"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Monday, May 07, 2007

Russian / European Gas pipeline explosion in Ukraine - cause unknown - supplies unaffected

Reuters reports that Ukraine Emergencies ministry spokesman Oleksander Trigubblast occurred at 1125 GMT n today and destroyed a 30 meter section of a main gas trunk pipeline to Europe, near the village of Luka in the Ukraine south of Kiev. There are no reports of any injuries.

The pipeline takes gas from Urengoi in Russia via Pomary to Uzhgorod on the border with Slovakia (Blue line in map above - larger more detailed map here) .

Pipeline owners Gazprom said flows of gas had not been affected as a by pass had swiftly been put in place. and a spokesman said,"There has been no reduction in gas supplies to European customers,"

Ukrainian state energy firm Naftogaz representative Yuri Korolchuk said by telephone. "Volumes due to pass through the damaged section are being redirected through the Soyuz pipeline."

Economy Ministry spokesman Gergely Abraham "Supplies to Hungary are safe, gas continues to flow, Hungary is unaffected."

Martin Chalupsky, of the main Czech gas importer and supplier RWE Transgas said there no disruptions but said the company would as a precaution increase supplies through a northern route bringing Norwegian gas through Germany as of Saturday.

He said there was enough gas in storage facilities following a mild winter to cover "several months" of domestic consumption.

The Slovak natural gas monopoly SPP, which manages the Slovak section of the pipeline transporting around 20 percent of gas consumed in the European Union, said it did not register any problems with gas supplies.

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