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

Posted by Joseph R. Fonseca
Tuesday, April 29, 2014
Vladimir Putin

 

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.

"But if something like that continues, we will of course have to think about who is working in the key sectors of the Russian economy, including the energy sector, and how."

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.

"Regarding the second package, it's not clear at all what this is linked to, because there is no cause and effect link with what is happening now in Ukraine and Russia," he said.

 

SIGNIFICANT TIES

Though some Western oil companies left Russia in recent years because of a difficult business climate, U.S. companies Exxon Mobil and Chevron Corp, along with British major BP, have significant ties there.

Igor Sechin, the head of state-controlled Rosneft, was named in the latest U.S. sanctions, though not his company, in which BP holds an 18.5 percent stake.

In Russia, Exxon Mobil's net acreage holdings in Sakhalin at the end of 2013 totaled 85,000 acres, all offshore, and its net acreage in the Rosneft joint venture agreements for the Kara and Black Seas was 11.3 million acres. The two companies also have a joint venture to evaluate the development of tight-oil reserves in western Siberia.

In the United States, Rosneft unit Neftegaz in March 2013 bought a 30 percent stake in 20 deepwater exploration blocks held by Exxon in the U.S. Gulf of Mexico.

Exxon Mobil declined to comment on Putin's latest comments on Tuesday.

Meanwhile, Chevron Corp owns a 15 percent stake in the Caspian Pipeline Consortium, which transports crude oil from Kazakhstan through Russia to the Black Sea. The company also sells lubricants in Russia used in engines for ships and agricultural equipment.

Chevron declined to comment on Putin's latest statements, but said it was monitoring the region closely.

Putin reiterated his accusations that the United States was orchestrating the Ukraine crisis and urged Kiev and pro-Russia protesters to respect the Geneva agreements, reached on April 17 and intended to defuse the crisis, and sit down at the negotiation table.

The United States and European Union accuse Moscow of orchestrating an uprising of pro-Russian separatists in southeastern Ukraine. The crisis has brought relations between the West and Russia to their lowest since the end of the Cold War.

(Reporting by Darya Korsunskaya, Anna Driver and Ernest Scheyder; Writing by Alexei Anishchuk; editing by G Crosse, Nigel Stephenson and Terry Wade)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Corvus Gains Support from WINN Initiative

Corvus Energy announced today the award of $1.3 million in repayable assistance from the Western Innovation (WINN) Initiative for its project to further develop the Corvus Energy Storage System.

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Missouri River Basin is Booming

The U.S. Army Corps of Engineers Missouri River Basin Water Management Division is maintaining above normal releases at the four lower dams on the Missouri River.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

People in the News

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Saudi Oil Pipeline Set Alight

A "limited fire" broke out on a subsidiary oil pipeline in eastern Saudi Arabia on Saturday after assailants fired shots at a security patrol, the state news agency SPA said.

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1066 sec (9 req/sec)