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Moscow. Russia plans to allocate over 40. 6 bln rubles ($607. 8 mln) worth of federal budget funds for the development of the Northern Sea Route in the next three years, according to the explanatory note to the draft federal budget for 2019 and the planned period of 2020 and 2021. "The ...

Tokyo. Oil rose for a third day on Thursday amid another drawdown in U. S. inventories and strong U. S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Global benchmark Brent crude LCOc1 was up by 20 cents, or 0. 3 ...

Warsaw. Polish President Andrzej Duda told the Polish TV on Tuesday that US President Donald Trump can make a decision that would bring the Nord Stream 2 gas pipeline project to a halt. "The decision is in the US president’s hands, " Duda said when asked whether an ...

Baku. Azerbaijan’s state oil company SOCAR received 1/3 of the funds envisaged in the state budget to increase the company’s authorized capital, in connection with the work at the Umid-Babek and Karabakh fields, SOCAR Vice President for Economic Issues Suleyman Gasimov told reporters ...

Tehran. Iran is offering its oil and gas at reduced prices to Asian customers ahead of the US sanctions that are due to take effect in November. US sanctions against Iran's energy sector will hardly be able to disrupt the country's oil exports, Iranian state television quoted an adviser ...

Moscow. Rosneft plans to deliver up to 50 mln tonnes of oil to China in 2018, the company said after the meeting of the company’s CEO Igor Sechin with First Vice Premier of the State Council of China Han Zheng, TASS reports. "Partnership with China for us is a deliberate ...

The Czech Republic is expanding the capacity of its gas transport system to receive the gas delivered by the Nord Stream 2 natural gas pipeline, Russian Energy Ministry said in a statement on Tuesday. Read also Russia and Germany reiterate their ...

Moscow. PAO NOVATEK announced that upon drilling and testing of well #294 at the Utrenneye field, two new hydrocarbon deposits were discovered and commercial viability of the mid-Jurassic deposits was confirmed. The two new deposits’ reserves under the Russian reserve classification, ...

Beijing. Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U. S. crude stockpiles. Brent crude futures LCOc1 had dropped 22 cents, or 0. 28 percent, to $78. 81 per barrel by 0042 GMT, chipping away at Tuesday’s 1. 26 percent ...

Mexico. Oil output from seven major shale formations in the United States is expected to rise by 79, 000 barrels per day to 7. 6 million bpd in October, the U. S. Energy Information Administration said Monday. Surging oil output from shale formations boosted total U. S. crude production ...

Moscow. A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary, took place in Moscow. The parties addressed the ongoing and future cooperation, highlighting an increase in ...

Moscow. ABS was selected by FueLNG Pte Ltd to class Singapore’s first LNG bunker barge. The vessel is scheduled to begin construction in January 2019, ABS said in its press release. “This project is an important milestone for the region and is a key component of ...

Kiev. Ukraine has raised natural gas reserves in its underground storage facilities (UGS) by 7. 718 billion cubic meters (bcm) after the end of the heating season, JSC Ukrtransgaz has said. Thus, from April 8 to September 9, gas reserves in storage facilities more than doubled, to 15. 153 bcm ...

Fujairah. OPEC Secretary General Mohammad Barkindo said on Tuesday that OPEC and non-OPEC countries aim to agree a framework for long-term cooperation by December, when the oil producers plan to meet in Vienna. “Our determination is to institutionalise this cooperation and to get the ...

Moscow. DNV GL is now starting phase II of a joint industry project (JIP) on single phase flow meters in phase-contaminated oil flow, the company said in its press release. Phase II of this JIP will focus on the influence of the oil fluid properties. This will involve testing different single ...

Kazan. TATNEFT and TANECO together with the International Business School, the Russian State University of Oil and Gas (OGU) n. a. Gubkin supported by the Graduates Club of the International Business School, ANO "KREI" Energy of the Future" organized the international seminar ...

Beijing. Oil markets dropped on Tuesday as the latest escalation in the Sino-U. S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Brent crude LCOc1 futures had declined 27 cents, or 0. 35 percent, to $77. 78 per barrel by ...

Moscow. Russian Energy Minister Alexander Novak said on Monday that all possible scenarios for oil output could be discussed at a meeting of OPEC and non-OPEC states in Algeria this month, Reuters reports. Asked whether a deal between OPEC and other producers, a group known as OPEC+, could ...