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☆ 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.

☆ Explosions rock Ukrainian cities as Russia launches 'more than 100 missiles' in waves
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: +3 min

Air raid sirens rang across Ukraine as Russia unleashed more than 100 missiles on Thursday morning, according to a Ukrainian presidential advisor, and blasts were heard in several cities, including the capital Kyiv. More than 100 missiles in several waves," presidential office adviser Oleksiy Arestovych wrote on Facebook, and the head of Ukraine's Mykolaiv region also reported Russian missiles in the air. Explosions were heard in Kyiv, Zhytomyr and Odesa, according to a Reuters correspondent and local media reports. The blitz came hard on the heels of the Kremlins rejection of a Ukrainian peace plan, insisting that Kyiv accept Russia's annexation of four regions. Moscow has repeatedly denied targeting civilians, but Ukraine says its daily bombardment is destroying cities, towns, and the country's infrastructure from power to medical.

☆ VanEck is winding down its Russia ETFs after invasion froze U.S. investing in Moscow
▼ + stars: | 2022-12-29 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin chairs a meeting with members of the Security Council at the Novo-Ogaryovo state residence outside Moscow, Russia November 25, 2022. VanEck is liquidating its Russia-centric exchange-traded funds after the ongoing war in Europe has effectively severed the Russian market from Western investors. Russia ETFs plunged after the country's army invaded Ukraine. VanEck's Russia ETFs — the VanEck Russia ETF (RSX) and VanEck Russia Small-Cap ETF (RSXJ) — were effectively frozen after March 4. VanEck's move follows similar announcements by Franklin Templeton last week and BlackRock in August about their Russia ETFs.

Cars burn on a street after a Russian military strike, amid Russia's attack of Ukraine, in Kherson, Ukraine December 24, 2022. On Wednesday, the shelling hit the maternity wing of a hospital, though no-one was hurt, according to Kyrylo Tymoshenko, President Volodymyr Zelenskiy's deputy chief of staff. Zelenskiy is vigorously pushing a 10-point peace plan that envisages Russia respecting Ukraine's territorial integrity and pulling out all its troops. TASS cited Lavrov as saying that Russia would continue to build up its fighting strength and technological capabilities in Ukraine. KHERSON ATTACKSOn the battlefront, Russia shelled more than 25 settlements around Kherson and Zaporizhzhia, the General Staff of Ukraine's Armed Forces said on Wednesday.

☆ Russian pipeline gas exports to Europe collapse to a post-Soviet low
▼ + stars: | 2022-12-28 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +3 min

Russian direct gas exports to Germany, Europe's largest economy, were halted in September following blasts at the Nord Stream pipelines in the Baltic Sea. Sweden and Denmark have both concluded that four leaks on Nord Stream 1 and 2 were caused by explosions, but have not said who might be responsible. Russian gas exports via the Nord Stream 1 pipeline totalled record-high 59.2 bcm last year. The 100.9 bcm of Russian gas pipeline supplies, which Gazprom defines as exports to "far abroad", or outside the former-Soviet Union, is one of the lowest since the collapse of the Soviet state in 1991. One of Gazprom's previous post-Soviet lows of gas sales to "far abroad" was at 117.4 bcm in 1995, according to Gazprom Export.

☆ 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.

☆ Japan insurers in talks with reinsurers to resume coverage in Russian waters
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. "We are negotiating with various reinsurers to get the war coverage in order to restart providing marine war insurance in the area to our customers," a spokespeople at Tokio Marine said, adding that some reinsurers have responded "positively." Sompo Japan and Mitsui Sumitomo Insurance are also searching for new reinsurers, their spokespeople said. Most vessels get two types of insurance: marine insurance covering damage from natural disasters and collisions, and marine war insurance covering damage from war or terrorism. Without marine war insurance, shipowners may give up operations in Russian waters, including picking up LNG from the Sakhalin-2 gas and oil project in Russia's Far East.

