Contents tagged with Gazprom
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US defense budget to include sanctions against Nord Stream 2
The US defense budget for 2020 will include a provision on sanctions against companies involved in the construction of the Nord Stream 2 pipeline, Republican Senator James Risch, Chairman of the US Senate Foreign Relations Committee, told Defense News on October 23.
The text of the sanctions has not yet been publicized, but the senator said that it is similar to the “Protecting Europe’s Energy Security Act”, which was sponsored by Senator Ted Cruz.
The bill will impose sanctions on the …
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Russian gas not needed in China
The gas demand in China is significantly lower than predicted by the Russian government, and a supply surplus has arisen on China’s internal market, Interfax Energy reports, citing the senior managers of Chinese energy companies.
In 2020 the surplus will be around 9 billion cubic meters (bcm), predicts Sinopec, China’s second largest oil and gas corporation by extraction volume.
With the Chinese government’s goal of using gas to provide 10% of the country’s energy mix by the end of 2020 (360 …
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Poland complains of overpaying billions for Russian gas
For several years, the Polish state-controlled oil and gas company PGNiG (Polskie Górnictwo Naftowe i Gazownictwo) has overpaid Russia’s Gazprom at least €230 million per year, PGNiG CEO Piotr Woźniak told TVP Info in an interview. He said that since 2014 at least, PGNiG has paid roughly one billion zloty (about €233 million) too much for Russian gas – the different between Gazprom’s prices and market prices.
Woźniak hopes that the Stockholm Arbitration Institute, which PGNiG has already …
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Berlin: gas transit through Ukraine should continue after 2019
German Foreign Minister Heiko Maas said that Germany believes that the transit of Russian gas through the territory of Ukraine should continue after 2019, reports Interfax-Ukraine.
During a joint briefing with Ukrainian Foreign Minister Vadym Prystaiko in Kyiv, Maas said that "we [Germany] support negotiations on gas transit through Ukraine. We believe that transit should continue after 2019."
Maas stressed that he wants to dispel certain speculations around the "gas" topic that have recently …
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Poland notifies Gazprom of intention to terminate gas supply contract
The Board of Directors of the Polish national oil and gas company PGNiG notified Russian gas giant Gazprom of its intention to terminate the binding contract for the purchase and sale of natural gas. The so-called Yamal contract was signed on September 25, 1996 and expires on December 31, 2022.
In the Declaration of PGNiG, it is noted that deliveries of liquefied natural gas and fuel from other countries will replace the Russian gas supply.
In the first half of 2019, Poland reduced purchases …
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Gazprom officially offers Ukraine one-year gas transit contract
On Monday, Gazprom sent Naftogaz of Ukraine an official offer to extend the current gas transit contract by one year or to sign a new one-year contract, Interfax reports.
As a precondition, all lawsuits and claims in international arbitration courts must be withdrawn.
This would also include the withdrawal of the Ukrainian Anti-Monopoly Committee’s fine against Gazprom for economic competition violations and of Naftogaz’s motion to have the European Commission investigate the Russian company. …
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Russian Gazprom cancels eurobond placement due to Ukraine's lawsuit
The Kremlin’s gas strategy in the last few years, designed to deprive Ukraine of revenue from gas transit to Europe by replacing the Ukrainian gas transport system with the Nord Stream 2 and Turkish Stream pipelines, appears to be backfiring on Gazprom.
Already faced with a legislative ban on utilizing more than half of Nord Stream 2’s capacity, and having lost one third of Nord Stream 1’s capacity due to a ruling by the European Court of Justice, the Russian gas company has now sustained …
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Ukraine’s Naftogaz strikes again at Gazprom
Naftogaz of Ukraine has managed to have the accounts of GazAsia Capital S.A., the company that placed Gazprom’s yen-denominated eurobonds, frozen, Interfax reports, citing a memorandum on the Russian company’s new eurobond placements.
GazAsia Capital S.A. is an SPV company, created for a specific purpose. Through it, Gazprom placed 10-year bonds for 65 billion yen (approximately $595 million) in December last year. Now, GazAsia does not have the right to make payments to Gazprom, Lenta.ru …
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Russia’s Gazprom sues EU for loss of Nord Stream 2 capacity
Nord Stream 2 AG, the Swiss subsidiary of the Russian company Gazprom, has taken the EU government to court regarding the gas legislation amendments that prohibit the Russian company from using more than 50% of the capacity of the Nord Stream 2 gas pipeline.
As reported by Interfax, Gazprom informed potential investors about the start of the litigation through a memorandum on the placement of Swiss franc-denominated eurobonds that is scheduled to take place in mid November.
Gazprom believes …
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Ukraine finds a way to block Nord Stream 2
Kyiv has threatened to dispute the amendments made by members of Germany’s ruling coalition to the EU’s new gas directive which, once adopted, will allow the Nord Stream 2 gas pipeline to bypass the restrictions. Ukraine’s trade representative, Deputy Minister of Economic Development, Trade and Agriculture Taras Kachka, warned about this yesterday.
According to him, such an initiative will lead to lengthy legal procedures, which will block the operation of the Russian pipeline, Interfax …