Spain's Repsol Discovers Hydrocarbons in Siberia
Spanish energy company Repsol has announced what it says is a significant hydrocarbon discovery in a relatively unexplored part of western Siberia.
Repsol said Monday its joint venture in the region, with Russia's Alliance Oil, is one of its key strategic projects and an important potential area of growth.
The announcement of the find came as European governments consider imposing further sanctions on Moscow over its alleged help for Ukrainian separatists.
Repsol said in a statement that the discoveries in two blocs could produce 240 million barrels of oil equivalent in recoverable resources. The Spanish company said it has been exploring the blocs since 2010.
Russia is the world's second-largest crude producer after Saudi Arabia. (AP)
Raiffeisen Bank Says Business in Russia, Ukraine Doing Well
Raiffeisen Bank International's business in Russia and Ukraine is holding up well despite a political standoff between the countries, which has fueled East-West tensions, RBI Chairman Walter Rothensteiner said Monday.
"Business in both countries is going relatively without complaint," Rothensteiner, who is also chief executive of RBI's unlisted parent Raiffeisen Zentralbank, or RZB, told reporters. Russia is RBI's most profitable single market.
Rothensteiner reiterated that RBI, which this month repaid 1.75 billion euros ($2.38 billion) in Austrian state aid it got in 2009 to help weather the financial crisis, would repay by year's end the nonvoting capital it raised at the same time from private investors.
A third of the remaining 750 million euros is owed to RZB, a third to Germany's DZ Bank and a third to other private investors, he said. (Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
