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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, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

RUSSIAN GAS FOR BRITAIN
2018, September, 19, 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

RUSSIAN GAS FOR BRITAIN
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .

RUSSIAN GAS FOR BRITAIN
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

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