Russia & CIS

Iran to Receive 300 Million Cubic Meters of Russian Gas Daily: Oil Minister

Iran will receive 300 million cubic meters of Russian gas daily, the official IRNA news agency reported Iran's oil minister Javad Owji as saying on Wednesday.

Bulgaria Initiates Arbitration Against Gazprom Over Gas Contract Breach

Bulgarian state gas company Bulgargaz EAD has started arbitration proceedings against Russia's Gazprom Eksport OOO, seeking compensation of $432.76 million for breach of contract in 2022, the company said on Tuesday.

Gas Pipeline Accident Sparks Fire in Crimea, Disrupting Supplies to Alushta, Officials Say

A fire broke out late Saturday after an accident at a gas pipeline near the village of Vinogradnoye in Moscow-annexed Crimea, cutting gas to the resort town of Alushta and more than a dozen settlements, Russian officials said.

Report: LNG Market Equilibrium Fragile Due to Supply Issues

The global LNG market remains tight despite lower prices and a 2.1% growth in 2023, reaching over 401 million tonnes, according to the International Gas Union's (IGU) 2024 World LNG Report.

Rosneft Names New Head for Vostok Oil Project

Russia's Rosneft has appointed a new head of its flagship Vostok Oil project that is expected to produce up to 2 million barrels per day by 2030, mostly for export to Asia.

Russia to Begin Exporting 10 Bcm of Gas Annually to China from Far East in 2027

Russia's Gazprom will start annual pipeline gas exports to China of 10 billion cubic meters (Bcm) in 2027, its boss Alexei Miller told an annual shareholders' meeting on Friday.

Russia's Novatek to Begin Delivering Equipment for Arctic LNG 2's Next Phase in July

Russian energy company Novatek plans to start delivering the foundations for the second stage of its Arctic LNG 2 plant in late July, two sources familiar with the plans told Reuters on Thursday.

Gazprom Signs Memo with Iran for Russian Gas Supplies

Russian energy giant Gazprom has signed a memorandum with the National Iranian Gas Company (NIGC) to supply Russian pipeline gas to Iran, it said on Wednesday.

EU Adopts 14th Sanctions Package Against Russia, Targets LNG Exports

The European Union has introduced a new round of sanctions against Russia, marking the first time its gas exports, particularly liquefied natural gas (LNG), are targeted.

China's Wison New Energies to Exit Russian Projects, Impacting Arctic LNG 2

Chinese engineering firm Wison New Energies has decided to discontinue all of its ongoing Russian projects and will immediately and indefinitely stop taking any new Russian business, the company said in a LinkedIn post.

Russian Court Orders $102 Million Award of Commerzbank Assets to Pipeline Firm

A Russian court has ordered that Commerzbank assets worth $101.86 million be awarded in damages to a company overseeing construction of a gas processing plant in northwest Russia, court documents showed.

Global News June 2024

Latest industry developments from around the world!

Ukraine Secures First LNG Supply Deal with U.S. Firm Venture Global Amid Energy Crisis

Ukraine signed on Thursday its first LNG deal with a U.S. company to help to avert an energy supply crunch amid a war with its bigger neighbor Russia.

Uniper Wins $14 Billion Arbitration Ruling Against Gazprom, Terminates Dormant Gas Supply Contracts

German utility Uniper has won a multibillion-euro arbitration against former long-time supplier Gazprom, it said on Wednesday, allowing it to tear up dormant gas supply contracts and potentially setting a precedent for similar cases.

Czech Republic Set to Ditch Russian Oil by Mid-2025, PM Announces Pipeline Upgrade

The Czech Republic will end its use of Russian oil no later than the first half of 2025 as state pipeline firm MERO completes a capacity upgrade on the Transalpine Pipeline, Prime Minister Petr Fiala said on Tuesday.

Russia's May Pipeline Gas Exports to Europe Surge 39%, Data Shows

Russian energy giant Gazprom's average daily natural gas supplies to Europe in May rose by 7.3% from April and 39% year on year, Reuters calculations showed on Monday.

Kremlin Confident Gas Pipeline Deal with China Will Be Reached

Russia said on Monday there was no doubt it would reach an agreement with China to build the new Power of Siberia 2 gas pipeline, after a Financial Times report said the deal had stalled over Chinese price demands.

Russia Condemns U.S. Actions on Russia-China Trade and Oil Tankers

U.S. plans to further curb the operations of Russia's so-called "shadow fleet" of oil tankers are unacceptable and its desire to impede Russia-China trade is part of an illegal trade war, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.

U.S. LNG Export Pause Creates Opportunities for Middle East Producers, Says Woodside CEO

A moratorium on new U.S. LNG export projects could open up opportunities for producers in the Middle East and Russia, but Western sanctions are curbing Moscow's ambitions to expand its global gas trade, a senior industry official said.

OMV Warns Gazprom May Halt Gas Supplies

Austrian oil and gas group OMV said on Wednesday that gas supplies from Russia's Gazprom may be suspended in connection with a foreign court ruling, without identifying the case but assuring the market it would have replacement cover.

Russia Remains China's Top Oil Supplier for 12th Consecutive Month in April

Russia was China's top oil supplier in April for a 12th month, with volumes rising 30% from a year earlier, official data showed, as refiners continued to cash in discounted shipments, while supplies from Saudi Arabia fell a quarter on higher prices.

Putin Suggests Potential for Oil Pipeline Alongside Planned Gas Link to China

Russia could deliver oil as well as gas to China along a planned route via Mongolia, President Vladimir Putin said on Friday. The project has taken on added urgency for Russia as it bids to ramp up gas shipments to China to make up for the collapse of its exports to Europe because of the war in Ukraine.

Global News May 2024

Latest industry developments from around the world!

Slovakia Paves the Way for Gas Imports from Azerbaijan via Ukraine

Slovakia is laying the groundwork to receive gas from Azerbaijan through Ukraine, to further diversify its supplies away from Russia and revive earnings from transit to other countries, Prime Minister Robert Fico said on Monday.

Russia Plans to Pipe 35 Bcm of Gas to China via Kazakhstan, TASS Reports

Russia plans to send some 35 billion cubic meters (Bcm) of natural gas per year to China via Kazakhstan, the TASS news agency reported on Saturday citing Kazakhstan's envoy to Russia, disclosing the potential volumes for the first time.

U.S. Oil Executive Censure Puts Spotlight on Shale-OPEC Meetings

A U.S. regulator's censure of a top U.S. oil executive over private meetings with the Organization of the Petroleum Exporting Countries (OPEC) group of oil producers has put a spotlight on dinners attended by dozens of shale executives.

Russia's Gazprom Sees Worst Loss in Decades as European Gas Sales Collapse

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of $6.9 billion in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market.

U.S. State Dept. Clears Oil Service Firm SLB of Russia Sanction Violations

The U.S. State Department believes oil services firm SLB has not violated sanctions against Russia and the company has been told what Washington is willing to accept, Assistant Secretary of State Geoffrey Pyatt told Reuters in an interview on Wednesday.

Pipeline Projects Seen as Unlikely to Involve Western-Based Companies

(P&GJ) – Inside China, there are numerous large-scale oil and gas pipeline projects that are being built, are currently in the planning stages or have been proposed. Some of these have huge potential significance, and the situation has certainly caught the attention of Western-based companies, which hope to supply equipment, technology or services to one or more of the projects.

Russian LNG Exports Could Stall Over Next Four Years Amid Sanctions Pressure

Russia's LNG exports could stagnate in the next four years under the two less-rosy of three Economy Ministry scenarios - a sign that Western sanctions might be cramping Moscow's energy plans.