Kiev and Moscow reach gas deal (Page 10)
Russia and Ukraine have reached a settlement over a dispute involving billions of dollars’ worth of natural gas which will see Naftogaz, the Ukrainian state energy company, transfer 12bn cubic meters of gas to RosUkrEnergo. In turn RosUkrEnergo is to pay Naftogaz $1.7bn, nearly half of the current market value of the gas, and Gazprom $800m.
Shell and Gazprom put Sakhalin spat behind them to form alliance (Page 21)
Royal Dutch Shell and Gazprom have formed a strategic alliance little more than three years after an acrimonious dispute. The agreement signals recognition that Gazprom needs foreign allies to help globalise its gas business and expand further into oil but it said new opportunities in Russia would be available only to companies willing to share upstream assets elsewhere.