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☆ Russian state energy giant Gazprom is starting its own private security force, a move Ukraine fears will lead to a new Wagner-like mercenary army
▼ + stars: | 2023-02-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

Russia's government is allowing energy giant Gazprom to start a private security outfit. Ukraine's Ministry of Defence drew comparisons with the notorious private army the Wagner Group. Experts said it's plausible that another Russian mercenary army is in the works. Russia's government gave its go-ahead for the energy giant to create a private security organization on February 4, under the pretext of securing the country's energy sector. "Ukrainians are handling Wagner, they are handling the Russian army."

☆ Iraq to discuss with U.S. how to pay Russian energy firms, Iraqi foreign minister says
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BAGHDAD, Feb 6 (Reuters) - Iraq will discuss with Washington this week how to pay dues owed to Russian oil companies despite sanctions, Foreign Minister Fuad Hussein said on Monday. There are sanctions in place that should not be imposed on the Iraqi side because the cooperation with Russian companies is ongoing and there are active Russian companies in Iraq," Hussein said during a news conference with visiting Russian Foreign Minister Sergei Lavrov in Baghdad. Russian investments in Iraq are believed to be worth more than $10 billion, mostly in the oil industry. Huessin said that one of the main issues he and Lavrov talked about was how to pay bills owed to Russian energy companies such as Lukoil and Gazprom that do business in Iraq even though Russia is under international sanctions. Hussein stated during a joint press conference with Lavrov that Iraq is calling for peaceful solutions and encouraging dialogue between Russia and Ukraine to end the war.

☆ Western sanctions push Russia's energy revenues to lowest level since 2020
▼ + stars: | 2023-02-03 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +2 min

Feb 3 (Reuters) - Russia's monthly budget revenues from oil and gas fell in January to their lowest level since August 2020 under the impact of Western sanctions on Russian exports, Finance Ministry data showed on Friday. January's figure stood at 425.5 billion roubles ($6.05 billion). The West - previously Russia's most lucrative energy market - has responded to Russia's invasion of Ukraine by targeting its energy revenues through an unprecedented package of sanctions that is set to tighten further. The average price in January was $49.48 a barrel, the finance ministry said, down 42% on January 2022. The Russian government earned 11.6 trillion roubles ($165 billion) on oil and gas sales last year, the finance ministry said.

The company, which nearly collapsed after Moscow cut and then stopped gas supplies to Germany, now sees a net loss of 19.1 billion euros ($21 billion) for 2022, it said on Wednesday. It said on Wednesday that losses caused by costs to replace Russian gas volumes reached 13.2 billion euros in 2022. "The development of the gas price has a major impact on Uniper's losses for realized and future gas replacement procurement. She said the significant decrease in gas prices at the end of 2022 meant expected losses for future gas replacement costs were reduced to 5.9 billion euros from 30 billion euros. "The actual losses and anticipation of losses from gas replacement cost in the future will continue to significantly fluctuate with changing gas prices," Uniper said.

☆ Russian piped gas exports to Europe falls 30% in January to new lows - data
▼ + stars: | 2023-01-31 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +2 min

According to calculations, based on daily data of Russian gas exports via Ukraine and the TurkStream pipeline, Gazprom's gas exports to Europe fell in January to some 1.8 billion cubic metres (bcm) from 2.5 bcm in December. Gazprom halted gas supplies last year via the Yamal-Europe pipeline which traverses Belarus, Poland and terminates in Germany, as well as through the undersea Nord Stream 1 pipeline, which was blown up in September. According to European gas transmission group Entsog and Gazprom's daily reports on its transit via Ukraine, Gazprom's average daily gas supplies to Europe have declined to 58.1 million cubic metres (mcm) this month from 81.9 mcm in December. Gazprom has not disclosed its own statistics on exports and output since the start of the year. The company had said its gas exports outside ex-Soviet Union fell last year by 45% to 100.9 bcm.

☆ Russia recommends investors convert FX bonds amid asset freeze
▼ + stars: | 2023-01-31 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

MOSCOW, Jan 31 (Reuters) - Russia's central bank recommended on Tuesday that retail investors convert their foreign currency Eurobonds into local "replacement bonds" as 5.7 trillion roubles ($81 billion) of investor holdings remain frozen by Western sanctions. Several major Russian companies, including state-run gas giant Gazprom (GAZP.MM) and oil firm Lukoil (LKOH.MM), have substituted their Eurobonds in this way. At the moment, investors who hold Eurobonds issued by Russian companies are blocked from receiving payments. By switching to replacement bonds, retail investors will be able to unlock these assets, Shishlyannikova said. Shishlyannikova added that 20% of the 5.7 trillion roubles of investor holdings blocked in foreign infrastructure belonged to retail investors.

