Contents tagged with Oil

  • Russia blames Gulf countries for crisis in global oil markets

    Russia said that the Gulf countries are to blame for the crisis in the world oil markets. According to Andrei Belousov, Russia's first deputy prime minister, Russia had never sought a sharp drop in oil prices or an end to cooperation with OPEC.

    In early March, Russia and OPEC could not agree on how their agreement on reducing oil production should work. OPEC wanted to expand the cuts to oil production, while Moscow proposed to expand the existing restrictions. The conflict occurred against the …

  • Kremlin refuses to recognize the fall in oil prices as catastrophic

    The sharp fall in world oil prices, after the OPEC members failed to agree on the extension and expansion of the deal, cannot be considered a disaster for Russia, Russian presidential spokesman Dmitry Peskov told journalists.

    "This is a very unpleasant price situation. We do not agree that in the medium term this is disastrous for Russia ," the Kremlin representative said, responding to a request to comment on the words of LUKOILs vice-president Leonid Fedun, who in an interview with RBC news …

  • Russia to pay Belarus more than $60 million for dirty oil

    Russia and Belarus have signed a protocol on compensation for the dirty oil which ended up in the Druzhba pipeline in spring 2019, based on a calculation of $15 per barrel, said Vladimir Sizov, deputy head of the Belarusian state oil concern Belneftekhim, as cited by BelTA.

    The compensation rate applies to 563,000 tons of dirty oil that was processed by the Mozyr refinery, Belneftekhim spokesperson Alexander Tishchenko explained to RBC. In this way, Belarus could receive $61.6 million from …

  • Belarus suspends transit of oil to Ukraine

    The transit of Russian oil from Belarus to Ukraine has been suspended due to the lack of free tankers in Ukraine that could store contaminated  oil, reported the press service of the Belneftekhim Concern.

    The oil routes leading to Ukraine are unstable and pumping has been suspended due to the lack of free tankers in Ukraine that could pump “dirty” oil through the pipelines. According to the new schedule, pumping will resume on night of May 19-20,” the concern noted.

    Belneftekhim also said …

  • Company connected with 'Putin’s Chef' concludes oil contract with Syria

     The company, connected with the Russian oligarch Yevgeny Prigozhin (known as “Putin’s chef”) concluded an oil contract with Syria, reports news outlet Echo of Moscow with reference to the newspaper The Bell

    According to media reports, Prigozhin’s company has been negotiating with the Syrian government since 2016.

    The company in question is Euro Polis, which has negotiated with the Syrian government on the concession, protection and development of oil fields in the country since 2016.

    The …

  • Russia signs contract with Tehran on resale of Iranian oil

    Iran and the Russian Ministry of Energy signed a contract on the supply of Iranian oil to world markets through Promsyryeimport foreign trade organization belonging to the Ministry of Energy of the Russian Federation, as reported by Interfax.

    According to the Iranian Minister of Oil, Bijan Namdar Zangeneh, the first oil tanker under this contract was sent in mid-November.

    Russian Energy Minister, Alexander Novak, told Bloomberg that until the end of 2017, sales under this deal will be limited …

  • The US made the first delivery of oil to Poland

    The first American oil tanker arrived in the Polish port of Gdansk. The vessel, Saint Helen delivered almost 80,000 tons of "black gold" from Texas, Polish Radio reports.

    The Vice President of the Lotos Group, Yaroslav Kawula declared that so far, this is a one-time delivery, but "it is possible to sign urgent contracts to diversify the oil sector."

    "We want to show that we can process raw oil at any time," he said.

    The President of the Management Board of the Lotos Group, Marcin Jastrzebski, …

  • India walks away from buying two oil deposits from Russia’s oil giant Rosneft

    India refused Rosneft's offer to buy five additional oilfields in the Vankor cluster (Krasnoyarsk Krai, Russia), reported Indian newspaper The Economic Times citing sources familiar with the negotiations.

    "We do not want to put all of our eggs in one basket. Russia can continue to offer oil deposits, but we cannot accept all proposals," the source said. "We have invested enough in Russia, so, there is no need to close this deal urgently. There are other attractive opportunities for investment …

  • Putin: Russian oil will be supplied to Belarus only if its exports take place through Russian ports

    "Belarusian refineries process our raw oil. There is no other oil there and it is unlikely to appear, that is why we need to align their receiving our oil with the requirement of using our infrastructure," as said by President Vladimir Putin at a meeting on transport infrastructure development for the northwest Russia which was held on Wednesday, August 16th, in Kaliningrad, as reported by RIA Novosti.

    Belarus has two oil refineries in Mozyr and Novopolotsk. Russia agreed to supply 24 million …

  • Media: 'Putin’s chef' profits from the war in Syria by arranging an oil business

    According to an agreement with the Syrian government, the Evro Polis Company connected to businessman Yevgeny Prigozhin, frees up oil facilities in Syria and receives income from the sale of oil, Fontanka online reports.

    According to the news portal, in December 2016, Evro Polis signed a memorandum with Syria. In five years, it must recover oil facilities from ISIS and protect them. For this, it will receive twenty-five percent of all oil and gas extracted there. In addition, the Syrian …