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2018-03-16 10:10:00

RUSSIAN GAS FOR BRITAIN ANEW

RUSSIAN GAS FOR BRITAIN ANEW

BLOOMBERG - The spy poisoning scandal in the U.K. is spilling into energy.

Prime Minister Theresa May responded to a chemical weapon attack against a former spy on British soil with a range of measures against Russia such as asset freezes and the biggest diplomatic expulsions since the Cold War. The U.K. will also look at getting natural gas from sources outside Russia.

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.

"The extent to which Russia uses its energy as a means to influence and have an impact on those countries that are in receipt of it and also the finances that it provides is an important one," May said. "We will be continuing to discuss with the European Union not just our energy security but that wider energy security issue."

Britain buys some Russian gas through links with mainland Europe and has also been getting more by ship from a new liquefied natural gas plant in northern Siberia.

"Great Britain benefits from highly diverse and flexible sources of gas supply," the U.K. Department of Business, Energy and Industrial Strategy said in a statement. "We estimate less than 1 percent of our gas comes from Russia and are in no way reliant on it."

Russia's Gazprom, which holds a monopoly on gas exports by pipeline, sold fuel to the U.K. worth $2.85 billion last year, according to data provided by the press office of Russia's customs service. This accounted for more than half of the country's commodities sales to Britain last year, which were worth a total $4.49 billion, according to the Russian Economy Ministry.

While gas supply volume decreased 9.2 percent from a record in 2016, Gazprom sees sales rising this year after recent cold snaps. Its domestic rival, Novatek PJSC, contributed to U.K. supply this winter with LNG cargoes from Russia's Arctic, where the company started a $27 billion plant in December. London is also home to Gazprom's biggest energy trading unit.

Protecting the U.K. against Russian LNG may prove difficult. Uncommitted LNG travels where prices are highest and it's the market that decides where the fuel goes. While the U.S. is pitching its LNG to Europe, for most of the year those cargoes are more likely to go to energy-hungry and higher-paying Asian economies.

U.K. energy union GMB said it questions "how effective the sanctions will be when half of our liquid gas imports this year have come from Russia and Russian companies provided six percent of our gas consumption in 2017."

"We need a serious strategy and investment in U.K. energy to make sure we can stand on our own two feet," the union said.

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Earlier:

 W.Europe
2018, March, 14, 11:40:00

RUSSIAN GAS FOR EUROPE

PLATTS - But the dispute erupted again last week after the court ruled in Naftogaz’s favor on the transit element of the case, awarding Naftogaz $4.6 billion in compensation for Gazprom’s underuse of its transit network. The net award to Naftogaz was $2.6 billion across the entire case after the court previously awarded Gazprom a little over $2 billion in the supply ruling.

 

 W.Europe
2018, March, 14, 11:35:00

NORD STREAM NIGHTMARES U.S.

OGJ - Sandra Oudkirk, deputy assistant secretary for energy diplomacy at the US Department of State’s Bureau of Energy Resources, said Nord Stream 2 matters to the US because it would cement a transportation system in place that could perpetuate dependence on Russian gas for some key US allies. “It would not increase the amount of gas coming into Europe, only replace volumes that now are being transported through Ukraine,” she said.

 

 W.Europe
2018, March, 14, 11:30:00

RUSSIAN GAS FOR BRITAIN

PLATTS - The 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.

 

 W.Europe
2018, March, 4, 11:25:00

RUSSIAN GAS FOR EUROPE

REUTERS - Russia’s Energy Minister Alexander Novak told European Commission Vice President Maros Sefcofic in a phone conversation that gas transit would not be at risk until Gazprom and Naftogaz fully terminated their agreement.

 

 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
2018, February, 27, 14:10:00

RUSSIAN GAS FOR AUSTRIA UP

GAZPROM - In early 2018, the demand for gas is still on the rise in the country. According to estimates, from January 1 through February 21, 2018, Gazprom delivered to Austria 1.8 billion cubic meters of gas, a rise of 60.6 per cent against the same period of 2017 (1.1 billion cubic meters).

 W.Europe
2018, February, 12, 07:35:00

GAS SHORTAGE FOR EUROPE

REUTERS - “Europe completely miscalculated when they assumed that they won’t need much additional gas and if they need some it can be supplied from outside Russia,” Medvedev, who looks after exports for the world’s top gas producer and exporter, said.

Tags: RUSSIA, BRITAIN, GAS, GAZPROM

Chronicle:

RUSSIAN GAS FOR BRITAIN ANEW
2018, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

RUSSIAN GAS FOR BRITAIN ANEW
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

RUSSIAN GAS FOR BRITAIN ANEW
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

RUSSIAN GAS FOR BRITAIN ANEW
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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