Venezuela introduces new regulation for gasoline sales

July 31, 2018 1:58 pmComments Off on Venezuela introduces new regulation for gasoline sales
Venezuela introduces new regulation for gasoline sales

Venezuelan President Nicolas Maduro announced an upcoming regulation of sales of gasoline, which is traded at the lowest prices in the world. Maduro announced this at the Congress of the ruling party in Caracas. While not announcing a price increase, the president stressed that current fuel prices do not cover production costs and encourage smuggling. He therefore suggested that their sale will be regulated through the “Carnet de la Patria” […]

Read more ›

Germany builds LNG terminal

July 28, 2018 10:26 pmComments Off on Germany builds LNG terminal
Germany builds LNG terminal

Germany is one of the few leading European economies without a single liquefied natural gas (LNG) terminal. France, for example, has four, Italy – three, Britain – six, and Spain – seven. The countries with LNG terminals include Greece, the Netherlands, Portugal, Belgium, Poland and Lithuania. However, this situation may change and Germany will have an LNG terminal near Brunsbuttel in Schleswig-Holstein. The planned investment amounts to 450 million EUR. […]

Read more ›

Saudi Arabia temporarily halted oil shipments through the Bab-el-Mandeb Strait

July 26, 2018 10:19 pmComments Off on Saudi Arabia temporarily halted oil shipments through the Bab-el-Mandeb Strait
Saudi Arabia temporarily halted oil shipments through the Bab-el-Mandeb Strait

Saudi Arabia has taken extraordinary measures to temporarily stop supplies of oil through the Bab-el-Mandeb Strait after two of its tankers were attacked by the military units of the separatist movement Hutti, one of the warring factions in Yemen. The two ships, each carrying 2 million barrels of oil, belong to Saudi National Shipping, revealed the Energy Minister Khalid al-Falih. One of the two tankers was hit, suffering minor damage. […]

Read more ›

Egypt opened three power plants

July 25, 2018 10:17 amComments Off on Egypt opened three power plants
Egypt opened three power plants

The Egypt’s President Abdel Fattah el-Sisi opened three power plants worth 6 billion EUR within a project to overcome country’s chronic energy shortage. The electricity shortage has played an important role in the outbreak of protests that in July 2013 removed from power the Islamic President Mohamed Morsi. After his election in 2014, Abdel Fattah el-Sisi pledged to solve the power cuts problem. “There are problems that have to be […]

Read more ›

Europe will need huge quantities of natural gas next years

July 24, 2018 12:27 pmComments Off on Europe will need huge quantities of natural gas next years
Europe will need huge quantities of natural gas next years

Europe will need huge quantities of natural gas and there will be an increase in supplies from both Russia and Norway, forecasted the CEO of the Austrian OMV Rainer Seele. “The European industry needs cheap gas to maintain its competitiveness”, said he, adding that the market will determine what gas, what quantities and where it will be delivered. The Austrian company is one of the Nord Stream 2 financial shareholders. […]

Read more ›