☆ Russia boosts LNG exports to Europe by 20% in 2022 - Refinitiv
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Jan 31 (Reuters) - Russia supplied Europe with some 17 million tonnes of liquefied natural gas (LNG) last year, up about 20% from 2021 volumes, Refinitiv Eikon data showed on Tuesday, partially offsetting a steep decline in Russian pipeline gas exports. Europe has been boosting imports of seaborne LNG - gas transported in liquid form at minus 160 degrees Celsius (minus 256 Fahrenheit) - amid a cut in pipeline gas supplies from Russia due to a deep political crisis over Ukraine. At the same time, Russia increased its total LNG exports in 2022 by 8.6% to around 33 million tonnes (around 45 billion cubic metres), of which more than half was shipped to Europe, Refinitiv Eikon data showed. Russia's largest LNG producer Novatek (NVTK.MM) provided the bulk of the supplies, having shipped 20.8 million tonnes from the Yamal LNG project in the Arctic and 700,000 tonnes from Kriogaz-Vysotsk on the Baltic Sea, according to Refinitiv Eikon. The Gazprom-led Sakhalin-2 project in the Pacific part of Russia increased its LNG supplies by 11% to 11.2 million tonnes in 2022.

☆ Pakistan to start importing Russian oil after March
▼ + stars: | 2023-01-20 | by ( Asif Shahzad | ) www.reuters.com time to read: +3 min

Pakistan has been battling a balance of payment crisis with foreign exchange reserves falling to $4.6 billion, barely enough to cover three weeks of imports - mostly for oil. It said in October it was considering buying discounted Russian crude, citing neighbouring India which has been purchasing from Moscow. Pakistan officials and Russian Energy Minister Nikolay Shulginov, who is in Islamabad for an annual inter-governmental commission on trade and economy, did not specify the size of the planned purchases. Pakistan junior oil minister Musadik Malik told local Geo News TV separately that Islamabad wanted to import 35% of its total crude oil requirement. Shulginov said Russian gas companies might not be in a position at present to extend any supplies to Pakistan.

☆ 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.

☆ Uniper CEO: Nord Stream can be fixed, but unclear if Germany wants Russian gas
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

Companies Uniper SE FollowGazprom PAO FollowFRANKFURT, Jan 17 (Reuters) - The damaged Nord Stream pipelines can be fixed in around six months to a year, the boss of bailed out German gas trader Uniper said on Tuesday, adding that it still remained unclear whether Germany wants the supply relationship to continue. "The first question that needs answering: what's the political will on a European level and in Berlin to bring Russian gas to Germany?" outgoing Uniper (UN01.DE) CEO Klaus-Dieter Maubach told the annual Handelsblatt Energy summit. Reporting by Christoph Steitz and Vera Eckert; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Serbia asks Russia to end recruitment of its people for Ukraine war
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

BELGRADE, Jan 17 (Reuters) - Russia should halt its efforts to recruit Serbs to fight alongside its Wagner paramilitary group in Ukraine, Serbian President Aleksandar Vucic said. Vucic criticised Russia's websites and social media groups for publishing advertisements in the Serbian language in which the Wagner group calls volunteers to join its ranks. Serb volunteers took part in the fighting alongside pro-Russian forces in Ukraine in 2014 and 2015. Serbian Defence Minister Milos Vucevic also warned Serbs against joining Russian ranks in the war against Ukraine. Serbia is entirely dependent on gas imports from Russia and its NIS oil retailer is owned by Russia's Gazprom.

