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Russia: 'Era of cheap fuel is over' |
| Home | (Telegraph) - Russia has served a double warning over the price of oil and intervention to block attempts by its energy firms to move into EU markets. Viktor Khristenko, Russian's energy minister and guardian of 5pc of the world's oil reserves, declared that motorists and business would have to learn to live with expensive fuel because "the era of cheap hydrocarbons is over". He also made it clear that any intervention by EU states if Russian firms sought to buy their European rivals would be regarded as unfriendly. He was speaking shortly after the Chancellor, Gordon Brown, indicated that any bid by Gazprom, the Russian gas giant, for Centrica, the British Gas parent, would be treated as a political rather than commercial move. |