DIRS.INFO The most relevant business & tech news

☆ EU should reach decision in China EV anti-subsidy probe within a year: Dombrovskis
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU should reach decision in China EV anti-subsidy probe within a year: DombrovskisExecutive vice president of the European Commission, Valdis Dombrovskis, discusses China trade, the EU's investigation into Chinese electric vehicles, continued imports of Russian LNG and the U.S. Inflation Reduction Act.

Persons: Valdis Dombrovskis Organizations: China EV, European Commission, Russian LNG, U.S Locations: China

MOSCOW, Nov 3 (Reuters) - Russia on Friday dismissed new U.S. sanctions over the war in Ukraine, saying that the United States would never defeat Moscow, while the boss of Russia's fastest growing natural gas company quipped the sanctions were a badge of success. The United States on Thursday targeted Russia's future energy capabilities, sanctions evasion and a suicide drone that has been a menace to Ukrainian troops and equipment, among others, in sanctions on hundreds of people and entities. The Arctic-2 LNG project - targeted by the new sanctions - had been expecting to start exporting soon and it is uncertain how much Russian LNG will now be blocked. The largest Russian LNG producer Novatek NVTK.MM said in September it would start shipments from Arctic-2 LNG early next year. Leonid Mikhelson, the head of Russian natural gas producer Novatek(NVTK.MM), told a conference in the Uzbek city of Samarkand that the U.S. sanctions were a badge "of our professionalism".

Persons: Maria Zakharova, Vladimir Putin, Putin, Novatek NVTK.MM, Leonid Mikhelson, Novatek, Guy Faulconbridge, Andrew Osborn Organizations: Monetary Fund, Russian LNG, Thomson Locations: MOSCOW, Russia, Ukraine, United States, Moscow, Russian, U.S, Europe, Uzbek, Samarkand

Arctic-2 LNG has been expecting to start exporting soon and it is uncertain how much Russian LNG would be blocked by the new measures. The largest Russian LNG producer Novatek (NVTK.MM) said in September it would start shipments from Arctic-2 LNG early next year. The State Department said Zakharov is the creator and designer of the drones. "And every sanctions decision must work in full, so that there is no chance for Russia to bypass them." The State Department also imposed sanctions on multiple defense-related entities and procurement companies in the UAE.

Persons: Volodymyr Zelenskiy, Joe Biden, Doug Mills, Biden, Vladimir Putin, Antony Blinken, Aleksandr Zakharov, Zakharov, Andriy Yermak, Yermak, Daphne Psaledakis, Timothy Gardner, Alexandra Alper Mike Stone, Karen Freifeld, Yuliia Dysa, Ron Popeski, Nick Zieminski, Diane Craft Organizations: U.S, White, Rights, Moscow, State Department, Commerce Department, United Arab, Treasury Department, Systems, Treasury, Russian LNG, European, ZALA Aero, Russian Ministry of Defense, The State Department, Russian Federation, Washington, Turkish, UAE . Construction, Thomson Locations: Washington , U.S, United States, Ukraine, Siberia, Washington, Russian, U.S, United Arab Emirates, Turkey, China, Russia, Moscow, Crimea, Europe, European Union, Ukrainian, ZALA, UAE, New York, Gdansk, Beijing

☆ An escalating dispute at major gas facilities in Australia could drive up European prices, analysts say
▼ + stars: | 2023-09-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. Jacob Mandel Senior research associate for global energy markets at Aurora Energy ResearchFears of strike in Australia, one of the world's biggest exporters of liquified natural gas (LNG), have recently pushed up European gas prices — and analysts expect near-term volatility to persist. Jacob Mandel, senior research associate for global energy markets at U.K.-based consultancy Aurora Energy Research, said the global natural gas market was currently "very tight" and "very little supply flexibility" means that strike action in Australia could send European gas prices higher. He said that European gas prices could climb to above 40 euros ($42.9) per megawatt hour if the strikes go ahead as planned. The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded at 33.5 euros on Tuesday.

