Archive for August, 2014

Private equity’s oil interests go global

Sunday, August 31st, 2014

As quoted explorers struggle to raise funds and capital markets sour on exploration, opportunities are opening around the world for private investors

Ukrainian Ambassador to Bulgaria Calls for Greater Consolidation, Consistency in Western Sanctions against Russia

Sunday, August 31st, 2014

Ukrainian Ambassador to Bulgaria Mykola Baltazhy has said that his country expects maximum support from NATO.

In a Sunday interview for the Bulgarian National Radio, he made clear that Ukraine’s request did not involve sending troops to the country but rather military and technical aid. The envoy noted that talks with EU were also underway.

“The military aggression against Ukraine continues. We actually classify it as war, without a war having been declared. I am convinced that the West must be more consolidated and consistent in its actions against Russia. Europe has to be more unswerving in its sanctions, in its clear signals, and, last but not least, in its support for Ukraine,” he stated.

“We are taking all possible steps to protect our territorial integrity and sovereignty but it is only natural to demand the EU’s assistance,” Baltazhy declared.

He called on the democratic community to step up support for his country, adding that it was clear that the actions of Russia constituted impudent aggression against Ukraine.

Baltazhy underscored that the act of aggression was a threat not only to Ukrainians, but also to the Russians and Bulgarians living there, as well as the representatives of over 100 nationalities and ethnicities residing in the country, in other words, “a threat to the whole of Europe.”

He informed that a total of four people from the Bulgarian minority in Ukraine had died, adding that Bulgarians lived in places where there was no military action at present but they were also taking part in the anti-Russian operation.

“Russia keeps using gas as a political mechanism, as a political weapon, which we find absolutely inadmissible,” Baltazhy emphasized.


NADL expresses no regret for Rosneft deal

Sunday, August 31st, 2014

The Norwegian company’s deal to supply offshore drilling rigs for Rosneft, the Russian state-owned oil company, is instructive about the limits of EU sanctions

Bulgaria to Pledge Army Budget Hike at NATO Summit

Sunday, August 31st, 2014

Bulgaria will make a commitment to increase army funding from 1.33% to 1.5% of the GDP, seeking to reach 2% of the GDP by 2020, according to President Rosen Plevneliev.

Plevneliev commented on the upcoming NATO summit to be held in Wales on September 4-5. Bulgaria’s head of state noted that the other NATO countries were expected to make the same financial commitment.

“We have to realize that it is not fair on our part to cut the military budget and to expect that somebody will come to defend us when the situation becomes difficult or critical. Bulgaria needs to make a contribution to stability and security too, using its skills and capabilities, and to invest in them,” Plevneliev declared in Brussels, according to the President’s press office.

“We hope that a stage of new sanctions will be avoided. We expect Russia to work for creating trust and for a de-escalation of tension and then there will be no extension of sanctions. However, if the situation keeps deteriorating, EU leaders are unanimous in their belief that we should continue with clear signals to Russia that its actions are inadmissible,” Plevneliev said, commenting on the debates on new sanctions against Russia during Saturday’s EU summit.

Bulgaria’s President declared that EU leaders were unwilling to resort to extreme measures in the case of Ukraine. “No weapons or troops will be sent, but the EU, having learned its lessons from WWII, is bound to act decisively and defend its values” he stated.

Plevneliev made clear that the Member States would carefully coordinate their activities related to a new set of restrictive measures against Russia over the coming week, adding that the sanctions could enter into force in 10 days, after undergoing thorough discussions.

He also informed that EU leaders had exchanged views on terrorist organization the Islamic State for the first time on Saturday.

“We shall cite this organization as a major source of instability and a serious threat to peace in the region and Europe,” Bulgaria’s President added.


Russia: Faute de mieux

Sunday, August 31st, 2014

You don’t have to own an oil company to invest in Russia

Buyout groups invest in UK North Sea oil

Sunday, August 31st, 2014

Cash infusion of $500m to UK-focused oil group Siccar Point Energy highlights the continuing international appeal of Britain’s offshore oilfields

Bulgarian Energy Holding, CEZ, to Discuss Varna TPP Life Extension

Sunday, August 31st, 2014

The Bulgarian Energy Holding (BEH) and power distributor CEZ have signed a memorandum of cooperation on searching technical and economic solutions to extend the life of the Varna Thermal Power Plant.

A working group has been formed for the purpose and it is to function by October 31.

Petr Dokladal, Regional Manager at CEZ Bulgaria, has assured that everything possible is being done to find an efficient solution to keep the Varna TPP operational.

According to a media statement of CEZ Bulgaria, the Varna TPP used to provide 60% of the cold reserve of Bulgaria’s energy system with three of its 210-MW units and its availability tariff was the lowest in the country.

However, rules were changed in 2013, which created uncertainty about the quantities provided for the cold reserve and thwarted opportunities for long-term planning, according to the power distributor.

According to CEZ Bulgaria, the Varna TPP closed 2013 at a loss of BGN 67.6 M.


