[RUSSIA] Gazprom likely to save money on South Stream offshore leg


Romania may replace Bulgaria on the Gazprom-led South Stream gas pipeline project from Russia to Italy. Gazprom CEO Alexei Miller met with heads of two Romanian companies, Transgaz and Romgaz, late last week. Some sources said the talks focused on Romania's plan to sign up to the project, replacing Bulgaria.

Gazprom's desire to alter the planned pipeline's route is evidence of serous problems arising in the implementation of the project.


Shortly after the Russian-Georgian conflict over South Ossetia, the EU decided to focus efforts on the Nabucco project, an alternative route to ship Caspian oil and gas to Europe bypassing Russia.
Under an earlier intergovernmental agreement, the pipeline was to cross the Black Sea on the way from Russia to Bulgaria. The 560 mile offshore section would have cost $10 billion.

Gazprom was planning to build two legs of the planned pipeline, with one leg going to southern Italy through the Adriatic Sea, while the other one would go to Austria via Serbia and Hungary.

Basic agreements were reached with Sofia, Budapest and Belgrade last year. But in each case there were some hitches that prevented the implementation of the agreements. Bulgaria insisted on ownership rights for its part of the pipeline, while Gazprom wanted it to be Russian property.

Gazprom had similar hitches with Serbia and Hungary. It is clear, however, that lack of compliance of the East European governments was not the key predicament. The problem is the EU's general weariness of dealing with Russia, Gazprom in particular.


European leaders unanimously agreed to diversify energy sources at the latest EU summit on September 1 which discussed the consequences of the South Ossetian-Georgian conflict. One of their first decisions was to focus on Nabucco, South Stream's rival project.

Both Romanian Transgaz and Bulgarian Bulgargaz are Nabucco shareholders. Therefore, the talks with Romania will probably be aimed at persuading Bucharest or Sofia to choose South Stream over Nabucco.

A source in the Energy Ministry confirmed that Gazprom was looking at a possibility of Bulgaria replaced with Romania, but did not elaborate. Romania was initially discussed as an alternative to Serbia. However, Russia and Serbia have recently removed all legal obstacles over the north leg of South Stream.
Still, analysts think rerouting South Stream to Romania will be economically efficient. "The way to Romania across the Black Sea is 60 miles shorter than to Bulgaria, which means the offshore pipeline will be 12% cheaper," said Mikhail Korchemkin, director of the East European Gas Analysis consultancy.

Source: Novosti





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[OIL PRODUCTION] El petróleo mexicano cierra sus puertas a la inversión privada con la actual reforma energética

El Senado mexicano debatirá la próxima semana los dictámenes del proyecto de reforma energética diseñado por la Comisión de Energía del Congreso, a partir de la propuesta presentada por el presidente Felipe Calderón. El texto fue redactado en bloque por el gubernamental Partido Acción Nacional (PAN) y el Partido Revolucionario Institucional (PRI, principal fuerza en los gobiernos regionales), con el Partido de la Revolución Democrática (PRD) como atento espectador. Pero, finalmente, el PRI desestimaba una de las claves del plan: la creación de filiales de la estatal Petróleos Mexicanos (Pemex) para la refinación, transporte y distribución de hidrocarburos con participación de capital privado.

El debate energético se produce en un marco preelectoral, con la vista puesta en las legislativas de 2009. Así, los parlamentarios del PRD lograron de sus pares panistas la puesta en marcha de una nueva refinería con cargo al erario público. El Gobierno federal y los perredistas habrían tomado en cuenta las ventajas electorales que obtendría el PRI si acumulara todo el mérito de la reforma.

Las comisiones de Energía y de Hacienda también han dado el visto bueno a un nuevo régimen fiscal para Pemex, sexto mayor productor mundial de crudo. La iniciativa establece que la petrolera pagará menos impuestos en trabajos de exploración y extracción de crudo. Pemex financia una tercera parte del presupuesto nacional y es la primera fuente de divisas del país, aunque sus reservas están en manifiesto retroceso.

La idea de Calderón, ya bastante «descafeinada» respecto a sus intenciones previas a ocupar la Presidencia, se quedará «minúscula, microscópica» tras su paso por el Parlamento: «No cambia nada en términos generales el régimen que existe en la materia, no se genera competencia, no se abre ninguno de los sectores y se carga todo en una empresa monopolista que es pesada e ineficiente», denuncia Carlos Elizondo, profesor del Centro de Investigación y Docencia Económicas.

Pese a que todo indica que la feble reforma le supondrá una victoria, el ex candidato del PRD a la Presidencia, Andrés Manuel López Obrador, quien se opone por principio a cualquier iniciativa del Ejecutivo, ha amenazado con una nueva toma de las tribunas del Senado: «No habrá vacilación ni titubeo. De ser necesario convocaré a la movilización a todo el pueblo de México».

Source: ABC| MANUEL M. CASCANTE


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[EUROPE] UK Prime Minister Gordon Brown says petrol prices 'must' fall as oil tumbles

Mr Gordon Brown hinted that unless retailers cut their prices in line with falling international oil prices, he will ask the Office of Fair Trading to look into their behaviour.
Firms including ASDA have this week cut their petrol price to below £1 a litre. The price of a barrel of oil has dropped by half from July's peak of $147. On Thursday, the oil price fell as low as $67.62. Mr Brown said that both he and British drivers now "expect" retailers to start cutting prices.

"I think the public know that when oil prices go up it is reflected very quickly in the petrol pump price," he said. "What we want to know is that when oil prices come down that is also reflected in the pump price."

He added: "You will see over the next few days people giving a great deal of attention to what the price is. The first thing we want to see is retailers following the lead that has been taken by some people.

The Prime Minister, who was speaking to reporters in Brussels, said that the Government will be closely monitoring petrol prices over the next few days.

He added: "You have also got to remember - and we have had a number of reports done on this by the Office for Fair Trading and others - that the petrol rpice is high in some parts of the country - £1.20 a litre in some areas.

"And that we will continue to look at as well. We have reports done on this before to look at what is happening in the market place.

"We will continue to examine these things but I believe that also must change."

Brendan McLoughlin of PetrolPrices.com welcomed falling prices, but warned that relief for motorists could be temporary.

He said: "Lower petrol prices are dependent on low oil prices, so if the banking crisis forces investors towards commodities we could see both the price of oil and petrol picking up again."

The remarks about petrol prices represent a change of tone from the Prime Minister.

At the second day of a European Union summit in Brussels, Mr Brown appeared to drop his recent focus on international financial reforms and talking at length about "the hard and difficult times" facing British families and companies.

The change reflects private concerns in No 10 that the Prime Minister's newfound image in some European capitals as the economic saviour of the world financial system risks leaving him looking disconnected from the concerns of voters at home.


Source: Telegraph|By James Kirkup





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