TNK-BP’s planned Geneva trading unit could help the company to double its oil product trades, it says. Gazprom and Naftogaz say that they have settled their two-year-old gas dispute, with the latter pledging to return 12.1 billion cubic meters of gas to RosUkrEnergo, and the former saying that it has canceled the intermediary’s $810 million debt. Reuters reports on the Russian government’s plan to spend $300 billion on cutting energy expenditure by curbing waste through to 2020. UN nations have gathered in Cancun to discuss the current state of global warming; the Washington Post looks at some of the key issues for debate. China Yangtze Power and EuroSibEnergo have signed an agreement for cooperation on building hydropower and thermal power resources in Siberia. BP’s commitment to the Sunrise oil sands project in Alberta, Canada, is ‘likely to provoke further criticism from environmental groups‘.