"We have the ambition to become a profitable company in 2023," Laege said, adding the group had also secured long-term regasification capacity at the planned Hanseatic Energy Hub terminal in Stade, Germany. Laege said that Sefe, formerly called Gazprom Germania, was successful in sourcing LNG mainly from the United States, both short-term deals and for longer periods. The company, whose name is short for Securing Energy for Europe, had already unloaded a first cargo at Dunkirk, he said. However, next winter and beyond could be tight again if cold periods and a fast recovery of Asian LNG demand coincide. Reporting by Vera Eckert, Christoph Steitz, Tom Kaeckenhoff, editing by Kirsti Knolle and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Russian gas will eventually return to Europe as nations 'forgive and forget,' Qatari energy minister says
▼ + stars: | 2023-01-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

On Friday, Russian energy supplier Gazprom said it would not resume its supply of natural gas to Germany through the key Nord Stream 1 pipeline, blaming a malfunctioning turbine. Hannibal Hanschke | ReutersThe European Union's rejection of Russian energy commodities following Moscow's invasion of Ukraine won't last forever, Qatar's Energy Minister said during an energy conference over the weekend. EU countries have dramatically cut down their imports of Russian energy supplies, imposing sanctions in response to Moscow's brutal, full-scale invasion of Ukraine. "But Russian gas is going back, in my view, to Europe," al-Kaabi said. Italy has dramatically reduced its reliance on Russian gas by replacing it with energy sources from alternative producers, such as Algeria.

☆ Analysis: Russia may hike taxes as military spending, oil price weigh on budget
▼ + stars: | 2023-01-13 | by ( Darya Korsunskaya | ) www.reuters.com time to read: +5 min

"The growing dependence of the budget on oil raises concerns," Alfa Bank said in a note that warned a decline in revenue from gas and oil product exports "looms on the horizon." Analysts say that as the government increased spending by more than a quarter in 2022, in part to finance its military in Ukraine, the oil price required to balance the budget jumped from $67 to $101 a barrel. "When there is a big gap between the actual price (of oil) and the balancing price, it cannot be sustainably covered by borrowing," said Natalia Orlova, chief economist at Alfa Bank. VAT rates, profit taxes and income tax would not be changed, Sazanov said, but other industries may face a higher tax bill. The measures are expected to net an additional 3.6 trillion roubles for the Russian budget over three years.

☆ Russian budget revenues from oil taxes drop to lowest since March 2021 in December
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Jan 12 (Reuters) - Russian state budget revenue from oil taxes declined in December to 511.7 billion roubles ($7.6 billion), the lowest since March 2021, according to data from the Finance Ministry, following a slide in oil prices. Russian oil producers have had no difficulties in securing export deals despite those moves, Deputy Prime Minister Alexander Novak said on Wednesday. Oil tax revenues were down by a third from December 2021 as the price of Russia's flagship Urals oil blend , fell to an average of $50.47 per barrel last month from $72.71 a year earlier, according to the Finance Ministry. The ministry said proceeds from the oil mineral extraction tax (MET) - the single largest tax item for oil producers - fell in December by 29.5% year-on-year to 474.8 billion roubles ($7 billion). Proceeds from oil export duty plummeted last month by 59.5% year-on-year to 36.9 billion roubles, as the government is phasing out export taxes in favour of the mineral extraction tax.

☆ Russia suggests Sweden has 'something to hide' in Nord Stream blast probe
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

Companies Gazprom PAO FollowJan 12 (Reuters) - Russia questioned on Thursday whether Sweden had "something to hide" over explosions that damaged the Nord Stream gas pipelines last year, as it slammed Stockholm for not sharing information in the ongoing investigations into the blasts. Swedish and Danish authorities are investigating four holes in the Nord Stream 1 and 2 pipelines which link Russia and Germany via the Baltic Sea and have become a flashpoint in the Ukraine crisis. Zakharova said Sweden was "concealing" facts about what it had discovered in the investigation, suggesting that "the Swedish authorities have something to hide". Sweden and other European investigators say the attacks were carried out on purpose, but they have not said who they think was responsible. Construction of Nord Stream 2, designed to carry Russian gas to Germany, was completed in September 2021, but was never put into operation after Berlin shelved certification just days before Moscow sent its troops into Ukraine in February.

☆ Norway expects jump in oil output and gas near record highs
▼ + stars: | 2023-01-09 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +2 min

OSLO, Jan 9 (Reuters) - Norway's oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday. Production of crude oil and other petroleum liquids such as condensate is likely to increase to 2.02 million barrels per day (bpd) in 2023 from 1.89 million last year, NPD's forecasts show. The combined volume of oil and gas is expected to rise to 4.12 million barrels of oil equivalent per day (boed) in 2023, up from a preliminary 3.99 million boed last year, the NPD's forecasts show. The country's gas output is expected to stay virtually unchanged in 2023 at 122 billion cubic metres (bcm), or 2.1 million barrels of oil equivalent per day, the NPD said, in line with a recent government projection. ($1 = 9.9232 Norwegian crowns)Reporting by Nerijus Adomaitis Editing by Terje Solsvik and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Why Linde shares dropped so much this week but why we still like it
▼ + stars: | 2023-01-05 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