Persons: Dan Kitwood, Jacob Mandel, Mandel, we've, Ramesh, Wheatstone, Henning Gloystein, Gloystein Organizations: National Grid, Getty, CNBC, Chevron, Offshore Alliance, Wheatstone, Fair, Aurora Energy, Aurora Energy Research, videoconference, Rystad Energy, Europe, EU, Eurasia Group Locations: Isle, Rochester , England, Western Australia, Chevron Australia, Australia, Europe, Japan, Korea, wean, Ukraine, Russia

☆ Europe's plan to wean itself off Russian fossil fuels by 2027 has a major flaw
▼ + stars: | 2023-08-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The EU wants to wean itself off Russian fossil fuels by 2027 and has cut its use of piped Russian gas dramatically. Even so, EU countries imported a record amount of Russian LNG this year, per Global Witness. Global Witness projects the EU's Russian LNG purchases in 2023 to total nearly 5.3 billion euros, or $5.75 billion. "Buying Russian gas has the same impact as buying Russian oil. In March, Kadri Simson, the EU's energy commissioner, called on member states to stop buying Russian LNG as it's a "reputational risk."

Persons: Moscow —, Adam Bennett, Bennett, Spain —, Jonathan Noronha, Gant, Kadri Simson, Teresa Ribera Organizations: Service, LNG, Moscow, Global, EU, Russia, Russian, Russian LNG, Commission Locations: Wall, Silicon, Ukraine, Europe, Kpler, China, Japan, South Korea, Belgium, France, Netherlands, Spain

☆ Russia's energy dominance is fading with pipeline gas exports reportedly set to fall by 50% this year
▼ + stars: | 2023-04-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's pipeline gas exports are set to halve this year, according to a report from a Kremlin-affiliated news outlet. Those losses are largely due to Russia slashing pipeline gas flows to Europe last year in retaliation for sanctions. Government forecasters predicted the Russia's pipeline gas exports could halve in 2023, the Kremlin-affiliated Russian news outlet Izvestia reported on Thursday. That will pile on to hefty losses Russia's gas industry already weathered in 2022, with state-owned Gazprom reporting the lowest volume of gas exports last year since the start of the century. Russia's oil and gas revenue crashed nearly 50% in January of this year alone, according to estimates from Russia's finance ministry.

But at the same time, EU countries have increased their overall purchases of Russian LNG, undermining the bloc's pledge to end its use of Russian fossil fuels by 2027. Russian LNG exports by region Russian LNG exports by regionEU analysis found Russian LNG imports increased to 22 billion cubic metres (bcm) last year, up from 16 bcm in 2021. Belgium and Spain nearly doubled their imports of Russian LNG in the 12 months since Russia invaded Ukraine, analysis by Kpler showed. The Netherlands has eliminated its Russian pipeline gas imports since the war and reduced, but not eliminated, Russian LNG imports. TO BAN OR NOT TO BANHalting Russian LNG imports would be double-edged, analysts say.

☆ EU's Simson welcomes potential halt on Russian LNG imports
▼ + stars: | 2023-04-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: European Commissioner for Energy Kadri Simson attends a European Union energy ministers meeting on high energy prices, in Brussels, Belgium November 24, 2022. REUTERS/Johanna GeronCERNOBBIO, Italy (Reuters) - Proposals to stop Russian companies from sending liquefied natural gas to European Union nations were welcomed by EU Energy Commissioner Kadri Simson on Saturday. “This is not a law yet...but this is now a very concrete step,” Simson told Reuters at a business event in northern Italy. EU countries agreed on Tuesday to seek a legal option to stop Russian companies sending liquefied natural gas to EU nations, by preventing Russian firms from booking infrastructure capacity. Simson also talked up a deal struck by the EU last month to cut final energy consumption across the bloc by 11.7% by 2030 as the bloc fights climate change and tries to wean itself off Russian energy supplies.

☆ Factbox: EU keeps on doing business with Russia despite sanctions
▼ + stars: | 2023-03-29 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Here is a list of areas where the EU keeps on doing business with Russia. TRADE FLOWSIn 2021, Russia was the EU's fifth-largest trading partner with goods exchange worth 258 billion euros, according to the EU executive European Commission. Since the invasion in 2022, the value of EU imports from Russia fell by a half to around 10 billion euros last December. Gas is not covered by EU sanctions, but Moscow slashed pipeline deliveries to Europe since the invasion. The EU imported 2.1 billion euros worth of nickel in 2021, up to 3.2 billion euros last year, according to Eurostat.

