Russians Energy Minster says ` Domestic Gas Prices in `Europe ' Could Rise by 50 Percent if it Cut's Supplies from Russia '

#AceFinanceNews – EUROPE – April 04 – (RT) – “Moving away from pipeline transportation of natural gas, construction of terminals and deliveries of liquefied natural gas will lead to an increase in gas prices in Europe from the current $380 per 1,000 cubic metres to at least $550,” Novak said in an interview to the Russia 24 TV Channel.

“And the question arises: are the economies of European countries ready to supply and consume gas at such a price?” the Minister asked.

The US has insisted that Europe needs to urgently cut its dependence on Russian gas, with the US Secretary of State John Kerry saying Moscow should no’t use energy exports as a political weapon.

“It really boils down to this: no nation should use energy to stymie a people’s aspirations,” Kerry said in Brussels on Thursday, the same day Russia’s Gazprom increased the price to Ukraine another $100 per 1,000 cubic metres.

On Wednesday the US and EU reaffirmed their plan to move away from Russian gas, stressing that developments in Ukraine “have brought energy security concerns to the fore” .

Meanwhile, Russian energy companies have started to feel the pulse in markets outside Europe, mostly focusing on Asia.

Gazprom talked to Kuwait and Egypt about increasing LNG supplies and hopes to sign a long-term supply deal with China next month.

Also, the president of Russia’s oil major Rosneft has toured Japan, South Korea, Vietnam and India.

RT – INS – IT

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UN PANEL PAYS OUT OVER $1.2 BILLION IN REPARATIONS FOR IRAQ’S 1990 INVASION OF KUWAIT

United Nations

United Nations  The United Nations Compensation Commission (<“http://www.uncc.ch/“>UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.24 billion available to the Government of Kuwait.

With today’s payment, the Commission has disbursed $43.5 billion, leaving approximately $8.9 billion remaining to be directed to the only outstanding claim, stated a <“http://www.unog.ch/unog/website/news_media.nsf/(httpNewsByYear_en)/AACDE58294E89727C1257C0E00386FA2?OpenDocument“>news release issued by the Geneva based Commission.

This category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait’s oil field assets. It represents the largest award by the Commission.

Successful claims are paid with funds drawn from the UN Compensation Fund, which receives five per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.

The Commission was established in 1991 as a subsidiary organ of the UN Security Council. It has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.

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