MOSCOW (Reuters) - Russian oil companies are facing fines of hundreds of millions of dollars or more for polluting the atmosphere with excess amounts of flared gas, the newly appointed resources minister said on Saturday.
MOSCOW (Reuters) - Russian oil companies are facing fines of hundreds of millions of dollars or more for polluting the atmosphere with excess amounts of flared gas, the newly appointed resources minister said on Saturday. Russia, the world's top energy producer, set a target for oil companies not to flare off more than 5 percent of the associated petroleum gas (APG) they produce as a byproduct of crude extraction by 2012. Sticking to the previous government's policy, Sergei Donskoy told TV channel Russia 24 the threatened fines were in the "tens of billions of roubles" range. ...
Russian oil companies are facing fines of hundreds of millions of dollars or more for polluting the atmosphere with excess amounts of flared gas, the newly appointed resources minister said on Saturday. ...
MOSCOW: Russia and China signed a $25 billion deal to boost Chinese lending to Russian firms and a host of other accords deepening economic cooperation on Friday as Moscow's ties with the West fray over the Ukraine crisis. Russian President Vladimir Putin and Chinese leader Xi Jinping hailed their countries' improving relationship after Kremlin talks and a signing ceremony on the eve of a military parade marking the end of World War Two in Europe.
Rosneft is seeking to borrow up to US$30-billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.
Four industry sources familiar with the situation told Reuters Rosneft was in talks with China’s state firm CNPC about the borrowing, which would echo a $25 billion deal the two companies clinched last decade.
LONDON: Oil rose more than 2 per cent on Monday after Russia said it was ready to meet other producers to discuss the market, where prices have more than halved from last year's highs due to a supply glut. A report showing a fifth weekly fall in the number of oil rigs drilling in the United States also underpinned prices. Brent jumped 2.7 per cent to a high of $49.43 a barrel before easing back to around $49.33, up $1.20, by 1320 GMT. U.S. crude was $1.10 higher at $46.64 a barrel.
MOSCOW: Russia's interest rates are rising and inflation is racing, but all the while his country slides into recession President Vladimir Putin denies any economic crisis. It may be bravado linked to Moscow's standoff with the West over Ukraine. But with the European Union extending sanctions on Russia and the price of oil still low, Putin's refusal to make economic reforms worries Russian and foreign business leaders. Russian officials from Putin down acknowledge the economy must be diversified to reduce dependence on energy exports, the government's main source of revenue.