Posts Tagged ‘Russia’

Venezuela, Russia’s Rosneft agree on $14 billion oil, gas investment

| May 28th, 2015 | No Comments »
Article originally appeared in Reuters

Venezuela and Russia’s top oil producer, Rosneft, have agreed on around $14 billion in investment in the South American OPEC country’s oil and gas sector, President Nicolas Maduro said on Wednesday evening.

Maduro said he met with the chief executive of state-owned Rosneft, Igor Sechin, earlier on Wednesday, in the company of PDVSA [PDVSA.UL] President Eulogio del Pino and National Assembly boss and Socialist Party No. 2 Diosdado Cabello.

“We had a great meeting and agreed on investment of over $14 billion,” said Maduro during a televised broadcast, adding the funds would go toward doubling Venezuela’s oil production.

PDVSA has formal ambitious targets to double national production to 6 million barrels a day by 2019, with 4 million of that projected to come from the Orinoco Belt, but few industry experts or foreign investors expect those goals to be met.

Speaking at a Socialist ... Read More

Mexican onshore oil holds most potential in Latin America -study

| May 21st, 2015 | No Comments »
Article originally appeared in Reuters

BY DAVID ALIRE GARCIA

May 20 Mexico’s marginal oil fields hold more potential than any other country in Latin America, a mostly onshore resource that could be tapped quickly with techniques perfected in the U.S. shale boom, the lead author of a new study said on Wednesday.

The 14.1 billion barrels in incremental oil potential from Mexico’s lower-quality, overwhelmingly onshore fields is bigger than any nation bar Russia and Iran, said Leta Smith, director of upstream energy research at consultancy IHS Energy.

“The thing that makes it exciting is that access to Russia and Iran is pretty limited for most international oil companies, but Mexico is opening up right now,” she said.

Last year, Mexico finalized a historic energy overhaul that ended state-owned oil company Pemex’s longstanding oil and gas monopoly and that aims to lure billions of dollars in private investment via new contracts to ... Read More

Petrobras, Gazprom ink Bolivia gas deal

| April 15th, 2015 | No Comments »
BN Americas

By Michael Place

Brazil’s state-run oil firm Petrobras has agreed to invest up to US$2.057bn to develop new natural gas fields in Bolivia, officials in La Paz said on Tuesday.

The 15-year agreement forms part of a memorandum of understanding also involving Russian gas producer Gazprom for exploration projects in gas-rich Tarija department.

Under the deal, Petrobras will drill prospects in the Sunchal, San Telmo and Astillero areas, which hold estimated gas reserves of 4.88Tf3 (138Bm3).

According to Bolivia’s state hydrocarbons company YPFB, Petrobras has committed to invest in exploration and production, transport and storage facilities.

“These new areas will allow us to increase our reserves and consolidate Tarija department as Bolivia’s energy center,” YPFB chief executive Guillermo Achá said in a statement.

Achá denied that Bolivia faced an imminent decline in natural gas output due to a lack of new discoveries.

“Gas production is not ending. On the contrary, all these activities indicate that we will increase production,” he added.

Bolivia’s state ... Read More

Venezuela Pledges More Arms Purchases Against ‘Foreign Threats’

| April 2nd, 2015 | No Comments »
International Business Times

By Brianna Lee

Venezuela President Nicolas Maduro, still bristling from the U.S.’s latest round of sanctions, plans to ramp up military purchases from China and Russia to bolster defenses against foreign threats. But while Venezuela’s economy may be on shaky ground, its defense capabilities are not: The country remains the top arms importer in all of Latin America, buying more weapons than far larger nations.

Maduro announced Monday that Venezuela would continue buying military equipment from Russia and China under new agreements with both countries. The purchases would help the Venezuelan military protect the “waters and land of this country so that they are not touched by foreign imperialist boats,” he said.

Venezuela has been flexing its military muscle more publicly in recent weeks after President Barack Obama issued a sanctions order on March 9 that labeled the country an “unusual and extraordinary threat” to U.S. national security. White ... Read More

Here’s Why U.K.-Argentina Tensions are Rising Again Over the Falklands

| March 25th, 2015 | No Comments »
From Time

By Harvey Morris

Argentina still poses a “very live threat” to the British-ruled Falkland Islands, Britain’s defense minister warned on Tuesday as he announced plans to increase security spending on the South Atlantic islands to counter Argentina’s attempts to improve its military.

Michael Fallon told Parliament the government planned to spend £180 million ($268 million) over the next 10 years to boost the security of the islands as part of a defense review, although the level of military and civilian personnel involved would remain at around 1,200.

“The principle threat to the islands remains,” he told legislators. “I am confident that, following this review, we have the right deployment.”

