Russia's Lukoil talks to potential foreign buyers about its assets
Lukoil, Russia's second largest oil producer, said it was in talks on Friday with potential buyers for its foreign assets after sanctions were imposed by the UK and US last month and a deal made with Gunvor Trading House collapsed. The specific deal would be announced once the final agreements had been reached and all regulatory approvals obtained. The company wants to maintain the operation of assets even after they are sold and transferred to new owners.
GERB leader: Bulgaria could receive a six-month delay in US sanctions
Local media reported that Boyko Borissov of the GERB, the leader of the coalition's leading party, could have secured a six-month delay of U.S. sanction against Lukoil oil refinery. Last month, the U.S. Treasury Office of Foreign Assets Control imposed sanctions against Lukoil, and Rosneft, Russia's largest oil companies. This increased pressure on Russian president Vladimir Putin to stop Moscow's war with Ukraine, and threatened their sprawling operations throughout Europe. The U.S.
Almost a Third of Russian Seaborne Oil Export Potential is Stuck in Tankers
Around 1.4 million barrels per day of Russian oil, or almost a third of the country's seaborne exporting potential, remain in tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday.The U.S.
Inpex Japan raises its annual profit forecast due to lower costs
Inpex, Japan's largest oil and gas exploration company, raised its net profit forecast by 5% for the year on Thursday. Lower-than-expected expenses offset a reduced shipment of its Ichthys project in Australia because of maintenance. The company expects a net profit of $3.65 billion in 2025. This is up from the August forecast of $3.65 billion. It also exceeds analysts' estimates of 370.9 billion yen, according to an LSEG survey.
The Bulgarian Parliament overturns the presidential veto regarding Lukoil refinery Takeover
The Bulgarian Parliament overruled the veto of the president on Thursday on legislation that would allow the government to sell Lukoil’s oil refinery to protect the asset from impending U.S. sanctions. Last month, the U.S. Treasury Office of Foreign Assets Control, along with Britain, imposed sanctions on Lukoil, and Rosneft - Russia's largest oil companies - to increase pressure on Russian president Vladimir Putin and threaten their operations in Europe.
Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, 2015. Sanctions have already affected Lukoil operations in Iraq and at pump stations in Finland…
Lukoil's drilling plans in the Black Sea of Romania are stymied by sanctions
Vantage Drilling, a company listed in Oslo, has cancelled a contract for drilling next year. Two industry sources said on Wednesday that the contract was with Russian oil major Lukoil to explore its Romanian Black Sea Trident discovery. This cancellation comes just days after the company declared force majeure on its Iraqi oilfield, the company's prized asset abroad. Vantage Drilling announced on 19 October that it had cancelled a contract of 260 days for its drillship Platinum Explorer without revealing the client or location.
Russian Oil Exports Remain Stable Despite Recent Sanctions
Russia has maintained a steady pace of oil shipments from its sea ports at the start of November despite fresh U.S. sanctions imposed on the country's largest oil companies, traders said and LSEG data shows.The United States last week introduced sanctions against Russia's two biggest oil producers, Lukoil and Rosneft. These are the first direct sanctions on Russia imposed by U.S.
Kremlin: Putin and Tokayev will discuss gas projects, US sanctions against Russian oil and other issues.
The Kremlin announced that Russian President Vladimir Putin will meet with Kazakh President Kassym Jomart Tokayev in Moscow to discuss gas projects, as well as the impact of U.S. sanctions against Russian oil companies. Dmitry Peskov, Kremlin spokesperson, said that Putin was also interested in hearing about the talks Tokayev held last week with Donald Trump and other Central Asian presidents. Peskov responded that the two leaders will discuss the impact of U.S. economic sanctions on Russian oil giants Lukoil & Rosneft.
Lukoil Declares Force Majeure in Iraq as Operations Strain Under US Sanctions
Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S. President Donald Trump's…
Lukoil declares Force Majeure in Iraqi oilfield following US sanctions
Four sources familiar with the situation said that Lukoil declared force majeure on Iraq's West Qurna-2 giant oilfield on Monday after Western sanctions against the Russian oil major hindered its operations. Lukoil didn't immediately respond to an inquiry for comment. Last month, the United States and Britain imposed sanction on Rosneft, Russia's largest oil company, and Lukoil. Three sources confirmed that Iraq had stopped all crude and cash payments to the company.
