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Economic Sanctions

Norway Supports Statoil, Rosneft JV

Photo pixabay.com

  Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore. Statoil has received certain authorisations from the Norwegian authorities to continue its participation in the projects described above, RIA Novosti reports. The financing of these joint projects depends on "obtaining further governmental authorisations and clarifications." Last year, Norway upheld economic sanctions that the European Union and the United States imposed on the Russian energy sector. The restrictions targeted Rosneft and its affiliates, among other Russia-based companies, and prevented them from raising capital overseas.  


Ninety North Korean Ships Granted Entry to Japan

Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction


Shipping Company's Losses Total $110M

Ukraine's Danube Shipping Company lost $110 million due to military action in Yugoslavia last year that destroyed bridges and blocked traffic along the Danube, transport minister Leonid Kostyuchenko said. NATO launched air strikes last year on Yugoslavia, which it accused of ethnic cleansing in the province of Kosovo, densely populated by ethnic Albanians. Kostyuchenko said collapsed bridges had blocked 63 Ukrainian ships on upper stretches of the Danube


East Ukraine Referendum Raises Fears Of Dismemberment

  Rebels pressed ahead with a referendum on self-rule in east Ukraine on Sunday and fighting flared anew in a conflict that has raised fears of civil war and pitched Russia and the West into their worst crisis since the Cold War. Clashes broke out around a television tower on the outskirts of the rebel stronghold of Slaviansk shortly before voters made their way to polling stations through streets blocked by barricades of felled trees


Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets.


Russia Says Will React if U.S. Imposes New Sanctions

  Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S. Congress has readied new sanctions on Russian weapons companies and investors in the country's high-tech oil projects, but U.S. President Barack Obama has yet to sign a corresponding bill into law. "We will not be able to leave that without an answer


Hints Of Possible Deal On Ukraine Gas Emerge At G20

 Behind statements that Russia will not budge in demanding Ukraine repay its debts for its natural gas deliveries, hints    emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works.   Financial aid to Ukraine was a hot topic at a meeting of finance ministers from the Group of 20 leading nations, but the    country's gas crisis, which could threaten deliveries to Europe


Statoil Reports Robust Q1

Oseberg field centre - Photo Harald Pettersen - Statoil.

Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares.   Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first.  


Give Iran Talks A Chance - Merkel

German Chancellor Angela Merke

  German Chancellor Angela Merkel said on Friday negotiations with Iran over its nuclear program have to be given a chance, but sanctions could still be reinstated if needed. Merkel said Iran had to comply with an agreement under which Tehran agreed to limit parts of its nuclear work in return for the easing of some sanctions. "If Iran does not meet its obligations, or does not meet them adequately, we remain ready to take back the current limited suspension of sanctions


No New Cold War Talks Over Ukraine

  Russian President Vladimir Putin on Saturday dismissed talk of a new Cold War over the crisis in Ukraine and denied trying to rebuild the Soviet Union after reclaiming Crimea. In an interview with Reuters and other international news agencies in a grandiose palace outside St Petersburg, Putin blamed the violence and political instability in Ukraine on the West and warned that sanctions would rebound on the United States and the European Union.


UK Will Force Fridman to sell N.Sea Assets

Britain is ready to force the sale of Russian oligarch Mikhail Fridman's recently acquired North Sea energy assets unless it receives unspecified assurances within the next week, Prime Minister David Cameron's spokesman said on Thursday. Britain on Wednesday wrote to Fridman's investment


Egypt: Suez Canal Zone to Make Up 30-35% of Economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday.   Egypt plans to build an international industrial and logistics hub near the canal to attract foreign investment


Port of San Diego Generates $7.6b Regional Impact

Tenth Avenue Marine Terminal (Photo courtesy of the Port of San Diego)

The Port of San Diego plays a critical role in San Diego County's economic rebound by pumping more than $7.6 billion a year into the region from employment, sales and purchases of goods and services, according to a recent report.   "The data confirms the Port of San Diego is a powerful


