The presidents of Russia and Ukraine settled a row over gas debts just minutes before a Moscow-imposed deadline for Kiev to pay up or face supply cuts. The countries agreed to axe intermediaries in gas trade and RosUkrEnergo has been excluded, although the move “was in fact increasing Gazprom‘s presence on the Ukrainian market to 50% from 25%”. Ukrainian Prime Minister Yulia Tymoshenko described the deal as a “great victory“. Czech privately-held oil and gas firm Moravske Naftove Doly will build an oil refinery in Russia in a plan worth “several billion dollars”. Russia and India are edging closer to a multibillion-dollar deal to build four more nuclear reactors in southern India that has been delayed because of international restrictions against New Delhi.
Imperial Energy Corporation said that it has started flowing oil from the Snezhnoye field in western Siberia into the Transneft national transport system and added that it has secured the necessary regulatory consent for its third pipeline project in Russia.World EnergyFrench oil company Total says it plans to remain in Iran despite US-led international pressure on the country over its nuclear program. The company says it s studying the situation in Iraq, but considers the country too dangerous for now to begin operations there.Venezuela’s PdVSA says that the possibility of ending oil shipments to the US remains “feasible“, but also that cutting the oil flow would damage both parties.