#AceFinanceNews – MOSCOW – Chairman of the board of Russian energy company Soyuzneftegaz Yuri Shafranik believes that exploration of oil fields in Syrian territorial waters will take no less than five years.
In his view, an oil pipeline may be built between that country and Iraq upon the end of hostilities in Syria.
The Syrian Ministry of Petroleum and Mineral Wealth and Russian energy company Soyuzneftegaz signed an deal on oil and gas offshore exploration in the Syrian capital of Damascus on December 25, 2013. So, Soyuzneftegaz became the first foreign and Russian company which was granted the right for oil exploration, development and production at Block-2 in Syrian territorial waters.
The company believes that oil exploration in Block-2 will take no less than five years, Shafranik said in an interview with British news agency Reuters. Upon results of oil exploration the company will make a conclusion whether commercial oil production is expedient there.
“If there is no possibility of normalising the situation throughout the country at once, the situation should be stabilised gradually in regions where it is possible to conclude an agreement,” Reuters quoted Shafranik as saying. “Then humanitarian aid should be provided, and then we should move on to energy projects, removing obstacles to them including any sanctions slowing down the country’s economic recovery,” he added.
Shafranik also dwelt on plans to build an oil pipeline between Iraq and Syria.
“The project could be carried out with the participation of Russian and Italian companies,” the Soyuzneftegaz chief executive said, adding that governments of Syria and Iraq support these plans and are prepared to launch their implementation upon the end of hostilities in Syria.
#AceFinanceNews – Austria has arrested one of Ukraine’s richest men, Dmitry Firtash, at the request of the US, which has been investigating him since 2006, Reuters reported, citing government sources.
The Federal Crime Agency on Thursday identified the suspect only as Dmitry F., 48, but government sources said it was Firtash.
“Based on years of investigations by the US FBI and an arrest warrant issued by a US federal district court, Vienna prosecutors issued a national order to detain the businessman,” the agency said.
He was suspected of bribery and forming a criminal organization in the course of foreign business deals.
There was no immediate confirmation from the FBI or US Justice Department.
#AceFinanceNews ST. PETERSBURG, Capital flight from Russia in 2014 may reach $50 billion per quarter if harsher sanctions are imposed on the country over the Ukrainian crisis, Alexei Kudrin, a member of the Presidium of the Russian president’s Economic Council, said.
If the sanctions affect only accounts of certain individuals, enterprises, operations or products, this will be “a mild scenario”, Kudrin said at a joint meeting of the presidiums of the Unions of Industrialists and Entrepreneurs of St. Petersburg and the Leningrad Region on Thursday, March 13.
He recalled that Western sanctions against Russia after the conflict with Georgia in 1998 had lasted about three to six months, and then the situation stabilized.
“This may last longer now until the sides find some political solution. So we have to understand that there may be a second wave of sanctions,” Kudrin said.
Reuters – Itar-Tass – AP
#AceFinanceNews President of football club Bayern Munich gets three years and six months in jail for tax evasion.
The verdict was handed down by the court in Munich, where the case considered.
According to prosecutors Hoeness had concealed from the state 27,2 million euros. The prosecution asked the court to impose a prison term of five and a half years.
As mitigating circumstances, the court admitted the president of the football club made out acknowledgement of guilt in January last year.
At the same time he had never brought criminal action against before and he fully admitted his guilt.
However the prosecutor Achim von Engel pointed out that confession was not completed and kept not completed data:
In addition, the first day on Monday Hoeness said that he had concealed 18,5 million euros. But then, the prosecution presented completed data, where was already 27,2 million euros.
Hoeness will leave the Presidency of the FC Bayern Munich, one of the most famous clubs in the country.
Reuters – AFP – AP – News Sources
#AceFinanceNews KIEV, In 2014, the World Bank made a decision to provide additional financial aid of $3 billion to Ukraine in order to carry out reforms and key economic projects, the Ukrainian government’s press service reported on Thursday. Itar-Tass
“Three billion dollars is serious funding. This sum exceeds the funding that was provided to Ukraine last year. Most funding will be used to develop and modernize housing and communal services, improve social welfare for the population,” World Bank Director for Ukraine, Belarus and Moldova Qimiao Fan said.
“Today Ukraine’s gas debt makes more than $1.8 billion . Meanwhile, the debt keeps growing from month to month from the beginning of the year. Yes, Ukraine is in a deep political crisis, but it is needed to pay for gas. Today we see that our actions towards Ukraine are absolutely lawful. We have all rights under effective contract to pass to prepayment for Russian gas supplies to Ukraine. But we do not do this and we realise that this is a very important aspect so that an economic collapse will not break out in Ukraine and so that risks for Russian gas transit to Europe will not arise,” Miller said.
#AceFinanceNews – BERLIN, German Chancellor Angela Merkel said she did not expect Russia to restrict gas supplies despite the crisis in Ukraine.
“We have signed agreements. Until now, Russia has supplied gas,” the German chancellor said in an interview with Passauer Neue Presse.
“Even in the times of the Cold War, Russia was a reliable supplier,” she said, adding that “Russia has its own economic interests.”
“We receive 35% of gas from Russia, and this does not make us dependent,” Merkel said.
#AceFinanceNews Japanese electronics giant Panasonic said Thursday it would give employees sent to China a wage premium to compensate for the country’s hazardous air pollution, in a possible first for an international company according to AFP
The move was part of a wider deal reached in Japan’s annual labour talks which saw major firms, including Panasonic and Toyota, agree to boost workers’ salaries for the first time in years, amid concerns about an economic slowdown after a sales tax rise next month.