*To read Part One, please click here. *To read Part Three, please click here. Russian Gazprom, Greek DEPA/DESFA, and Italian Edison propose a modified version of Gazprom’s South Stream project, using the Interconnector Turkey–Greece–Italy (ITGI project) for a pipeline corridor to deliver Russian gas to... MORE

On February 23, Azerbaijan’s parliament adopted amendments to the state budget to adjust down expected budget revenues based on oil price estimates of as low as $25 per barrel (Azernews.az, February 23). Initially, the State Budget for 2016 projected oil at $50–55/barrel (Trend, September 14,... MORE

Russian President Vladimir Putin launched the South Stream gas export project in 2007. All along, Russia lacked the gas volumes and financing that this gigantic project presupposed. Moscow poured all its resources into Nord Stream. It did not seriously intend South Stream as an energy... MORE

On February 24, in Rome, the chief executives of Russian Gazprom, Italian Edison (electricity conglomerate, 99 percent owned by Électricité de France) and Greek DEPA (national pipeline operator and gas trader) signed a memorandum of understanding to develop a pipeline route from Greece to Italy... MORE

On March 1, President Vladimir Putin gathered the CEOs of Russia’s oil majors in the Kremlin to discuss a possible freeze of crude production to boost oil prices. Oil is Russia’s main export commodity and the main source of state revenue. Putin commended the “healthy... MORE

In mid-February, the troubled electricity producer Electric Networks of Armenia (ENA) once again made headlines when Armenia’s Energy Minister Yervand Zakharyan announced the government’s decision to seek a 30-year loan from the World Bank to cover ENA’s outstanding debts (A1Plus, February 18). Zakharyan refused to... MORE

The steady build-up of Italy’s long-term economic partnership with Azerbaijan is adding an important geopolitical dimension to Rome’s foreign policy. Sitting on the fence, Russia is monitoring the current trade and infrastructure dynamics between Baku, Rome and the European Union. The Kremlin is always sensitive... MORE

Ukrainian gas consumption fell significantly last year, as GDP declined by more than 10 percent, and the output of the domestic industry in particular, which is heavily depends on natural gas, plunged by more than 13 percent. This allowed Ukraine to reduce gas imports from... MORE

Mongolia’s national energy program has made significant progress in the past year. According to Energy Minister Dashzeveg Zorigt, in 2015, legislation regulating the energy sector was revised, electric power imports (one-fifth of energy comes from neighboring China and Russia) were significantly cut by $9 million,... MORE

The Vice Prime Minister and Minister of Energy of Georgia, Kakha Kaladze, and a top official at the Russian energy giant Gazprom, Yelena Burmistrova, failed to reach an agreement during the latest round of talks in Vienna (Rustavi2, January 21). The Georgian Ministry of Energy... MORE