English Edition

Tariff Hike Needed for PPC Plan

Τετ, 19 Νοεμβρίου 2008 - 13:08

Greece’s largest energy utility, Public Power Corporation (PPC), said yesterday it may seek an equity increase to fund its 2009-2014 business plan if the government does not approve tariff rises. PPC, which has a market capitalization of 2.2 billion euros, is planning to invest about 11.5 billion euros under a six-year plan to modernize operations, expand abroad and boost profits in a newly liberalized market.

Turks Want New Energy Routes

Τετ, 19 Νοεμβρίου 2008 - 13:05

Turkish President Abdullah Gul yesterday joined east European leaders at a summit in Azerbaijan aimed at promoting energy routes to Europe outside Russia’s influence. Amid concerns in the region that US president-elect Barack Obama will see the Caucasus and eastern Europe as less of a priority, a senior US official told the summit that he expected Washington to stay engaged in the area.

Turkmenistan Important Partner To Pipeline

Τετ, 19 Νοεμβρίου 2008 - 12:38

Austrian Finance Minister Wilhelm Molterer hailed Turkmenistan as an "important partner" in the European Union-backed Nabucco pipeline project on Tuesday as the country's president Gurbanguly Berdymukhamedov continued his official visit to Vienna.

World Bank Sees Falling Ruble As Oil Tumbles

Τετ, 19 Νοεμβρίου 2008 - 12:36

The Russian ruble will continue to drop as falling oil prices weaken the country's financial position, the World Bank said in a survey published Tuesday.

Russia's Defense Min Warns Georgia Against Military Buildup

Τετ, 19 Νοεμβρίου 2008 - 12:34

Russian Defense Minister Anatoly Serdyukov warned Georgia Tuesday that efforts to strengthen its military would be punished more severely than during the countries' brief August war.

Gazprom Seeks Oil Majors As Partners For Arctic LNG Projects

Τετ, 19 Νοεμβρίου 2008 - 12:33

Russian gas giant OAO Gazprom (GAZP.RS) may invite international oil majors such as ConocoPhillips (COP) and Exxon Mobil Corp. (XOM) to jointly develop gas projects in the country's Arctic region, the company said Tuesday.

Repsol Chmn:Crisis Makes Latin Amer Oil Projs More Expensive

Τετ, 19 Νοεμβρίου 2008 - 12:31

The current financial crisis is likely to make oil and gas projects in Latin America more expensive, Antonio Brufau, chairman of Spanish oil company Repsol-YPF (REP) said Wednesday.

EU Mulls CO2 Emission Allowances Break For Eastern Europe

Τετ, 19 Νοεμβρίου 2008 - 12:29

Power stations in eastern Europe could receive millions of euros of free carbon emission allowances to overcome opposition to a European Union climate pact, The Financial Times reports on its Web site Wednesday.

Iran A Threat To UAE, Mideast Financial Systems

Τετ, 19 Νοεμβρίου 2008 - 12:27

Financial systems in the U.A.E. and Middle East are under the threat of being used by Iran to finance its nuclear and missile programs as well as fund terrorism, a U.S. official said Wednesday.

Italy's Edison May Sell 25% Of Abu Qir Project To EDF

Τετ, 19 Νοεμβρίου 2008 - 12:26

Italian utility Edison SpA (EDN.MI) may sell a 25% stake in Egypt's Abu-Qir gas field project to Electricite de France SA (1024251.FR) in an attempt to prevent an enlargement of its debt, La Repubblica reported in its Wednesday Internet edition.

Gas Supply

Τρι, 18 Νοεμβρίου 2008 - 17:37

Turkey said yesterday Iran had given assurances it would not cut its gas exports this winter, after supplies to Turkey were disrupted last winter.

Iberdrola gets OK to buy remainder of Rokas

Τρι, 18 Νοεμβρίου 2008 - 17:33

Iberdrola SA, the world’s largest wind-park operator, said it got Greek approval to buy the remainder of C. Rokas SA. The Hellenic Capital Market Commission approved the purchase on November 14, the Madrid-based company said in a statement posted yesterday on its website.

EDF Tightens Price Guidance On 4-Year Euro Benchmark Bond

Τρι, 18 Νοεμβρίου 2008 - 12:22

French state-controlled utility Electricite de France SA (1024251.FR) has tightened price guidance to 210 basis points over mid-swaps for its upcoming four-year, euro-denominated, benchmark bond, one of the banks managing the deal said Tuesday.

Austria, Turkmenistan To Strengthen Political, Economic Ties

Τρι, 18 Νοεμβρίου 2008 - 12:21

Austria and Turkmenistan agreed Monday to strengthen political and economic ties, especially in the energy sector, during an official visit to Austria by Turkmen President Gurbanguly Berdymukhamedov.

Turkey, Exxon To Sign Black Sea Oil Exploration Deal Wed

Τρι, 18 Νοεμβρίου 2008 - 12:20

Turkish state oil company TPAO and U.S. company Exxon Mobil Corp. (XOM) will hold a signing ceremony Wednesday for the TPAO-ExxonMobil Partnership for oil exploration in the Black Sea, TPAO said Monday.

Turkish Prime Minister Vows To Work With Obama

Τρι, 18 Νοεμβρίου 2008 - 12:17

On the eve before the Group of 20 nations meet to come up with a global solution to the financial crisis, Turkish Prime Minister Recep Tayyid Erdogan pledged to work with President-elect Barack Obama to achieve peace and stem the world's economic woes.