State TV reports that the US has extended sanctions waivers to Serbian refiner NIS owned by Russians.
RTS TV reported on Friday that the U.S. Treasury Department had extended a waiver of sanctions to Serbia's Russian owned NIS oil company. This will give Serbia another month to import much-needed winter fuel supplies. Office of Foreign Assets Control imposed sanctions against NIS as part of the broader measures that targeted Russia's energy industry over Moscow's conflict in Ukraine. This led to a suspension of oil supplies and the shutdown of Serbia's only refinery. The spectre of fuel shortages in winter was raised. In December, the?OFAC granted NIS an exemption from sanctions until Friday.
Gazprom Neft and MOL reach provisional agreement on the sale of NIS shares by Russia
Serbian Energy Minister Dubravka Djedovic Handanovic announced on Monday that Russia's Gazprom has reached an?agreement? to sell its majority share in Serbian refiner NIS, to Hungary's MOL. She told Video Plus that the Office of Foreign Assets Control of the U.S. Treasury Department, which imposed sanctions on NIS due to its Russian ownership, would need to approve the deal. NIS?supplies approximately 80% of Serbian fuels, including wholesale gasoline and diesel. The company also controls 50% of the retail market.
MOL, the Hungarian company, could soon sign a first deal to purchase a stake in Serbian NIS
Peter Szijjarto, the Hungarian foreign minister, said that the Hungarian oil company MOL will sign the first important deal in its negotiations to purchase a majority stake of the Serbian oil company NIS owned by Russia in the next few days. After meeting with the Serbian energy minister in Belgrade, Szijjarto gave a briefing saying that the United States would be notified once the first deal between MOL Neft and Gazprom is signed. This submission is crucial as the U.S. NIS was targeted in October as part of wider?measures that target Russia's energy industry over Moscow's conflict in Ukraine.
Serbian Vucic anticipates signing a contract to sell NIS Oil by March
The Tanjug News Agency reported that Serbian President Aleksandar Vucic expected binding terms to be submitted by the U.S. office of foreign assets control within 48 hours for the sale Russian-owned oil firm NIS. Vucic, in an interview on Tuesday with Tanjug, Abu Dhabi, said that a final?contract could be signed by the Russian owners of NIS 'by February or march. He added that the U.S. may extend an operating licence for NIS once they receive the term sheets. In October, the United States sanctioned?NIS as part of wider measures targeting Russia's oil sector in response to Moscow's conflict in Ukraine.
Gazprom Delivers First LNG Cargo to China Post Sanctions
Russian energy giant Gazprom has delivered a liquefied natural gas cargo from Portovaya LNG plant to China, in the first such shipment since the United States introduced sanctions against the project in January, LSEG data showed on Monday.Gas carrier Valera, formerly known as Velikiy Novgorod, brought the cargo from the Baltic Sea's plant to the Beihai LNG terminal, LSEG ship-tracking data showed.Russia's largest LNG producer Novatek uses the same loading outlet in China for cargoes from Arctic LNG 2 plant.The tanker was loaded at Portovaya on October 28 and has arrived at the southern Chinese port of Tieshan…
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera (formerly Velikiy Novgorod) transported the cargo from the Baltic Sea plant to the Beihai terminal for LNG. Novatek, the largest LNG producer in Russia, uses the same loading port in China to load cargoes from Arctic LNG 2. Data showed that the tanker arrived in Tieshan (south China) on November 28 after being loaded at Portovaya.
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera (formerly Velikiy Novgorod) transported the cargo from a Baltic Sea plant to Beihai LNG Terminal. Novatek, the largest LNG producer in Russia, uses the same loading port in China to load cargoes from Arctic LNG 2. Data showed that the tanker arrived in Tieshan port, south China on November 28 after being loaded at Portovaya.
Turkey extends Russia Gas Contracts by an additional year with a view to US Investment
Turkey has finalised an extension of one year to its two gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, as part of its efforts to diversify sources of energy. Turkey, Russia's final major gas market in Europe has steadily reduced the proportion of Russian gas in its gas supply mix. It has now fallen below 40%. Both contracts with Gazprom expire this year. Ankara signed separate deals to buy long-term liquefied gas (LNG), with a large part coming from the United States.
Gazprom reports a net profit of $1.72bn for the third quarter, compared to a loss of $1.2bn a year ago
Gazprom, Russia's largest energy company, announced on Friday that it had a net profit of $1.72 billion for the third quarter, compared to a loss of 53 billion dollars a year earlier, when the company was hit with a one-time tax. The government's decision to lower the tax burden for the company was a major factor in the financial results. After the start of the conflict between Ukraine and the EU, the company lost its main source of revenue, the European Gas Pipeline Market. Interfax, a news agency, polled analysts and found that the net profit was below expectations. They expected it to be 200 billion dollars.
Official: Serbia is preparing an amendment that will allow it to take over a Russian-owned refinery.
