Russian Oil Majors Examine Assets for Cuts
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said.The Organization of the Petroleum Exporting Countries and other oil nations including Russia, the group known as OPEC+, agreed to their deepest oil cut ever…
Tainted Oil Set for Russian Refineries, Ports After Dilution
More than a million tonnes of contaminated oil from Russia's Druzhba ("Friendship") pipeline, expected to be shipped back from Belarus, will end up at Russian refineries and export ports after being diluted to usable levels, sources have told Reuters.The pipeline was halted in April after excessive levels of organic chloride used in oil extraction were found on the million-barrel-per-day pipeline that crosses Belarus and serves customers as far west as Germany.Pipeline operator Transneft…
Shell Says Talks Over Gazprom Asset Swap Suspended
Talks about a possible asset swap deal between Royal Dutch Shell and Gazprom have been suspended, Kommersant business daily reported on Wednesday, citing Cederic Cremers, head of Shell's business in Russia.The memorandum on the possible asset swap was signed in 2015 and was seen as a coup for Gazprom at a time when many Western companies were reducing their exposure to Russia because of Western sanctions over Moscow's actions in Ukraine.Cremers also told the newspaper that the plans for the expansion
CEFC Paid Out Compensation After Rosneft Stake Deal Fell Through
CEFC paid almost 225 million euros ($257 million) in compensation to a consortium of Qatar Investment Authority and Glencore after the Chinese firm's deal to buy a stake in Russian oil firm Rosneft fell through, a document showed.The chief executive of Rosneft, Igor Sechin, said in September 2017 that CEFC had signed a deal to buy 14.2 percent of Rosneft from Qatar and Glencore.The deal was not completed…
Russia's Gazprom, Shell to Sign Deal on Baltic LNG Project
Russian gas giant Gazprom and oil major Shell will sign a deal on a planned Baltic liquefied natural gas (LNG) project on the sidelines of a forum in St. Petersburg later this week, Kremlin aide Yuri Ushakov told reporters on Tuesday. He said the deal will be signed in the presence of Russian President Vladimir Putin, who will meet Shell's Chief Executive Ben van Beurden at the forum. Gazprom plans to build the plant, which may produce up to 20 million tonnes of LNG per year, by December 2021.
Rosneft to buy back Purgaz
Rosneft is in talks with "Gazprom" to buy back its stake in the joint venture - the largest producer of gas, "Purgas". Experts argue that such a deal would solve the problem of "Gazprom" to taxes for the asset, and "Rosneft" would give an additional 6-7 billion cubic meters of gas, according to "Kommersant". According to the companion publication, the deal, in particular, was discussed at a meeting of the chairman Pavlenov "Gazprom" Alexey Miller, the president of "Rosneft" Igor Sechin last week.
Rosneft Has Enough Gas to Serve Clients
Russia's top oil producer, Rosneft has enough natural gas reserves to fulfil contractual obligations to clients, the company said on Thursday. Earlier, business daily Kommersant said Rosneft lacks natural gas to meet its obligations on signed contracts, including with electricity producers. (Reporting by Vladimir Soldatkin)
France Hits Back at Russia Over Syria Bombing Campaign
France dismissed Russian suggestions on Friday its air strikes against oil installations in Syria were illegal, saying they were "an appropriate and necessary riposte" to attacks by Islamic State. President Francois Hollande will travel to Moscow on Nov. 26 as part of an effort to create a grand coalition to fight Islamic State, despite differences over the future of Syrian President Bashar al-Asaad, whose key backers are Russia and Iran.
Russia's Putin to Visit Iran for Gas Exporters Summit
Russian President Vladimir Putin will visit Tehran on Nov. 23 to attend a summit of gas exporting countries, his aide, Yuri Ushakov, told reporters on Friday, in a sign of warming ties between Moscow and Tehran. The visit will be Putin's first to Iran since 2007 and he is expected to hold talks with Iranian President Hassan Rouhani, Ushakov told reporters. Iran is to host a Gas Exporting Countries Forum (GECF) on Nov.
Russia: Exxon-led Sakhalin Project 'one of our best'
There is no economic reason for U.S. energy major ExxonMobil to leave the Sakhalin-1 oil and gas project, Russian Energy Minister Alexander Novak told reporters on Wednesday. Kommersant daily had reported that Russian Deputy Prime Minister Arkady Dvorkovich planned to hold a meeting to discuss preliminary results of checks at offshore projects, including Exxon-led Sakhalin-1. Igor Sechin, head of Russia's Rosneft…
BP, Rosneft Negotiating New Project Deal
Oil major BP Plc is close to a deal with its Russian partner, state oil company Rosneft , for a new project that would expand its commitments in Russia despite Western sanctions, Kommersant business daily reported on Wednesday. The daily cited unnamed sources as saying BP will pay $700-$800 million to acquire 20 percent in Taas-Yuriakh, a field in East Siberia estimated to contain up to 1 billion barrels in reserves. The deal would not breach any European or U.S.
Russia to Suggest oil Output Cuts, Eyes Oil Reserve
Moscow may make oil output cuts of 15 mln t in 2015; Russia risks fall into recession with oil under $60 per barrel. Russia, in desperate need of higher oil prices, is making a last-ditch attempt to sway this week's OPEC meeting by suggesting Moscow could cut output if the group does the same. Thursday's OPEC meeting is among the most difficult to call in years after Saudi Arabia signalled it was prepared to withstand lower oil prices for a prolonged period.
Russia Considers $5 bln rescue for Mechel
Mechel may issue convertible bonds and use proceeds to pay off a part of its debt. Some scenarios assume partial dilution of current owners. Russia is considering a $5 billion bail-out of Mechel, the country's largest producer of steelmaking coal, a government official said on Thursday, a rescue deal that could reduce the stake of controlling shareholder businessman Igor Zyuzin. The loss-making coal to steel group…