Energy Blast, March 4, 2008
Gazprom promised western European countries they would not be affected by the latest escalation in its ongoing row with Ukraine, as it cut supplies to the country by 25%. The company RosUkrEnergo said Gazprom’s decision to reduce gas supplies by 25% would only affect Naftogaz Ukrainy. Gazprom now says it will halve gas supplies to Ukraine from 1700 GMT on Tuesday, and that no progress has been made in talks thus far. Total will make an initial estimate of the cost of developing Russia’s giant Shtokman gas field in the coming months and make an investment decision before the end of 2009. Russia’s envoy to the UN said after a UN Security Council meeting that new sanctions imposed against Iran would give Tehran a chance to review its controversial nuclear program.