As one of the world's largest importers of oil, gas and coal, the EU has increased its energy deals with developing countries. Because North Sea energy resources are on the decline, member countries are looking to oil and gas reserves in some of the world's hotspots, especially the Middle East.

The EU political agenda consequently has been heavily driven by commercial relations with the developing world. According to its strategy for the future, the EU plans to emerge as a major player in the Middle East peace process.

In addition to its dialogues with the Organization of Petroleum Exporting Countries, the European Commission signed bilateral agreements with six Gulf States represented in the Gulf Cooperation Council.

The Baku-Tbilisi-Ceyhan oil pipeline is a major reason for bilateral trade relations with its suppliers as well as the EU's possible enlargement to Turkey form part of the wider geopolitical context of the BTC pipeline.

Energy dependence could rise from 50 percent in 2000 to 70 percent in 2030, according the European Union's Commission Green Paper of November 2000.

EU energy demand will continue to soar. To date, some 45 percent of EU oil imports originate from the Middle East and by 2030, 90 percent of EU's oil consumption will have to be covered by imports, according to EU website figures.

The EU imports some 40 percent of its gas from Russia; by 2030, the EU will import more than 60 percent of its gas needs from Russia with gas dependency from foreign sources to hit 80 percent.

By 2030, the EU expects to meet 66 percent of its coal needs through imports.

Iran, Zimbabwe ink $200M deal Iran and Zimbabwe signed a $200 million deal in Harare Tuesday to develop a hydroelectric power plant in Zimbabwe, the largest Iranian undertaking in Africa.

Under the four year deal signed by Iran's Farab and Zimbabwe's Zesa, Iran will construct two units of the Kariba power plant in Zimbabwe that will have a total generating capacity of 300 megawatts.

Iranian Ambassador to Zimbabwe Hamid Moayyer, Iranian Deputy Energy Minister Reza Amrollahi and Zimbabwean Minister of Mines Amos Midzi were present at the signing ceremony.

In January 2004, during a visit made by Iran's President Mohammad Khatami to Harare, the two sides signed the Tehran-Harare cooperation that led to a series of subsequent deals.

Iran's Ministry of Energy undertook a number of water and power projects in different African countries during the past years.

But Kariba is the largest project ever to be committed by Iran in a foreign country both in terms of value and operation.

Saudi Arabia: New petrochemical company created Saudi Arabia's Ministry of Commerce said Tuesday it had issued a license to create an $853 million petrochemical company.

The Kayan Petrochemical Company will be based in Riyadh city and invest in projects producing chemicals such as ethylene, propylene and ethylene glycol.

Russian atomic energy chief still in Swiss prison The Swiss Federal (Supreme) Court ruled Wednesday that the arrest of Yevgeniy Adamov, former head of the Russian Ministry of Atomic Energy, at U.S. request, is legal.

Adamov will continue to remain in a local jail until the final decision on the question of his extradition, Rudolf Wyss, the representative of the Federal Office of Justice, said.

But the Federal Supreme Court in Lausanne -- Switzerland's highest legal authority -- upheld the appeal of the Federal Office of Justice, which authorized Adamov's arrest on May 2 in Bern. Igor Petrov, Russian Embassy press attach� in Bern, has confirmed he has received the Federal Court's ruling.

Adamov could have been released in early June when the Swiss Federal Criminal Court in Bellinzona ruled the former minister's arrest was unlawful and that he should be released from custody. But the Federal Office of Justice immediately appealed and won. The Federal Court's decision is now final and not subject to appeal.

The Swiss Office of Justice must decide independently whose extradition request -- the Russian or the American -- takes priority.

Washington filed a request for Adamov's extradition on June 24. U.S. authorities accused the former head of the Ministry of Atomic Energy and his business partner Mark Kaushansky, a U.S. citizen, of embezzling $9 million issued to Russia by the U.S. government for the implementation of projects connected with nuclear security.

Russia meanwhile sent its request for the former minister's extradition on May 17 -- one week earlier than the U.S. request. The request was based on a warrant for Adamov's arrest issued by Moscow's Basmannyy court. The Russian Federation General Prosecutor's Office accuses Adamov of fraud and of exceeding his official powers.

Spill cleaned up at Sakhalin A diesel fuel spill off the Sakhalin coast caused by a leak from the Japanese vessel Smith Lloyd-27 has been cleaned up, according to Exxon Neftegaz officials.

An unidentified underwater object punctured the vessel Tuesday in the course of Sakhalin-1 project works, and leaked more than 7.2 cubic yards of diesel fuel into the Okhotsk Sea.

The ship collided with the object almost half a mile from the shore, in the area of the Chaivo hydrocarbon field.

Project operator Exxon Neftegaz said Wednesday the hull was punctured near the fuel tank. The vessel's crew promptly pumped the fuel into the second tank, but part of petroleum products leaked into the sea.

While notifying appropriate Russian authorities about the spill, Exxon Neftegaz dispatched cleanup teams to the area and the rescue operation was complete on Tuesday evening. The rescuers used protection booms and absorbents.

There were no casualties.

Closing oil prices, July 22, 3 p.m. London

Brent crude oil: $55.48

West Texas intermediate crude oil: $57.60

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