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DUSHANBE/MOSCOW-Russia's energy minister and a top oil company denied on Friday they were preparing to cut oil flows to Europe in response to threatened sanctions, a step Moscow never took even at the height of the Cold War.As Europe prepared its response to Russia's invasion of neighboring Georgia, the energy minister said Moscow was doing everything it could to ensure stable oil supplies on its key supply line to Europe, the Druzhba (Friendship) pipeline."We are doing everything we can so Druzhba can keep working stably and supply European consumers with enough oil," Sergei Shmatko told reporters in Dushanbe, the capital of Tajikistan.Britain's Daily Telegraph reported on Friday that the Russian government had told at least one oil company to prepare to cut deliveries to Europe if sanctions were imposed.European Union heads of state meet on Monday to formulate a response to Russia's invasion of Georgia, which was attempting to retake two Russia-friendly separatist provinces, as well as a Kremlin decision to recognize the rebels as independent states.A senior French diplomat, who could not be identified, said sanctions were not imminent. A spokesman for German Chancellor Angela Merkel said Germany believed Russia would honor its contracts.Energy markets have been nervously watching the dispute between Europe and Russia, the world's second-largest oil exporter, over Georgia, a key oil and gas transit zone.Oil prices were up 1 percent or $1.16 at $116.75 a barrel.To read more go to:
As in the days of Noah...
