Viktor Yanukovych will need to attend to Ukraine’s gas situation, says the Moscow Times, and ‘tweak a long-term gas deal signed by Tymoshenko and Prime Minister Vladimir Putin in 2009 that made gas for Ukraine one of the most expensive in Europe and thus added pressure to Ukraine’s strained finances‘. Bloomberg says Yanukovych could offer Gazprom a stake in a new Ukrainian pipeline operator. The gas giant is currently exploring offshore hydrocarbon fields in Sri Lanka. Venezuelan President Hugo Chavez has declared a national emergency in the electricity sector as drought dries up hydroelectric dams. ‘Some opposition sectors are determined to blame the government that it hasn’t rained in more than a year.‘ All eyes are on Iran as it notifies a UN nuclear watchdog that it will begin producing higher-grade enriched uranium.