Energy Sector

OPEC oil price continues to fall

OPEC oil price continues to fallVienna  - The price for oil produced by the Organ

Germany offers to mediate in EU-Ukraine gas dispute

Germany offers to mediate in EU-Ukraine gas dispute Berlin  - Chancellor Angela Merkel on Tuesday offered Germany's good offices to help resolve a new gas dispute which has surfaced between Russia, the European Union and Ukraine.

The chancellor said after talks with Russian President Dmitry Medvedev in Berlin that she would raise the issue with the European Commission.

Russia has called an agreement with the EU to modernize Ukraine's gas infrastructure an "unfriendly act," pointing out that Moscow was excluded from the talks.

Areva T&D Facility At Vadodara Begins Operation

Areva T&D Facility At Vadodara Begins OperationFrench nuclear giant Areva announced plans on March 30 to expand its India operations. The company will start operations this week at eight new factories in India.

On Monday, the company started off its four factories at Kotambi near Vadodara in Gujarat.

Austria's OMV sells stake in Hungarian oil and gas group MOL

Austria's OMV sells stake in Hungarian oil and gas group MOL Vienna  - Austria's leading oil and gas group OMV AG announced Monday it has ended its involvement with Hungarian counterpart MOL plc by selling its 21.2-per-cent stake to the Russian company Surgutneftegas OJSC.

The shares were sold for 1.4 billion euros (1.86 billion dollars), OMV said in a statement, calling the deal a "logical step" after the company ended its unsuccessful bid to take over MOL last August.

Kuwait scraps 15 billion dollars refinery project

Kuwait National Petroleum CompanyNicosia, Mar 30: The state-run Kuwait National Petroleum Company (KNPC) confirmed press reports that it had scrapped plans to built a fourth refinery at Al Zour, at an estimated cost of 15 billion dollars and has informed accordingly the companies involved.

This is the second multi-billion project which has been abandoned by a Kuwati state-run company in the past three months.

ROUNDUP: Lightning sparks massive black-out on Tenerife

Lightning sparks massive black-out on Tenerife Las Palmas de Gran Canaria, Spain  - The Spanish holiday island of Tenerife suffered a massive black-out on Thursday, local media reported.

The electricity company Unelco tentatively attributed the power cut to a flash of lightning which may have hit a power plant in Las Caletillas in the east of the Canary Island in stormy weather.

The black-out affected almost the entire island of 900,000 residents, causing people to get stuck in lifts and traffic lights to go off.

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