Chinese and Russian oil companies signed several deals during the recent Asia Pacific Economic Cooperation annual meeting in Beijing, indicating that the two countries have entered a honeymoon period in the area of energy cooperation, Guangzhou’s 21st Century Business Herald reports.
China National Petroleum Corp (CNPC) signed framework deals with Russian oil company Rosneft and gas supplier Gazprom Nov. 9 for buying a stake in an oilfield in Russia and in gas supplies.
The deals came as Moscow saw a further drop in oil prices and in its currency, the rouble, since July, which has hurt the Russian economy, the newspaper noted. Continue reading
In a long-awaited decision to bring Azeri gas resources to Europe, the Shah Deniz II consortium opted for a pipeline running through Greece and Albania instead of a rival northwestern route, Nabucco West, running from Bulgaria to Austria.
The Trans Adriatic Pipeline (TAP) will stretch 870 kilometres from the Greek-Turkish border. Moving west, TAP is designed to extend across the breadth of northern Greece before veering northwest to Albania. From Fier, Albania, plans envision the pipeline crossing under the Adriatic to emerge in southern Italy. Continue reading