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OIL AND GAS
Gazprom switches Ukraine to pre-payment because of overdue gas bills
by Daniel J. Graeber
Moscow (UPI) Jun 16, 2013


More than $1 trillion in new money coming to oil in eastern Russia
Moscow (UPI) Jun 16, 2013 - Major investments in oil operations in the eastern part of Russia will boost export potential by 2035, Deputy Prime Minister Arkady Dvorkovich said Monday.

Dkorkovich said investments in the oil industry in eastern Russia are expected to grow by more than $1 trillion.

"Oil production and supplies will grow in the eastern region of the country," he said. "The part of the eastern direction in the total exports of oil and petroleum products will increase from 12 percent to 23 percent."

Russia is one of the world's leading oil producers, producing more than 10 million barrels of oil per day on average. Most of the country's oil fields are in the western region of Siberia.

The head of a Russian joint venture between Shell and Gazprom Neft signed an agreement in January to use hydraulic fracturing to tap into an oil formation in Siberia.

When combined with gas exports, oil accounts for about 10 percent of the Russian gross domestic product.

Russia's Gazprom said Monday it switched Ukrainian gas company Naftogaz over to the new payment scheme because of $4.45 billion in overdue bills.

"Payments [for June] also were not received," the company said in a statement. "Starting from today [Monday] the Ukrainian company will receive only prepaid volumes of Russian gas."

Trilateral talks between Russian, European and Ukrainian officials dragged on for most of last week without a breakthrough.

Russia offered some concessions to the Ukrainian side, though the government in Kiev said it was wary of the Russian intentions. European officials have said the region's energy sector was subject to "political and commercial blackmail."

Russia supplies about a quarter of the European Union's gas needs, though most of those supplies run through the Soviet-era transit network in Ukraine. Debt disputes in 2006 and 2009 prompted Gazprom to cut gas to Ukraine briefly, causing regional energy shortages.

Alexei Pushkov, the head of the Foreign Affairs Committee in the state Duma, said Monday the switch to a pre-payment scheme was long overdue.

"Let [Ukrainian Prime Minister Arseniy] Yatsenyuk get shale gas from the United States," he said.

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