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Economic Sanctions

Canada Slaps Sanctions on Russia Energy Firms

Canada slaps sanctions on Gazprom, other Russia energy firms   Canada is imposing economic sanctions against Russian energy firms such as natural gas producer Gazprom OAO in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Monday.   A government statement did not give details of the sanctions. Other firms targeted are Gazprom Neft OAO, Surgutneftegaz OAO and Transnefteprodukt OAO.     (Reporting by David Ljunggren; Editing by Richard Chang)


Norway Supports Statoil, Rosneft JV

Photo pixabay.com

  Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore.


Ninety North Korean Ships Granted Entry to Japan

Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction


Shipping Company's Losses Total $110M

Ukraine's Danube Shipping Company lost $110 million due to military action in Yugoslavia last year that destroyed bridges and blocked traffic along the Danube, transport minister Leonid Kostyuchenko said. NATO launched air strikes last year on Yugoslavia, which it accused of ethnic cleansing in the province of Kosovo, densely populated by ethnic Albanians. Kostyuchenko said collapsed bridges had blocked 63 Ukrainian ships on upper stretches of the Danube


East Ukraine Referendum Raises Fears Of Dismemberment

  Rebels pressed ahead with a referendum on self-rule in east Ukraine on Sunday and fighting flared anew in a conflict that has raised fears of civil war and pitched Russia and the West into their worst crisis since the Cold War. Clashes broke out around a television tower on the outskirts of the rebel stronghold of Slaviansk shortly before voters made their way to polling stations through streets blocked by barricades of felled trees


Russia Says Will React if U.S. Imposes New Sanctions

  Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S. Congress has readied new sanctions on Russian weapons companies and investors in the country's high-tech oil projects, but U.S. President Barack Obama has yet to sign a corresponding bill into law. "We will not be able to leave that without an answer


Statoil Reports Robust Q1

Oseberg field centre - Photo Harald Pettersen - Statoil.

Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares.   Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first.  


No New Cold War Talks Over Ukraine

  Russian President Vladimir Putin on Saturday dismissed talk of a new Cold War over the crisis in Ukraine and denied trying to rebuild the Soviet Union after reclaiming Crimea. In an interview with Reuters and other international news agencies in a grandiose palace outside St Petersburg, Putin blamed the violence and political instability in Ukraine on the West and warned that sanctions would rebound on the United States and the European Union.


Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets.


Shipping Lines Keen for Cooperation with Iran

Pic: Islamic Republic of Iran Shipping Lines

 The Islamic Republic of Iran Shipping Lines and the country’s leading ports operator, the Tidewater Middle East Maritime Company, have been removed from the US list of companies designated for sanctions and assets freeze, reports Press TV.   International shipping lines are already stepping up port calls to Iran as the country’s massive maritime trade sector is emerging from the sanctions.  


CMA CGM to Reinstate Iran as Port of Call

Photo: CMA CGM

 The Marseille-based French company CMA CGM S.A has announced readiness to start operation in Iran on August 6.    CMA CGM,  the world’s third-largest shipping line in terms of container vessel capacity,  will add Shahid Rajaei port in Iran to its Asia-Europe loop


Obama, Leaders Discuss Possible Sanctions, Force for South Sudan

U.S. President Barack Obama and regional leaders discussed options on Monday that included sanctions and a "regional intervention force" if South Sudan's warring parties do no agree a peace deal by August 17, a U.S. official said.  


Next Wave of FLNG Projects on the Horizon

There will be significant growth in both investment and activity in the FLNG market over the next seven years, with Douglas-Westwood (DW) forecasting total expenditure of $58.3 billion in its new market report. Sixty-one percent of this spend is attributed to liquefaction infrastructure


Eni Mulls Mozambique LNG Supply Deal

Italian oil and gas group Eni is holding discussions with a potential buyer of liquefied natural gas (LNG) supply from its floating export project in Mozambique, an executive said on Thursday. "We are in discussions with a potential buyer, a key term agreement has been finalised


EU Extends Suspension of Iran Sanctions

The European Union extended on Tuesday a suspension of sanctions on Iran for six months following a nuclear deal between the Middle East country and six major world powers.   In a statement the EU said it had "prolonged until January 14 2016 the suspension of EU restrictive


Oil Analysts, Experts Weigh In On Iran Nuclear Deal

Iran, the United States and five other major powers reached an agreement to restrain the Iranian nuclear program in exchange for relief from economic sanctions.   The following are answers to frequently asked questions about any nuclear deal and what follows, from analysts


Iran Deal Could Help India Boost Exports by Over a Third

India's exports to Iran could jump by over a third to $6 billion this fiscal year as an easing of sanctions against Tehran would help boost sales of agricultural commodities though competition for non-farm items would rise, a leading trade body said.  


First Iranian Ship Storing Oil Sails for Asia After Nuclear Deal

An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday.   Iran and six major world powers reached a landmark nuclear deal on


Russia Plans Fuel Shipments to Syria from Crimea

Russia plans to supply Syria with 200,000 tonnes of liquefied petroleum gas (LPG) per year via the Crimean port of Kerch, two trading sources told Reuters.   The plans are a further sign of cooperation between the two countries despite hopes in the West that Russia might stop shielding


Iran Offers India Bigger Role in Developing Port of Chabahar

The port of Chabahar. Photo by Iranian Projects

 The port of Chabahar in southeast Iran is central to India's efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests.   According to a Reuter's report


Sanction Free Iran to Accrue Strong Investment

After 10 years of diplomatic negotiation, the UN P5+1 countries (the U.S., the U.K., France, China, Russia and Germany) reached an agreement to unwind economic sanctions on Iran in return for significant international control and surveillance over its nuclear activities


Iran: Condensate, Fuel Oil Stored Afloat

Iran says it is storing condensate and fuel oil, not crude; some traders believe crude is being stored. As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.


Iranian Officials Say Condensate and Fuel Oil on Ships

As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.   The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some


US Slaps Sanctions on Singapore Shipping Firm over North Korea Links

Image: Senat Group

 The United States imposed sanctions on a Singapore-based shipping firm and its president, alleging they are supporting illicit arms imports into North Korea.   The Treasury Department said that Senat Shipping Company was providing extensive support to Ocean Maritime Management Company


Senat Shipping Disputes US Sanctions

Singapore-based Senat Shipping said on Friday it had done nothing illegal and that it was unreasonable to be put on a U.S. sanctions list for alleged connection with a blacklisted North Korean shipping company. The U.S. Department of Treasury on Thursday listed Senat






 
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