Latest news with #Gazprom
Forbes
an hour ago
- Business
- Forbes
Iran's Strategic Loss Could Become Russia's Energy Gain
TIKHVIN, RUSSIAN FEDERATION: A special lifting crane installs a segment of the North European Gas ... More pipeline (NEGP) near the town of Tikhvin in the Leningrad region, 04 February 2006. Russia plans to finish building the first section of a pipeline to take natural gas direct to Europe across the Baltic Sea floor in June, Ria-novosti news agency reported. Construction under the 4.7-billion euro project, which is managed by Russian energy giant Gazprom, began last year. The pipeline, which is to include two parallel legs measuring 750 miles each, will connect the Baltic seashore near the Russian city of Vyborg with the Greifswald region on the German coast. AFP PHOTO / SERGEY KULIKOV (Photo credit should read SERGEY KULIKOV/AFP via Getty Images) Israel's recent military campaign may have succeeded in striking a body blow to Iran's nuclear ambitions. But the twelve-day war waged by Jerusalem (and assisted by Washington) could end up paying real dividends for another member of the so-called 'axis of authoritarians.'After years of delays, Beijing appears once again to be interested in building a pipeline to transport additional Russian natural gas to China. The revival of the 'Power of Siberia 2'– a proposed 1,600-mile gas route from Russia's Yamal Peninsula into the PRC – is now expected to feature prominently on the agenda during Russian President Vladimir Putin's upcoming state visit to China this renewed interest comes amid fresh concerns about the reliability of energy supplies from the Middle East. There's good reason for officials in Beijing to worry. Natural gas from the region accounts for some 30% of China's imports of liquified natural gas, with Qatar and the United Arab Emirates serving as its principal suppliers. At the same time, China is deeply dependent on Iranian oil; Beijing buys roughly 90% of the crude exported by the Islamic Republic, purchasing it at a rate of nearly 1.4 million barrels daily during the first half of this year. All of which has left the PRC uniquely vulnerable to a cutoff of supplies from the region – and leery that such a disruption could actually remains a real possibility. During the recent conflict, as part of its potential retaliation to Israeli air strikes and American bombardment, the Islamic Republic is said to have contemplated closing the Strait of Hormuz. And while Iran stopped short of interfering with energy transit through the waterway, via which one-fifth of world oil passes, China's leaders appear to have become convinced that it would be prudent to explore potential alternatives."The volatility and unpredictability of the military situation have shown the Chinese leadership that stable land-based pipeline supply has geopolitical benefits," Alexander Gabuev of the Carnegie Russia Eurasia Center tells the Wall Street Journal. 'Russia could benefit from that.'Indeed it could. If revived, the "Power of Siberia 2" would be nothing short of a boon for Moscow, which has grappled with the loss of Europe as an energy market ever since the start of its war on Ukraine some three-and-a-half years ago. An additional pipeline could serve as a significant input to Russia's ailing economy, even as it expands China's current dependence on Russian energy still further. (The original 'Power of Siberia' pipeline, stretching more than 1,800 miles from eastern Siberia to northeast China via Russia's Amur region, was inaugurated back in 2019 and now provides nearly a tenth of the PRC's natural gas. China also buys about one-fifth of its oil from Russia.)Strategically, meanwhile, it would help strengthen Moscow's ties to Beijing – and do so at precisely the time that the United States needs to disrupt the 'no limits' partnership that has developed between the two significant impediments remain. Moscow and Beijing have disagreed in the past about ownership of the project, as well as pricing for the gas it would transport. And experts estimate that construction on the 'Power of Siberia 2,' if it does materialize, would take five years or even means the energy route can't be a quick fix for Russia's current, dire economic condition. But if it ends up becoming a reality, the 'Power of Siberia 2' would serve as another link binding the authoritarians in Moscow and Beijing together – and yet another complication that the West will need to contend with.
Time of India
21 hours ago
- Business
- Time of India
Dutch Court Frees Gazprom Assets, Citing State Immunity In Blow To Ukraine's Legal Offensive
/ Jul 23, 2025, 11:44PM IST A Dutch court has overturned the seizure of Russian energy giant Gazprom's assets in the Netherlands, dealing a blow to Ukraine's efforts to seek compensation for war-related damages. The ruling cited state immunity, which protects foreign governments from being sued without consent. Ukrainian agricultural firms had targeted Gazprom shares in Dutch energy companies. Watch
Bloomberg
a day ago
- Business
- Bloomberg
Russia Pumps Less Gas as China Fails to Offset Lost Europe Flows
Russia's gas output declined in the first half of the year as higher exports to China and increased domestic demand failed to make up for lost flows to Europe via Ukraine. The nation produced 334.8 billion of natural and associated gas through June, down 3.2% from the same period a year ago, according to Bloomberg calculations based on industrial output data from the nation's Federal Statistics Service. Russia's energy giant Gazprom PJSC accounts for nearly two thirds of Russia's gas output.
