Remember me on this computer
  Forgot your password?
  Register

MT news

«ART-NOVEMBER»

XV INTERNATIONAL ART FESTIVAL
Moscow, November, 1-30, 2008
November, 19, 2008
Moscow International Performing Arts Center
Chamber Hall. 7.00. p.m.
The first appearance in Russia. Only one concert in Moscow!
Alarm Will Sound
Artistic director and conductor Alan Pierson (USA)

Program
Aphex Twin Cock/ver 10
Aphex Twin Gwely Mernans
Stefan Freund Unremixed
John Orfe Chamber Symphony
               
Conlon Nancarrow Player Piano Study 2A
Wolfgang Rihm Will Sound
John Adams Son of Chamber Symphony




The Crisis: Investors Tell State To Seize The Day
Corporate governance is on a wish list of reforms that foreign investors said the government should tackle as Russia is buffeted by the global financial crisis.

Market Matters: Election Ardor Feeds Market Hangover
Victory is sweet -- but short. As Cabinet officials from Finance Minister Alexei Kudrin to First Deputy Prime Minister Igor Shuvalov expressed hope that a Barack Obama win might be a first step forward for global markets, U.S. and international stock exchanges thought differently.


The Moscow Times » Issue 4030 » Business
print
Sergei Kharpukhin / AP
Miller and Hambrecht at the opening of a new Achimgaz unit on Wednesday.

Miller Sees Oil Supply Shortages

13 November 2008By Tanya Mosolova, Vera Eckert / ReutersNOVY URENGOI, Yamal-Nenets Autonomous District — The world will face oil supply shortages sooner than expected as producers scale back investment because of the financial crisis, Gazprom CEO Alexei Miller said Wednesday.

He also pledged to produce as much gas as required by customers in 2009 and said the company could partner with German chemical group BASF to develop gas-refining projects in eastern Siberia.

Miller was speaking to reporters at the inauguration of the Achimgaz project just south of the Arctic Circle, where Gazprom and BASF unit Wintershall plan to produce 1 billion cubic meters of gas in 2009, the first full year of its operation.

"We have extensive plans on gas-refining and petrochemical projects in eastern Siberia," Miller said at the ceremony. "This will become the main direction of our cooperation," he said, adding that Gazprom and BASF were discussing joint projects there.

Russia officially plans to increase oil production to 500 million to 509 million tons by 2010 from 491.5 million tons last year, but output is expected to fall slightly in 2008.

In order to achieve this, leading producers such as Rosneft, LUKoil and TNK-BP have lobbied for more tax breaks to encourage investment in eastern Siberia and the Arctic and replace depleted reserves further west.

Eastern Siberia will also become a key area for gas production. Miller said Gazprom had extensive plans to create a single system of production and transport in the vast region.

"We have presented this program to BASF specialists and started serious dialogue on joint work on the plan," he said.

Achimgaz, a 50-50 joint venture between Gazprom and Germany's Wintershall, said it would produce about 1 billion cubic meters of gas and 350,000 tons of gas condensate in 2009.

Achimgaz is scheduled to produce 0.53 bcm of gas and 118,700 tons of gas condensate in 2008. Production began in mid-July.

When it reaches full capacity from 2010, it will produce 8.3 bcm of gas and 2.8 million tons of condensate per year.

BASF executives said they had already invested 300 million euros ($378.7 million) in Achimgaz and that a further 700 million euros would be the minimum required to bring the field to full production.

Wintershall has provided advance funding for the project, and Gazprom's share of the development costs will come from revenues once gas starts to flow.

Gazprom and BASF are also partners in the much larger Yuzhno-Russkoye gas field in northwest Siberia, which is expected to feed the planned Nord Stream gas pipeline that will take Russian gas to Europe from late 2011.

BASF CEO Jßrgen Hambrecht said production at Yuzhno-Russkoye would reach a plateau of 25 bcm a year in mid-2009. This would be two years ahead of the original schedule and six months earlier than previous statements had indicated.

Currency Exchange


USD/RUR - 27.3
EUR/RUR - 34.8




Weather

Moscow
Sunday night

Rain 4o C
Winds: SW at 7 m/s Pressure: 737 mb Humidity: 85% more


13 November 2008
Download PDF


Most Popular Stories.


Archive

« 2008
M T W T F S S
272829303112
3456789
10111213141516
17181920212223
24252627282930

Columnists

Obama's Skin Color and Other Myths
By Boris Kagarlitsky

Turning Noodles Into Ammunition
By Yulia Latynina

Don't Expect Miracles From the G20 Summit
By Martin Gilman

Medvedev's Missile Myth
By Alexander Golts

Preparing for Putin's Return to the Kremlin
By Nikolai Petrov

Obama and the KGB
By Richard Lourie

1,000 Presidential Pardons
By Mark H. Teeter

Tbilisi Protesters Could Be Doing Russia's Work
By Matthew Collin

New Ways to Insult Americans
By Michele A. Berdy

A Guarded Liberalism
By Georgy Bovt

Eagerly Waiting for Change -- Within Russia
By Yevgeny Kiselyov

Cold War Tool in a New Era
By Alexei Pankin

Medvedev Should Scrap Putin's Plan for His Own
By Vladimir Frolov

The Looming Depression
By Alexei Bayer

Putin's Costly Crash Course in Economics
By Konstantin Sonin

Russia's Top Economist Needs to Face Reality
By Anders Aslund

United States Lost Russia and Everything Else
By Fyodor Lukyanov






  © Copyright 1992-2008. The Moscow Times. All rights reserved.