Latest news with #energysecurity
Reuters
6 hours ago
- Business
- Reuters
Serbia seeks extension of US sanctions waiver for oil firm NIS, minister says
July 24 (Reuters) - Serbia has sought an extension from the United States on a sanctions waiver for Russian-owned Serbian oil company NIS ( opens new tab for an additional 180 days, Serbia's mining and energy minister said on Thursday. "In the past month, as well as in the entire period since January when U.S. sanctions against NIS were first announced, we have consistently defended our position that sanctions would be very bad for the energy security of Serbia and the region," Dubravka Djedovic Handanovic said in a statement. Continued sanctions on NIS, which is majority-owned by Russia's Gazprom Neft ( opens new tab and Gazprom ( opens new tab, would also hurt Serbia's economy, he said. The U.S. Treasury's Office of Foreign Assets Control (OFAC) initially placed sanctions on Russia's oil sector on January 10, with NIS having so far secured a fourth reprieve, which is due to expire on July 29. NIS operates Serbia's only oil refinery and the company's operating license is critical for crude oil procurement at the refinery, the minister said, stressing Serbia's commitment to working with its U.S. and Russian partners for a sustainable solution. Djedovic Handanovic also thanked Hungary for its support, stating, "the Hungarian government has always supported Serbia's request to extend the license for NIS, and we expect it to do so this time as well." NIS's refinery in the town of Pancevo, just outside Belgrade, has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs.
Zawya
8 hours ago
- Business
- Zawya
Oman: OQ Trading expands LNG supply role in Bangladesh
MUSCAT: OQ Trading International, the energy trading arm of Oman's OQ Group, has strengthened its position in Bangladesh's energy market with the signing of the country's first-ever short-term liquefied natural gas (LNG) supply agreement. The landmark deal marks a strategic shift in Bangladesh's LNG sourcing approach, aimed at ensuring greater energy security and reducing exposure to the volatile spot market. According to Rupantarita Prakritik Gas Company Ltd (RPGCL), the agreement represents a critical step in enhancing supply stability during peak demand periods. RPGCL, a fully owned subsidiary of Petrobangla and the government's LNG importing agency, is the official partner of OQ Trading in Bangladesh. The newly signed Sales and Purchase Agreement (SPA) allows Bangladesh to import one LNG cargo per month from August 2025 through December 2026, totalling 17 cargoes. This deal marks Bangladesh's first short-term LNG arrangement with any global supplier and complements its existing long-term contracts. Under the agreement, Bangladesh will receive five LNG cargoes in 2025 and 12 in 2026. The SPA also introduces a new pricing mechanism, shifting from the traditional Brent crude-linked pricing model to one based on the Japan Korea Marker (JKM), which is widely used for LNG deliveries to Northeast Asia. The country will pay a premium of 15 cents per MMBtu above the JKM benchmark, offering an alternative structure to previous negotiations where suppliers demanded up to 17 per cent of Brent plus fixed charges. OQ Trading has long been a key LNG supplier to Bangladesh. Its first long-term agreement, signed in 2018, remains in effect through 2029, providing up to 1.5 million tonnes of LNG per year. A second long-term contract, signed in 2023, will run from 2026 to 2035. Under this contract, Bangladesh is set to import 250,000 tonnes of LNG in 2026, 1 million tonnes in both 2027 and 2028 and 1.5 million tonnes annually from 2029 onwards. As of June 2025, Bangladesh has imported 124 LNG cargoes from OQ Trading, totalling around 7.74 million tonnes. The latest short-term deal is designed to reduce Bangladesh's dependency on high-priced spot cargoes, which are frequently used to meet surges in demand — especially in summer and during Ramadhan. Spot market offers often come with hefty premiums due to long validity periods and perceived payment risks, with mark-ups sometimes exceeding $1.50 per MMBtu over JKM. This strip contract with OQ Trading provides Bangladesh with a fixed premium pricing structure and shields the supplier from market risks associated with fluctuating prices and tender uncertainties. It also offers much-needed breathing room ahead of increased deliveries under future long-term supply deals. Bangladesh is projected to import around 52 spot cargoes in 2025 — the highest volume for any single year. The agreement with OQ Trading is expected to ease that pressure by securing a portion of supply under predictable pricing terms. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Russia Today
a day ago
- Business
- Russia Today
India counters EU pressure on Russian oil
India has denounced the European Union's pressure tactics against New Delhi for importing and refining Russian oil, arguing that it prioritises its own energy security. When questioned by the media at a press briefing on Wednesday about Brussels' 18th package of sanctions against Moscow, which directly targeted an Indian refinery, Foreign Secretary Vikram Misri said the bloc needed to have a clear perception of the global energy situation. 'We have been clear that so far as energy security is concerned it is the highest priority of the government of India to provide energy security for the people of India and we will do what we need to do with regard to that,' Misri stated. 'On energy-related issues also, as we have said previously, it is important not to have double standards and to have a clear perception of what the global situation is in so far as the broader energy market is concerned and where the providers of energy goods are located and where they are going to come from and who needs energy at what point in time,' he added. Earlier on Wednesday, Reuters reported that two tankers had not loaded fuel from the sanctions-hit Indian refinery as scheduled. 🇮🇳 Will Do What We Need to Do - Indian Foreign Sec. Calls Out Double Standards of EU SanctionsVikram Misri stresses that Europe must understand that the rest of the world exists - European problems aren't global problems. 'We do understand that there is an important and serious security issue that is confronting Europe, but the rest of the world is also there,' Misri said. 'It is also dealing with issues that are existential for the rest of the world, and I think it's important to keep balance and perspective when talking about these issues.' Moscow has emerged as India's key oil supplier since the escalation of the Ukraine conflict in February 2022, accounting for nearly 40% of India's crude imports. New Delhi, in parallel, has become a major exporter of refined fuels to Europe since 2023.