☆ Europe’s rush to LNG could turn into ‘world’s most expensive and unnecessary insurance policy'
▼ + stars: | 2023-03-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

The Golar Tundra project is a key part of Italy's plan to reduce its reliance on Russian gas following the invasion of Ukraine. Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. "This is the world's most expensive and unnecessary insurance policy," said Ana Maria Jaller-Makarewicz, energy analyst for IEEFA Europe and author of the analysis. "Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. Boosting Europe's LNG infrastructure will not necessarily increase reliability — there's a tangible risk that assets could become stranded," Jaller-Makarewicz said.

REUTERS/Florence LoBEIJING, March 20 (Reuters) - Chinese state energy giants have made a number of multi-billion dollar investments in Russia, one of China's top oil and gas suppliers, across various stages of the energy supply chain. Below are the main investments by the Chinese government, key state-owned energy companies and their listed vehicles, based on company releases and Reuters reports. 2005: Sakhalin-3 Veninsky oil projectRussian oil giant Rosneft (ROSN.MM) and Sinopec (600028.SS), agreed to jointly explore the Sakhalin-3 Veninsky block during a visit by China's then-president Hu Jintao to Moscow in 2005. It became China's first energy project in Russia. 2019: Arctic LNG 2In 2019 China's CNOOC Ltd (0883.HK) and PetroChina agreed to buy a combined 20% stake in the $25.5 billion Arctic-2 liquefied natural gas project led by Novatek.

☆ The EU is buying up Russian liquefied natural gas at the highest level in 3 years, think tank says
▼ + stars: | 2023-03-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The EU is purchasing Russian liquefied natural gas at the highest level in three years, according to Bruegel data. Though the bloc has sanctioned Russian oil and fuel oil, LNG imports are still free-flowing. The EU snapped up 19.2 billion cubic meters of Russian LNG last year, a 35% increase from 2021. It also makes the EU Russia's second-largest LNG customer, despite efforts from European nations to cut off other Russian energy imports. Birol said the continent still needed to put more effort into diversifying away from Russian energy, or potentially risk blackouts later on in the year when storages are depleted.

Total global LNG imports rose to 409 million tonnes last year from 386.5 million tonnes in 2021, according to data from Refinitiv, while figures from commodity analysts Kpler showed a slightly lower 400.5 million tonnes, up from 379.6 million tonnes. China imported 64.44 million tonnes of LNG in 2022, down 19.4% from the previous year, according to Kpler data. Much of the increase was met by supply from the United Stares, with imports rising to 52.06 million tonnes from 21.5 million tonnes in 2021. However, it's worth noting that Europe's imports of Russian LNG hit a record high of 15.95 million tonnes in 2022, up from 13.46 million tonnes in 2021. Given Europe's increasing dependence on LNG as Russian pipeline gas supplies are curbed, it may prove challenging for the continent to halt, or even cut back, on Russian LNG.

☆ Explainer: How will Japan resolve shipping insurance for Russian LNG imports?
▼ + stars: | 2022-12-29 | by ( Yuka Obayashi | ) www.reuters.com time to read: +6 min

Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last week that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage. Japan receives 9% of its imported LNG from Sakhalin-2, which is owned by Gazprom (GAZP.MM) and Japanese trading houses. Loss of supply from Sakhalin-2 could send Japanese power and gas utilities such as JERA and Tokyo Gas Co Ltd (9531.T) scrambling for alternatives. It has had to persuade G7 partners to give it leeway so it could keep importing Russian LNG, and after the Russian government decided in June to seize control of Sakhalin-2, Japanese trading houses had to agree to remain as shareholders of the new Russian operator. read more"The top priority now is to secure marine war insurance," a senior official at the industry ministry said.

☆ Russia is prepared to resume some gas flows to Europe via pipeline, deputy prime minister says
▼ + stars: | 2022-12-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Moscow is prepared to resume gas supplies to Europe via the Yamal-Europe pipeline, Deputy Prime Minister Alexander Novak told state media. "The European market remains relevant, as the gas shortage persists, and we have every opportunity to resume supplies," he said. Flows from the Yamal-Europe pipeline have mostly reversed since last December, with Poland opting to import gas from Germany instead. But even as pipeline gas has stopped flowing from Russia, it has emerged as a top exporter of liquefied natural gas. "This year we were able to significantly increase LNG supplies to Europe," Novak said.

