10 Updates

Rosneft's 'Darth Vader' Lures China To Russia Oil Market

May 17 2014, 12:34pm CDT | by

Sanctions be damned.  The President of Russian oil major Rosneft, Igor Sechin, met with top executives from two of China’s largest state-owned oil firms this week in an effort to expand a budding...

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9 weeks ago

Rosneft's 'Darth Vader' Lures China To Russia Oil Market

May 17 2014, 12:34pm CDT | by

Sanctions be damned.  The President of Russian oil major Rosneft, Igor Sechin, met with top executives from two of China’s largest state-owned oil firms this week in an effort to expand a budding partnership between energy rich Russia and energy hungry China.

Sechin, known as “Darth Vader” in the Russian press, was sanctioned by the U.S. Treasury Department this month due to  his perceived support of the pro-Russian uprisings in east Ukraine.  The sanctions, which do not target Rosneft as of yet, ban Sechin from traveling to the United States or conducting financial transactions with American companies.

China, of course, is not required to follow in another countries footsteps.  China has remained neutral, with a slight lean towards Russia, in regards to the ongoing political strife in Ukraine.

Both Russia and China have been inching closer together on energy matters.

In October, Rosneft and China’s national oil firm CNPC agreed to set up a joint venture for upstream developments in East Siberia, with Rosneft holding 51% and CNPC with the rest.  The deal gives China access to the Srednebotuobinsk field, which has an estimated 2.05 million barrels of oil and equivalents in Sibera.

Rosneft also reached an agreement with Sinopec to supply 10 million tons of oil per year during a 10-year period.   The company also has an even deeper contract with CNPC to sell 180 million tons of crude oil to China until 2030.

In February of this year, Sechin said Rosneft was close to inking a deal with Chinese state-owned-enterprises to establish a joint venture on extracting oil in Russia.

In 2012, Rosneft exported 110.5 million barrels of oil via pipeline to China, accounting for the vast majority of the 131.7 million barrels bound for Asia.

Next week, Sechin’s friend and Russian president Vladimir Putin will head to Shanghai to discuss deepening economic ties with China. Energy will clearly take center stage in the talks. During the visit, Russia and China could agree on long-term gas supplies and increasing oil supplies, according to local press reports.

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dew ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

Melbourne Rising Media Launch
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into b ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejecte ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishamm ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in comp ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinra ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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