EU Leaders Give Russia 7 Days to Reverse Course in Ukraine or Face New Sanctions

Sunday, August 31st, 2014

The EU has threatened to expand sanctions against Russia in a week unless it takes steps to alleviate tension in Ukraine.

The EU leaders have issued a joint statement demanding that Russia “immediately withdraw all its military assets and forces from Ukraine.”

Speaking after a Saturday summit in Brussels, European Council President Herman Van Rompuy said the European Commission had been tasked with preparing further restrictive measures which were to be presented in a week.

Van Rompuy, as cited by the BBC News, said the EU “stands ready to take further significant steps in light of the evolution of the situation on the ground,” adding that it was clear that the current state of affairs necessitated swift actions. Ukrainian President Petro Poroshenko warned his country was “close to a point of no return – full scale-war” with Russia.

German Chancellor Angela Merkel said expanding sanctions against Russia was inevitable unless the situation improved significantly. She made clear that the new restrictive measures would involve areas which the EC had already discussed, including energy and the financial sector.

The US welcomed the latest move of the EU.

“We welcome the European Council’s consensus today to show strong support for Ukraine’s sovereignty and territorial integrity and to prepare further sanctions for consideration in coming days,” White House National Security Spokeswoman Caitlin Hayden said in a statement.

“We are working closely with the EU and other partners to hold Russia accountable for its illegal actions in Ukraine, including through additional economic sanctions,” she said.

“We remain committed to supporting Ukraine as it seeks a diplomatic resolution to the crisis and call on Russia to immediately remove its military, including troops and equipment, from Ukraine and end its illicit support to the separatists,” the US official noted.


President Plevneliev: Bulgaria’s Georgieva Will Be Awarded ‘Strong Economic Portfolio’

Sunday, August 31st, 2014

Bulgarian President Rosen Plevneliev has suggested that Bulgaria will be assigned a strong portfolio and will enjoy a much more vocal and dignified representation in the next European Commission.

Plevneliev gave a press conference after Saturday’s summit of EU leaders, during which Italy’s Federica Mogherini was appointed as EU foreign policy chief and Poland’s Donald Tusk as European Council President. He underscored that the fact that outgoing Bulgarian EU Commissioner Kristalina Georgieva had made it among the three nominations for EU High Representative was great success, adding that Bulgarian institutions had put a lot off efforts into the campaign.

The consultations on the makeup of the new EC panel are to continue until September 7. According to reports of the Bulgarian National Radio, Plevneliev’s statement can be interpreted as a sign that Kristalina Georgieva will be awarded a position of EC Vice-President and that her portfolio has already been agreed upon.

During Saturday’s summit, EU leaders also gave Russia an ultimatum of seven days to reverse course in Ukraine or face further sanctions. Asked to comment on further sanctions against Russia, Plevneliev said that the EU had to show decisiveness in order to prevent further escalation of the conflict with Ukraine.

“The crisis in Ukraine is definitely the biggest challenge to security in Europe after WWII” he stated, adding that a political solution of the conflict had to be found. Calling for a categorical stance on the matter, he insisted that Russia’s actions were unacceptable, adding that the country had to be returned to the negotiating table.


Our Latest Events Listing for You to Check Out

Sunday, August 31st, 2014

Welcome to our latest curated list of events, contests and awards for small businesses, solo entrepreneurs and growing companies. To see a full list or to submit your own event, contest or award listing, visit the Small Business Events Calendar.

Featured Events, Contests and Awards

Who Gives a Fund Contest - Caribbean CruiseWho Gives a Fund Contest – Caribbean Cruise

Create a short fun video using the phrase “Who Gives a Fund.” Share it on social. The video with the most views will win a round trip within the continental U.S. to beautiful Miami, and a 3-day cruise to the Caribbean, for two. See for complete rules and details. Presented by, to highlight that traditional bank loans are not the only source of money for your working capital needs in your business.
Hashtag: #WhoGivesaFund

Author Marketing Live!Author Marketing Live!
September 08, 2014, Cleveland, OH

Do you want to write a bestselling book and learn from the most successful authors in the industry? Learn how to build a writing empire, how to write a best-selling book, insider secrets and much, much more from 11 all-star speakers on the topic.
Discount Code
CLE (Use the discount code “CLE” for $49 off when registering.)

Camp GLP (Good Life Project)Camp GLP (Good Life Project)
September 11, 2014, Rock Hill, NY

Camp GLP is one part summer camp and one part small biz accelerator. It is a way for entrepreneurs, makers and aspiring world-shakers to step out of their everyday reality, reconnect with people who are going through similar journeys, rediscover play and nature, experience moments of ease and joy and at the same time get a ton of real business value.

Camp GLP, short for Good Life Project, is a 3-and-a-half-day excursion to Iroquois Springs Camp in Rock Hill, New York. It offers the full summer camp experience for adults, including classes, crafts, and even bunks (though single rooms are also available). Campers have access to more than 20 business workshops covering topics like crowdfunding, visual branding, podcasting, and more.
Discount Code
SBT2014 (10% off if registering before August 16.)

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This weekly listing of small business events, contests and awards is provided as a community service by Small Business Trends and SmallBizTechnology.

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