Energy Sector

Government is unlikely to take action against oil executives

The Union Government is unlikely to take any action against the officers of oil PSU's who went on strike two days earlier. Their strike caused huge loss to national exchequer and crippled fuel supply across the nation.

The oil workers came back on work when Union Cabinet under the chairmanship of PM Dr. Manmohan Singh asked concerned ministry to deal them with heavy hand.

Petroleum Secretary, R S Pandey said, "Everyone has undergone a great deal of trauma, we have had a tough experience. I don't think you all should start finding fault. It is the time to look ahead to the future."

Mr. Pandey however said that no one should try to hold country to ransom.

Medvedev urges Ukraine for swift deployment of gas monitors

Medvedev urges Ukraine for swift deployment of gas monitors Moscow  - Russian President Dmitry Medvedev on Monday urged his Ukrainian counterpart to provide for gas experts to be quickly deployed to monitor gas flows to Europe - a key condition for Russian reopen the taps.

Medvedev, who spoke by phone with President Viktor Yushchenko late Monday, said Russia was ready to immediately resume negotiations on a new contract for gas shipments to Ukraine in 2009, the Kremlin said.

Russia expected to resume gas supplies to Europe

Russia expected to resume gas supplies to Europe Brussels/Moscow/Kiev  - Russia should resume gas supplies to Europe via Ukraine on Tuesday, European Union officials and representatives from Russian state-owned gas monopolist Gazprom said Monday after a deal appeared to have been sealed in Brussels.

"If there aren't any obstacles ... gas transits can be renewed already tomorrow, at 8.00 am European time (0700 GMT)," Gazprom deputy chief Alexander Medvedev said during a visit to Brussels.

Can Europe wean itself off Russian gas?

Can Europe wean itself off Russian gas?Brussels  - The European Union has not tried hard enough to wean itself from its dependency on Russian gas, and now it faces a tough struggle to restore its security.

That was the verdict of industry experts on Monday as EU leaders waited to see whether the Kremlin's latest promise to have the gas flowing to Europe by the morning would bear fruit.

Government sources say that ONGC may get up to 40 pct in Kazakh

Government sources say that ONGC may get up to 40 pct in Kazakh The reporters on Monday were informed by an oil ministry official on the sidelines of the Petrotech conference that ONGC Videsh is close to buying a stake of up to 40 percent in the Satpayev block in Kazakhstan.

The deal has yet not been finalized. It was further revealed by reliable sources that during a visit to India by Kazakhstan's President Nursultan Nazarbayev in the next few weeks, the deal might be signed.

EU energy ministers hold emergency talks over Russian gas

Brussels - European Union energy ministers were meeting in Brussels on Monday to discuss ways of dealing with the shortage of Russian gas arriving via Ukraine.

The supply is now expected to resume on Tuesday following a deal on gas monitors signed in Brussels by representatives of Gazprom, Russia's state-owned gas monopoly, and Ukraine's Naftogaz, whose pipelines are used by Moscow to deliver gas to Europe.

But the long-standing dispute between the two sides has already forced many European countries to dig into their reserves.

It has also sparked a row between Slovakia and neighbouring Austria over Bratislava's plans to meet its own shortfall by re-opening a Soviet-era nuclear reactor shut down by the EU for safety reasons.

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