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Traders Bet their Oil Storage Assets that OPEC Cuts Will Work
The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply. Since January, Glencore, Vitol and Gunvor…
World Abandoning Coal in Dramatic Style Raises Hope of Avoiding Dangerous Global Warming, Says Report
As Donald Trump pledges to put coal miners back to work in the United States, the rest of the world appears to have suddenly started moving in the opposite direction, abandoning the dirtiest of fossil fuels after 10 years of…
Board of Directors Reviews Cost Optimization Options for 2017
The Gazprom Board of Directors took note of the information about Gazprom Group’s cost optimization (reduction) options for 2017. It was underscored that throughout the current year the Company would sustain its comprehensive approach to cost growth control, including by…
Construction Contract Signed for Second String of TurkStream’s Offshore Section
South Stream Transport B.V. and Allseas Group signed in Amsterdam a contract to build the second string of the TurkStream gas pipeline’s offshore section. The document was signed as part of the option included in the construction contract for the…
Court Forces Turkish Coal Plant to Suspend Operations
Izdemir coal power station opened in April 2014. Now, a Turkish court has revoked its environmental permit. Without it, the 350MW generator cannot legally run. The judge cited its impact on the ancient Aeolian city of Kyme, a nearby archaeological…
Vice-President of European Commision Attends Southern Gas Advisory Council Meeting
Yesterday a ministerial meeting of the Southern Gas Advisory Council was held in Baku, Azerbaijan. Participants discussed bringing gas to EU markets from regions to the south and east of Europe along the Southern Gas Corridor. European Commission Vice-President Maroš…
OPEC Secretary General speaks at IP Week conference in London
OPEC Secretary General, HE Mohammad Sanusi Barkindo, two days ago delivered a keynote address at the International Petroleum (IP) Week conference in London. The session was moderated by Manus Cranny, Markets Editor/Anchor, Bloomberg TV, who followed the Secretary General’s speech…