Gazprom says that high interest rates are a concern for oil service firms
Alexander Dyukov said that the high interest rates in the oil industry could have a negative impact on firms providing support services. This raised "serious concern".According to a recent poll, the Russian central bank will likely increase its key rate this week by 200 basis points, to 23%, due to the high inflation caused by a weaker ruble.Dyukov told reporters that his company is strong enough to withstand high borrowing costs…
Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree
On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin. This was the company's largest investment in Russia after the beginning of what Moscow refers to as a special military operations in Ukraine. Exxon Mobil Corp owned a 30% stake as operator in Sakhalin-1.
Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'
Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers, the market, and other economic factors. Some Russians are cautiously optimistic about Trump's return on Jan. 20, while others believe that another U.S. President will not make much of a difference.
Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.
Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries. The Russian…
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years. Sechin, a long-time ally of Russian president Vladimir Putin…
Russia lifts the ban on exporting gasoline to producers
The Russian government announced on Saturday that it had lifted the temporary ban on gasoline exports from producers. However, the restrictions on other exporters such as independent traders or re-sellers will remain in place until January 31, 2025. The original ban on gasoline exports would expire by the end of the year. The ban excludes supplies of former Soviet states to the Moscow led Eurasian Economic Union, as well as other countries such as Mongolia with whom Russia has intergovernmental agreements for fuel supply.
Ifx: Russian Energy Minister says lifting the gasoline export ban is possible
Interfax reported that Russian Energy Minister Sergei Tsivilev stated on Wednesday the ministry believes it is possible to lift restrictions regarding gasoline exports due to fuel prices being stable. According to RIA, the Ministry sent its proposals regarding gasoline export restrictions to the Government. The minister said, "We will lift export restrictions now because the prices are stable and the situation on market is stable. In August, Russia extended the gasoline export restriction until the end the year.
Rosneft denies reports that 'evil Sechin’ plans to takeover Russian oil giants
Rosneft is Russia's largest oil company. It denied any reports that it was planning to take over a large chunk of the Russian Oil Sector. They said these reports were an attempt to portray its CEO, Igor Sechin as a bad influence. The Wall Street Journal reported on Russia's plans to merge Rosneft with Gazprom, Lukoil and Lukoil. This would result in one of the most powerful oil companies in the world. Rosneft released a statement regarding the reports, which it called "false-flags".
WSJ reports that Russia is exploring a plan to merge Rosneft, a Gazprom subsidiary, and Lukoil.
The Wall Street Journal reported that Russia is working on plans to merge Rosneft oil, a state-backed company, with Gazprom, creating the second-largest crude oil producer in the world. The newspaper reported that executives and government officials have been in talks over the last few months. A deal could or might not be reached, it said, citing unidentified sources familiar with the issue. The report said that a combination…
Drone crashes into oil depot in Russia’s Stavropol Region
Vladimir Vladimirov, the local governor of Stavropol in southern Russia, said that a drone had crashed on an oil storage depot. This was the second suspected Ukrainian strike in a row on Russian energy and fuel targets. It followed a period of seven weeks after a fuel station in Tula, Russia was attacked on September 10. Vladimirov, on Telegram, said that there were no injuries in the incident at Svetlograd Oil Depot. Baza Telegram…
Rosneft CEO blasts high taxes, Rosneft's H1 earnings are up 27% year-on-year
Rosneft, Russia's biggest oil producer, said that its net income for the first half of this year rose by 27% compared to last year. Sales also increased. Company chief Igor Sechin referred to rising taxes as "destructive". The revenue for the period January to June was 5.174 trillion roubles. This is an increase of 33.4% compared to the previous year. Rosneft is responsible for 40% of Russia’s oil production. It managed to divert sales to India and China, away from Europe.
