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2018-03-14 11:30:00

RUSSIAN GAS FOR BRITAIN

RUSSIAN GAS FOR BRITAIN

PLATTSThe Russia-UK poisoning row threatens to put renewed strain on the two countries' deep-seated energy ties, illustrated by some of the first ever LNG shipments from Russia's vast new Yamal LNG facility now arriving in the UK. 

The UK has yet to announce steps against Russia following this month's poisoning in the city of Salisbury, allegedly involving the use of a Russian nerve agent. But energy ties between the two countries are deep as well as fraught, and likely to weigh on the political calculus.

The UK is less dependent than much of Europe on direct Russian energy supplies. But Russia's new LNG shipments - the first was offloaded at the Isle of Grain in Kent in December before being reshipped to the US - underline Russia's role as chief energy supplier to Europe.

UK companies have long defended their own ties with Russia, which range from BP's collaboration with Rosneft, to Shell's role in the Nord Stream pipeline expansion.

UPSTREAM COLLABORATION

BP and Rosneft work alongside each other at the Taas Yuryakh oil field and on exploration with service giant Schlumberger. They cooperate overseas, at Egypt's Zohr gas project, and have signed a number of mid-stream oil and gas supply deals.

BP chief executive Bob Dudley made Russia central to BP's strategy on taking over in 2010 despite his turbulent experience as head of joint venture TNK-BP, which at one point saw him flee the country.

TNK-BP was later folded into Rosneft, but BP ended up with a 19.75% stake in Rosneft and two seats on its board. Dudley has pointed to Russia's vast resources to argue for the need to remain closely engaged, something that appears to have carried weight in the UK.

Shell has kept a lower profile since being stripped of part of its stake in Sakhalin 2 in 2006, but Sakhalin, with its strategic location near Asian markets, accounts for 10% of Shell's LNG production, or 3 million mt annually. And Shell is helping finance the Nord Stream 2 pipeline expansion, with a commitment to invest Eur950 million ($1.2 billion), albeit without holding a stake.

ENERGY TRADE

The UK's North Sea industry and access to international markets limits its dependence on Russia, although it does receive periodic supplies of Russian oil, gas and coal.

One of the first LNG shipments from the Yamal LNG project was offloaded into the UK gas network, in January, but so far Northwest Europe has mostly acted as a trans-shipment point for onward export of Yamal LNG cargoes.

Russia accounted for roughly 50% of UK steam coal imports in the first nine months of last year.

London hosts the headquarters of Gazprom Marketing and Trading, which handles the Russian giant's global trading of oil, LNG, power and carbon as well as currency deals.

FINANCIAL MARKETS

Numerous Russian companies are listed on the London Stock Exchange, from Rosneft's global depositary receipts to small independent producers.

EU sanctions limit Russian companies' ability to raise debt in London, something the Russian industry has adapted to, for example securing Chinese financing in the case of Novatek's Yamal LNG development.

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Earlier:

 W.Europe
2018, March, 4, 10:50:00

SIBERIAN LNG FOR BRITAIN

FT - UK gas prices have soared this week as the extreme weather dubbed the “Beast from the East” generated huge demand for energy. Wholesale “same-day” prices more than quadrupled at one point to reach their highest level in at least 12 years.

 

 W.Europe
2017, December, 27, 12:10:00

BRITAIN'S PRIMARY DETERMINANT

IMF - Productivity growth will be the primary determinant of UK living standards in the long run.

 

 

 W.Europe
2017, December, 25, 20:05:00

BRITAIN'S GAS DOWN 50%

PLATTS - The amount of gas held within the UK's medium-range natural gas storage facilities has fallen by more than 50% since the end of November on the back of high demand allied to weaker UK gas production.

 

 W.Europe
2017, July, 5, 12:00:00

U.S. LNG FOR BRITAIN

The UK's first US LNG cargo will arrive at the Isle of Grain terminal on around July 8, according to shipping sources.

 

 

 W.Europe
2017, March, 30, 18:35:00

BREXIT GIVES CHANCE

Qatar, the world's biggest exporter of LNG, pledged almost $6.2bn worth of investment in Britain on Monday in a show of support, as UK Prime Minister Theresa May begins the formal process of negotiating a separation settlement with the European Union.

 

 W.Europe
2017, March, 16, 18:35:00

UK OIL & GAS BREXIT

In terms of regulation and policy for the upstream oil and gas industry, much of the EU legislation and directives were either based on established UK customs and practices or are already enshrined in UK law. Although it will take some considerable time to untangle the complex regulatory and policy frameworks, the impact for the oil and gas industry is likely to be modest. In terms of the UK oil and gas tax system, little is expected to change as a result of Brexit as the EU has no remit over the UK’s fiscal regime for the industry.

 

 W.Europe
2016, November, 9, 18:40:00

UK OIL & GAS CONFIDENCE

The North Sea oil and gas industry currently faces fierce global competition to attract investment, with the combined challenges of a low oil price, a maturing industry and uncertainty for the sector. Oil & Gas UK’s recently published Economic Report 2016 found that investment in the UK continental shelf has fallen to around £9 billion this year, from a record £14.8 billion in 2014, illustrating the difficulty for investors in accessing finance for asset development.

 

 

Tags: RUSSIA, GAS, BRITAIN, UK

Chronicle:

RUSSIAN GAS FOR BRITAIN
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

RUSSIAN GAS FOR BRITAIN
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

RUSSIAN GAS FOR BRITAIN
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

RUSSIAN GAS FOR BRITAIN
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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