Fear is running amok yet again that the cash-strapped Greek government will default on its loans to its European partners and the International Monetary Fund. While its fate is still unknown, one thing has become clear this week: Greeks are scrambling to find assistance from wherever they can find it—its own government’s coffers, and even with overtures to Washington and Moscow.
A signal of how dire the situation is: The far-left government passed an edict Monday requiring public agencies to turn over idle reserves to the Greek central bank to help plug fiscal gaps. In addition, come Friday, the euro zone’s finance ministers are likely to throw a tantrum once again when they meet in Riga, as Greece has yet to come up with a list of acceptable economic reforms.
As a reminder, don’t count Greece out mainly due to the energy factor. They could very likely be a regional oil & gas hub for the European continent that’s too important to let go. Therefore, don’t be surprised if the Troika gives a few concessions towards the increasingly desperate and belligerent Greeks. Where the energy supplies actually come from, be it from Russia or another Mediterranean land such as Cyprus, is yet to be seen — although the latter would break Europe free from Russia.
MOSCOW (Sputnik) — The Turkish Stream gas pipeline could help Greece become one of the main power distribution centers in Europe, President of Russia Vladimir Putin said. Continue reading
Caracas: Venezuela and Trinidad and Tobago have signed a deal to develop three gas fields that span their maritime border and contain reserves totaling nearly 12 trillion cubic feet.
“We’ve signed the accords for (the Loran-Manatee bloc, the largest of the three), and today we signed (the accord governing) how we’re going to operate those fields,” Venezuela’s Rafael Ramirez, who heads state-owned oil giant PDVSA, said Wednesday. Continue reading
The grouping’s member states are looking to create a unified energy market for oil and gas exports, while promoting regional development through preferential energy agreements.
In an attempt to give a greater economic role to the regional grouping, Russia is encouraging the strengthening of the ‘energy club’ within the Shanghai Cooperation Organization (SCO).
In recent years, SCO member states have sought greater energy cooperation. This follows a formulated dialogue and integrated concept for the creation of an energy club. SCO member states want to create a unified energy market for oil and gas exports, while promoting regional development through preferential energy agreements. Continue reading
There have been numerous bilateral visits by political figures and diplomats from East Asia to the Arctic countries over the past year. Former president of South Korea, Lee Myung-bak, visited Norway and Greenland last September, while former Premier Wen Jiabao visited Sweden and Iceland in April 2012. In April 2013, Japanese Prime Minister Shinzo Abe visited Russia with 100 Japanese businessmen in tow to discuss energy cooperation, among other issues. Continue reading