Latest news with #Novatek
Yahoo
5 days ago
- Business
- Yahoo
Ban on Russian gas: France and Belgium do not support European Commission's plan
France and Belgium, the two largest buyers of Russian liquefied natural gas (LNG), are refusing to support the European Commission's proposed plan to ban gas supplies from Russia. Source: European Pravda, citing Politico Details: The publication writes that these countries are demanding additional guarantees regarding the economic and legal consequences of this step before making a decision. In particular, France, which buys the most Russian LNG, says it prefers a strategy of seeking alternative supplies. Belgium, which ranks second, wants to see a report detailing the economic consequences before making a decision. "What we're defending is a European strategy of diversification … which is already on the table," French Energy Minister Marc Ferracci said in an interview with Politico, referring to France's plan to replace Russian supplies with Qatari products. The French minister also raised the issue of the "legal certainty" of Brussels' proposal, fearing that private companies could face Russian lawsuits over unfulfilled contracts. France's TotalEnergies, for example, is currently bound by a supply contract with Russia's Novatek until 2032 and also owns a 20% stake in the Yamal project, which operates an LNG plant in Siberia. Belgium, which intends to continue receiving and storing Russian LNG until 2035, also wants the European Commission to allay its concerns. Before the EU presents its proposals, "we ask the Commission to present an in-depth impact assessment" of these measures, said Belgian Energy Minister Mathieu Bihet. He said the country would hold technical talks on the measures' impact on Belgium's LNG infrastructure. France and Belgium's hesitation is at odds with the position of Spain and the Netherlands, other major importers of Russian LNG in the EU. Both countries have said they are ready to support the future plan. According to data from the Kpler commodity platform, these four countries imported 16.77 million tonnes of Russian liquefied gas last year, accounting for 97% of total EU imports and more than half of Moscow's global exports. Collectively, they have spent more than €6 billion on LNG purchases from Russia. Support from all four countries will be crucial for the European Commission, as Hungary and Slovakia are likely to try to block the ban so that they can continue purchasing Russian energy resources. In addition, many politicians and industry representatives in the EU are calling for a return to Russian energy supplies after the end of Russia's war against Ukraine, complaining about high electricity prices in Europe. EU countries are currently considering conducting an economic and legal analysis across the Union. One EU representative said that the Commission is preparing "a document that will analyse the impact" of these measures. Background: The European Commission presented a roadmap for completely stopping Russian gas imports by the end of 2027, as well as minimising Russian oil imports. Hungarian Foreign Minister Péter Szijjártó criticised the plan, calling it an attack on Hungary's sovereignty. Slovak Prime Minister Robert Fico also said he did not support the European Commission's proposed roadmap for ending imports of Russian energy. Hungary and Slovakia are the only EU countries that rely on piped Russian gas and oil as their main source. Support Ukrainska Pravda on Patreon!
Business Recorder
23-05-2025
- Business
- Business Recorder
Russia and Bahrain in advanced talks over LNG supply deal
LONDON: Russia is in advanced talks with Bahrain over a three-year liquefied natural gas (LNG) agreement under which Moscow would supply the Gulf kingdom with 1.5 million metric tons of the fuel, according to three sources close to the matter. The prospective deal would be the first of its kind between the countries and continues the expansion of Russia's reach in global energy markets and LNG competition with the United States. Russia, the world's fourth-largest LNG producer behind the United States, Qatar and Australia, is striving to enter the top three global LNG exporters and plans to produce 100 million tons per annum (mtpa) of the super-chilled gas in the medium term. Home to the U.S. Navy's Fifth Fleet, Bahrain is seeking to increase LNG imports to meet a gas shortage amid peak summer energy demand for air-conditioning. Last month the kingdom received its first LNG cargo in six years. Russian Deputy Prime Minister Alexander Novak met Bahrain's Minister of Oil and Environment, Mohamed bin Mubarak bin Daina, this week to discuss the purchase of 1.5 million tons, or 20 LNG cargoes, per year for three years, the sources said. Russia's LNG exports down 4.6% y/y in January-April, data shows 'Talks are at an advanced stage and the deal is expected to be concluded soon,' one of the sources said. Volumes are expected to come from Russia's Yamal LNG plant, in which Russia's largest LNG producer, Novatek, holds a majority stake. Novatek and Bahrain's government communications office did not respond immediately to requests for comment.