Zawya
a day ago
- Business
- Zawya
Oman's clean energy transformation is no longer a distant goal
From the desert interiors of Ibri to the coastal winds of Dhofar, Oman's energy future is shifting dramatically. The Ministry of Energy and Minerals' Annual Report 2024 outlines a bold transition: the establishment of seven dedicated Renewable Energy Zones across Dhofar, Duqm, Al-Ghazir, Manah, Ibri, Sur, and Musandam. These zones are not just strategic points on a map—they represent a national commitment to sustainability, economic diversification, and energy security. With long-term targets to generate 30% of electricity from renewable sources by 2030, Oman is investing heavily in solar and wind power. Utility-scale solar farms in Manah and Ibri are already under development, and the expansion of wind energy projects in Dhofar and Duqm is underway. These zones were selected for their geographic strengths—solar intensity, wind potential, and access to existing infrastructure—making them ideal for large-scale clean energy deployment. Yet Oman's ambitions go further. The report highlights the country's emerging role as a green hydrogen leader. Backed by abundant land and renewables, Oman aims to produce one million tonnes of renewable hydrogen annually by 2030, ramping up to 3.75 million tonnes by 2040 and 8.5 million tonnes by 2050. These targets would position Oman as the largest hydrogen exporter in the Middle East and among the top globally. To enable this, Oman has allocated approximately 50,000 square kilometers of land for hydrogen development—an area equivalent to the size of Slovakia. Through the government-backed entity Hydrom, a total of eight project agreements have been signed to date. These integrated projects combine solar, wind, desalinated water, and hydrogen production infrastructure, all focused on export readiness. Oman's strategy centers around green ammonia as the primary carrier for hydrogen exports. With existing port infrastructure and planned upgrades in Salalah, Duqm, and Sur, the country is well-positioned to deliver competitively priced ammonia to global markets. By 2030, Oman's hydrogen production costs are projected to fall to around $1.60 per kilogram, supported by some of the world's lowest renewable energy prices—between $25 and $35 per megawatt-hour. The economic outlook is equally compelling. The clean hydrogen economy could bring in $33 billion in investments by 2030, while generating an estimated $2 billion in annual revenues from exports. Domestically, switching from fossil-based hydrogen to renewable hydrogen in refineries and industry could cut CO₂ emissions by more than 7 million tonnes annually—roughly 7% of Oman's 2021 baseline—and save over 3 billion cubic meters of natural gas each year. These developments are part of a broader vision aligned with Oman Vision 2040. The government is also advancing regulatory frameworks, land auctions, and international certification to ensure credibility and competitiveness in emerging green markets. In parallel, Oman is exploring domestic hydrogen use in steelmaking and high-temperature industrial processes, setting the stage for low-carbon manufacturing clusters in the future. While the global hydrogen market remains in its infancy, Oman's proactive approach—coupled with its geographic, economic, and political advantages—makes it a serious contender in the race toward a net-zero future. The Annual Report 2024 paints a picture not just of aspirations, but of measurable progress, real partnerships, and structural reform. Oman's clean energy transformation is no longer a distant goal. It is an evolving national strategy, already underway—anchored in data, powered by sunlight and wind, and steadily redefining the country's place in the global energy landscape. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Bloomberg
a day ago
- Business
- Bloomberg
Netherlands on Track to Meet Gas Storage Targets With State Help
The Dutch government is confident the country will secure enough natural gas inventories ahead of this winter and plans to establish an 'emergency reserve' starting in 2026 — seeking to ease trader concerns over sluggish storage injections. Stockpiles are in line with the European Union's thresholds for this month and on track to hit the national target of 80% by November, said Tim van Dijk, spokesman for the Ministry of Climate Policy and Green Growth. State-owned energy company EBN BV, mandated to help with gas stockpiling, already started injections into one of the country's sites, he said.
