In Energy Source:
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A PS to the approval for the giant Gorgon gas field in Australia on Wednesday: the decision was made by Peter Garrett, the country’s environment minister, who will be better known to readers of a certain age as the (former) lead singer of Midnight Oil.
Gazprom’s profits were battered by plunging gas sales to the European Union and Ukraine in the first three months of the year, it has reported in its latest results under international accounting standards.
A 62 per cent drop in profits to Rbs110bn (about $3.5bn, at today’s exchange rate), reflects steep falls in gas export volumes, which were down 31 per cent to the EU, and 61 per cent to the former Soviet Union countries, including Ukraine. The economic downturn, which has hit demand for gas, particularly from industrial users, in Europe and around the world, was part of the reason; supply disruptions caused by the interruption of flows to Ukraine during the pricing dispute in January were another.
However, there were also some more positive signs in the figures. Read more