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OIL AND GAS
Human Rights Watch wants Baku sidelined from EITI
by Daniel J. Graeber
New York (UPI) Aug 15, 2014


Kremlin reviews economic options in face of sanctions
Moscow (UPI) Aug 14, 2013 - Russian Deputy Prime Minister Dmitry Rogozin said Thursday the country needs a new strategy of economic development in the face of mounting sanctions.

Western governments have enacted sanctions on Russia's energy and defense sectors in response to crises simmering on the Ukrainian border with Russia. When Russian oil company Rosneft was targeted, Chief Executive Officer Igor Sechin, himself a sanctions target, said the company's strategy was affected.

The Russian Central Bank said it was prepared to prop up financial institutions burdened by economic pressure from Washington.

Rogozin said sanctions were designed to get in the way of Russian development, although a new strategy of economic development should be pursued anyway.

"Reliance on industry [and] on our own resources ... even if there had not been these sanctions, we would have to turn this way," he said.

Exports of crude oil, petroleum products and natural gas account for nearly 70 of all Russian export revenues in 2013.

Analysis for the U.S. Energy Information Administration finds Russia received almost four times as much revenue from crude oil exports as it did from natural gas.

Human Rights Watch said Azerbaijan should be suspended from a global transparency initiative on energy issues because of restrictive measures against NGOs.

"Azerbaijan's government is squeezing activist groups to the breaking point while claiming to international audiences that it's a leader on open civic participation and good governance," Lisa Misol, a business researcher at Human Rights Watch, said in a statement from New York.

The rights group said it's frustrated by Azerbaijan's decision to enact measures that restrict the work of non-governmental organizations.

Azerbaijan is a founding member of the Extractive Industries Transparency Initiative, a global collaboration meant to promote transparency in the management of state natural resources like oil and gas.

Azerbaijan's president and state oil company, known as SOCAR, control the nation's energy sector.

The country received a "weak" score on an index from the Natural Resources Governance Institute.

"Azerbaijan is blatantly violating EITI rules, and EITI cannot afford to be complicit in this hypocrisy," Misol said Thursday.

Azerbaijan is one of the premier oil and gas producers in the Caspian region, with European communities taking a particular interest in the country in an effort to break Russia's grip on the energy sector.

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Spain's Canary Islands fume over oil exploration
Madrid (AFP) Aug 14, 2014
Spain's government sparked an outcry Thursday by giving oil group Repsol the all-clear to explore for oil and gas off the coast of the tourism-dependent Canary Islands. The industry ministry gave Repsol a three-year licence to drill in three sites some 50 kilometres (30 miles) off the coast of the Spanish archipelago, which lies off the northwest coast of Africa. The exploration, approve ... read more


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