Hungary plans to break ground next year on its stretch of the South Stream pipeline to send natural gas from Russia to Europe. It is in defiance of EU and US calls to halt the project over frosty relations with Moscow.
Germany says it is not going to loosen restrictions concerning its moratorium on fracking. A report in Der Spiegel had said the government was considering making it easier to extract shale gas and allow test drilling.
As long as there is money to be made, fracking firms will continue with the supported of the UK government, which has been corrupted by fossil fuel money making the drilling for shale gas profitable, George Barda, environmental campaigner, told RT.
Russia’s colossal economic shift toward Asia in energy, finance, and infrastructure deepened at this year’s APEC summit in Beijing with 17 major bi-lateral business deals with China. The strategic alliance could crowd out other global players.
The world’s leading economies spend about $88 billion each year supporting companies exploring oil, gas, and coal, which is twice the amount energy companies invest themselves, according to a new report.
Most of China’s energy resources are imported via the Pacific, and is threatened by the US military presence. The gas deal with Russia allows China to minimize the risks, China-based journalist Brendan O'Reilly told RT.
President Vladimir Putin and Chinese leader Xi Jinping have signed a memorandum of understanding on the so-called “western” gas supplies route to China. The agreement paves the way for a contract that would make China the biggest consumer of Russian gas.