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Arctic LNG 2 project receives greenlight by the shareholders
Sept. 6, 2019
Source: World Oil

Arctic LNG 2 project receives greenlight by the shareholders

Total, Novatek and other shareholders of the project have given an agreement on the final investment decision for Arctic LNG 2. This project is a major LNG development on the Gydan peninsula, Russia. The production capacity of the project is expected to be 19.8 MM tons per year. Total has 10% interest in Arctic LNG 2, Novatek 60%, CNOOC 10%, CNPC 10% and a Mitsui-Jogmec consortium, Japan Arctic LNG 10%.

Russia and India plan $30 billion of annual trade by 2025
Sept. 5, 2019

Russia and India plan $30 billion of annual trade by 2025

Amidst a row of energy deals to strengthen the economic ties between the nations, India and Russia eye at $30 billion of annual trade by 2025. India aims at increasing the proportion of gas in its energy mix to 15% in the near future. "We are looking at investing in additional oilfields in Russia ... we are also looking at sourcing LNG", said India's Foreign secretary.

Gazprom reports drop in non-CIS gas exports
Sept. 3, 2019

Gazprom reports drop in non-CIS gas exports

Russian gas producer Gazprom has reported a fall in non-CIS gas exports in the period of Jan-Aug this year. There has been a decline of 4.5% in natural gas exports outside the former Soviet Union. Although the output of the company has increased by 1.7% reaching 331 bcm in the same period. Gazprom also revealed that the company's gas exports to Europe and its prices will fall in 2019.

Russia might give control over oil input points to Transneft
Aug. 20, 2019

Russia might give control over oil input points to Transneft

Russia is considering transferring operational management over oil input points to pipeline monopoly Transneft. Russian Prime Minister and Transneft's Chief Executive had a meeting to discuss about this matter. Transneft has assured that it is working towards improving the quality of contaminated water. In April, the discovery of contaminated crude through the Druzhba left the oil market in shock.

Tariff to increase on oil transits via Belarus
Aug. 9, 2019

Tariff to increase on oil transits via Belarus

The tariff on the transportation of Russian oil via Belarus is set to increase by 3.7% in September this year. The tariff on the transit will be further raised on Jan. 1, 2020, informed Russian Deputy Prime Minister Dmitry Kozak. Belarus has agreed with Russia on this decision to compensate for a drop in flows linked to oil contamination earlier this year.

GAIL hires LNG ship from Mitsui
July 24, 2019

GAIL hires LNG ship from Mitsui

India's state-owned GAIL in its recent report has announced about hiring a newly-built LNG ship from Japan's Mitsui OSK Lines. The ship will be used for transporting gas from nations like the US. GAIL is planning to charter hire additional vessels. The company has also informed about its recent long-term LNG contract with USA and Russia.

Transneft agitated over Rosneft's unwillingness to resolve oil crisis
July 9, 2019

Transneft agitated over Rosneft's unwillingness to resolve oil crisis

The pipeline monopoly of Russia, Transneft slammed Rosneft on Monday. The company rebuked due to the disinterest shown by the oil producer to help resolve a contaminated oil crisis in the Russian Druzhba. On this, Rosneft said, "Instead of not so constructive comments, we'd like to see a clear and public plan of measures". This problem has tainted Russia's credibility as an energy supplier.

Neste has agreed on selling its Russian retail fuel business
July 6, 2019

Neste has agreed on selling its Russian retail fuel business

Finland's Neste is selling its fuel stations to PJSC Tatneft. 75 fuel stations and a terminal in the St. Petersburg region in Russia will be sold to Tatneft. Neste is shifting its focus towards renewable and is aiming to emerge as a global leader in renewable and circular solutions, informed its CEO. 75 stations which are being transferred to Tatneft can still use Neste's brand name for up to 5 years.

Oil prices climb after Saudi, Russia favor supply cuts
July 1, 2019
Source: Reuters

Oil prices climb after Saudi, Russia favor supply cuts

Oil prices jumped on Monday over looming extended supply cut decision gained support from Saudi Arabia, Russia and Iraq. Brent crude futures were traded 1.7% higher, at $65.86 a barrel. US WTI jumped by 1.9% to $59.57 a barrel. OPEC and its allies will meet on Monday to discuss the extension of oil supply cuts. Top producers from the cartel were seen endorsing supply cut extension yesterday.