☆ Russia ready to resume gas supplies to Europe via Yamal-Europe pipeline -Novak
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: 1 min

Companies Gazprom PAO FollowDec 25 (Reuters) - Moscow is ready to resume gas supplies to Europe through the Yamal-Europe pipeline, Russian Deputy Prime Minister Alexander Novak told state TASS news agency. Novak, in remarks published by the agency on Sunday, also said that Moscow expects it will have shipped 21 billion cubic metres of liquefied natural gas (LNG) to Europe in 2022. Reporting in Melbourne by Lidia Kelly; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Japan firms to stop insuring ships in all Russian waters -Nikkei
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 24 (Reuters) - Three Japanese insurance companies will stop insuring ships for damage in all Russian waters due to the war in Ukraine, potentially affecting Japan's energy imports such as liquefied natural gas (LNG), the Nikkei newspaper said on Saturday. The insurers' decision was prompted by reinsurance companies refusing to take on risks related to the war that Moscow launched 10 months ago, the newspaper said. Japan's LNG imports from Russia's Sakhalin-2 gas and oil project could be affected, the Nikkei said. The Sakhalin Island complex, partly owned by Gazprom (GAZP.MM) and Japanese companies, is vital to Japan's energy security as it accounts for 9% of the country's LNG imports. The three Japanese insurers will likely start negotiating with reinsurance companies after the Christmas holidays on possibly restarting coverage, the Nikkei said.

☆ Hungary government raises the capital of state-owned energy company
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, Dec 23 (Reuters) - The government of Hungary decided to raise the capital of state-owned energy company MVM Zrt by 41 billion forint ($108.79 million) to 849.4 billion forints, the company said on Friday in a statement on the stock exchange's website. Hungary is highly dependent on Russian oil and gas imports, and soaring energy prices caused the budget and current account deficit to balloon this year, posing a challenge to Prime Minister Viktor Orban's government. Hungary will likely have to pay 17 to 20 billion euros for its energy bill next year, Orban said on Wednesday, adding that his government would raise the necessary financing in the market. The deal allows MVM to pay for the gas over the coming three years if prices surge. High energy prices also forced the government to end a decade-long policy and scrap an energy price cap for high-usage households from August.

☆ Putin oversees launch of Siberian gas field feeding pipeline to China
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

[1/3] Russian President Vladimir Putin takes part in a ceremony launching production at the Kovykta gas field, which will feed into the Power of Siberia pipeline carrying Russian gas to China, via a video link with head of Gazprom Alexei Miller in Moscow, Russia, December 21, 2022. Dec 21 (Reuters) - Russian President Vladimir Putin presided over the launch of a major new Siberian gas field on Wednesday to help drive a planned surge in supply to China. The Kovykta gas field will feed into the Power of Siberia pipeline carrying Russian gas to China. In February, Putin reached an agreement to sell an additional 10 bcm of gas to China from Russia's Far East through a new, smaller pipeline to China's northeast. Putin said last week the projects would allow Russia to boost its gas sales to China to 48 bcm annually by 2025 and to 88 bcm by 2030.

☆ Equinor injects $3.7 bln into its energy trading business
▼ + stars: | 2022-12-21 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

Soaring energy prices and extreme market volatility have forced multiple European utilities and traders to secure extra funds to cover margin call requirements. "When prices go up, so does the size of margin calls on the energy exchanges," Danske Commodities' finance chief Jakob Sorensen said in a statement. Danske Commodities, which posted a six-fold rise in 2021 operating profits to record levels, told Reuters it expected another record year for 2022 and aimed to continue to grow its business. "As such, the capital injection underlines our growth ambitions, the synergies we gain from being part of Equinor and our commitment to contributing to functioning energy markets," it said in a written comment. Equinor's gas and power chief Helge Haugane, who also chairs Danske Commodities, said he was pleased with Danske's performance.

☆ Three dead as blast shuts part of Russia-Ukraine gas export pipeline
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Dec 20 (Reuters) - A blast ripped through a gas pipeline in central Russia, killing three people and disrupting some of the limited amount of Russian gas that is still reaching Europe, local officials said on Tuesday. He said it was unclear when gas supplies via the pipeline could resume, and authorities were trying to work that out. The pipeline, built in the 1980s, enters Ukraine via the Sudzha metering point, currently the main route for Russian gas to reach Europe. Europe's gas prices have surged this year after Russia cut exports through its main gas pipeline route into Germany, leaving only pipelines via Ukraine to ship Russian gas to European consumers. The head office of the state-owned gas producer Gazprom and its local branch did not immediately respond to requests for comment.

