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☆ Exclusive: Kazakhstan will supply 100,000 tonnes of oil via Druzhba to Germany in March - sources
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Feb 17 (Reuters) - Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said. Kazakhstan's Kazmunaigaz (KMG) oil company will supply the volume via the pipeline system of Russia's Transneft to the refinery, the sources said. The oil will be supplied to Rosneft Deutschland, which Germany had put under a trusteeship of the German industry regulator, the sources said. Germany stopped Russian oil imports via Druzhba from January and has been working hard to try to secure supply for Schwedt from alternative routes. Eni, which owns 8.33% in PCK Schwedt, didn't immediately answer a Reuters request for comment.

REUTERS/Sergei Karpukhin/File PhotoHOUSTON, Feb 16 (Reuters) - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian oil and oil products on Feb. 5. Poland, Latvia, Lithuania and Estonia have pushed for lowering the crude oil cap. There have been no American companies involved in trading Russian oil above the price cap, he said. Phillips 66's (PSX.N) Chief Executive Mark Lashier said the company's base assumption is that Russia's crude and oil products will find their way into the marketplace.

☆ Russia proposes caps on oil export discounts -draft law
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

Companies NK Rosneft' PAO FollowMOSCOW, Feb 12 (Reuters) - Russia's State Duma introduced a bill late on Saturday setting discounts for Russian oil exports, according to the lower house of parliament's website. Under the draft proposal, the discount on dated Brent oil will be limited to $34 per barrel in April, declining to $31 in May, $28 in June and $25 in July. The government has been debating how to calculate Russia's taxable oil price following the European Union's import ban and the resulting lack of a reliable price-setting mechanism. Russia currently uses Urals price assessments in Europe's Rotterdam and Augusta ports, provided by commodity price reporting agency Argus, to determine its mineral extraction tax, additional income tax, oil export duty and reverse excise on oil. Russia said on Friday it will cut oil production by 500,000 barrels per day, or around 5% of output, in March, following the West's imposition of price caps on Russian oil and oil products.

☆ Big Oil doubles profits in blockbuster 2022
▼ + stars: | 2023-02-08 | by ( Ron Bousso | ) www.reuters.com time to read: +4 min

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to shower shareholders with cash. Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft (ROSN.MM). Benchmark oil prices are currently near $85 a barrel. BP will lean more into oil & gas for the remainder of this decade," Clint said in a note.

"Judging by the customs statistics, some of the benefit was captured by refiners in India and China, but the main beneficiaries must be oil shippers, intermediaries and the Russian oil companies," he added. As a further complication, some Russian oil grades, including Pacific grade ESPO, are also worth more than Urals. After decades of low profits or losses, sections of the global shipping industry are enjoying a financial boom from moving Russian oil. A year ago, a similar journey would have cost a seller of Russian oil $0.5-$1.0 million depending on shipping rates. Nayara is 49%-owned by Russian state oil major Rosneft, run by Putin's ally Igor Sechin, meaning some of the profits are indirectly captured by Russia.

☆ Russia ready to meet India's oil needs at 'market price', Rosneft says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, India, Feb 6 (Reuters) - Russia was willing to meet India's oil needs at 'market price', the CEO of top Russian oil major told Reuters on Monday. Russia has emerged as the largest supplier of oil to India, replacing Iraq. When asked if Russia will give an additional stake to ONGC Videsh or other Indian companies in its Sakhalin-1 project, Rosneft CEO Igor Sechin said the decision to do so lay with the Russian government. Russia last year approved the requests of ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC.NS), and Sakhalin Oil and Gas Development Co (SODECO), a consortium of Japanese firms, to retain their 20% and 30% stake respectively in the project. Reporting by Nidhi Varma in Bengaluru, writing by Shilpa Jamkhandikar; Editing by Kim Coghill and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ What Wall Street is expecting from Shell, TotalEnergies and BP earnings
▼ + stars: | 2023-02-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

On Thursday, Europe's largest energy company Shell is due to report earnings. Britain's BP and France's TotalEnergies are also due to report the following week. It comes after Exxon , the biggest oil & gas company in North America, posted earnings and revenue that beat analyst expectations Tuesday. Here's what analysts are expecting from Shell, TotalEnergies and BP: Shell, Feb. 2 JP Morgan — Overweight, price target £29.50 ($36.29) (25% upside) Analysts led by Christyan F Malek said improved trading at Shell's integrated gas unit was a "key" data point for investors in the fourth quarter. Morningstar – price target £5.5 (13.6% upside) Analyst Allen Good said BP had weathered a big hit to earnings due to the write-off of its Russian investments in state-owned Rosfnet.

☆ SLB wins Russia business as oilfield rivals exit after Ukraine invasion
▼ + stars: | 2023-01-19 | by ( Liz Hampton | ) www.reuters.com time to read: +7 min

Jan 19 (Reuters) - Following Moscow's invasion of Ukraine, world's largest oilfield firm SLB (SLB.N) has boosted its business in Russia by cherry-picking service and equipment contracts from rivals who left, according to company documents and people familiar with its operations. For example, SLB's Russia and Central Asia reservoir performance division in the third quarter of 2022 grew revenue by 25% over the prior quarter. The company said in March that, while it is continuing operations in Russia, it has halted new investments there. One reason SLB is finding new success in Russia is that rivals have exited the region. "The message from HQ is to take mostly exclusive contracts with high revenue," said a SLB employee involved in the business wins.

