Gazprom predicts oil price hike
Alexei Miller, chairman of the board of the Russian consortium, Gazprom, says that reducing the extraction of oil in the North African countries can cause a sharp rise in prices for this product.
Affirming this, Miller did not say when such raise it could happen. During recent months, the oil of the Brent mark is estimated at the international market to one hundred dollars per barrel. Miller believes that the price may rise to 150 dollars per barrel.
Turkey will be the main importer of Russian gas
The president of the board of Gazprom, Alexei Miller, reported that Turkey may soon become the largest importer of Russian gas.
Miller said that according to the estimates of specialists, Turkey is able to overtake Germany by the volume of Russian gas imports. They estimate that gas consumption in Turkey will increase by 20% in the near future. Last year, Turkey imported twenty-seven billion cubic meters of Russian gas. This year, the imports can reach thirty billion cubic meters.
Shan Deniz officially renounces the Nabucco gas pipeline
The Nabucco pipeline project, which should make competition the Russian South Stream pipeline, ended in failure. On Friday officially announced the decision in favor of the alternative pathway of Transadriatic pipeline (TAP, Trans Adriatic Pipeline).
The choice of the Transadriatic gas pipeline (TAP) was made by the consortium of the company that exploits the enormous Shah Deniz gas field. This consortium is composed of seven corporations, among which is the State oil company SOCAR, though it is possible that in the future the Nabucco project could be resumed, the specialists are convinced that the choice of an alternative route, in fact, has put a cross on this project. Among others, one of the advantages of the Transadriatic gas pipeline (TAP) is much shorter route; four hundred kilometers over the Nabucco are saved with this variant. In addition, the TAP passes through Greece, from there to Albania and continues along the bottom of the Adriatic Sea to Italy, but Azerbaijan is very interested in the purchase of the assets related to the gas that have been on public sale in Greece as part of the privatization measures. However, the chief economist in Russia of company VTB Capital, Maxim Oreshkin, not sees any action in this decision of pressure from Baku.
Investment in Transadriatic-pipeline project (TAP) will be forty billion dollars. The construction will culminate in 2018. The South Stream is twice cheaper, its power is three times higher and the first supplies should begin as early as 2015.