World Bulletin / News Desk
Russia and Italy ramped up their strategic cooperation on energy as Prime Minister Mario Monti made his first visit to the world's largest oil-producing nation on Monday to refresh ties that were typically warm under his predecessor Silvio Berlusconi.
Technocrat premier Monti met Russian Prime Minister Dmitry Medvedev in Moscow and was due to discuss plans for a major Russian gas export pipeline project to serve southern Europe at talks with President Vladimir Putin in Sochi later.
The meeting, at Putin's summer retreat in the Black Sea resort, was also expected to address international issues, including the deepening crisis in Syria.
South Stream, a Russian-backed pipeline project to ship gas from the Caspian region, is expected to cost more than 15 billion euros ($18 billion) and export 63 billion cubic metres of gas to southern Europe from 2015.
A final investment decision on South Stream, a rival to a European Union-backed project called Nabucco, is expected in November, with construction to start in December, the Kremlin said ahead of Monti's visit.
Project partner Eni said this month that it expected the final investment decision for South Stream in late 2012 or early 2013.
The South Stream consortium also includes France's EDF and Germany's Wintershall.
Eni also signed an exploration loan facility agreement on Monday with state-owned Russian oil major Rosneft. The agreement seals a major offshore exploration partnership that the two companies struck in April for projects in the Barents and Black seas.
Japan's finance ministry and central bank have declined to comment on the payments.
But a survey shows that most people believe inflation is speeding up and could surpass 37 percent this year.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.
Country of origin labels are currently voluntary in the European Union and many of the bloc's governments want to keep it that way
While reverse flows would help cushion the effects of a Russian export cut during mild-demand summer months, analysts say they would not be sufficient in winter.
The tanker, Aegean Dignity, is due to take its load to Italy, the NOC quoted an oil official as saying in a statement on its website
TAP aims at enhancing the security of natural gas supply as well as diversification of gas supplies for the European markets.
Charlie Shrem, 24, was arrested in January and stepped down as vice president of the Bitcoin Foundation, a well-known trade group, soon after.
The religious endowments minister has ordered mosques not to run air conditioners before May 15 and after that date to use air conditioning only during prayer time
Most foreign workers in the construction and oil industries come from India, Bangladesh and Pakistan, while many domestic workers are from Indonesia and the Philippines
Lukoil has been decreasing its stake in Caspian Investment Resources Ltd, to share the costs at the projects, which require extensive financing.
Israel, which occupied the West Bank in a 1967 war, controls the airwaves of the territory, and Palestinian firms' lack of 3G is a constraint on its technology sector while Israel's soars
The hryvnia has lost about 38 percent of its value against the dollar since the beginning of the year due to the conflict with Russia.