☆ An oil historian explains China's impact on a key Russian oil product — which is now trading far below the EU's price cap
▼ + stars: | 2023-01-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In December, a $60-per-barrel price cap was established to limit how much cash Moscow could pull in from oil exports. But the country's key oil product is trading far below that level, which in one sense makes the cap moot. Russian President Vladimir Putin, center, speaks to workers while visiting the Rosneft oil refinery in the Black Sea port of Tuapse, southern Russia. But to Gregory Brew, a Kissinger Visiting Scholar at Yale, rather than being a direct consequence of any sanction measure, the steep discount reflects the easing global market. It isn't about what Russia can produce or how badly it's revenue is impacted by sanctions, but instead the focus should be on what kind of market Russia will be operating in.

The sale of the plant to a consortium, led by Cypriot private equity firm G.O.I. The sale process is in contrast to Germany's confiscation of Rosneft's Schwedt refinery and Gazprom Germania, or Russia's takeover of Sakhalin 1 from Exxon Mobil (XOM.N). Energy is run by Michael Bobrov, who is also CEO of Israeli firm Green Oil that holds a major stake in Israel's biggest refiner Bazan Group. The deal marks an expansion into the refining sector for Trafigura that concluded a similar deal with Prax in 2021 for a refinery in Britain. Trafigura also holds a 3% stake in Italian refiner Saras, an indirect stake in India's major Nayara refinery and runs two small refineries via its subsidiary Puma Energy.

☆ Russia's Rosneft says net income hit by assets transfer in Germany
▼ + stars: | 2022-12-07 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +2 min

The company also said it boosted oil sales to Asia amid growing rift with Europe over what Moscow calls a "special military operation" in Ukraine. Rosneft said nine-month net income was 591 billion roubles ($9.4 billion), without providing comparison. This was down 15% from a record-high 696 billion roubles reported for the same period in 2021. The transfer of assets also resulted in a 76 billion roubles reduction in cash. The company is facing more headwinds from the price caps on Russian oil imposed by the West.

☆ Oil prices climbs after OPEC+ keeps output cut targets, China eases
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices jumped 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. "Prices are currently weighed down by expectations of slow demand growth, despite the EU oil import ban on Russian crude and the G-7 price cap. The adjustment to the EU ban and price cap is likely to support prices temporarily," Hittle said. Hittle added that the EU's looming embargo on Russian oil products, in addition to crude oil, from Feb. 5 should support crude demand in the first quarter of 2023, as the market is short of diesel and heating oil.

The letter, seen by Reuters, is signed by the head of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury, and mentions a loan provided by some Italian banks and state lender Cassa Depositi e Prestiti (CDP). The Italian government adopted on Thursday a scheme allowing ISAB to be placed under trusteeship, while Lukoil continues talks on selling the asset. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft (ROSN.MM). The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said. Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Christina Fincher and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ BP stands to make 'blood money' from its stake in Kremlin-backed oil giant Rosneft, Zelenskyy aide says
▼ + stars: | 2022-12-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

BP is set to get "blood money" from its stake in a Kremlin-controlled firm, a Zelenskyy aide said. It still owns a near-20% stake in Rosneft after saying in February that it would sell its holding. A BP spokesperson told Insider it had taken a $24 billion hit on its investment in Russia. A BP spokesperson said it was not making any profit from its Rosneft stake. "BP was among the first of the oil majors to announce its intention to exit Russia by selling its stake in Rosneft, the Kremlin's oil company.

☆ China's yuan now accounts for nearly half of Moscow's currency market as Russian central bank calls for balanced transition to the redback
▼ + stars: | 2022-12-01 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

The yuan's share of the Russian currency market is now 40%-45% vs. less than 1% at the start of the year, according to the Moscow Exchange. Russia's central bank is pushing for a balanced transition to the yuan that includes imports, exports and capital transactions. The yuan's share of the currency market is now 40%-45%, up from less than 1% at the start of the year, the Moscow Exchange told Reuters. Russian companies like Rosneft and Polyus have raised considerable amounts of yuan in the Chinese bond market this year. "It is also important that the transition to the yuan is balanced, addressing both exports and imports, as well as payments for capital transactions," the central bank said in a financial stability report.

☆ Italy seeks U.S. help to unlock funding for Lukoil refinery, sources say
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

The survival of the ISAB plant in Sicily is under threat due to a European embargo on seaborne Russian oil coming into effect on Dec. 5. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers. Its creditor banks have been wary of dealing with a Russian entity because Lukoil is affected by international sanctions in the United States, but not in Europe. So far, however, there has been no positive response to Italy's request, one of the sources said. A cabinet meeting on Thursday will also discuss steps aimed at helping the ISAB plant, one of the sources said.

