Rosneft and Essar agree on key terms of Russian oil supplies to India Russia’s upstream producer Rosneft (ticker: RNFTF) and India’s oil refiner Essar signed key terms of oil and oil products supplies to refineries in India, according to a press release from Rosneft. The document was signed on December 11 in New Delhi by the head of Rosneft, Igor
Yesterday, Ukraine confirmed that it had begun to receive gas shipments from Russia’s state owned Gazprom (ticker: OGZPY) after a six-month cutoff, reports news agency ITAR-TASS. “Imports from Russia began two days earlier than planned,” Ukraine’s gas transport company Ukrtrangaz said in a statement. Ukrainian Energy Minister Volodymyr Demchishin said Ukraine had paid Gazprom on Friday, December 5, for the
Russian President Vladimir Putin announced Monday that Russia will be cancelling its $40 billion South Stream gas pipeline project. Mr. Putin cited unwillingness from European countries as the main reason for shutting down the project saying: “[the project’s cancellation] is the decision of our European friends. They are, in the end, customers. It is their choice.” Falling oil prices and
Earlier this year, the U.S. and the E.U. began a sanction regime against Russia in response to the ongoing crisis in Ukraine. The sanctions are being used to target specific industries in the Russian economy, particularly oil and gas, the defense industry and the banking sector. Some companies, such as Russia’s oil company Rosneft (ticker: ROSN), have hired lobbyists to
2+ TCF of gas to be supplied to China per year for 30 years With economic sanctions taking an ever greater toll on the Russian economy, it appears Russia is increasingly turning its focus towards strengthening its trade ties with China. China is already Russia’s largest trading partner, with bilateral trade flows at $90 billion in 2013, but both countries
This week marked the latest step in returning energy relationships to normal between Russia and Ukraine. On Tuesday, Ukraine’s Naftogaz made its first debt payment of $1.45 billion to Russia’s state owned Gazprom (ticker: OGZD) for natural gas supplied to Ukraine during November and December 2013, Gazprom confirmed. This first payment is part of a winter gas package that was
Moscow insists on payment up front Late last week, the EU, Russia and Ukraine struck a long awaited deal to supply Russian gas to Ukraine and Europe this winter. “EU officials said both Russia and Ukraine had bargained hard for commitments from the Western bloc,” according to Reuters, “with Moscow looking for EU cash to help Ukraine pay off debts to Gazprom (ticker: GAZP)
The European Union (EU) and United States levied more sanctions on Russia today in an effort to hamper the country’s already struggling economy. The latest sanctions primarily target Russia’s oil industry and military equipment. Supermajors participating in projects with Russia’s oil giants like Transeft, Rosneft and Gazprom are barred from investing in any large scale projects. Its gas industry, however,
President Obama addressed the nation on Wednesday night, urging Congress to increase funding, assistance and conduct “a series of strategic airstrikes” against the Islamic State, or ISIL, the group marching across Iraq that recently beheaded two American journalists on Internet broadcasts. The President vowed to support the Iraqi government by providing military training and supplies, but stopped short of placing
Alaska Gasline Development Corporation (AGDC) and affiliates of ExxonMobil (ticker: XOM), TransCanada (ticker: TRP), BP (ticker: BP) and ConocoPhillips (ticker: COP) filed a FERC pre-filing request, effectively launching the early design phases of their Alaska LNG Project, an estimated $65 billion, 20 MM metric ton LNG facility, to be built in the Nikiski area on the Kenai Peninsula. Concurrently, Russia’s
Yesterday Reuters reported that an emergency energy plan was being constructed for Europe, should gas stop flowing through the pipelines that connect European homes with Russia’s natural gas. “Kiev is warning that Russia plans to halt gas supplies while Moscow says Ukraine could siphon off energy destined for the European Union – which has just threatened new sanctions if Moscow
Russia and Iraq are giants in the hydrocarbon industry. The two powerhouses were the third and sixth greatest oil producers in 2012, and Iraq’s oil reserves rank fifth in the entire world. Russia’s natural gas reserves are the highest on the planet, and its 2012 production average of 63.4 Bcf/d allowed it to export 76% of its natural gas across