Russia's Gazprom (GAZP.MM) was once Uniper's biggest supplier of gas, but a big drop in deliveries after Moscow's invasion of Ukraine forced the German gas importer to buy gas elsewhere at much higher prices to honour its contracts. Uniper's investors voted in favour of the two main measures at Monday's meeting, an 8 billion euro capital injection by the German state and allowing a further injection of up to 25 billion euros by Berlin. Maubach said Uniper currently had access to around 2.5 billion euros of funds. As part of the bailout, the German government will end up owning just below 99% of Uniper, Germany's largest gas trader, following two share issues. The loss of Russian gas, Moscow's retaliation for Western sanctions over its invasion of Ukraine, triggered a 40 billion euro net loss for the importer, which provides around a third of Germany's gas, the largest loss in German corporate history.

☆ Uniper boss tells investors to back German bailout or risk all
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT/BERLIN, Dec 19 (Reuters) - Germany's Uniper (UN01.DE) called on shareholders to approve a bailout and nationalisation that will cost the government more than 50 billion euros ($53 billion), warning that it will otherwise have to consider filing for insolvency. Gazprom (GAZP.MM) was once its biggest supplier, but a big drop in deliveries after Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet its contracts. "In the Management Board's view, a possible insolvency could lead to a complete loss for shareholders." If the bailout is approved, the German government will end up owning just below 99% of Uniper, Germany's largest gas trader, following two share issues. Germany's Finance Ministry will be responsible for the stake, Uniper said on Monday.

☆ Back bailout or risk losing it all, Uniper boss tells shareholders
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

Companies Uniper SE FollowBERLIN, Dec 18 (Reuters) - The CEO of Uniper (UN01.DE) has asked shareholders to approve a planned bailout by Berlin that will cost more than 50 billion euros ($52.91 billion), warning that the stricken German gas trader will otherwise have to consider filing for insolvency. Gazprom was once its biggest supplier, but a big drop in deliveries after the Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet existing contracts. "(The measures) are indispensable for this company’s future," Maubach is expected to say in a speech at Monday's shareholder meeting, the text of which was published on Uniper's website on Sunday. "If approval is not granted, we would have to review very critically the so-called going concern forecast for our company," he added. "In the Management Board’s view, a possible insolvency could lead to a complete loss for shareholders."

☆ EU clears Germany's plan to take over gas giant Uniper
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Companies Uniper SE FollowGazprom PAO FollowBRUSSELS/FRANKFURT, Dec 16 (Reuters) - The European Commission has approved the acquisition of Uniper SE (UN01.DE) by the German government, it said on Friday, paving the way for nationalising the gas trading firm which nearly collapsed after Russia stopped supplying gas. The acquisition was approved under the EU merger regulation after the Commission concluded it would raise no competition concerns. "The transaction was prompted by the ongoing European energy crisis, in particular the cessation of Russian gas deliveries and the sharp rise in gas prices, which resulted in Uniper, Germany's largest importer of Russian gas, requiring significant capital injections to prevent its insolvency," the Commission said. Gazprom (GAZP.MM) used to be Uniper's biggest gas supplier, but deliveries were reduced in the summer and fully halted at the end of August, forcing Uniper to buy gas elsewhere at much higher prices to meet existing contracts. "This is an important step in the proceedings," a spokesperson for Germany's Economy Ministry, which was key in negotiating the nationalisation, said.

☆ Germany's half-a-trillion dollar energy bazooka may not be enough
▼ + stars: | 2022-12-15 | by ( Christoph Steitz | ) www.reuters.com time to read: +8 min

Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany's drives aimed at avoiding running out of power and securing new sources of energy. That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Energy rationing is a risk in the event of a long cold spell this winter, Germany's first in half a century without Russian gas. There's no security in sight either, with the push to build up of two alternatives to Russian fuel - liquefied natural gas (LNG) and renewables - years away from targeted levels.

☆ Kremlin: No decision yet on repair of Nord Stream gas pipelines
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Companies Gazprom PAO FollowDec 15 (Reuters) - Kremlin spokesman Dmitry Peskov said on Thursday that no decision had been made yet on whether to go ahead with a repair of the undersea Nord Stream gas pipelines that were damaged by explosions in September. He was commenting on Canada's plans to revoke a sanctions waiver that allowed turbines for Nord Stream 1, Russia's biggest gas pipeline to Europe, to be repaired in Montreal and returned to Germany. "Only repairs can affect Nord Stream now. Or launching the only surviving line of Nord Stream 2," Peskov told reporters. Peskov added there was no decision on whether to start gas exports via the intact part of the Nord Stream 2 line.

