Russia’s Gazprom gas monopoly has threatened to halve supplies to Belarus tomorrow in a payment dispute that could disrupt deliveries to western Europe. Moscow said yesterday it would cut by 45% supplies flowing to its neighbour through export pipelines – which also carry gas to Germany, Poland and Ukraine – if Minsk did not pay … Read More
Month: August 2007
Venezuela and Cuba Begin Oil Exploration
Venezuela and Cuba will begin jointly exploring for oil in Cuban waters in the first such venture between the two nations. Petroleos de Venezuela SA, or PDVSA, said in a statement that the project with Cuba’s CUPET energy company covers 10,000 square kilometers and is scheduled to begin this week. The companies expect to discover … Read More
Iraq Oil Ministry Sidelines the Unions
The battle over Iraq’s controversial oil law is heating up. The country’s Oil Ministry has directed all its agencies and departments not to deal with the country’s oil unions, who are leading the battle against the law. The unions went on strike in early June and are threatening to stop production and exports again if … Read More
BA Fined $250 Million for Price Fixing
British Airways is to pay a record fine of nearly $250 million after admitting price fixing on fuel surcharges on its long-haul flights. It is the biggest-ever penalty imposed for infringements of competition law by the British Office of Fair Trading, which said this morning that it demonstrates its determination to “deal vigorously” with anti-competitive … Read More
Marathon Moves Into Oil Sands
The rush to invest in Canada’s oil sands is on (see yesterday’s post on Shell). Marathon Oil, the largest oil refiner in the U.S. Midwest, is set to become the latest international energy player to grab a stake in Alberta’s oil sands, after it announced a deal yesterday to buy Calgary-based Western Oil Sands Inc. … Read More