Update: Energy Minister Wants to Maintain Monopoly Alexander Novak, the Energy Minister of the Russian Federation, came out in favor of continuing Gazprom’s monopoly of exporting pipeline natural gas on July 28, reports Russian news agency Tass. “We are focusing on maintaining a single export channel,” he said at a Chamber of Commerce meeting. A letter sent by Rosneft to
Russia’s gas giant faces falling demand at home and abroad, lowest output in company history Gazprom (ticker: OGZPY), Russia’s state-owned gas giant, is seeing rapidly declining production as demand for its gas falls both at home and abroad. The company’s output in June fell by 19% compared to the same month in 2014 to a record low of 24.7 Bcm,
Turkmenistan’s gas company says Gazprom has yet to pay for Turkish gas this year An official release from Turkmenistan’s state-run Turkmengas claimed that Russia’s gas giant Gazprom (ticker: OGZPY) had “become an insolvent partner … due to the continued global economic crisis and Western sanctions against Russia.” “Since the beginning of 2015, Gazprom has not paid its debts to Turkmengas
Russia offers $40 per Mcm discount on gas, but Ukraine says no Russian state-owned energy giant Gazprom (ticker: OGZPY) announced that it is halting gas flows to Ukraine amid a pricing dispute. Gazprom CEO Alexi Miller said Gazprom has not received advanced payment for deliveries of natural gas for July, and will not deliver gas to Ukraine at any price
Attendance at this year’s St. Petersburg International Economic Forum (SPIEF) is up from a year ago when many Western companies decided to decline invitations in the wake of Russia’s involvement in Ukraine. This year, many American companies have decided to abstain from attending again, but many European oil majors joined their Russian counterparts in St. Petersburg to announce over $1
The E.U. joins voices calling for an end to the U.S. export ban Many have called for the end of the crude oil export ban from the United States, saying the legislation is a relic of a global energy picture that no longer reflects reality. Among a myriad of financial and business reasons often cited for lifting the ban, research
Antitrust charges brought against Russian energy giant Gazprom The European Commission (EC), the executive branch of the European Union, charged Russian energy giant Gazprom (ticker: OGZPY) with abusing its dominance in natural gas markets in Europe. The EC claims that Gazprom may be using its dominant market position in Europe to impose territorial restrictions, charge unfair pricing to some E.U.
Russia’s oil and gas industry faces many obstacles in today’s market, but sanctions may be causing the most damage For the first time in a decade Russia’s credit rating was downgraded to junk by Standard & Poor’s rating agency last week as the Russian economy continues to weaken under the weight of an increasingly bleak outlook. Low oil prices have
Ни пуха ни пера Ни пуха ни пера (pronounced: Ni púxa ni perá) is traditionally said to wish someone luck in Russian. Literally, the phrase translates to “no fluff no feathers” and is used the same way people say “break a leg” to wish someone bad luck when really they hope things go well. While the phrase is believed to
Russian oil and gas major Gazprom announces budget reductions for next year Russia’s state-owned Gazprom (ticker: OGZPY) announced its investment program and budget for 2015, cutting its capital budget substantially from 2014. With Russia reporting its first economic contraction today, it is little surprise that its oil industry giant decided to reduce spending for 2015. Russia’s Economy Ministry said gross
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
