Latest news with #Sakhalin-2
Time of India
01-08-2025
- Business
- Time of India
Russian LNG exports fell 4.5% year-on-year in January-July, data shows
MOSCOW, - Russia's exports of liquefied natural gas in January-July this year declined by 4.5 per cent from a year earlier to 17.1 million metric tons, LSEG preliminary data showed on Friday, reflecting the impact of international sanctions over Ukraine. The United States has imposed sanctions on companies and vessels linked to Russia's new Arctic LNG 2 plant because of the conflict in Ukraine, effectively freezing the project because of the difficulty for Moscow in finding buyers. In July, Russia's LNG exports were down by 5%, year-on-year, at 1.9 million tons, and were 11.2 per cent lower than in June this year, according to LSEG data. Russian LNG exports to Europe in January-July declined by 14.7 per cent year-on-year to 8.7 million tons, while supplies in July in this direction fell by 20.6 per cent to 850,000 tons. Novatek's Yamal LNG plant cut total exports in July by 10.4 per cent year-on-year to 1.29 million tons. In July, deliveries from the plant were at their lowest since December 2023. Since the beginning of the year, exports from Yamal LNG have decreased by 1.8 per cent to 11 million tons year-on-year. In July, two shipments were recorded from the Arctic LNG 2 project. According to LSEG, the tankers remain at sea with a load of 0.14 million tons. Sakhalin-2, controlled by Gazprom, increased exports to 590,000 tons in July from 280,000 tons a year ago. Exports from the project rose to 5.6 million tons year-to-date from 5.2 million in January-July 2024.
Yahoo
06-05-2025
- Business
- Yahoo
Reuters: European Commission prepares proposal for 17th package of sanctions against Russia
Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Generate Key Takeaways The European Commission finalised its proposal for the 17th package of sanctions against Russia on Tuesday 6 May, proposing to expand the list of sanctioned individuals and stepping up efforts to counter Moscow's shadow fleet used to bypass Western sanctions. Source: Reuters, citing three European diplomats, as reported by European Pravda Details: Sources told Reuters that the proposal tightens export controls on dual-use goods and advanced technologies. One source added that the European Commission is proposing sanctions against more than 50 individuals and entities, including five based in China, as well as 31 companies that support the Russian military or are involved in circumventing existing restrictions. The proposal also includes blacklisting over 100 vessels as part of the fight against Russia's shadow fleet, Reuters reports. Meanwhile, the European Commission is proposing to extend the sanctions exemption for the Russian Sakhalin-2 oil and gas project until June 2026 because of its importance to Japan. A Reuters source explained that the goal is to show that the 27 EU members "still agree on something against Russia" after repeated veto threats from Hungary. Background: Earlier, it was reported that the 17th package of EU sanctions against Russia would be prepared for the EU Foreign Affairs Council meeting to be held in May 2025. Jean-Noël Barrot, France's Minister for Europe and Foreign Affairs, stated that the EU wants to prepare and adopt its next package of sanctions against Russia in coordination with the United States. Support Ukrainska Pravda on Patreon!
Straits Times
06-05-2025
- Business
- Straits Times
European Commission proposes 17th Russia sanctions package
A banner depicting an European Union flag is reflected in a window outside the EU Council headquarters in Brussels, Belgium March 18, 2025. REUTERS/Yves Herman/File Photo BRUSSELS - The European Commission proposed adding more individuals and over 100 vessels linked to Russia's shadow fleet to its 17th package of sanctions against Moscow, EU diplomats said on Tuesday. An exemption from sanctions on the Russian oil and gas project Sakhalin-2 will be extended to June next year, one of the sources said, owing to its importance to Japan. The proposal has come sooner than expected, they said, and has been kept "simple". Member states were not informally consulted in advance on the contents, which has been the norm for previous Russian measures. Countries are expected to agree on the proposal quickly with the first discussions due to take place on Wednesday. In mid-April, sources said the Commission's work on new measures was moving slowly and any new restrictions were not expected to materialise until June. The sources said the package contains tighter export controls on goods that can be repurposed by Russia's military and advanced technologies along with the listing of more shadow fleet vessels. Moscow has built up a vast fleet operating outside of western networks to export its oil and buy ammunition. One of the sources added that over 50 individuals and entities would be sanctioned, including five in China. Further, new measures would target 31 companies helping Russia's military or involved in sanctions evasion, of which 13 are outside Russia. One of the sources added the aim was to show the 27-member bloc can "still agree on something against Russia" after repeated veto threats from Hungary's Russia-friendly government on Russia sanctions. France's foreign minister told news agency AFP last week the EU would try to coordinate the timing of its next package with the United States. Officials in Washington have finalised new economic sanctions against Russia to intensify pressure on Moscow to embrace U.S. President Donald Trump's efforts to end its war in Ukraine. However, it was not immediately clear whether Trump would sign off on the new restrictions, which include new targets such as Russia's gas behemoth Gazprom. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Russia Today
