GAZPROM'S ARCTIC INVESTMENTS
GAZPROM - Alexey Miller, Chairman of the Gazprom Management Committee, and Oleg Belozerov, President of Russian Railways, signed the Agreement on the joint implementation of the Northern Latitudinal Railway (NLR) construction project at the Gazprom headquarters today.
The project envisages the establishment of direct communications between the Severnaya and Sverdlovskaya railroads along the Obskaya – Salekhard – Nadym – Pangody – Novy Urengoy – Korotchaevo route in the Yamal-Nenets Autonomous Area. The NLR will be 707 kilometers long and will have the annual tonnage capacity of about 24 million tons of cargo.
The project has significant public importance, as it will give an impetus to economic and social development in the Russian Arctic. The Yamal-Nenets Autonomous Area is home to some of Gazprom's key fields, which are expected to provide the bulk of Russia's natural gas in the long term. To ensure efficient field development, the transport infrastructure should be expanded accordingly.
The NLR will serve as a transport artery linking Gazprom's fields in the Yamal Peninsula and the Nadym-Pur-Taz region to the Yamal-Nenets Autonomous Area's largest cities – Nadym, Salekhard, and Novy Urengoy – and the under-construction Novy Urengoy Gas Chemical Complex. The railroad will remove infrastructure limitations by forging transport links between Yamal and European Russia's industrial facilities and ports. It will help substantially improve the logistical processes at Gazprom's facilities and shorten cargo supply routes.
Pursuant to the document, Gazprom will establish a special-purpose subsidiary for the project. The subsidiary will provide for the reconstruction and technological enhancement of the 112-kilometer Nadym – Pangody railroad section.
In its turn, Russian Railroads intends to create a special-purpose entity, which will serve as a concessionaire and will, among other things, build the Obskaya – Salekhard – Nadym section, reconstruct the Pangody – Novy Urengoy – Korotchaevo section, and construct railway parts of the bridges over the Ob and Nadym Rivers.
At a later stage, it is planned to lease the Nadym – Pangody section to the special-purpose entity of Russian Railroads.
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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.