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Darya Korsunskaya News

02 Mar 2022

Putin: Nord Stream 2 Pipeline Would Strengthen Europe's Energy Security

The President of Russia Vladimir Putin held talks with Chancellor of the Federal Republic of Germany Olaf Scholz in the Kremlin. ©Kremlin.ru

Russian President Vladimir Putin reiterated on Tuesday after meeting German Chancellor Olaf Scholz that the Nord Stream 2 gas pipeline, which is still awaiting regulatory approval, is a "purely commercial" project which will strengthen Europe's energy security.The $11-billion pipeline, which has faced stiff opposition from the United States and some European states, was built last September across the Baltic Sea from Russia to Germany, but has been idle pending German and EU regulatory clearance."This is one of Europe's largest infrastructure projects…

17 Dec 2019

Zvezda Shipyards Secures Arc7 Tanker funding

Russian state development bank VEB said on Tuesday it has provided first tranche worth $66 million to Rosneft-led Zvezda shipyard to finance construction of the first Arc7 gas tanker for Novatek's Arctic LNG 2 project.VEB has said its board has approved financing for 15 Arc7 gas tankers for the Arctic LNG 2 project which is expected to start liquefied natural gas (LNG) production in the first part of the next decade in what will be Novatek's second big LNG plant.For its pilot LNG plant, Yamal LNG, Novatek has ordering Arc7 ice-class LNG tankers from South Korea's Daewoo Shipbuilding and Marine Engineering (DSME).Reporting by Darya Korsunskaya

17 Sep 2019

Sovcomflot CEO to Switch to Chairman

(Photo: Sovcomflot)

Sergei Frank will step down as president and chief executive of Russian state-controlled shipping giant Sovcomflot after 15 years at the helm, four sources familiar with the decision told Reuters on Tuesday.Frank will give up operational control of Sovcomflot and take over as chairman of the company's board, two of the sources said.It was not immediately clear why Frank, 59, was moving position.

18 May 2017

Russia Wants to Sell Sovcomflot to Small-stake Investors

Photo: Sovcomflot

Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say. The current era of low tanker market prices is far from the ideal time for Sovcomflot to raise revenue with a share offer, as freight rates were at their highs in 2015. Sovcomflot operates the world's second largest fleet of oil tankers. But…

11 Apr 2016

FinMin Says to Stick to Oil Duty Cuts Plans in 2017

Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday. Russia had scrapped plans to cut the duty for this year due to lower prices of oil, the country's main exporting commodity. Oil producers had expressed concern that the government would increase the tax burden as it tries to make up the shortfall in state coffers. The changes will reduce oil export duties while increasing a mineral extraction tax, allowing Russian refineries to reduce crude processing and increase sales abroad. As a part of the change Russia's government should reduce a coefficient of the formula to 30 percent from the current 42 percent…

10 Feb 2015

Russian Minister Mulls Grain Storage Project in Egypt

Russian Agriculture Minister Nikolai Fyodorov said on Tuesday Russian companies may take part in building grain storage facilities in Egypt with a capacity of up to 8 million tonnes. Fyodorov did not provide any other details of the project to reporters in Cairo. The capacity of the new storage facilities would be significantly larger than Egypt had previously planned to build. Reporting by Darya Korsunskaya

29 Apr 2014

Putin Sees No Need To Sanction West, May Review Energy Ties

Russian President Vladimir Putin said on Tuesday that Moscow saw no need for counter sanctions against the West, but could reconsider the participation of Western companies in its economy, including energy projects. "We would very much wish not to resort to any measures in response. I hope we won't get to that point," he told reporters after meeting with the leaders of Belarus and Kazakhstan. The United States on Monday unveiled a new round of sanctions aimed at business leaders and companies close to Putin, while the European Union followed up on Tuesday by naming 15 Russians and Ukrainians to its blacklist, moving to freeze assets and deny visas.

08 Apr 2014

Russia: European Demand for O&G May Flag

A Russian deputy economy minister said on Tuesday that he did not rule out weaker European demand for Russian oil and gas due to tension over Ukraine. Andrei Klepach also told reporters that Ukraine is likely to reduce Russian gas purchases this year to 20 billion cubic metres, from 25.8 billion in 2013, because of difficulties paying for deliveries. "This is not (a result of) sanctions, but one may anticipate a certain decrease in demand for our hydrocarbons both from Ukraine and from European countries," he said. (Reporting by Darya Korsunskaya; Writing by Vladimir Soldatkin; Editing by Steve Gutterman)