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'Gas OPEC' driven by Russia, Iran and Qatar

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Published 23 December, 2008, 20:19

If an organisation of gas exporters is created, three countries, Russia, Iran and Qatar will drive the consortium, says Vitaly Ermakov, an analyst from the Cambridge Energy Organisation.

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23:57 Romania to vote for president on Sunday

22:59 Polish PM proposes to strip president of veto right

22:03 Pig herd arrested in northwest Russia over debts

21:05 Main news of November 21

20:35 Lebanon warns of possible Israeli attack

19:54 China pledges continued support to UN peacekeeping effort

19:05 Iran to hold air-defense drills

18:00 Gaza militant groups agree to halt rocket attacks

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With gold prices hitting all time highs should Russia to be thinking of selling some of its reserves?

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Russian Railways puts brave face on expansion plans despite crisis Russia's largest rail cargo operator has put aggressive foreign expansion plans back on track after claiming the worst is over in the global trade slump. But experts warn such optimism will backfire on companies.

Russian leaders review economic progress for 2008 and look to future The Russian President and Prime Minister gave a positive summary for Russia's economic development in 2008, and gave assurances their crisis management efforts will continue.

Rouble slump continues as Russians mull over their stash The Russian Rouble continues to hit all-time lows as Central Bank allows the currency to depreciate. It has caused many Russians to think over what to do with their money.

‘They don’t want to pay’ – Putin on Ukraine gas row Officials are making last-ditch efforts to resolve the debt dispute between Russia’s Gazprom and Kiev before Ukraine’s gas contract expires at the end of the year.

Film industry braces for financial slowdown Russia's latest blockbuster movie has set a record for the country's film industry. The budget for the ‘Inhabited Island’ hit $40 million – the most ever spent in Russia.

Time ticks down for Ukraine on Gazprom payment and supply for coming year It's almost crunch time for Ukraine and Gazprom to settle a price dispute over gas supplies, which could see gas deliveries into Europe disrupted. Gazprom's board of directors will meet on Monday to discuss the problem.

Voloshin to Chair Norilsk Nickel Board Aleksandr Voloshin, will chair Norilsk Nickel’s board after shareholders approved his candidacy at a meeting on Friday. He was elected after rival nominee Sergey Chemezov withdrew his nomination.

AirUnion collapse paves way for new player in aviation market The collapse of the AiRUnion alliance was a major failure of 2008. Created from 5 regional carriers, it was expected to become a new united airline. But the unfolding financial crisis, grounded the plans.

Indian IT sector hit by financial crisis India's Information Technology sector is a world leader, and a driving force for the economy. But the industry, which greatly depends on business from the US, is suffering severely in the economic slowdown.

In uncertain times all that glitters is gold Russians are buying more gold as the Rouble depreciates. Bankers say sales have tripled over the last month and that it may not yield much profit. But in the face of economic collapse its taking on a new lustre.

Russians spending up for the New Year A free fall in consumer spending has not hit Russia – at least not when it comes to New Year’s gifts. According to Citibank Russia, holiday spending will top last year’s as consumers prefer credit cards to...

Government unveils strategic support list Tumbling production has prompted Russian authorities to offer assistance to troubled enterprises. Key energy and infrastructure companies, and firms with unique technologies will get priority access to state support.

Video gaming shakes off financial blues One of the industries least affected by the financial crisis is Video Gaming. The global console market grew 10% in 2008, and while major corporations are cutting staff, gaming giants in Russia are hiring new people.

Investment cloud hangs over power sector Private electricity generators are struggling with investment obligations, while the Government is promising support for state controlled companies, and also freezing prices in the first quarter of 2009.

Metals producers look to retire debt and for large orders Russian metals producers expanded aggressively during the first half of 2008 with Rusal, boosting its foreign debt to $14 billion. Now owner, Oleg Deripaska is looking for investors to help rescue the company.

Events market hit by more restrained festive season Normally, at this time of year, Russian clubs and restaurants are booked solid for celebrations, with event organisers and performers also cashing in. But things look different this year.

Retailers brace for downturn as consumer spending holds up for 2008 2008 has brought new challenges for Russia's retail sector. But although the last quarter showed clearly that the good times are over, experts say that it's been a pretty good year.

Russian retailers offer discounts to bring in the buyers Facing tough times, some Russian retailers have introduced anti-crisis discount programs – like many of their global competitors. But the practice of price reduction is not common in the Russian retail sector...

Agriculture moves into investment spotlight Potatoes, Cattle and Wheat – These could be the surprise winning investments for 2009. Unlike the stock market, agriculture could be a safe bet in the unfolding crisis.

Ukraine and Gazprom square off for annual gas row Moscow is threatening to cut off gas supplies to Ukraine over unpaid bills. It follows a statement from Kiev that it won’t be able to clear its debt to Gazprom by the end of the year. Russia says European consumers...

President calms fears as Rouble slumps to new low The Rouble has hit a 3 year low against the dollar – losing an additional 1% on Wednesday. But President Dmitry Medvedev is calming fears over the Russian currency's dramatic fall.

Belarus hopeful cheap gas will continue Belarusian President Aleksandr Lukashenko has announced that Russia’s energy giant Gazprom has agreed it could reduce the price of gas for his country by two to three times next year.

Serbia and Gazprom sign up to strategic agreement Gazprom has picked up a controlling stake in Serbia’s state-owned oil monopoly – NIS – as part of an energy cooperation deal between the two countries.

Gas producers forum takes step towards greater market influence The 7th meeting of the Forum of Gas Exporting Countries concluded with Energy ministers from member states adopting an organizational charter and selecting Qatar as the location for its headquarters.

Market Watch December 23: Light day with an upside A very light days trade in Moscow saw the RTS and Micex move higher on the back of buoyant blue chip prices. At the Tuesday close the RTS was up 3.84% at 682.37, with the Micex up 4.37% at 661.33.

"Pipelines make 'Gas OPEC' impossible" It is impossible to create a gas consortium similar to OPEC because a global world gas market does not exist and local markets are divided into pipeline gas and liquefied gas markets, says energy expert Yury Scherbanin.

No price control for 'gas OPEC' If eventually formed, a gas cartel is unlikely to influence gas prices within the next five to ten years, believes Pavel Sorokin, Oil and Gas Analyst at Unicredit Aton.

Gas forum will work differently to OPEC: Chakib Khelil, OPEC President OPECs decision to cut output has supported crude prices according to the organizations President, Chakib Khelil. As energy producers met in Moscow, he spoke with RT’s Zinaida Medvedeva about the worlds energy markets.

New gas alliance won’t price fix Tuesday saw the creation of a new global energy organisation – Gas Exporting Countries Forum. Some were quick to dub it a “Gas OPEC”, however, those involved insist it will differ from the...

Gas must be free from politics - Putin Prime Minister Vladimir Putin has given his vision of the future of gas production and trade during the opening of the International Forum of Gas Exporting Countries in Moscow.

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