TURKEY WANTS MORE
Turkey said in February it struck a deal giving it a 10.25 percent price discount on gas from Russia's Gazprom but that accord was not signed and state pipeline operator Botas said last week it had appealed to the International Chamber of Commerce (ICC) after months of fruitless talks. "An agreement was clinched on the 10.25 percent, therefore we are taking that as our base level, but will seek a higher discount at international arbitration," Alaboyun said in an interview.
A spokesman at Gazprom said last week the possibility of an out-of-court settlement remained. Alaboyun did not rule that out either. "If Russia agrees on the 10.25 percent price discount, the problem could be solved without arbitration," he said. Turkish energy officials have said Russia added conditions for finalizing the gas deal linked to its planned TurkStream gas pipeline, Moscow's alternative project after the European Union rejected its proposed South Stream pipeline last year.
But as political relations between Ankara and Moscow soured over the latter's military involvement in Syria and talks over the project were suspended in July, Gazprom said it was halving the planned capacity of the pipeline to 32 billion cubic meters. Alaboyun said contact with the Russian energy ministry over the pipeline continued and teams would be invited for technical talks. He added that Turkey was planning to ask for the right to re-export gas through TurkStream. Russia is Turkey's largest gas supplier with sales of 28-30 billion cubic metres annually worth around $6.5 billion.
Ankara was also keen on the idea of a new pipeline from Iran, Turkey's second-biggest gas supplier, Alaboyun said, but added that Turkey did not wish to act as a transit country. "We would like that gas (coming from Iran) to be integrated in our system, and would like to re-export if there is a surplus," Alaboyun said.
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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.