Turkey, Russia on track for gas pipeline project
Recep Tayyip Erdogan says Turkey and Russia can rebuild their damaged ties and make the two countries even closer after talks with Vladimir Putin.
Russia
US-led coalition destroys nine IS tankers in Syria
A US-led coalition has destroyed nine oil tankers during its airstrikes in Syria earlier this month.
Turkish leader arrives in Russia for talks with Putin
Turkish President Recep Tayyip Erdogan has arrived in Russia for talks with Vladimir Putin aimed at repairing ties shattered by the downing of a Russian warplane along the Syrian border last year.
Russneft denies bidding for Kremlin stake in rival Russian oil producer
Russia’s 10th biggest oil producer, Russneft, has denied bidding to buy the Kremlin’s 50.08% stake in rival firm Bashneft, a news report said. The two companies reportedly mulled a merger in 2010, but a deal never came to pass. The Russian government is selling its stake, thought to be worth $3billion, as part of a privatisation drive intended to raise funds to keep the country’s budget deficit under control.
Value of money transfers from migrants workers in Russia down 26% last year – report
The value of currency transfers from migrants workers in Russia to neighbouring countries dropped by a quarter last year as western sanctions and the crude price rout hit the country’s economy, a new report said. The Caucasus, Central Asia and Eastern Europe supply the majority of migrant labour to Russia, and many workers from these regions transfer part of their wages to their families back home. To varying degrees, these funds are important for the economies of the states where the money ends up.
Putin’s economy is stuck and he doesn’t know how to get it going
Vladimir Putin’s economy has been shrinking for 18 months but he still doesn’t have a plan to get it going again.
Oil must go to $40 and stay there to buy Russia some reforms
At an oil price of $40 or below, Russian President Vladimir Putin introduced a flat income tax, built a sovereign wealth fund and delivered speeches to the Bundestag in German.
Preliminary hearing into death of former Total boss to resume after postponement
A preliminary hearing into the death of the ex-boss of French oil major Total is expected to resume today after being postponed.
Rosneft may consider role in Bashneft privatisation
Rosneft has said it may consider taking part in the privatisation of its smaller rival Bashneft.
Russia and Saudi Arabia in race for Chinese business
Russia and Saudi Arabia are going head-to-head in a bid to lock-down the Chinese import market.
Russia said to mull oil tax revamp to remove neighbors’ benefits
Vladimir Putin’s government is considering shifting the burden of oil taxes from the point of export to the point of extraction, a move that would eliminate the benefit of duty-free supplies enjoyed by neighboring Belarus and Kazakhstan, according to two officials familiar with the matter.
Russia’s savior from oil’s drop is now snuffing out recovery
Russia is finding the flip side of a flexible currency less and less appealing.
EU extends sanctions against Russia for six more months
The European Union has extended sanctions against Russia for six more months to keep pressure on Moscow to respect the peace agreement in Ukraine.
JKX produces more but earns less on exchange rate fluctuation
JKX Oil & Gas, the Ukraine and Russian focused operator, said the weakness of the rouble affected revenue in the first five months of 2016, although production levels had increases on the same period from last year.
Iran oil sales to Europe put Russian noses out of joint
The return of Iranian oil to the international market is hurting Russia’s main crude grade, forcing it to trade at the biggest discount in two years.
BP teams with Rosneft for $300million Siberian joint venture
Rosneft and BP have today signed final binding agreements to create a new joint venture, Yermak Neftegaz, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.
Putin says Russia has not “definitively” cancelled South Stream and Turkstream gas projects
Russian President Vladimir Putin said the country has not "definitively" cancelled either the South Stream or Turkstream gas export projects.
Russian warplanes target four IS oil hubs in Syria
Russian war planes have delivered air strikes on Islamic State oil production facilities as they continue with their bid to hit the terrorists group economic base.
Russneft to make public offering on Moscow Stock Exchange
Russneft said it plans to sell its shares on the Moscow stock exchange in the fourth quarter of the year.
Video: Russian jets strike IS illegal oil sites
Footage revealed by the Russian Ministry of Defence has shown airstrikes carried out by Russian fighter jets against illegal oil facilities.
Lukoil feels the pinch from crude price slump
Lukoil, Russia’s second-largest oil producer, saw profit slump by 59% in the first quarter as oil prices declined to a 12-year low.
Russian bombers strike illegal oil facilities
Russian bombers have hit illegal oil facilities operated by Islamic State in Syria, the Russian defense ministry confirmed.
Putin discusses energy cooperation with Greek counterpart
Vladimir Putin will discuss energy cooperation as he continues his two-day visit to Greece, his first trip to a European Union country this year.
US remains world’s largest producer of petroleum and natural gas
The United States produced more than twice the petroleum and natural gas hydrocarbons as Saudi Arabia produced in 2015.
Russia receives requests to help Syria rebuild oil and gas sector
Russia has said the country’s energy companies have received requests from war-torn Syria to help rebuild its oil and gas industry.