‘We are not only strengthening the energy security of our countries but also of the entire European continent’, said Vladimir Putin on the energy deals agreed between Italy and Russia, including Gazprom buying back a 20% share in Italy’s Eni at the cost of $4 billion. Russia may fine Ukraine for under-purchasing gas in the first quarter. Lukoil has announced losses of $1.6 billion for the fourth quarter of 2008. Germany’s Economy Minister has commented that the EU-Ukraine deal on pipeline modernization should take into account Russian interests, reports Reuters. Lukoil and Transneft are seeking to buy shares in the Lithuanian branch of Polish refiner PKN Orlen. Australia’s Oilex has found ten potential drilling sites in the development area between Timor-Leste and Australia. Offshore drilling rig provider Aker Solutions, expects ‘flat growth‘ this year in China. Service provider GAC Solutions Ltd. has stated that shipowners may have to mothball the largest number of ships for thirty years.