☆ Gazprom says it supplied record volume of gas to China on Dec. 14
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

Companies Gazprom PAO FollowMOSCOW, Dec 15 (Reuters) - Russian energy giant Gazprom (GAZP.MM) supplied a record daily volume of gas to China via the Power of Siberia pipeline on Dec. 14, it said on Thursday. The company did not disclose the volume but said that the daily supply to China National Petroleum Corporation exceeded contractual obligations by 16.5%Reporting by Vladimir Soldatkin Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Europe's gas market faces risks from EU price cap, Equinor says
▼ + stars: | 2022-12-12 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

SummarySummary Companies Gas market liquidity at risk from price cap plansPrice cap will not hamper Equinor deliveries to EuropeBilateral delivery contracts volume has doubledOSLO, Dec 12 (Reuters) - A European Commission plan for a gas price cap risks reducing liquidity in Europe's gas market, posing a threat to how it functions, head of trading at Norwegian oil company Equinor told Reuters, but its own gas deliveries will not be affected. For Equinor, the biggest concern is what happens to the liquidity in the gas market, Helge Haugane, Equinor's head of gas and power trading, said in an interview. "I think the price cap is the one that we need to pay attention to," Haugane said. These contracts are typically indexed to various gas price indices and cover delivery terms of up to 10 years, he added. Equinor is also open to discuss longer term fixed price contracts, but so far there has been limited interest from buyers, he added.

☆ Putin's old EU ally Orban is once again aggravating Brussels with knockbacks
▼ + stars: | 2022-12-12 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

Hungary Prime Minister Orban, often seen as a scourge to EU politics with once-warm relations with Russian President Vladimir Putin, took to Twitter on Tuesday. Some EU officials believe Budapest's vote was an attempt to force through its own EU funding. On top of the additional funding for Ukraine, Hungary is also preventing the approval of new tax rules across the EU. Just before the Kremlin began its invasion of Ukraine, Orban said at a joint press conference with Putin how they had worked closely together for the last 13 years. Ukrainian President Volodymyr Zelenskyy said in November he had just received 2.5 billion euros from the EU.

☆ Erdogan, Putin discuss grain corridor, gas hub in phone call
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 11 (Reuters) - Presidents Tayyip Erdogan of Turkey and Vladimir Putin of Russia discussed grain supplies and a potential regional gas hub in Turkey on Sunday, both countries said. "President Erdogan expressed his sincere wish for the termination of the Russia-Ukraine war as soon as possible," the Turkish presidency said on Sunday. In the call, Erdogan said Ankara and Moscow could start work on exporting other food products and commodities through the Black Sea grain corridor, Erdogan's office said. The Kremlin said the two also discussed an initiative to create a base in Turkey for exports of Russian natural gas. Gazprom (GAZP.MM) chief Alexei Miller held talks with Erdogan in Istanbul in the past week.

☆ Russia's Gazprom Neft eyes steady oil refining volumes in 2023
▼ + stars: | 2022-12-08 | by ( Olesya Astakhova | ) www.reuters.com time to read: +2 min

The stable output at Gazprom Neft, which controls Russia's largest oil refinery in the western Siberian city of Omsk, shows the resilience of the Russian oil industry despite the harshest Western sanctions in recent history. The 400,000-barrel per day (bpd) Omsk plant, 1,600 km east of Moscow, started operations in 1955 and is Russia's largest oil refinery. He said the company continues modernisation of the plant following the launch of a deep oil refining complex earlier this year. Next year, Gazprom Neft plans to install a primary refining complex at the plant with capacity of 8.4 million tonnes per year. According to Vedernikov, the Omsk refinery is also working on production of the needle coke.

☆ Russia's Gazprom launches production at new Arctic gas site
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

Companies Gazprom PAO FollowDec 6 (Reuters) - Russia's Gazprom (GAZP.MM) said on Tuesday it had started production at the Semakovskoye gas field in the Russian Arctic with gas being pumped into the country's national supply system. Gazprom said output would be 7.5 billion cubic metres per year during the first phase of the project. Reporting by Reuters; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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