RUSSIA & CHINA: BEGINNING WORK
China and Russia are set to begin construction of the natural gas pipeline in Russia's eastern Siberia this weekend, reports Xinhua news agency.
Chinese Vice Premier Zhang Gaoli flew in from Moscow to Yakutsk, the capital city of Russia's Sakha (Yakutia) Republic, Sunday evening to attend a start-of-construction ceremony for the Russian part of the East Route of the China-Russia natural gas pipeline, the news agency said.
Earlier this year, China and Russia on signed the much delayed gas supply deal in Beijing.
'China and Russia Purchase and Sales Contract on East Route Gas Project' was signed at a ceremony attended by Chinese President Xi Jinping and Russian President Vladimir Putin in May.
As per the deal, Russia will supply 38 billion cubic meters of natural gas annually from 2018 via east route pipeline for a period of 30 years.
Gas will be supplied from eastern Siberia and Sakha Republic Kovykta gas field. Gazprom would be responsible for field development, gas processing plants and pipelines in Russia. CNPC will be responsible for construction of facilities within China
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.