidiaries so they can continue developing two natural gas fields offshore Israel while appealing a government decision barring them from taking more credit from the lender HSBC.

Novatek 4Q Gas Output Up 33.4% At 14.53 BCM

Novatek 4Q Gas Output Up 33.4% At 14.53 BCM

Russian independent natural gas producer OAO Novatek (NVTK.RS) said Thursday its gas production in the fourth quarter increased by a third compared with the same period of 2010, while the 2011 full-year gas production was up 41.7% from 2010.

Japan Tells Geithner It Will Reduce Iranian Crude Imports

Japan Tells Geithner It Will Reduce Iranian Crude Imports

Japan's finance minister told visiting U.S. Treasury Secretary Timothy Geithner Thursday that his country will take steps to reduce its dependency on oil imports from Iran, taking a much more conciliatory approach to the matter than China did a few days ago.