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Russian top gas producer Gazprom and National Iranian Oil Company (NIOC) signed a memorandum on cooperation in the gas sphere on Tuesday.
Ukrainian state monopoly supplier Naftogaz Ukrainy has issued letters of credit under the loan agreement with Citi and Deutsche Bank secured by the World Bank. They total €220mn ($231mn) and will be used this month to buy gas from European suppliers selected through the World Bank’s auctions, it said March 1. It is planned to buy up to 1.1bn m³, with payment due in April upon completion of the relevant gas deliveries to Ukraine.
The group was forced in August to abandon plans to split the cost of the 1,200km Nord Stream 2 pipeline under the Baltic Sea with the project’s European partners Engie, OMV, Wintershall, Shell and Uniper.
Russia has enough reserves to remain Europe’s main gas provider for years to come, President Vladimir Putin said in December. “Gazprom is supplying more gas to Europe than Russia or the Soviet Union ever did,” he said. “We have enough gas for ourselves, even considering the growing requirements of the Russian economy, and for our counteragents, the buyers of our gas.”
Gazprom’s projects were strategically important for Russia’s energy security. The projects make gas supplies to domestic and foreign consumers more reliable and create conditions for further strengthening the Company’s position in the global energy market. All of Gazprom’s priority projects are on schedule.
Nord Stream 2 to play crucial role in EU’s energy security
Construction contract signed for second string of TurkStream’s offshore section
It was noted that Gazprom’s gas supplies to the German market had reached a record of 49.8 billion cubic meters in 2016. The upward trend in gas demand continues in early 2017. In January, gas exports grew by 23.2 per cent versus the corresponding month of 2016. Between February 1 and February 15, gas deliveries added 37 per cent compared to the same period of last year.
Gazprom and CNPC broadening strategic cooperation in energy sector
Despite a drive by the European Union to diversify gas supplies and reduce its reliance on Russian imports, Gazprom increased its market share in Europe to 34 percent last year from 31 percent in 2015, posing a challenge to policymakers.