The People’s Republic of China and Venezuela will invest $ 4,250 million in infrastructure and other developments in the oil field , including two projects for the extraction of heavy crude oil in the Orinoco Oil Belt . Planning Minister Ricardo Menendez said a refinery in the Chinese province of Canton will be built to transform 400,000 barrels of oil per day. Source Globovision
President Vladimir Putin told Gazprom PJSC to turn to refilling European gas-storage facilities next month, signaling that long-awaited additional Russian supplies could be on the way. The move will “create a more favorable situation on the European energy market,” Putin said at a meeting broadcast on state television Wednesday. Source Al Jazeera
The chaos in gas and electricity markets is set to hit one group of people the hardest this winter: the four million households that use prepayment meters (PPMs).
While most people pay their bills monthly for energy they have already used, PPMs require people to pay for energy before they use it. PPMs take whatever money is in the meter and supply energy to the household. Source Open Democracy
Russia’s Gazprom has damped hopes for additional gas exports to Europe next month as the continent struggles with record prices, despite recent hints from President Vladimir Putin that more could be forthcoming.
UK and European gas prices surged as much as 18 per cent on Monday after a keenly awaited pipeline capacity auction showed no increase from Russia either through the Ukrainian pipeline system or lines passing via Poland to north-west Europe. Source FT