It's been a tough start to 2023 for shareholders of Linde (LIN). Russia freezing Linde assets First off, while U.S. markets were closed to observe the New Year holiday, Reuters reported Monday that a Russian court froze about $488 million of Linde assets. The legal action was at the request of a Russian joint venture that Linde stopped working on. Long story short, Linde was prepaid $1.8 billion for work on a project, and Russian energy giant Gazprom is suing Linde to get that money back. Shortly after Russia invaded Ukraine, Linde suspended business in Russia and announced plans to scale back operations.

☆ Czech firm Net4Gas missing latest payments from Gazprom
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

Companies Net4Gas sro FollowGazprom PAO FollowPRAGUE, Jan 5 (Reuters) - Czech natural gas transmission system operator Net4Gas (N4G) has not received the latest monthly contracted payments from Russia's Gazprom, a government minister said. Net4Gas had been in the past shipping Russian gas from Germany through the Czech Republic to Slovakia and on to Austria. In October, Fitch Ratings agency affirmed N4G at 'BB+' and said its base scenario assumed "full or near-complete shut-off of Russian pipeline gas to Europe and no payments from Gazprom." The Czech Republic has scrambled to get alternative supplies through liquefied natural gas shipments and flows from Norway and elsewhere. Flows between Slovakia and the Czech Republic have been running in both directions depending on demand.

☆ Germany and Norway plan hydrogen pipeline
▼ + stars: | 2023-01-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Germany just took a step closer to finding a long-term, greener replacement for Russian natural gas and coal. The power plants, jointly owned by RWE and Equinor, will initially run on natural gas produced in Norway before transitioning to “blue” hydrogen, also produced in Norway using natural gas and pumped through the underwater pipeline, the companies said. The ultimate aim is to generate so-called “green” hydrogen using renewable energy produced by offshore wind farms, they said, without providing target dates. The European Union has a target to build a 40 gigawatt renewable hydrogen production capacity by 2030. Norway is now Europe’s biggest supplier of natural gas, according to EU official statistics.

[1/2] An aerial view shows a storage facility owned by Lukoil company at the Arctic port of Varandei October 22, 2013. Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, Refinitiv data showed. At least three oil tankers that loaded Arctic crude in Murmansk port are now heading to China, Refinitiv data showed. Refinitiv listed the grades carried by these ships as Arco crude although one Chinese trader said there could be Varandey crude onboard. Oil tankers, carrying Russian Arctic crude, are passing Europe and the Middle East to head to China and IndiaReporting by Nidhi Verma in New Delhi, Muyu Xu and Florence Tan in Singapore; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Edison CEO denies EDF planning to sell Italian company - paper
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 5 (Reuters) - Edison's (EDNn.MI) chief executive said on Thursday that rumours French power group EDF (EDF.PA) plans to sell its Italian arm are "groundless". There is not an Edison dossier at the moment", Nicola Monti was quoted as saying in an interview with Italian daily La Stampa. EDF denied an Italian media report last August that it was considering a sale of its Italian unit. Energy analysts have said a sale of Edison could help EDF reduce its debt and press ahead with an ambitious investment plan. Italian media reported in August that EDF planned to kick off a sale process for Edison in the first quarter of this year once the nationalisation process had been completed.

☆ Russia freezes Linde assets worth $488 mln
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

RusKhimAlyans, the joint venture which is 50% owned by Russia's Gazprom (GAZP.MM), asked the Court of Arbitration of St Petersburg and the Leningrad Region to freeze Linde assets worth 35 billion roubles ($488 million) as a preventative measure. In 2021, Linde and Renaissance Heavy Industries signed an engineering, procurement and construction (EPC) contract with Gazprom and its partners for the Ust-Luga gas complex. Linde notified the customer in May and June 2022 that it had suspended work under the contract due to European Union sanctions imposed after Russia's invasion of Ukraine. RusKhimAlyans intends to apply to the Hong Kong International Arbitration Centre to recover advance payment and losses worth around 972 million euros ($1 billion) and 7.6 billion roubles, according to the court filings. ($1 = 71.7830 roubles)($1 = 0.9360 euros)Reporting by Reuters Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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