The minister’s announcement comes as Argentina has been trying to upgrade its military capabilities. It has looked at buying new warplanes and has signed a co-operation deal with Russia that could result in it leasing Russian bombers in return ... Read More

Russia’s return to Nicaragua worrying many in Central America

| March 24th, 2015 | No Comments »
McClatchy

BY TIM JOHNSON

MANAGUA, NICARAGUA — Russia is rekindling its once-strong ties to Nicaragua, possibly including providing the Central American nation with jet fighters, stoking unease as far away as the Andes in South America.

Later this week, Russian Foreign Minister Sergei Lavrov will arrive in Nicaragua as part of a swing through four Latin American nations, the culmination to a series of high-level Russian visits to this Central American nation in the past year. Last month, Russian Defense Minister Sergei Shoigu paid a two-day visit, and in January the head of Russia’s upper house of Parliament arrived. Russian leader Vladimir Putin visited in June.

The rumored provision of the Russian jet fighters to Nicaragua has spawned fears of an arms race in Central America and once again made Nicaragua a bit player in the geopolitical to-and-fro between Washington and Moscow.

The chief spokesman for the Sandinista Front on international matters, National Assembly Deputy Jacinto ... Read More

More Fighter Jets in Nicaragua, Second-Poorest Country in the Americas

| March 16th, 2015 | No Comments »
Inter Press Service

By José Adán Silva

MANAGUA, Mar 14 2015 (IPS) - Nicaragua, the second-poorest country in the Americas, is tapping into its depleted coffers to upgrade its ageing military fleet with costly new equipment from Russia – a move that has sparked controversy at home and concern among the country’s Central American neighbours.

The decision was officially confirmed Feb. 10 by the Nicaraguan army chief, General Adolfo Zepeda.

When rumours spread in the international media that Managua was seeking to acquire a fleet of six to 12 MiG-29 fighter jets, Zepeda acknowledged that they were looking for warplanes for “defensive” purposes: to intercept drug trafficking flights by cartels in the country’s Caribbean region. He also said the military planned to buy gunboats. No further details were offered.

The announcement drew criticism from civilian sectors in Nicaragua and Central America, which argued that the poorest country in the Americas after Haiti shouldn’t be trying to buy fighter planes, ... Read More

The retreat of U.S. interests from Latin America has left a vacuum for the Chinese to fill

| January 22nd, 2015 | No Comments »
Wall Street Journal WSJ-01 BY ILAN BERMAN You have to feel a bit sorry for the Obama administration. The White House in December announced plans to normalize diplomatic relations with Cuba, including establishing a U.S. Embassy in Havana and formally revisiting Cuba’s status as a state sponsor of terrorism. The move was a clear effort by Washington to distinguish itself in a new international theater.

But that gambit was soon eclipsed by another: In a meeting that could herald a significant shift in the Western Hemisphere’s balance of power, China hosted a high-profile summit earlier this month with the Community of Latin American and Caribbean States, or Celac.

Celac is a relatively recent invention. Conceived in 2010 at a meeting in Caracas hosted by Venezuelan strongman Hugo Chavez , it is designed to deepen integration among Central and South American states—while excluding the U.S. and Canada. The 33-member bloc explicitly styles itself as an alternative to the U.S.-led Organization of ... Read More

Russian spy ship in Havana on eve of US-Cuba talks

| January 21st, 2015 | No Comments »
From AFP

Havana (AFP) – A Russian intelligence warship docked in Havana on Tuesday, a day before the start of historic US-Cuba talks aimed at normalizing diplomatic relations.

There was nothing stealthy about the arrival of the Viktor Leonov CCB-175, which was moored to a pier in Old Havana where cruise ships often dock. But the visit was not officially announced by Cuban authorities.

US officials in Washington played down the presence of the Russian vessel, saying it was perfectly legal and not at all out of the ordinary.

“It’s not unprecedented. It’s not unusual. It’s not alarming,” a defense official told AFP.

The Vishnya or Meridian-class intelligence ship, which has a crew of around 200, went into service in the Black Sea in 1988 before it was transferred seven years later to the northern fleet, according to Russian media.

... Read More

Venezuela’s Asia Tour Backfires as Crude Extends Slump

| January 16th, 2015 | No Comments »
Bloomberg

By Pietro D. Pitts

Venezuelan President Nicolas Maduro is winding down a tour of Asia and Russia to garner support for measures to bolster oil prices. A further 8 percent decline since the trip started suggests he failed.

Maduro plans to coordinate with OPEC and non-OPEC producers to create a “formula that impacts the oil market and restores the normalization of prices,” he said Jan. 15 after meeting with Russian counterpart Vladimir Putin as the lowest prices in six years threaten both nations’ economies. Crude extended declines as Maduro spoke.