Gazprom says Nord Stream 2 'past point of no return'
June 29, 2019

Gazprom says Nord Stream 2 'past point of no return'

Russia’s natural gas giant, Gazprom has said that despite the threat of US sanctions, work at the controversial Nord Stream 2 pipeline will continue since the pipeline is "past the point of no return". The $12-billion Nord Stream 2 will amplify Russian gas shipments to the EU's biggest economy, Germany. The final major hurdle in the way of Nord Stream 2 is obtaining approval from Denmark.

Unipetrol not taking contaminated Druzhba oil: Officials
June 25, 2019
Source: Reuters

Unipetrol not taking contaminated Druzhba oil: Officials

PKN Orlen-owned Czech oil refiner Unipetrol has halted oil import through the Druzhba pipeline from Russia, citing chloride contamination. The chief of Czech state strategic reserves yesterday tweeted, “Unipetrol has stopped taking oil from the Druzhba pipeline due to detected contamination by chlorides. Further tests of samples are underway”. Czech Industry and Trade Minister was earlier quoted informing about detecting an increased level of contamination in the Druzhba pipeline.

Transneft reports newfound contamination in Druzhba pipeline
June 21, 2019
Source: Reuters

Transneft reports newfound contamination in Druzhba pipeline

The largest pipeline company in the world, Transneft reportedly informed about discovering more contamination at a section of the Druzhba pipeline from Belarus to Poland. Transneft said that pumping was halted on Wednesday evening, but later resumed on Thursday. In April, all the west-bound flows through the pipeline were ceased due to extreme levels of organic chloride in the crude, distressing refiners in numerous European countries.

Saudi extends its offer to join Novatek's LNG project
June 11, 2019

Saudi extends its offer to join Novatek's LNG project

Energy Minister of Saudi Arabia, Khalid al-Falih has informed that the energy supermajor, Saudi Aramco has extended its offer to join Novatek's project. Novatek is a Russian gas producer who is currently working on its Arctic LNG 2 project. Moreover, Faliah also said that the firm was studying about Rosneft and Gazprom's LNG projects. And possibilities are that Saudi might invest in Russian petrochemical company Sibur.

Oil prices hold tight amidst expectations of supply cut
June 11, 2019
Source: Reuters

Oil prices hold tight amidst expectations of supply cut

Oil prices remained stable in the international market on Tuesday, as the market remained hopeful that continued OPEC-led supply cut will check the price drop. Benchmark Brent crude futures were traded 0.1% higher, at $62.36 per barrel. US WTI crude futures were priced 0.3% higher, at $53.42 per barrel. Russia yesterday indicated that it might support prolongation of supply cuts, alerting that oil prices might fall to $30 per barrel.

Gazprom’s quarterly net profits upturn by 44%
May 31, 2019

Gazprom’s quarterly net profits upturn by 44%

Despite a decrease in export volumes, the Russian gas producer Gazprom, has reported an increased net income in the January-March quarter. A 44% hike in the quarterly net profits has been observed whereby, the quarterly revenue rose to 2.29 trillion roubles from 2.14 trillion in the previous year. Higher sales and prices of gas are instrumental for this upturn.

Transneft and Belarus to execute oil clean up plan together
May 24, 2019

Transneft and Belarus to execute oil clean up plan together

A senior executive of Transneft has informed about its affiliation with Belarus. The Russian pipeline monopoly with the help of Belarus will clean the contaminated Russian oil in the country. The Russian oil shipments are transported through Belarus to Poland and beyond. Further, he also said that if the plan works out successfully, Poland will receive clean oil on June 9-10.

MWV warns of future challenges from contaminated Russian crude
May 18, 2019

MWV warns of future challenges from contaminated Russian crude

The industry group of Germany, MWV said that presently they are not facing any shortage of gasoline or diesel due to contaminated crude oil on Russia's Druzhba pipeline. But the company has warned of future challenges if improvements do not occur. Pertaining to the above reason, Russia temporarily stopped the oil flows last month which resulted in the rise in global prices.

Total suspends Leuna refinery unit operations amidst contaminated Russian crude checks
May 18, 2019
Source: Reuters

Total suspends Leuna refinery unit operations amidst contaminated Russian crude checks

French supermajor Total has informed about suspending operations at some of the Leuna refinery units in Germany, over technical checks due to contaminated Russian crude supply. High levels of organic chloride contaminations were discovered in crude oil supplied via the Druzhba pipeline in April. Total expects operations to resume at the 230,000 barrel-per-day refinery on Saturday.

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