Energy

Russian energy concern Gazprom has accused the European Commission that it is putting a wheel on South Stream for political reasons.

By Henning Gloystein

LONDON - The European Union could ban gas exports and limit industrial use as part of emergency measures to protect household energy supplies this winter, a source told Reuters, as it braces for a possible halt in Russian gas as a result of the Ukraine crisis.

Russian President Vladimir Putin has attended a ceremony to mark the first weld of the Power of Siberia held Monday.

The pipeline will deliver gas to China from Russia's far east.

The South Stream Transport JV has said a pipelaying ship is expected to berth at the Bulgarian port of Burgas on Sunday for works relating to the Moscow-backed gas pipeline.

The EU urgently needs to develop a common energy strategy to cope with its dependence on Russian energy supplies, Bulgaria’s caretaker Foreign Minister Daniel Mitov has said.

Russia, EU and Ukraine will renew gas talks soon and the concrete date will be set next week, according to EU Energy Commissioner Gunther Oettinger.

Oettinger met with Russian Energy Minister Alexander Novak and Gazprom CEO Alexei Miller in Moscow on Friday.

Greece's dominant power utility PPC reported a bigger-than-expected drop in first-half net profit, weighed down by increased provisions for overdue bills and tariff cuts.

Europe will remain heavily dependent on Russian gas supplies for at least the end of this decade and “potentially much longer”, Fitch Ratings has said.

The centre-left government in Romania has decided to postpone a planned 3-per-cent rise in the price of natural gas prices for households, due in October, following disagreements over gas exports with the European Commission.

The new pipeline, which connects the town of Iasi, in eastern Romania, with Ungheni in Moldova, will help the former Soviet republic reduce its reliance on gas imports from Russia.

Prime Minister Victor Ponta and Moldavan Prime Minister, Iurie Leanca, will be present on Wednesday for the official inauguration of the 45-kilometre-long pipeline.