Zawya
23-05-2025
- Business
- Zawya
Russia and Bahrain in advanced talks over LNG supply deal, sources say
Russia is in advanced talks with Bahrain over a three-year liquefied natural gas (LNG) agreement under which Moscow would supply the Gulf kingdom with 1.5 million metric tons of the fuel, according to three sources close to the matter. The prospective deal would be the first of its kind between the countries and continues the expansion of Russia's reach in global energy markets and LNG competition with the United States. Russia, the world's fourth-largest LNG producer behind the United States, Qatar and Australia, is striving to enter the top three global LNG exporters and plans to produce 100 million tons per annum (mtpa) of the super-chilled gas in the medium term. Home to the U.S. Navy's Fifth Fleet, Bahrain is seeking to increase LNG imports to meet a gas shortage amid peak summer energy demand for air-conditioning. Last month the kingdom received its first LNG cargo in six years. Russian Deputy Prime Minister Alexander Novak met Bahrain's Minister of Oil and Environment, Mohamed bin Mubarak bin Daina, this week to discuss the purchase of 1.5 million tons, or 20 LNG cargoes, per year for three years, the sources said. "Talks are at an advanced stage and the deal is expected to be concluded soon," one of the sources said. Volumes are expected to come from Russia's Yamal LNG plant, in which Russia's largest LNG producer, Novatek, holds a majority stake. Novatek and Bahrain's government communications office did not respond immediately to requests for comment.
Reuters
23-05-2025
- Business
- Reuters
Russia and Bahrain in advanced talks over LNG supply deal, sources say
LONDON, May 23 (Reuters) - Russia is in advanced talks with Bahrain over a three-year liquefied natural gas (LNG) agreement under which Moscow would supply the Gulf kingdom with 1.5 million metric tons of the fuel, according to three sources close to the matter. The prospective deal would be the first of its kind between the countries and continues the expansion of Russia's reach in global energy markets and LNG competition with the United States. Russia, the world's fourth-largest LNG producer behind the United States, Qatar and Australia, is striving to enter the top three global LNG exporters and plans to produce 100 million tons per annum (mtpa) of the super-chilled gas in the medium term. Home to the U.S. Navy's Fifth Fleet, Bahrain is seeking to increase LNG imports to meet a gas shortage amid peak summer energy demand for air-conditioning. Last month the kingdom received its first LNG cargo in six years. Russian Deputy Prime Minister Alexander Novak met Bahrain's Minister of Oil and Environment, Mohamed bin Mubarak bin Daina, this week to discuss the purchase of 1.5 million tons, or 20 LNG cargoes, per year for three years, the sources said. "Talks are at an advanced stage and the deal is expected to be concluded soon," one of the sources said. Volumes are expected to come from Russia's Yamal LNG plant, in which Russia's largest LNG producer, Novatek ( opens new tab, holds a majority stake. Novatek and Bahrain's government communications office did not respond immediately to requests for comment.
Reuters
23-05-2025
- Business
- Reuters
Supplies from Russia's sanctioned Arctic LNG 2 plant curbed by lack of tankers, source says
LONDON, May 23 (Reuters) - Russia's Arctic LNG 2 plant, currently under U.S. sanctions, has shut down its first production train because reservoirs are full in the absence of tankers to load, a source close to the matter told Reuters on Friday. Russia's Novatek <( opens new tab, which owns a 60% stake in the plant, did not respond to a request for comment. Located on the Gydan peninsula that juts into the Kara Sea, the plant had been set to become one of Russia's largest LNG plants, with eventual output of 19.8 million metric tons per year between three trains. Shortages of ice-class gas ships and Western sanctions over Russia's war in Ukraine has left Novatek behind schedule for cargoes of the super-chilled gas. Novatek has said that 15 Arc7 ice-class tankers to transport LNG from Arctic projects will be built at the Zvezda shipyard. The source said on Friday that the first Arc7 from Zvezda is expected to be delivered to Russia's leading tanker group, Sovcomflot ( opens new tab, between August and September.
