Lindsey Oil Refinery, UK insolvency proceedings
The government's insolvency services announced on Monday that Britain's Lindsey refinery had begun insolvency procedures, raising the possibility of it closing weeks after Grangemouth stopped processing oil. According to the U.S. Energy Information Administration (EIA), Lindsey, one of Britain's six remaining oil refineries, is set to close, increasing Britain's dependence on fuel imports.
Austria: EU should resume Russian gas imports in the event of peace in Ukraine
An Austrian official told Brussels that the European Union would be willing to resume Russian gas imports in the event of a peace agreement between Russia and Ukraine. The European Commission will propose legal measures to implement the ban on Tuesday, with the goal of ending the EU's dependence on Russian energy before the end of 2027.
Austria: EU should consider returning to Russian gas in the event of peace in Ukraine
An Austrian official told Brussels that the European Union would be willing to resume Russian gas imports if there was a future peace agreement between Russia and Ukraine. The European Commission will propose legal measures to implement the ban on Tuesday, with the goal of ending the EU's dependence on Russian energy before the end of 2027.
XRG aims to achieve a gas and LNG capacity of 20-25 millions tons per annum by 2035
XRG (the international investment arm) of Abu Dhabi National Oil Company said on Tuesday that it aims to be a gas and Liquefied Natural Gas business with a capacity between 20 and 25 millions metric tons annually by 2035. XRG, which is led by former BP CEO Bernard Looney, and Blackstone's Jon Gray approved a business plan for five years that aims to build an integrated LNG and gas business…
Italy fully supports EU efforts in order to stop Russian gas imports before 2027
The Italian energy minister said to reporters that Rome fully supports the European Union's efforts to stop Russian gas imported into the EU by 2027. He added that any decision by Rome to increase LNG imports from America is up to private purchasers. The minister stated that Italy imported only a small amount of Russian gas last year, which was mostly exported to Austria.
The region has seen a decline in renewable output
German and French spot rates were not traded on Friday morning, but the falling supply of renewables is expected to exceed the decline in demand for Monday's prices. LSEG data shows that the German and French baseload power contracts for Monday were not traded by 1111 GMT. LSEG analyst Florine Engl stated that the residual load will increase on Monday in all regions except Austria.
How can the EU ban Russian Gas?
Next month, the European Commission will propose legal measures that will phase out EU gas imports from Russia by 2027 and prohibit spot contracts with Russia before the end this year. This is how it could work. How will the EU ban Russian gas? Legally, sanctions are the easiest way for the EU's to prohibit Russian gas and liquefied imports.
The drilling of the offshore gas project in Romanian Black Sea has begun.
On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz.
Samsung E&A awarded a $1.7 billion contract by TA'ZIZ for the UAE's first methanol facility
Abu Dhabi's TA'ZIZ announced on Monday that it had awarded a $1.7billion contract to Samsung E&A for the construction of the UAE's 1st methanol facility. The plant is expected to produce 1.8m tons of methanol annually upon completion in 2028. TA'ZIZ is a joint venture of Abu Dhabi's state oil giant ADNOC with the sovereign fund ADQ.
Austrian OMV and ADNOC are interested in acquiring Nova Chemicals
Austria's OMV, and Abu Dhabi National Oil Company's (ADNOC), said that they were considering a joint-venture to purchase Canada's Nova Chemicals, if the owner of Nova Chemicals, Abu Dhabi's sovereign wealth fund Mubadala agrees. According to a press release, the proposed acquisition would create an international polyolefins group that would include Nova Chemicals Borealis, and Borouge.
Trump's complaint about the trade deficit with EU and what could come next
Donald Trump, President of the United StatesTrump has pledged to reduce a long-standing trade deficit between the United States and the European Union. He says he will do this by imposing tariffs, or forcing the EU to buy more U.S. gas and oil. In a memo entitled "America First Trade Policy", issued by Trump on his first day in the White House…
Sources say that Austria's OMV Romanian unit has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that Austria's OMV Romanian has signed a contract to supply Germany's Uniper gas from its Black Sea Project from 2027. This is as Europe looks for new ways to increase energy security following its breakup with Russia. The deal, which was not disclosed before…
Sources: Austria's OMV has agreed to supply Romanian Gas to Germany
Three people with knowledge of the deal said that Austria's OMV will supply Germany's Uniper gas from its Black Sea Project from 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
The industry in the breakaway Moldovan region shuts down due to lack of Russian gas
An official confirmed on Thursday that the cutoff of Russian gas supply to Moldova's Transdniestria region, which is a breakaway region of Moldova, has forced all industrial companies - except for food producers - to close. The Russian gas cutoff to Central and Eastern Europe through Ukraine on Wednesday has caused a severe and immediate impact on the mainly Russian-speaking region of 450…
Austria Energy Regulator expects smooth transition when Ukraine gas deal ends
Austrian energy regulator E-Control says that it should not experience any disruption in supply as it is preparing to switch from eastern natural gas supplies to western alternatives following the expiration of Ukraine's Gazprom contract on Tuesday. Ukraine announced that it would terminate its gas transit agreement with Gazprom.
EUROPE GAS - Prices rise due to colder weather forecast and transit concerns in Ukraine
Dutch and British wholesale prices for gas rose on Friday, boosted by cold weather forecasts in January and the fading hope of a new agreement to transit Russian gas via Ukraine. By 0914 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 1.27 euros to 46.80 euros/megawatt hour or $14.36/mmBtu.
Prices of EUROPE Gases rise slightly as trading is thin ahead of holidays
The Dutch and British wholesale prices of gas were slightly higher on Wednesday, in light trading ahead Christmas holidays throughout Europe. This is because there remains uncertainty over Russian gas supplies when the Ukraine Gas Transit Deal expires this year. The benchmark contract for the Dutch TTF hub, the front-month contract…
Germany waives gas storage fees outside of the country starting Jan. 1, 2025
The German lower house of Parliament passed on Friday a change in energy law that will waive the domestic market storage fee at border points and virtual trading centers, effective Jan. 1, 2025. This will free foreign consumers from a costly element of price. Parliament approved the law change based on its incompatibility…
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier.
Prices for European gas rise as renewed Russian focus on gas is renewed
The Dutch and British wholesale gas price rose on Tuesday afternoon due to renewed concerns about Russian gas supplies to Europe starting in January. By 1505 GMT the benchmark front-month contract for the Dutch TTF hub had risen 1.87 euros to 41.83 euros/MWh, or $12.87/mmbtu. This was a continuation of the gains made in the morning.