☆ Moscow is now the fourth largest offshore trading hub for the Chinese yuan, as sanctions spur Russia's dash to an alternative currency
▼ + stars: | 2022-11-29 | by ( ) www.businessinsider.com time to read: +3 min

Russia has been accelerating its use of the Chinese yuan to counter sweeping Western sanctions. Bloomberg Creative/Getty ImagesRussia is now the fourth-largest user of the Chinese yuan — after Hong Kong, the UK, and Singapore. The Chinese yuan was the fifth most commonly used currency for global payments in October 2022. Russia, whose access to the US dollar was curtailed due to sweeping sanctions over the Ukraine invasion, has now become a big user of the Chinese yuan for trade. Some Russian companies, such as energy giant Rosneft, have also issued bonds denominated in the Chinese yuan to raise funds.

[1/2] Chinese Yuan and U.S. dollar banknotes are seen behind illuminated stock graph in this illustration taken February 10, 2020. His contract manufacturing business with Russia has been small in the past, but now he's preparing to invest in warehousing there. He sees a win-win situation in Chinese exporters reducing their currency risks and payment becoming more convenient for Russian buyers. The U.S. Treasury declined to comment on the yuan's growing presence in Russia. ($1 = 7.2074 Chinese yuan renminbi)Editing by Vidya Ranganathan and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

The G7, including the United States, as well as the whole of the European Union and Australia, are planning to implement the price cap on sea-borne exports of Russian oil on Dec. 5. India has emerged as the second-largest single buyer after China of Russian oil since the conflict began in February. Indian refiners have taken the place of refiners in countries that have imposed sanctions on Russian crude imports, or have steered clear of Russian crude to avoid negative publicity. That means even the delivered cargoes are about the same level as the price cap. The U.S. Treasury guidance does not allow buyers in countries that have imposed sanctions on Russian crude imports, such as in the United States and the European Union, to buy Russian oil even under the price cap.

☆ India can buy as much Russian oil as it wants, Yellen says. The caveat: it can't use Western insurance, finance and maritime services.
▼ + stars: | 2022-11-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

India can buy as much Russian oil as it likes, US Treasury Secretary Yellen told Reuters. Indian oil companies can purchase oil at any price they want, as long as they don't use Western services like insurance, finance, and maritime services which are bound by the price cap, Yellen said, per Reuters. Indian foreign minister Subrahmanyam Jaishankar said last week his country will continue buying discounted Russian oil as the relationship has worked to India's benefit. Despite India's proclivities towards Russian oil, Yellen appeared to be confident that Indian wouldn't find many substitutes for Western insurance, finance and maritime services. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China.

☆ Russian blue chips tank after people killed in Poland near Ukraine border
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

[1/3] Gazprom logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/IllustrationNov 15 (Reuters) - Shares of Russian blue chips including Gazprom (GAZP.MM), Rosneft (ROSN.MM), Sberbank (SBER.MM), Polyus (PLZL.MM) and Nornickel (GMKN.MM) were down by down 2-3.8% in late trade in Moscow. Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said on Tuesday. Russian defense ministry said no strikes near Ukrainian-Polish border were conducted by Russian weapons. Reporting by Reuters; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: India can buy as much Russian oil as it wants, outside price cap, Yellen says
▼ + stars: | 2022-11-14 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen said. Final details of the price cap to be imposed by wealthy G7 democracies and Australia are still coming together ahead of a Dec. 5 deadline. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. India's finance and energy ministries were not available for comment on Yellen's remarks, but other officials have said they were wary of the untested price cap mechanism. "I do not think we will follow the price cap mechanism, and we have communicated that to the countries.

☆ Russia's Rosneft to pay $3.6 bln in first nine-month dividend
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Reuters calculations found the payout would be 216 billion roubles. In reply to a Reuters request, Rosneft said the board had recommended paying the nine-month dividend as 50% of net profits earned in the first six months, declining further comments. In January-October, the budget showed a surplus of 128.4 billion roubles, reflecting a one-off mineral extraction tax (MET) on Gazprom. To meet the 1.25 trillion roubles in MET hike, Gazprom cancelled dividends for first time since 1998. Next year, the finance ministry forecasts the deficit will double to 3 trillion roubles, or 2% of GDP, and analysts say the gap could be up to 4.5 trillion roubles.

☆ EXCLUSIVE India can buy as much Russian oil as it wants, outside price cap, Yellen says
▼ + stars: | 2022-11-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

☆ India's Iraqi oil imports fall to lowest in 20 months - trade sources
▼ + stars: | 2022-11-10 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

India's oil imports from No. India will continue to buy Russian oil as it benefits the South Asian nation, foreign minister S. Jaishankar said on Tuesday, days ahead of the U.S. Treasury Secretary's visit to New Delhi for talks on issues including a cap on Russian oil prices. West African oil is priced against Atlantic Basin benchmark dated Brent, whose values have narrowed against Middle East marker Dubai. In contrast, African grades accounted for about 12% of India's imports, rising from 7%. India's oil imports from various regionsIndia's oil imports from various regionsIndia's oil importsReporting by Nidhi Verma; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

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