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OIL AND GAS
Putin's economic adviser looking for sanctions relief
by Daniel J. Graeber
Moscow (UPI) Jul 22, 2013


disclaimer: image is for illustration purposes only

An adviser to Russian President Vladimir Putin said the government was taking steps to counter the latest round of U.S. sanctions on Russian energy entities.

Economic aide Andrei Belousov said all of the obligations of state development bank Vnesheconombank will be met and the Central Bank of Russia may sell some of its foreign currencies to blacklisted companies in an effort to offset the latest round of U.S. sanctions.

"[Banking assistance] will be either additional capitalization, or some other option, we are working on that," he said Monday.

Russian energy company Gazprom made similar statements earlier this week. Its financial arm, Gazprombank, oil company Rosneft and Russian independent gas producer Novatek were included on the list of sanctioned entities by the U.S. government last week.

The Russian economy relies heavily on oil and natural gas revenue. Last week, Russian Deputy Foreign Minister Sergei Ryabkov said the Kremlin was taking a "placid" posture over the latest round of sanctions.

British energy company BP said it was examining its relationship with Rosneft in light of new sanctions. It owns a minority stake in the company. French energy giant Total last week said it was "closely monitoring the situation" in Russia and its ties to Novatek.

U.S. sanctions were imposed in response to Russia's stance on the crisis in Ukraine.

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Mexican Senate approves most of energy sector reform
Mexico City (UPI) Jul 22, 2013
Legislators in the Mexican government signed off on most of the rules meant to open an oil and gas market controlled by a state monopoly. The government of President Enrique Peña Nieto has proposed changes to the way the oil and natural gas sector is governed. The measures, if passed in their entirety, open a Mexican energy sector controlled by state-run Petroleos Mexicanos, known also ... read more


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