The additional volumes are roughly what Gazprom has been piping to the EU through Ukraine, raising concerns that the new route would allow Russia to strip Kiev of much of its remaining economic leverage and an important source of income.
Rosneft received advance payments for oil supplies worth more than $15bn in the third quarter — the first large-scale financing that the state-controlled Russian group has secured since western sanctions were imposed upon it.
«Страны еще раз подтвердили, что роль газа будет увеличиваться и признали важность таких инструментов как долгосрочные контракты, механизмы take-or-pay и привязку к цене на нефть", - сказал Александр Новак.
The financing problems for the project stems from U.S.-led sanctions against Russia’s oil and natural gas sector over Russia’s invasion of Ukraine in early 2014. Also, in June the EU extended economic sanctions on Russia until January 3, in a move that media said at the time was “keeping up pressure on Moscow to help resolve the Ukraine conflict.”
Gazprom would need to bring spot gas prices below $4 per million British thermal units (mmBtu), versus around $5.65 per mmBtu now, to shut Europe off to U.S. imports - a level Goldman Sachs expects could be reached by 2018/2019.
Last month, the United States restricted exports, re-exports and transfers of technology and equipment to the Yuzhno-Kirinskoye field. The sanctions were imposed just weeks after media cited Shell officials as saying the firm was considering Yuzhno-Kirinskoye as part of an asset swap deal with Gazprom, announced in June.
China’s $40 billion Silk Road Fund said it would finance part of the project, a development Total CEO Patrick Pouyanné called “a clear commitment by China” in an interview Wednesday. The price paid for Silk Road’s 9.9% stake in Yamal wasn’t disclosed.
Together, these deals mean that Europe’s big energy companies want to return to business as usual with Russia, despite the continuing conflict in Ukraine and the EU’s continuing sanctions on Russia.
Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world's most profitable.
The U.S. declared one of Russia’s largest offshore oil and natural gas fields off limits to American tools and expertise, potentially disrupting Royal Dutch Shell Plc’s plans to liquefy the fossil fuel for export.