Venezuelan government lobbying to prop up prices is falling on deaf ears among other OPEC members that are prepared to let prices fall to a level that undermines a U.S. shale boom. Saudi Arabia, the United Arab Emirates and Kuwait have said repeatedly over the past six weeks that the organization wouldn’t cut output to halt the biggest rout since 2008.

“It was a surprise that he went ... Read More

Qatar Helps Venezuela Weather Oil Crisis

| January 13th, 2015 | No Comments »
Wall Street Journal WSJ-01

By KEJAL VYAS

CARACAS—Venezuela will receive “several billion dollars” in financing from Qatari banks to help the beleaguered South American oil-exporter withstand the fall in crude prices, said President Nicolás Maduro from Doha on Monday.

“They’re giving us enough oxygen to cover the fall in crude prices,” he said in remarks carried on Venezuelan state television.

Mr. Maduro, who has visited Russia, China, Iran and Saudi Arabia to seek aid in recent days and traveled to Algeria late Monday, said the preliminary deal with Qatar would help Caracas meet its investment and import needs for this year and next. He didn’t name the banks nor offer more details. Qatar didn’t comment.

The president’s effort comes as the global oil benchmark settled below $50 a barrel for the first time in nearly six years on Monday and foreign currency shortages in Venezuela have sparked concerns the country could default on its debt.

The Qatar deal follows other ... Read More

Venezuela asks fellow OPEC members for help

| January 12th, 2015 | No Comments »
CNBC-01

By Yousef Gamal El-Din

Venezuelan President Nicolas Maduro resumed his tour of oil producers in the Middle East on Monday, as the country seeks protection from plummeting oil prices.

The head of state visited the Saudi capital of Riyadh, where he met with the country’s Crown Prince Salman bin Abdulaziz and oil minister Ali Al-Naimi. Saudi King Abdullah bin Abdulaziz, who is still recovering from a bout of pneumonia contracted last month, did not attend.

“We talked in-depth about important ideas for a strategy of stabilising the oil market, price recovery. An important strategy that we will coordinate,” Maduro told reporters at the end of the meeting on Sunday. “We have reached detailed agreements for a new stage of strengthening the OPEC”.

Despite the stated optimism, Maduro offered no further details and there was no comment from the Saudi side on the outcome of the deliberations. The official Saudi ... Read More

Will crashing oil prices make Russia, Iran and Venezuela more dangerous?

| January 6th, 2015 | No Comments »
FoxNews.com

By Rob Nikolewski

The plummeting price of oil is giving the economies of Russia, Iran and Venezuela a strong smack upside the head.

And while the resulting crises before Russian President Vladimir Putin, the ruling clerics in Iran and the successor to Hugo Chavez in Venezuela won’t engender much sympathy from many corners of the world, what those leaders may do in response has a number of foreign policy analysts worried.

“With the oil situation, things can go in a lot of different ways,” Stephen Szabo, executive director of the Transatlantic Academy, told Watchdog.org. “The leadership in these countries is not exactly responsive to their people and they could lash out.”

All three countries rely on high oil prices to keep their governments afloat.

A recent estimate by the International Monetary Fund, Deutsche Bank and Fitch Rankings reported Russia needs the global oil price at $98 ... Read More

The Real Cost of Castro Inc.

| December 19th, 2014 | No Comments »
FoxNews.com

By Elizabeth MacDonald 

There is a price that the Cuban regime will exact from American companies to do business there if U.S.-Cuba relations are fully normalized, a price that likely won’t benefit the country’s lower classes, but will instead line the pockets of Castro & Co., experts on Cuba warn.

Because of its tight grip, the Castro regime has kept Cuba’s GDP hamstrung. It’s economy is now at a tiny $72.3 billion, less than half that of the state of Iowa, notes Richard J. Peterson, senior director at S&P Capital IQ. In fact, the average worker earns less than $25 a month.

Cuba is in crisis, it needs a bailout. Its crony communism has failed, it is steeped in debt, and its money is running low. Historically, Cuba has enjoyed lifelines in the form of money and oil from Venezuela, which had been generously ... Read More

Oil price plunge means survival of fittest

| December 10th, 2014 | No Comments »
Financial Times

By Anjli Raval

The 40 per cent plunge in the price of oil over the past six months is testing the mettle of the world’s biggest producers, from Venezuela to Iran and Russia. But it is also a survival of the fittest at a more granular level — among the world’s megaprojects.

Energy Aspects, a London-based consultancy, estimates that more than 12 per cent of global oil production would be uneconomic if the majors were to give the go-ahead to existing projects at today’s prices.

Most at risk are those in the Canadian oil sands which has a break-even price of $80 a barrel, US shale plays and other areas of tight oil ($76). Brazil’s deepwater fields ($75) and Mexican projects (around $70) are also vulnerable.

