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Gazprom 3Q Net Profit Rises 33% Despite Lower Demand

Gazprom 3Q Net Profit Rises 33% Despite Lower Demand

Russia's OAO Gazprom (GAZP.RS), the world's largest producer of natural gas, Monday posted a 33% increase in third-quarter net profit due to foreign exchange gains and lower taxes, but despite a drop in demand in the period.

Lukoil-Statoil Group Finalizes Iraq Oil Field Deal

Lukoil-Statoil Group Finalizes Iraq Oil Field Deal

Russia's Lukoil OAO (LKOH.RS) and Norway's Statoil ASA (STO) Sunday signed a final deal for Iraq's supergiant West Qurna Phase 2 oil field, Iraqi Oil Ministry officials said.

IMF to Set Up Eco Fund

IMF to Set Up Eco Fund

The International Monetary Fund (IMF) is planning a 100-billion-dollar fund to help countries mitigate the effects of climate change, the agency’s head said. “The new growth model will be low carbon,” Dominique Strauss-Kahn, managing director of the IMF, told political and business leaders meeting at the World Economic Forum (WEF) in the Swiss ski resort of Davos this weekend.

Environment Deal Gets Low-key Endorsement

Environment Deal Gets Low-key Endorsement

Nations accounting for most of the world’s greenhouse gas emissions have restated their promises to fight climate change, meeting a deadline yesterday in a low-key endorsement of December’s “Copenhagen Accord.”

China Insists That Its Steps on Climate Be Voluntary

China Insists That Its Steps on Climate Be Voluntary

As a Sunday target date approaches for countries to submit to the United Nations their plans for fighting climate change, China is banding together with other major developing nations to stress that only the wealthier countries need to make internationally binding commitments.

Romanian Govt Approves National Power Holdings Setup

Romanian Govt Approves National Power Holdings Setup

The Romanian government approved an overhaul of the country's energy sector by setting up two national power holdings to include almost all the state-owned assets in the field, news agency Mediafax cited Economy Minister Adriean Videanu as saying Friday.

Latvia Wants Better Terms Russias Gazprom

Latvia Wants Better Terms Russia's Gazprom

Recession-hit Latvia wants to renegotiate a gas-supply contract with Russian energy company OAO Gazprom (GAZP.RS) because it is paying too high a price, the Baltic state's economy ministry said Friday.

Kazakhstan Wants Top-level OSCE Summit

Kazakhstan Wants Top-level OSCE Summit

Kazakh President Nursultan Nazarbayev called Friday for a rare summit of Organization for Security and Co-operation in Europe heads of state to be held this year in Astana, nearly 11 years after the previous such high-level gathering.

Russia Raises Oil Export Duty To $270.7/Ton from Feb 1

Russia Raises Oil Export Duty To $270.7/Ton from Feb 1

Russia has raised oil export duty to $270.7 a metric ton from Feb. 1 from the current $267/ton, according documents published by Russia's official Rossiyskaya Gazeta newspaper Friday.

Shells Sakhalin JV Paid $1.4B In Dividend To Russian State

Shell's Sakhalin JV Paid $1.4B In Dividend To Russian State

Sakhalin Energy, a joint venture with gas giant OAO Gazprom (GAZP.RS) and oil major Royal Dutch Shell PLC (RDSA) as principle shareholders, paid $1.352 billion in dividends to the Russian state, the Vedomosti daily reports Friday, citing an unpublished financial report from the company.

Gas pipeline

Gas pipeline

The Nabucco gas pipeline will not be built if an open season bidding process for capacity this year shows demand is too low, an executive of Austria’s OMV said yesterday, adding that demand looked strong.

EU watchdog looks into PPC subsidy allegations

EU watchdog looks into PPC subsidy allegations

Europe’s competition watchdog is investigating whether Greece’s state-owned power utility illegally subsidized smelter Aluminium of Greece by selling it electricity at below-market prices. The European Commission said yesterday that Public Power Corporation (PPC) might have undercharged by 17.4 million euros ($24.5 million)

Gazprom, Poland In Gas Pipeline Deal Over Transit Fees

Gazprom, Poland In Gas Pipeline Deal Over Transit Fees

Russia's OAO Gazprom (GAZP.RS) won't have to pay overdue transit fees it owes to a Poland-based pipeline operator in an arrangement that is part of a new Polish-Russian gas deal, daily Rzeczpospolita reports Thursday, citing unofficial sources.

Russias TNK-BP Prices $1B Two-Tranche Bond Offer

Russia's TNK-BP Prices $1B Two-Tranche Bond Offer

Russian oil producer TNK-BP Holding (TNBP.RS), part-owned by U.K. oil major BP PLC (BP), raised $1 billion through a two-part bond offering Wednesday, according to a person close to the transaction.