After explosions - whose cause is under investigation - damaged the Nord Stream Russian gas pipeline system to Europe under the Baltic Sea, Putin in October proposed setting up a gas hub in Turkey, building on a southern route for exports. "Does Europe need the project, given the determination of the EU countries to forego Russian gas in the nearest future?" A source in Russia's pipeline gas exporting monopoly Gazprom (GAZP.MM) said be believed the hub would facilitate sales. "That will not be Russian gas, but gas from the hub," said the source, who did not want to be named due to the sensitivity of the matter. Neither Gazprom, nor the Kremlin provided a cost estimate for the Turkish hub idea.

There are signs, however, that LNG demand is ticking higher ahead of winter, with commodity analysts Kpler estimating November imports in both Asia and Europe to rise. LNG imports by Asia, Europe vs JKM priceEUROPE BUYING AGAINEurope's imports are expected to reach 11.49 million tonnes in November, which would be the second-highest in Kpler's records behind the 11.55 million tonnes in January. Europe's LNG imports were 10.13 million tonnes in October, which was the first time since May they had exceeded 10 million tonnes in a month. The United States remains Europe's biggest supplier, with imports of 4.66 million tonnes expected in November, up from 4.17 million in October. Europe's imports of Russian LNG are continuing, with arrivals of 1.32 million tonnes in November, up from 1.05 million in October.

☆ Europe still can't live without Russian LNG exports
▼ + stars: | 2022-11-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN Business —Europe may be closer than ever to breaking its energy dependence on Moscow, but it still can’t live without one type of Russian natural gas. Russian imports doubled in the year to September to 1.2 million tons, Rystad data shows. The majority of the Russian LNG imports come from privately owned Novatek, the country’s second-largest natural gas producer after Gazprom. “I expect that Russian LNG will continue to play an important role in filling European storage going into winter of 2023,” he told CNN Business. “[Europe] would rather get whatever [it] can in terms of Russian pipeline gas and Russian LNG… it would take a lot before [it] would think about sanctioning gas or LNG from Russia,” Ramesh said.

☆ Russia's liquefied natural gas exports are near a record high, as the realities of a harsh winter eat away at countries' promises to curb their dependence on Moscow
▼ + stars: | 2022-11-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's LNG exports rose 1.1% on-year to a record high of nearly 4.3 billion cubic meters in October. The EU is replacing piped Russian gas with imported LNG cargoes, which could pose a political risk. This gas supply has ceased indefinitely after an 'unprecedented sabotage' of the pipelines that transport natural gas from Russia to Germany. The EU imported 54.2 billion cubic meters of Russian piped gas in the first nine months of 2022 and 105.7 billion cubic meters in the same period of 2021, per Politico. But the EU snapping up Russian LNG still still leaves it vulnerable potential political ramifications from the Russia-Ukraine war.

☆ EU ramps up Russian LNG purchases by 50% this year as Moscow cuts off natural gas pipeline supplies
▼ + stars: | 2022-10-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The EU ramped up its purchases of Russian LNG this year, as Moscow slashes gas supplies via pipeline. Imports of Russian LNG totaled 15 billion cubic meters through September, up 50% from last year. Europe is scrambling to replace slashed pipeline flows through LNG purchases, which have allowed Moscow to pull in hefty amounts of cash. While LNG has helped make up for lost pipeline supplies, it comes with its own complications. LNG differs from pipeline gas in that it is largely imported overseas through tankers, and needs to be regasified before being used for energy.

Whether Mozambique and its allies can stamp out the insurgency altogether is a question that has global repercussions as countries hunt for new sources of liquefied natural gas (LNG). Mozambique has huge natural gas reserves which, if managed effectively, could transform its fortunes. With already more than 100 trillion cubic feet of proven offshore natural gas reserves, one industry insider likened its future potential equal to Russia – a natural gas giant. The Mozambican forces, as had happened multiple times in smaller towns, were unable to stop them. Fighting between the terrorist group and the Mozambican army and Rwandan Security forces has left its mark on the town.

Search resuls for: "Russian LNG"

21 mentions found