Ukraine and Russia have resolved the dispute that threatened to disrupt natural-gas supplies to European markets, with Naftogaz promising to settle the $600 million debt. The announcement came just “hours after Gazprom warned European customers that Ukraine was getting ready to cut supplies to Europe.” Prime Minister Yulia Timoshenko says Ukraine is not against letting Russia into its domestic gas market. Former Russian power monopoly UES sold its stakes in seven power supply firms for a total of $109.8 million, failing to sell only one firm.
Enel bought a 59.8% stake in Russian power generator OGK-5, following a public buyout offer, for €2.6 billion ($4 billion).“Oil-rich countries like Russia and Venezuela have become more demanding in their dealings with foreign oil companies, often restricting access to prime drilling locations.”A team of 70 scientific experts from countries including Russia, the US and UK, have said that international databases to share information about nuclear and radioactive materials are urgently needed to help deter potential nuclear threats.WORLD ENERGYInvestment in Norway‘s oil and gas industry is forecast to reach a record $25.42 billion in 2008.“Because companies cannot invest freely in each other’s economies we do not have a common energy market. This is something Europe needs now more than ever before.”