Putin praises cooperation with OPEC+ and BRICS
Vladimir Putin, the Russian president, said that on Thursday his vast energy sector would be able achieve its goals as well as overcome "illegal", western sanctions. He also praised ties with BRICS groups and OPEC+. The Russian oil and natural gas industry accounts for about a third (or more) of the total budget revenue. It has been vital to the economy in a country that is facing multiple sanctions by the West due to the conflict with Ukraine.
Malaysia generates enough surplus energy for large development projects and exports. PM says
Malaysia generates enough surplus energy to power major new development projects and grow its exports. Its prime minister announced this on Thursday as the country tries to attract investors to its special economic zone planned with Singapore. The two countries are planning to sign a deal before the end of this year for the development of a special economic zone (SEZ) in Malaysia's southern Johor State, just north from Singapore. This is to attract investment and to free up the movement and goods of people.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI, which Rodriguez estimates ranges from $2 billion to $25 billion per year.
Technip Energies Sets Up Green Hydrogen JV, Beats Quarterly Earnings Expectations
French oil and gas services group Technip Energies on Thursday announced a green hydrogen solutions joint-venture with Belgian group John Cockerill, while reporting stronger-than-expected first-quarter earnings. The need to combat climate change, along with Russia's invasion of Ukraine, have created opportunities for energy service firms, with increased investments in liquefied natural gas (LNG) and low-carbon energy sources as Western countries impose sanctions on Moscow's energy exports.
Gas Prices Soar in Europe on Tight Russian Supply
European gas prices soared more than 30% on Tuesday as low supplies from Russia reignited concerns about an energy crunch as the region heads for colder weather.A key pipeline which normally delivers gas from Siberia to Europe continued to work in reverse on Tuesday, traders said, sending flows from Germany to Poland, while supplies of Russian gas from Ukraine to Slovakia were also subdued.Russian energy exports have been in the spotlight amid the country's broader standoff with the West…
Germany Offered to Build LNG Terminals to Avert US Pipeline Sanctions
Berlin offered to spend 1 billion euros ($1.2 billion) to build two liquid natural gas terminals in a bid to dissuade the United States from imposing sanctions over the Nord Stream 2 pipeline, due to bring gas directly from Russia to Germany, Die Zeit reported on Wednesday.The weekly paper said Finance Minister Olaf Scholz made the proposal in an Aug. 7 letter before Washington imposed sanctions on companies involved in building the Baltic Sea pipeline…
US Energy Exports Severely Disrupted by Hurricane Laura
Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas, with shipments…
Libya's NOC Warns of Dangers at Oil Ports
The chairman of Libya's National Oil Corp (NOC) on Saturday warned against the risk of a disaster at the country's oil ports due to a growing military presence with storage tanks held at capacity for months due to a blockade."Oil ports are closed, exporting is halted.
Kinder Morgan Invest $170Mln in Houston Ship Channel
Houston pipeline operator Kinder Morgan (KMI) plans to invest $170 million in various expansion projects along the Houston Ship Channel.The investment will increase efficiency, add product liquidity, and enhance blending capabilities at its Pasadena and Galena Park terminals, part of its best-in-class refined products storage hub on the Houston Ship Channel, said the energy infrastructure company in North America.In response to growing customer demand…
Canada Makes First Propane Shipment
North American energy infrastructure company energy infrastructure company AltaGas celebrated the grand opening of its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia – the first marine export facility for propane in Canada.The facility began introducing propane feedstock in mid-April, and the first shipment departed the terminal on May 23, 2019 bound for Asia."The completion…
U.S. Energy Hits Records in 2018: EIA
U.S. energy consumption, production, and exports have reached record highs in 2018, said U.S. Energy Information Administration (EIA).The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.At the same time, U.S.
Tajikistan Starts Up First Turbine in Dam Set to be World's Tallest
Tajikistan started the first turbine of its Rogun hydroelectric power plant on Friday, part of a dam project that aims to secure the Central Asian nation's energy independence.The former Soviet republic issued its first Eurobond last year to help finance the project, which will include the world's tallest dame when it is completed in 2026.Italy's Salini Impregilo won a $3.9 billion contract, making it the biggest…
US Energy Exports to China Plummet
It's probably not the kind of success U.S. President Donald Trump had in mind, but his trade dispute with China has effectively killed off the burgeoning energy trade between the world's two biggest economies.China's imports of U.S. crude oil, liquefied natural gas (LNG) and coal have slowed to a trickle amid the escalating tit-for-tat tariff war.Perhaps the irony of the collapse in China's energy imports from the…
No-deal Brexit Will Not Interrupt Norwegian Energy Flows to Britain
Energy exports from Norway to Britain will not be affected even if Britain leaves the European Union without a deal, Norway's energy ministry said on Friday."Energy trade is governed by bilateral commercial agreements.
Oil Falls on Slowing Chinese Demand, US-China Trade Spat
Oil prices fell on Wednesday after Chinese import data showed a slowdown in demand and as a trade dispute between Washington and Beijing escalated further.U.S. crude futures fell more than $1 per barrel to $68.13 after China said it was retaliating against U.S. tariffs by slapping additional import duties of 25 percent on $16 billion worth of U.S. goods, including oil and diesel .Front-month Brent crude oil futures…
Trump Nominee for Key U.S. Energy Post Would Oppose Russia Pipeline
U.S. President Donald Trump's nominee for a top State Department energy position said on Thursday he would oppose Russia's proposed natural gas pipeline under the Baltic Sea to Germany - the Nord Stream 2. "The United States' position, it is my understanding, is to strongly oppose that pipeline," Francis Fannon, who has been nominated Assistant Secretary of State for Energy Resources, said during his U.S. Senate confirmation hearing.
US Oil Industry Set to Break Record, Upend Global Trade
Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day - toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. And this new record, expected within days, likely won't last long. The U.S. government forecasts that the nation's production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world's top producer. The economic and political impacts of soaring U.S.
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
U.S. Gulf Refiners Recovering Slowly, Carefully
U.S. refineries are restarting after Hurricane Harvey forced them to shut down two weeks ago, raising the risk of fires and explosions that could prolong fuel supply disruption as plants simultaneously reheat units and reactivate catalysts. Restarts are one of the most dangerous times for refinery workers, so operators keep shutdowns to a minimum. Plants typically shut only a few units for overhaul in spring and fall, with most refinery units remaining in operation for 4-6 years between full maintenance shutdowns.
Qatari Export Costs to Rise as Port Ban Disrupts Trading
Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices. Saudi Arabia and the UAE, along with Egypt, Yemen and Bahrain, on Monday cut diplomatic ties with Qatar amid accusations the country supported terrorists.
