O&G Firms Committed To Russia Despite Sanctions

World Energy News
Friday, April 18, 2014
Russian Energy Minister Alexander Novak. (Image: http://government.ru)
Russian and international oil and gas majors are cooperating as usual despite sanctions imposed over Ukraine and Russia's South Stream gas pipeline project is going ahead, Energy Minister Alexander Novak said on Friday.
 
"There is no sense behind talk of the severing of relations... They express their desire to invest in Russia," Novak told reporters when asked if sanctions had hit energy cooperation.
 
The world's top crude oil producer and a leader in natural gas, Russia has signed deals with international majors on developing energy resources, mainly in the offshore Arctic region.
 
Top Russian oil firm Rosneft has signed agreements with ExxonMobil, Eni and Statoil and its biggest shareholder after the state is London-based BP .
 
BP boss Bob Dudley said this week that Western sanctions over Russia's actions in Ukraine had not impacted the company's business in Russia.
 
Ben van Beurden, the new boss of Royal Dutch Shell, which holds a stake in Russia's only liquefied natural gas producing plant, is scheduled to meet Russian President Vladimir Putin on Friday in a sign of the company's commitment to its business in the country.
 
SOUTH STREAM
 
The minister also said the 2,400-kilometre (1,490-mile) South Stream pipeline from Russia via the Black Sea to southern Europe, avoiding Ukraine, would proceed.
 
"The project is being implemented on the basis of agreements between the countries. According to international law, these agreements cannot be suspended. We have been in consultations with the European Commission over South Stream, the work is going on," Novak said.
 
Doubts have been raised about the future of the project since Russia's annexation of Ukraine's Crimea region, a move that has angered both the EU and Washington.
 
The EU's approvals process regarding South Stream has been put on hold, European Commissioner for Energy Guenther Oettinger said.
 
Hoping to build the pipeline is a consortium including Russian gas exporter Gazprom as well as European partners Wintershall, Eni and EDF.
 
South Stream is designed to carry more than 63 billion cubic metres of gas to Europe a year by the end of the decade, meeting up to 15 percent of Europe's needs.
 
(By Anastasia Lyrchikova, writing by Vladimir Soldatkin; editing by Alessandra Prentice and Jason Neely)
 
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

EU Regs on Ship CO2 Reporting Complicates IMO Agreement

ICS Concerned that EU will Preempt IMO CO2 Negotiations.   The global trade association for shipowners – the International Chamber of Shipping (ICS) – is disappointed

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Offshore Energy

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Drillsearch Discovers Gas at Varanus South-1

Drillsearch Energy Limited announced a new wet gas discovery on the Western Cooper Wet Gas Fairway of the Cooper Basin. The Varanus South-1 well in PEL 513 (Drillsearch

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2134 sec (5 req/sec)