08-04-2025
- Business
- Russia Today
Japan to keep stake in Russian LNG project
Japan will continue participating in Russian liquefied natural gas (LNG) projects on Sakhalin Island due to their strategic importance for the country's energy security, according to an annual report released on Tuesday. However, Tokyo reiterated its intention to gradually reduce dependence on Russian energy. Japan has fully supported the Western sanctions imposed on Russia over the Ukraine conflict and has introduced multiple rounds of restrictions over the past three years. Tokyo also joined the G7's $60-per-barrel price cap on Russian seaborne oil. 'The Sakhalin-1 and Sakhalin-2 oil and natural gas development projects are important for Japan's energy security in terms of ensuring a stable supply in the medium and long term, and we intend to maintain our participation in them,' the Foreign Ministry stated in the 2025 edition of its Diplomatic Blue Book, which reviews Japan's activities in the realm of foreign affairs. The ministry added that Japan will continue pursuing a policy of gradually decreasing reliance on Russian energy, including oil and coal, while minimizing the negative impact on Japanese citizens and businesses. READ MORE: UK energy giant discloses details of Russian lawsuit Japan's state-run consortium Sodeco holds a 30% stake in the Sakhalin-1 oil and gas project, while Indian state oil company ONGC Videsh owns 20%. Two subsidiaries of Russia's oil giant Rosneft hold stakes of 8.5% and 11.5%. After US multinational ExxonMobil, which previously operated Sakhalin-1, opted to withdraw from the project following the escalation of the Ukraine conflict in 2022, its 30% share was transferred to Sakhalinmorneftegaz-Shelf, a Rosneft subsidiary. Its sister project, Sakhalin-2, is one of the world's largest LNG ventures, supplying around 4% of the global market. In 2022, Russian President Vladimir Putin signed a decree transferring the assets of Sakhalin Energy, the former operator of Sakhalin-2, to a new Russia-based operator, Sakhalin Energy LLC. Foreign shareholders were allowed to take a stake in the new operator proportionate to their previous holdings. The Japanese firms Mitsui and Mitsubishi opted to retain their stakes of 12.5% and 10%, respectively, while British energy giant Shell, which held a 27.5% minus one share stake in Sakhalin Energy, declined to join the new entity. As a result, the Russian government sold Shell's stake to a Gazprom subsidiary for roughly $1 billion. READ MORE: Russian LNG exports hit new record – Kpler Though Japan does not import fuel under the Sakhalin-1 project, Tokyo considers it important for diversifying supply sources and ensuring long-term stability. In October 2022, then-Japanese Trade Minister Yasutoshi Nishimura emphasized the project's significance, noting that Japan depends on the Middle East for 95% of its oil imports. Japan is one of the world's largest LNG importers and relies on Russia for 9% of its total liquid gas supply, mostly through long-term Sakhalin-2 contracts.
Yahoo
28-03-2025
- Business
- Yahoo
Russia's gas production plummets following Ukraine's transit halt, media reports
Russia's natural gas production saw a significant decline in February, dropping 11.3% year-on-year to 57.2 billion cubic meters (bcm), according to Russian media outlet Kommersant, which cited sources familiar with Energy Ministry data. The sharp decline is primarily attributed to Ukraine halting Russian gas transit through its territory on Jan. 1 after the expiration of a 2019 transit agreement. The move has severely impacted Gazprom, Russia's state-owned gas giant, whose production fell 13.2% year-on-year to 38.2 bcm in February. With the loss of Ukrainian transit routes, Kommersant reports that Gazprom now relies almost entirely on the TurkStream pipeline, which has an annual capacity of just under 16 bcm—significantly restricting Russia's ability to export gas to Europe. Beyond Gazprom, other major Russian energy companies also reported declines in production. Novatek reduced its output by 1.5%, producing 6.4 bcm in February. Lukoil's gas production fell by 13.3% to 1.3 bcm, while Rosneft recorded a 14% drop, bringing its total production to 5.5 bcm. Gazprom Neft also reported a decline of 8.3%, producing 2.2 bcm during the month. The downturn extended beyond Russia's borders. Kommersant reported that Gazprom Neft's gas production in the NIS (Serbian oil and gas company), Badra (Badra oil field located in eastern Iraq), and Kurdistan (Iraq) fell by 20.5%, while Rosneft's output at Egypt's Zohr field declined by 21.3% compared to the previous year. The only projects that maintained their 2024 levels were Sakhalin-1 and Sakhalin-2, which produced 0.7 bcm and 1.4 bcm in February, respectively. Despite the slump, Russian price agencies told Kommersant that gas production in 2025 is expected to remain at 2024 levels as Moscow shifts its focus toward expanding pipeline exports to China and increasing LNG shipments. Read also: Ukraine's list of energy facilities banned from attacks differs from Russian version, Energy Ministry says We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
