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BP

8:27 AM BP confirms that its Nabucco pipeline project to import natural gas from Azerbaijan to Europe will take on a far more limited scope and reach only Europe's border with Turkey. The decision appears to mark the end of a key strategic initiative that had political backing from the EU and U.S. to reduce Russian dominance over European gas supplies. Comment!
TOT, IPXHF.PK

5:37 AM Total (TOT) and Inpex Japan's (IPXHF.PK) are seeking $20B in loans for Ichthys, their Australian LNG project, Reuters reports. It would be the largest set of project finance loans in the world, although it's made more attractive by Inpex already having secured sales contracts with Japanese utilities who need a replacement of nuclear power. Comment!
5:02 AM After 2 days of talks, the most that Iran and the P5+1 could agree to yesterday was to meet again in Moscow in June. Teheran wants the right to enrich uranium and the sanctions scrapped, particularly the looming oil embargo, before it stops its march to nuclear weapons. The West says Iran must first shut down its enrichment program. 1 Comment

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