The parliament speaker, who spoke to Euronews Serbia Tuesday, said that Serbia was preparing a change to the draft budget bill to allow it to own its Russian-owned and U.S. sanctioned oil refiner NIS. In January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions on Russia's energy sector, including NIS. This company is owned in majority by Russia's Gazprom and Gazprom. The U.S. granted NIS multiple waivers until the sanctions came into effect finally in October. Ana Brnabic…
Lukoil Trading Arm Falls Apart Under US Sanctions
U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.Cut off from the global financial system, Litasco has dismissed most traders and operational staff…
Vucic: Serbia has one week to solve the NIS refinery crises
Aleksandar Vucic, president of Serbia, said that Serbia had seven days to decide how to protect fuel supplies at the Serbian NIS refinery without nationalisation. Washington wants to see the Russians completely divested from NIS which runs Serbia's sole refinery. On Saturday, it gave its owners three months in order to find a buyer. Officials project that there is only enough crude oil for the Serbian refinery to run until November 25, according to officials. Vucic, speaking on Sunday at a live broadcast of a government meeting on state TV, said: "The refinery must run.
Slovakia imports two-thirds its gas from non-Russian suppliers this year
Denisa Sakova, Minister of Economy, said that Slovakia's dominant importer of gas, SPP, has only received 33% this year, from Russia. The rest is from other suppliers. Slovakia rearranged its gas supplies after Ukraine stopped transiting Russian gas in the first month of this year. However, it was keen to continue receiving Russian Gazprom gas through its contract with Turkstream and Hungary. The lower Russian volumes are a dramatic drop from 2024 when Russian gas was the majority of SPP’s supply. Sakova, a reporter…
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. Carlyle private equity firm is looking at options to purchase foreign assets of Russian oil giant Lukoil. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked its attempt to sell assets ahead of the November 21, sanctions deadline. Lukoil produces 2% of the world's oil at home and abroad. It has announced that it is looking for buyers of its international assets. These assets produce 0.5% of the global oil, and are valued at about $22 billion based on filings from 2024.
Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, 2015. Sanctions have already affected Lukoil operations in Iraq and at pump stations in Finland, as well as a refinery located in Bulgaria.
Equinor anticipates a tighter European gas markets this winter
Equinor's chief financial officer said on Wednesday that the outlook for Europe's gas market is tighter this winter than most had anticipated, as storage levels in Europe are 12 percentage points less than they were a year earlier. In 2022, the Norwegian company will overtake Russia's Gazprom to become Europe's largest natural gas supplier when Moscow's invasion of Ukraine disrupts decades-old energy ties. He said that Europe was entering winter, the time of highest demand, and gas storages were 83% full. This is 12 percentage points less than last year.
Equinor Q3 core profits fall more than expected
Equinor announced a 9.9% decline in its third quarter profits, which was higher than expected. Oil and gas prices have fallen since a year earlier. The company has maintained its production forecast. Equinor's poll of 21 analysts predicted that the Norwegian energy group would earn $6.31 billion in adjusted earnings for July-September, a slight drop from $6.89. The company's forecast for 2025 capital expenditure of $13 billion was not changed. Equinor, like rivals Shell and BP, promised in February to increase oil and gas production while reducing investment in renewables.
After a drone attack in Ukraine, a giant Russian gas plant has suspended its intake of Kazakh gas
Kazakhstan's Energy Ministry said that a drone attack in Ukraine forced the Orenburg gas processing facility, the largest of its kind anywhere, to stop receiving gas from Kazakhstan. Yevgeny Solntsev, the regional governor of Orenburg, had stated earlier in the day that the drone attack had partially damaged the plant and caused a fire at an atelier at the plant. Kommersant, a Russian media outlet, reported that the fire was put out later, citing an operator. Ukraine has intensified its attacks against Russian refineries…
US Postpones Sanctions on NIS Oil Company
The U.S. has postponed sanctions on Serbia's Russian-owned NIS oil company, which runs Serbia's only oil refinery, for one week until October 15, Belgrade-based Nova Ekonomija news portal reported on Wednesday, citing sources.The reported extension comes as the U.S. extended a license for Croatian oil pipeline operator JANAF to transport crude to Serbia for another week, as it seeks to complete the delivery of contracted volumes, JANAF said on Wednesday.NIS did not respond to a request for comment.The U.S. imposed the sanctions on NIS in January…
Sources say that the daily oil production of Kazakhstan's Karachaganak fell by 24 percent in September m/m.
Two industry sources and calculations show that the production of oil in Kazakhstan's Karachaganak gas field dropped to 200,000 barrels a day (bpd), from 264 300 bpd, in August. This coincided with maintenance at Russia’s Orenburg Gas Processing Plant (GPP). According to sources, the production of oil and condensate from Karachaganak, a light oil type, fell by 24% between September 8 and 30 as Gazprom, Russia, carried out scheduled maintenance at its Orenburg processing facility. The plant processes the raw gas from Karachaganak - one of Kazakhstan's biggest fields. Karachaganak's oil and gas production are tightly linked.