None of this looks pretty, particularly as most new production scheduled to come on line in the next couple of years is set to come ... Read More

Russia and Venezuela to fight low oil price

| November 20th, 2014 | No Comments »
Deutsche Welle

Russia and Venezuela are discussing joint action against low oil prices, Russian Energy Minister Alexander Novak said in Moscow. Venezuelan Foreign Minister Rafael Ramirez was in Moscow for talks as part of a tour of several oil-producing nations, including Algeria, Qatar and Iran, aimed at developing a joint strategy.

Asked if he discussed joint moves to counteract the 30-percent fall in oil prices this year, Novak told reporters: “Yes, there is such an initiative. We discussed this theme and now we are working out those proposals on our side.”

Russia and Venezuela, like the other countries on Ramirez’ travel itinerary, are heavily dependent on revenues from oil exports for their national budgets. Crude oil prices are set in the context of a global market, so global geopolitical tensions and regional supply or demand surges or drops affect oil prices everywhere.

As a result, any drive ... Read More

Russia to send bombers on Gulf of Mexico ‘reconnaissance missions

| November 13th, 2014 | No Comments »
Article Appeared in The Washington Times

By Douglas Ernst

A top Russian official said Wednesday the country plans on conducting patrols with its bombers that extend into the Gulf of Mexico.

“In the current situation we have to maintain military presence in the western Atlantic and eastern Pacific, as well as the Caribbean and the Gulf of Mexico,” Russian Defense Minister Sergei Shoigu said Wednesday in Moscow, The Associated Press reported.

Mr. Shoigu’s remarks were in response to accusations by NATO that Russia was once again sending military personnel into Ukraine.

The Russian official did not provide specifics on the patrols, but said planes will conduct “reconnaissance missions to monitor foreign powers’ military activities and maritime communications,” AP reported.

Col. Steve Warren, a Pentagon spokesman, told AP he would not characterize Russia’s actions as a provocation, as the nation has a right to operate in international airspace.

Large-scale Russian maneuvers along European airspace forced NATO members to scramble jets in ... Read More

Oil Price a Concern Says Venezuela as Al-Naimi Visits

| November 7th, 2014 | No Comments »
Bloomberg

By Ben Sharples and Pietro D. Pitts

The price of oil is a “concern for everyone,” Venezuela’s representative to OPEC said after a meeting with Saudi Arabia’s oil minister yesterday.

Rafael Ramirez, who is also Venezuela’s foreign minister, told reporters at a climate-change conference on Margarita Island that Saudi Arabia’s participation at the event was part of a meeting between friends. The Middle East nation is the biggest producer in the Organization Of Petroleum Exporting Countries, a 12-member group responsible for about 40 percent of the world’s oil supply.

Brent crude has collapsed to the lowest level in more than four years amid speculation that global supply is outpacing demand. OPEC’s leading producers are responding by cutting prices, resisting calls to reduce supply as they compete with the highest U.S. output in three decades.

Ramirez greeted Saudi Arabia’s Ali Al-Naimi as he arrived at the event before they began ... Read More

No change by Castro, no change in trade embargo

| October 23rd, 2014 | No Comments »
The Miami Herald

BY JAIME SUCHLICKI

There’s an eagerness among many in this country to begin a process of normalizing relations with Cuba. The belief persists that economic considerations could influence Raúl Castro’s policy decisions and that Cuba’s difficult economic situation will force Cuba’s leader to move toward a market economy and closer ties to the United States.

Yes, despite economic difficulties, Castro does not seem ready to provide meaningful and irreversible concessions for a U.S.-Cuba normalization. He may release and exile some political prisoners. He may offer limited economic changes to tranquilize the Cuban population, but not major structural reforms that would open the Cuban economy. Cuba is not moving to a market economy. In Cuba, political considerations dictate economic decisions.

Raúl’s legitimacy is based on his closeness to Fidel Castro’s policies of economic centralization, control and opposition to U.S. policies. Raúl cannot reject Fidel’s legacy and move closer ... Read More

Russia Today, Argentina Tomorrow

| October 21st, 2014 | No Comments »
The New York Times

By FABIÁN BOSOER and FEDERICO FINCHELSTEIN

Earlier this month, the president of Russia, Vladimir V. Putin, and the president of Argentina, Cristina Fernández de Kirchner, took part in a video conference to celebrate a new television partnership. Under the terms of the deal, the Russian-owned channel RT (formerly known as Russia Today) will soon begin broadcasting Spanish-language news in Argentina. Mrs. Kirchner hailed the development as a means for Argentines “to understand the real Russia,” as well as to help Russians learn about “the real Argentina, unlike the way the international media and the so-called national media portray us.”

Buenos Aires currently enjoys warm relations with Moscow for a variety of reasons. Argentina is looking to Russia for help in upgrading its energy sector, including a possible partnership with the Russian giant Gazprom to develop oil and shale gas ... Read More

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