Economy of Russia

Vucic, Dyukov discuss security of oil and derivatives supplies

BELGRADE - Serbian President Aleksandar Vucic met with Gazprom Neft CEO Alexander Dyukov on Monday to discuss NIS operations in Serbia and the security of oil and oil derivatives supplies to the country, Tanjug learns.

They also discussed new investments in renewable energy sources.

Vucic thanked Dyukov for the successful cooperation to date.

Bulgaria has Paid almost 400 Million Euros for the Import of Azeri Gas

Bulgaria has paid over 383 million euros for the purchase of Azeri gas in 2022. This was reported by the Russian news agency "Interfax" on Wednesday, citing unpublished data from the European Statistics Agency.

The amount represents an eightfold increase compared to the previous year, the agency notes.

Italy weighs in as Cypriot fund goes after Lukoil plant

An Israeli-backed Cypriot fund's deal to buy a Lukoil-owned refinery in Italy is hanging in the balance ahead of a Cabinet meeting in Rome possibly this week, when veto powers would be weighed against energy hub aspirations that could replace Russian gas and put the final nail in the coffin of a proposed EastMed pipeline.

Europe will return to Russian gas, says Qatar energy boss

 European countries will eventually resume higher imports of Russian gas, Qatar's energy minister and gas company CEO predicted on Saturday, warning that market volatility could last for years.    

Russian gas exports to Europe plunged after Moscow's invasion of Ukraine but Saad Sherida al-Kaabi, head of QatarEnergy, said the situation could change in the future.    

Bulgarian MPs Banned the Export of Crude Oil and Oil Products from Russia

The National Assembly banned the export of crude oil and oil products subject to derogation, transported by sea, originating in Russia or exported from Russia.

Before that, the National Assembly decided to create the figure of a "special commercial manager" to act on behalf of the government in objects of critical infrastructure related to national security in the energy sector.

Lukoil agrees deal to sell Italian refinery

Russian oil giant Lukoil said on Jan. 9 that it had reached a deal to sell its refinery in Sicily to a Cyprus-based fund, pending approval from the Italian government.

The ISAB refinery, one of Europe's largest, was in danger of ceasing operations because of the EU embargo on the import of Russian crude oil by sea amid the Ukraine invasion, which came into force on Dec. 5, 2022.

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