World Bulletin / News Desk
There will be no gas flows from Libya into Italy for a third straight day on Monday after clashes between local militias at the North African country's Mellitah complex, Italian gas transport group Snam said.
Mellitah, operated by Libya's National Oil Corporation and Italy's Eni, supplies Italy with gas through the Greenstream pipeline, which ends at the Sicilian port town of Gela and at full capacity pumps at least 8 billion cubic metres a year.
"We have not been getting any gas from Libya since Saturday afternoon and also for today the expectations are of zero gas flows," a Snam spokesman said.
The disruption at the Mellitah complex is the latest to hit the energy sector in Libya, where protests have shut down oil-export terminals in recent months, and comes after January's hostage-taking at an Algerian gas plant.
The daily expected supply through the Greenstream pipeline for Monday would have been around 17.2 million cubic metres, data from Snam showed.
Italy gets most of its gas from Algeria, Russia, and Libya - which provides between 10 and 15 percent - while some comes from Norway and the Netherlands.
Italy will compensate the Libyan gas stoppage by raising imports from the Russian and Dutch pipelines, analysts said.
The halt in Libyan supply coincided with large scale gas supply falls due to unexpected pipeline outages in the North Sea, which at one point on Monday propelled British spot gas prices to five-year highs.
Unlike Britain, where most of the gas sold is on the spot market, Italy gets most of its gas through long-term contracts linked to the oil price.
In the past, Italy has approached Russia for extra emergency supplies when needed.
Shares in Eni and Snam were down 0.9 percent at 0940 GMT, overperforming Italy's main FTSE MIB index, which fell 1.5 percent on the day on protractred Italian political uncertainty.
Traders said the Mellitah clashes had limited impact on the two stocks as the stoppage is not expected to last long. Libya's defence ministry has sent security personnel to the Mellitah facility and gas exports should resume 48 hours after the compound is secured.
"We do not see a systemic risk for Italy since gas supply is currently large and demand continues to be low as winter draws to a close," an Italian energy analyst said.
Eni and Snam did not have details on when gas flows into Italy would resume.
Italy saw its gas imports from Libya suspended for several months during the 2011 civil war that ultimately led to the fall of former leader Muammar Gaddafi.
Varying degrees of drought are hitting almost two thirds of the limited arable land across Syria, Lebanon, Jordan, the Palestinian territories and Iraq.
Turkey deems Iranian gas too expensive compared with other suppliers like Russia and Azerbaijan, an assertion rejected by Tehran.
Satoshi Nakamoto, a name known to legions of bitcoin traders, practitioners and boosters around the world, appeared to lose his anonymity on Thursday after Newsweek published a story that said he lived in Temple City, California, just east of Los Angeles.
BP's exploration and production sharing agreement with Libya covers onshore acreage in Ghadames, near the border between Libya, Algeria and Tunisia, and offshore acreage in the central Sirte basin
There are discussions at high levels within the U.S. government on how to use U.S. natural gas resources
The judicial sources said on Thursday that prosecutors suspected the companies of working together on campaigns to favour Lucentis, including promoting it to local doctors
Scotland's Energy Minister Fergus Ewing offered to meet Shell to discuss the future of the oil and gas industry if Scotland votes to end its 307-year tie with England
European Commission President said that from a purely financial standpoint the crisis in Ukraine should not have much impact on the euro zone but there was potential for far greater instability
The rouble-traded MICEX lost 1.9 percent on the news to trade at 1,322.2 points. It had earlier traded in positive territory.
If tensions eventually escalate into economic sanctions, the single biggest point of vulnerability for the Gulf would probably be the Dolphin Energy pipeline carrying about 2 billion cubic feet of gas per day from Qatar to the UAE and Oman
The former Soviet republic is strategically important to Moscow as the main gas transit route to the European Union, Russia's biggest customer
Iran will soon receive a second installment of previously frozen assets which are being returned to it under an interim nuclear agreement with world powers
Economic growth jumped to 5.2 percent in the last quarter, but Romania remains the second poorest country in the European Union
Brent crude prices decreased by 1.8 percent, more than US$2 per barrel on Wednesday.
The southeast European country sets out to achieve price stability by increasing the share of private entities in its state dominated energy sector.
Premier Li Keqiang also said at the start of the China's annual parliamentary session, that the country's 2014 growth target will be kept at 7.5 percent, inflation at 3.5 percent and broad M2 money supply growth at 13 percent.