Contents tagged with Gazprom
-
US company finds 5 trillion cubic meter reserve of gas in Georgia
American company Frontera Resources has found a 5 trillion cubic meter reserve of gas in Georgia, Georgian media reported. The media quoted the President of Frontera Resources, Steve Nicandros, who said that it can take up to 5 years for Georgia to begin exporting gas.
Steve Nicandros stated that this gas will flow to Turkey and the countries of Eastern Europe. Last year, Frontera Resources, which has been working in Georgia since the mid-1990s, came to an agreement with Ukrainian Naftogaz, …
-
Russia to construct gas pipeline under the Black Sea
Russian company Gazprom, Italian company Edison and Greek company DEPA have signed an agreement to transport gas from Russia to Europe via a route under the Black Sea, as stated in a press release by Gazprom.
The Russian company emphasized that the parties were interested in natural gas supply routes from Russia to Greece, as well as from Greece to Italy. The results of work carried out by Edison and DEPA under the ITGI Poseidon project will be used “to the fullest extent” for these purposes. …
-
Iran to supply Georgia with gas
Georgia has high hopes for closer economic cooperation with Iran after international sanctions were lifted. Recently, Tbilisi abolished the visa regime with Iran, hoping to increase the flow of tourists from the south. Up until September 2014, tourists from Iran were bringing approximately 100 million dollars a year into Georgia.
Soon Georgia will also import Iranian gas, and a preliminary agreement was reached during a visit to Tehran with the Georgian Energy Minister, Kakha Kaladze.
Iran …
-
Lithuania to Import more Gas from Norway than Russia in 2016
In 2016, Lithuania will import more gas from Norway than from Russia, as stated by the Minister of Energy of Lithuania, Rokas Masiulis, Reuters reports.
Russian Gazprom enjoyed a monopoly on the Lithuanian gas market before the end of 2014, when Lithuania opened a floating liquefied gas terminal. This allowed tankers from Norway to supply gas to Lithuania.
The volume of imports of liquefied natural gas to Lithuania this year is expected to triple following the signing of two new agreements …
-
The European Commission wants Access to Gazprom Agreements
The European Commission intends to obtain access to all agreements on commercial gas supplies to the European Union countries, as reported by Frankfurter Allgemeine Zeitung on the 3rd of February, referring to draft documents that they received. Next week the European Commissioner for Climate Action and Energy, Miguel Arias Cañete, is planning to formally present this proposal.
According to the prepared documents, businesses involved in supplying gas will be required to report all contract …
-
Polish Oil and Gas Company Files Lawsuit against Gazprom
Polish oil and gas company, PGNiG, has filed a lawsuit in the Court of Arbitration in Stockholm against Gazprom, according to a statement on Monday, February 1st. In May of 2015, PGNiG notified the Russian company of the pending arbitration.
The subject of the lawsuit is the revision of pricing conditions for a long-term contract signed in 1996 for the purchase of natural gas. The company notes that because of the "confidential nature of the arbitration" it cannot provide details of the …
-
Naftogaz to Discuss Gas Transit Tariffs with Gazprom
The delegation Naftogaz of Ukraine will visit Moscow in the near future to discuss new tariffs for the transit of gas through Ukraine. These discussions will be held with the Chairman of Gazprom, Alexander Medvedev. This was reported to the Agency Gas Information (AGI) by an inside source.
The transit rate is currently determined by the long-term contract (from 2009 to 2019) between Naftogaz of Ukraine and Gazprom. This rate is dependent on the value of the fuel component and inflation in …
-
Gazprom's Position Falls in Ranking of World's Top Companies
According to the analytical company Brand Finance, Gazprom has fallen in the rankings of the world’s most expensive leading brands. The Russian gas monopoly has lost 187 positions from last year, to 299th place in the new ranking. This report was published on the 1st of February.
First place on the list is currently held by Apple. Second and third are held by Google and Samsung respectively. There were also two fewer Russian companies in the updated list: sales network Magnit and …
-
Gazprom: Ukraine's Transit Fine Is an Attempt to Exert Pressure
Gazprom claimed that the Anti-Monopoly Committee of Ukraine (AMCU) has no authority to regulate the transit of Russian gas through Ukraine. This was reported by Interfax, citing the press service of Gazprom on Friday, January 22nd. The Russian gas giant said that the decision of the AMCU to impose a $3.47 billion fine upon Gazprom was an "attempt to exert pressure."
"This arouses extreme surprise, because Gazprom does not carry out any business activities on the territory of Ukraine by passing …
-
Kiev Fines Gazprom $3.4 Billion
The Antimonopoly Committee of Ukraine (AMCU) fined Gazprom 85 billion Hryvnia (around 3.4 billion dollars) for an abuse of dominance in the gas transit market in Ukraine, as reported on 22 January, by the head of AMCU, Yuriy Terentyev. “The decision has just been made concerning the abuse of the dominant position in the market by the monopoly gas producer Gazprom. The amount of the fine is 85 billion Hryvnia," wrote Terentyev on his Facebook page. Yaroslav Teklyuk, Director for Legal and …