Malaysia Sun
a day ago
- Business
- Malaysia Sun
Slovak state gas firm eyes full Russian supply Bloomberg
Bratislavas energy giant plans to tap Gazprom for all imports, citing cost and competitiveness, the outlet has said Slovakia's largest natural gas company is planning to turn to Russia for 100% of its supplies next year, Bloomberg has reported. Company officials cited cost benefits as EU countries face a ban on spot purchases of Russian energy, the outlet said. The EU aims to phase out Russian energy imports by the end of 2027 as part of its RePowerEU strategy. The plan includes a ban on new pipeline and LNG contracts with Moscow, as well as an end to imports under existing spot agreements. However, the scheme has faced pushback from Slovakia and Hungary. Both countries are expected to receive transitional exemptions, enabling them to continue to uphold long-term contracts with Gazprom. The ban, set to take effect in January, could free up additional pipeline capacity for Slovakia's Slovensky plynarensky priemysel (SPP) and Hungary's MVM Magyar Villamos Muvek, the outlet said on Monday. "Russian gas is the most cost-effective for us, which is why we prioritize it," Michal Lalik, SPP's trade director, told Bloomberg. "We could be buying 100% of our needs, that's about 8 million cubic meters per day." Last week, Slovak Prime Minister Robert Fico said Bratislava had accepted guarantees from the European Commission to limit the impact of a halt in Russian gas supplies. As a result, Bratislava lifted its veto on the EU's 18th package of sanctions against Russia. Slovakia has resisted the EU's push to sever energy ties with Russia, warning of severe economic consequences. Fico has condemned the bloc's plan as "imbecilic," saying it would undermine Slovakia's energy security and destabilize the wider EU. Slovakia, which still receives Russian gas via TurkStream under a long-term contract with Gazprom through 2034, warns that losing access to cheaper supplies would harm its competitiveness. Without Turkstream, Slovakia would be forced to rely on western supply routes - mainly via Germany, Austria, and the Czech Republic - leading to higher transit costs. "Price disparities within the supposedly unified European energy market will distort competition and severely weaken the position of Slovak companies," said Roman Karlubik, vice president of the Federation of Employers' Associations. (
Russia Today
a day ago
- Business
- Russia Today
Slovak state gas firm eyes full Russian supply
Slovakia's largest natural gas company is planning to turn to Russia for 100% of its supplies next year, Bloomberg has reported. Company officials cited cost benefits as EU countries face a ban on spot purchases of Russian energy, the outlet said. The EU aims to phase out Russian energy imports by the end of 2027 as part of its RePowerEU strategy. The plan includes a ban on new pipeline and LNG contracts with Moscow, as well as an end to imports under existing spot agreements. However, the scheme has faced pushback from Slovakia and Hungary. Both countries are expected to receive transitional exemptions, enabling them to continue to uphold long-term contracts with Gazprom. The ban, set to take effect in January, could free up additional pipeline capacity for Slovakia's Slovensky plynarensky priemysel (SPP) and Hungary's MVM Magyar Villamos Muvek, the outlet said on Monday. 'Russian gas is the most cost-effective for us, which is why we prioritize it,' Michal Lalik, SPP's trade director, told Bloomberg. 'We could be buying 100% of our needs, that's about 8 million cubic meters per day.' Last week, Slovak Prime Minister Robert Fico said Bratislava had accepted guarantees from the European Commission to limit the impact of a halt in Russian gas supplies. As a result, Bratislava lifted its veto on the EU's 18th package of sanctions against Russia. Slovakia has resisted the EU's push to sever energy ties with Russia, warning of severe economic consequences. Fico has condemned the bloc's plan as 'imbecilic,' saying it would undermine Slovakia's energy security and destabilize the wider EU. Slovakia, which still receives Russian gas via TurkStream under a long-term contract with Gazprom through 2034, warns that losing access to cheaper supplies would harm its competitiveness. Without Turkstream, Slovakia would be forced to rely on western supply routes – mainly via Germany, Austria, and the Czech Republic – leading to higher transit costs. 'Price disparities within the supposedly unified European energy market will distort competition and severely weaken the position of Slovak companies,' said Roman Karlubik, vice president of the Federation of Employers' Associations.
