The initial recoverable proven reserves of the Arctic shelf of Russia make up 447 mln tonnes of oil and 10.142 trillion cubic meters of gas, said Minister Kirill Molodtsov. The initial recoverable hydrocarbon resources of the Arctic region total 258 bln tons of reference fuel and 60% of all hydrocarbon resources of Russia. Source: Tass
China’s port city of Zhoushan is planning to challenge Singapore’s dominance of the multi-billion dollar shipping fuel industry, relying on proximity to some of the world’s biggest ports and Beijing’s support to give it an edge. Source: Reuters
French energy company Total (TOTF.PA) said it has agreed to sell a 4 percent stake in its Australian Ichthys liquefied natural gas (LNG) project to Japanese partner Inpex (1605.T) for $1.6 billion, following cost overruns. Source: Reuters
The European Central Bank President Mario Draghi has to tread a fine line once again as he gives his latest update on euro area monetary policy on Thursday. Source: CNBC
