The US markets opened on a strong footing after a mixed performance the previous week. The strength on Wall Street was partly due to news of Chinese market reforms designed to increase liquidity, which helped offset concerns about the situation in Ukraine where Pro-Russian separatists in the Donetsk region of eastern Ukraine claim nearly 90 percent of voters in the region were in favor of self rule in a referendum held on Sunday, although the vote has been condemned as illegal by Kiev and Western governments. However, weaker than expected retail sales growth for the month of April and higher than expected increase in producers price index. The US markets closed the week (till Thursday) on a negative note ahead of the housing starts and consumer confidence data releases even as the jobless claims data came below estimates. Continue reading Global Markets Review -16May2014
Tag Archives: Russia
ONGC consortium bids for stake in Yamal LNG in Russian Arctic
A consortium led by Indian group ONGC has bid for a stake in Novatek’s liquefied natural gas project in the Russian Arctic, a Novatek spokesman told Reuters on Monday: “We received a bid from a consortium of ONGC, Petronet and GAIL for a stake in Yamal LNG,”.
Indian newspaper The Hindustan Times reported the consortium was willing to commit as much as USD 3.4 billion for a 15% stake. The French energy company Total has already acquired 20% of the project.
Energy market analysts say participation of Indian companies in the project was a positive development for Novatek, Russia’s second-largest natural gas producer and which could get access to the LNG market in India through a deal.
“India could see LNG demand rise to 50 million tonnes by 2020 (Wood Mackenzie estimates), while direct access to the market could allow for the employment of swap schemes with the traditional suppliers of LNG to Asia,” Alfa Bank said in a note. Yamal LNG was slated to start production of up to 16 million tonnes of frozen gas a year in 2015-17.