Russian Oligarch Responds to UK in North Sea Deal Row

  Russian billionaire Mikhail Fridman's LetterOne fund said on Wednesday it had provided Britain's energy ministry with a detailed response as part of its attempt to complete a deal to purchase assets in the North Sea.   Britain has blocked the deal citing potential new sanctions


Obama, Cameron Reject Calls for More Iran Sanctions Now

U.S. President Barack Obama and British Prime Minister David Cameron on Friday pushed back against calls for further sanctions on Iran now over its nuclear program, saying such action could harm ongoing negotiations.   In a joint news conference, Obama and Cameron urged U.S


Sanctions Dampen Traffic on Russia's Arctic Route

Photo: U.S. Naval Istitute

Often heralded as new shipping lane, Arctic shipments fall. Western sanctions on Russia are restricting the Arctic shipping route along its north coast to domestic cargoes and energy exports with many foreign firms staying away after test voyages on a fabled short-cut between Europe and Asia


EU Annulls Sanctions on 40 Shipping Firms

The European Union's second highest court on Thursday annulled EU sanctions on an Iranian bank and 40 shipping companies hit with asset freezes as part of pressure on Tehran over its nuclear programme.   But they will remain under sanctions for now after the General Court gave the EU time


Iranian Fuel Oil Exports Trade Skirts Sanctions

Iran is sidestepping Western sanctions and managing to sell hundreds of thousands of tonnes of fuel oil every month through companies based in the U.S.-allied United Arab Emirates, trading sources told Reuters.   The U.S. and EU sanctions that came into force in 2012 prohibit the import


UK Court Rejects Iran Tanker Firm's Attempt to Avert Sanctions

A legal attempt by Iran's main oil tanker firm NITC to stop the European Union from reimposing sanctions on it over its disputed nuclear program has failed in a London court, setting back Tehran's efforts to ease trade restrictions. Iran is engaged in nuclear talks with world powers as it tries


Iran Fuel Oil Revenue Up 30 pct

Iran has earned $1.35 billion for selling more than 3 million tonnes of fuel oil in the 10 months to Jan. 21, up 30 percent in revenue from the same period of last year, oil ministry news website Shana cited an official as saying. The OPEC member also earned $963 million in gasoil revenue


‘Business as Unusual’ for Oil in the Medium Term

Photo: IEA

IEA report sees a transformed market, with supply more responsive to prices than in the past – and demand less so   The recent crash in oil prices will cause the oil market to rebalance in ways that challenge traditional thinking about the responsiveness of supply and demand


EU to Reimpose Sanctions on Iranian Tanker Firm

European Union governments are expected to agree later on Thursday to put the National Iranian Tanker Company (NITC) back on a list of sanctioned firms, EU diplomats said. The EU's second-highest court ruled last July there were no grounds to blacklist the NITC after the company contested the


Iranian Oil Tanker Blacklisted by EU

Image: National Iranian Tanker Company

 During a meeting in Brussels on Thursday 12 February, members of European Union decided to sanction again the Iranian Oil Tanker Company which is transporting oil around the globe.  The EU's second-highest court ruled last July there were no grounds to blacklist the National Iranian


North Korea Reflags Ships to Evade Sanctions

North Korean leader Kim Jong-Un (Pic: Democratic Peoples Republic of Korea)

 A North Korea shipping company has been renaming and reflagging its vessels so it can evade an arms embargo, a UN report has said.   The effort by Pyongyang-headquartered Ocean Maritime Management Company, Ltd. is detailed in the report by a panel of experts that monitors sanctions on


Former BP Boss Browne is DEA Chairman

Lord John Browne heads DEA's supervisory board * LetterOne co-owners Fridman, Khan also join * Unit changes name to DEA Deutsche Erdoel AG FRANKFURT, March 3 (Reuters) - DEA, the oil and gas company that German utility RWE sold to Russian billionaire Mikhail Fridman






 
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