WASHINGTON, Dec. 15 (UPI) -- Russia, Belarus hold gas talks
Russian President Vladimir Putin and his Belarussian counterpart, Alexander Lukashenko, met in Moscow Friday to discuss the escalating trade dispute between the two countries.
Minsk accused Moscow on Thursday of violating the trade agreement between the two countries by imposing full customs duties on crude-oil exports to Belarus as of Jan. 1.
Moscow said it wants to increase that figure on natural gas exports to Belarus to around $200 per 1,000 cubic meters, while Minsk pays $46.67 per 1,000 cubic meters.
"Russia's introduction of duties on exports to Belarus as of Jan. 1 violates a number of provisions on free trade between our two countries," Alexei Popov, Belarussian foreign ministry spokesman, told Interfax.
Industry experts say Moscow is using the price increase to pressure Minsk to accept its terms in a battle for control of Beltransgaz, the pipeline network that delivers gas through Belarus to Germany, Lithuania and Poland.
Gazprom wants to enhance its influence over the pipeline network in exchange for a lower gas price.
Belarussian Foreign Minister Sergei Martynov said the recent 50-50 joint-venture deal would be signed by Jan. 1.
Lukashenko and Putin also held talks before a meeting of the Russia-Belarus Union.
"Lukashenko obviously understands that Russia is not joking this time," said Yaroslav Romanchuk, head of the Mizes Research Center, a liberal think tank in Minsk. "Lukashenko is clearly jittery, clearly lost."
India's ONGC courts Shell, Total in Nigerian blocks
ONGC is holding talks with Anglo-Dutch venture Royal Dutch Shell and French oil major Total in an attempt to attract them as equity partners in the Nigerian blocks.
ONGC Mittal Energy Ltd., or OMEL, a joint venture between ONGC and L.N. Mittal Group, is looking to sell a 10-15 percent stake in the two blocks it owns.
"We are in talks with Shell and Total. We may give a 10-15 per cent stake," R.S. Sharma, chairman of ONGC, told reporters during an industry event Wednesday.
ONGC is courting Shell and Total because both have large expertise in that region.
OMEL now operates on the lease of one of the blocks, which is close to Bongo fields of Shell. The field has estimated reserves of 1 billion barrels.
The other block, which has estimated reserves of 800 million barrels, is close to the one operated by Exxon and Shell.
Wachdog probes BP for gas-price manipulation
U.S. federal regulators told BP it could face civil charges over price manipulation in unleaded gasoline futures trading on the New York Mercantile Exchange.
Since the beginning of this year, this is the third time BP faces scrutiny from the Commodity Futures Trading Commission, the regulator for futures markets, the Financial Times reported.
BP was also involved in the fatal explosion at its Texas City, Texas, refinery in March last year, an oil spill in Alaska in March and the later closure at Prudhoe Bay. The company also faced delays to the opening of the flagship Thunder Horse project in the Gulf of Mexico.
BP said the U.S. attorney in Illinois was "conducting an investigation into BP's gasoline trading." There is was a case filed in July, alleging that BP had cornered the market for a type of propane used by millions of low-income Americans to heat homes, fuel cookers and fire barbecues.
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Closing oil prices, Dec. 15, 3 p.m. London
Brent crude oil: $62.48
West Texas Intermediate crude oil: $62.80
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