Rains hit India and Pakistan, evacuating thousands
Authorities warned of further heavy rains on Thursday after heavy rains flooded parts of India's western Gujarat state, forcing thousands of people to flee their homes and causing utility lines to be cut. At least 28 people were killed. Television images showed that the army has joined in on the relief effort as people wade through waist-high water which had partially submerged roads and vehicles. Prabhu Soni, a resident of the coastal city Jamnagar, said that there had been no electricity for two days.
Orlen, a Polish oil company, signs a one-year contract with BP for 6 mln tonnes of oil
According to a Monday announcement, the Polish refiner Orlen has agreed to receive 6 metric tonnes of oil per year from British energy giant BP. Orlen, a Polish refiner, said that the deliveries of North Sea crude oil will cover approximately 15% of Orlen’s needs and that both companies are willing to work together on future joint projects. In a press release, BP Polska's CEO Bogdan Kucharski stated that "we count on Orlen for future projects aimed to accelerate energy transformation".
Germany Nationalises Gas Group Uniper in Scramble to Secure Supply
Germany confirmed the nationalization of struggling gas importer Uniper at a cost of 8 billion euros ($7.9 billion) on Wednesday as it scrambles to secure power for Europe's largest economy after Russia cut back supplies.Nationalizing Germany's largest importer of Russian gas is the second move in a week by the government in Berlin to take control of an energy business as it confronts a winter crisis.Uniper, whose shares were around 18.97% lower at 3.38 euros at 0710 GMT…
Fire at Rosneft's Far East Refinery Contained
A fire at a secondary unit at an oil refinery owned by Rosneft in Russia's far eastern city of Komsomolsk-on-Amur has been contained, a spokesman for the refinery said on Tuesday.The blaze has not caused any injuries and the incident would not have an impact on production plans, he said.The Komsomolsk refinery processed 7.23 million tonnes of oil in 2019. It produced 567,000 tonnes of gasoline, 1.91 million tonnes of diesel, 2.04 million tonnes of marine fuel, and 1.34 million tonnes of heavy petroleum fuel.
Rosneft Buys Huge Arctic Oilfield
Russia's Rosneft said on Monday it had bought the rights to a huge oilfield in the Taymyr peninsula in the Arctic, as it presses ahead with plans to use the Northern Sea Route to ship oil and products.In a regulatory disclosure, Rosneft said it had bought Taymyrneftegaz, the company controlled by Rosneft's ex-chief Eduard Khudainatov which owns the huge Payakha oilfield, for an undisclosed sum.It declined to comment further.The potential deal was first reported by daily newspaper Kommersant earlier this month.
Sechin to Stay at Rosneft's Helm for 5 More Years - Vedomosti
The Russian government has extended a contract for Igor Sechin, a close ally of President Vladimir Putin, to stay as the chief executive officer of giant oil producer Rosneft for five more years, Vedomosti daily reported on Wednesday.The daily, citing three people familiar with the situation, said the government signed the order to extend Sechin's contract a few days ago.It said that a "federal official" has confirmed that the decision was approved by the government.Sechin…
India's April Crude Processing in Biggest Drop Since 2003
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production.Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed.The lockdown and travel curbs aimed at stemming spread of COVID-19 since March 25 forced people to stay home…
Venezuelan Oil Exports Rose in April
Venezuela's oil exports ticked higher in April after falling in March to their lowest average in seven months, helped by new trading partners that were re-selling cargoes in Asia, according to documents from state-run PDVSA and vessel tracking data.Venezuela shipped 31 cargoes of crude and refined products last month carrying an average of 848,500 barrels per day (bpd), a small increase from the 814,000 bpd the previous month…
Russian Oil Production up 5%; Seaborne Exports up 9.5%
Russia's oil production rose almost 5% in the first half of June compared with May, the Interfax news agency reported on Tuesday, citing a source familiar with the output statistics.Average daily oil production, including condensate, was 1.46 million tonnes in the first 13 days of June, 68,000 tonnes more than May levels, the news agency reported.Russian oil companies, led by Rosneft ROSN.MM, were expected to re-open wells in…