METI: Sakhalin-1 vital for Japan's energy security as US sanctions Russian shareholders
Japan's Industry Ministry said on Friday that the country's energy safety is dependent on foreign projects including Russia's Sakhalin-1. This comes after new U.S. Sanctions against Rosneft, a major shareholder along with Japanese partners. Washington sanctioned Rosneft, a Russian oil company, and Lukoil last month as the latest step to get the Kremlin's attention to the Ukraine war. The U.S. has agreed to allow the two companies' operations to end until November 21, 2018.
Lukoil Struggles to Maintain Overseas Operations Amidst Sanctions
Russian oil major Lukoil is struggling to keep operations running at its sprawling foreign businesses as Western sanctions disrupt oil loadings in Iraq, pump stations in Finland and trading in Switzerland, sources said.The United States and the United Kingdom last month imposed sanctions on Russia's second-largest oil company, complicating how it carries out its normal operations.The U.S. Treasury Department issued a licence giving companies until November 21.
Jaber, UAE's Jaber, says that oil demand will remain above 100 million barrels per day (bpd) beyond 2040.
Sultan Al Jaber said that oil demand would remain at 100 million barrels a day or more beyond 2040. He also warned of headwinds for the near future. "Geopolitics continues to shape news and trade flows. The complexity is constant. Market sentiment is what moves the markets. Volatility, to my mind, is no more a variable. "It is the norm," said he to industry leaders at ADIPEC's opening energy conference. The United Arab Emirates are one of eight OPEC+ nations that have agreed to raise December output targets…
Bulgaria Temporarily Bans Fuel Exports to EU Following Lukoil Sanctions
Bulgaria's parliament temporarily banned on Friday exports of some fuels, mainly diesel and aviation fuel, to EU member states to ensure the stability of the local market following U.S. sanctions on Russia's Lukoil, which runs the country's biggest oil refinery.Last week, Bulgaria announced it would take measures to secure uninterrupted supplies of oil and oil derivatives after the U.S.
Gas prices in Britain are down due to warmer temperatures and more wind
The British wholesale gas price dropped on Thursday, as the warmer temperatures and increased wind power are expected to arrive on Friday. Meanwhile, the Dutch equivalent fell. LSEG data show that the British gas front-month price fell 5% or 3.95 pence to 74.50 p/per therm by 0852 GMT. LSEG data shows that power demand in Britain will fall by 3.6 gigawatts on Friday, as temperatures are expected to increase 4 degrees Celsius in Britain to 13.2 degrees Celsius.
Nikkei reports that Japan's PM has rejected the US request to ban Russian imports of energy
The Nikkei daily, citing Japanese officials, reported that the Japanese Prime Minister Sanae Takaichi had told U.S. president Donald Trump during their meeting on Wednesday in Tokyo that it would be difficult to ban Russian LNG imports. Sakhalin-2 is a project in which Japanese companies Mitsui & Mitsubishi have stakes. Before Trump's Asia visit this week, the U.S. encouraged buyers of Russian oil, including Japan to stop imports and put sanctions on Moscow’s two largest oil exporters…
Aramco CEO: Oil demand is strong and the market is watching Russia sanctions
The CEO of Saudi Arabia's state-owned oil giant Aramco stated on Tuesday that crude oil demand had been strong before sanctions were imposed against major Russian oil companies Rosneft, and Lukoil. He also said the Chinese demand was healthy. Donald Trump, the U.S. president, imposed sanctions against two Russian oil companies on October 22 in relation to Ukraine. The UK had targeted Lukoil, Rosneft and 44 shadow fleet tanks…
Indian refiners pause new Russian oil orders, await clarity, sources say
Sources told Reuters on Tuesday that Indian refiners had not placed any new orders to purchase Russian oil since the sanctions were implemented, because they awaited clarification from both the government and their suppliers. Sources who declined to be identified because they were not authorized to speak with the media said that some refiners use the spot market to meet their crude needs. Sources claim that Indian Oil, a state-run company, has published a tender to purchase oil.
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western sanctions over Russia’s war in Ukraine that began in February 2022. The sale of assets is being conducted under an OFAC wind-down license. Lukoil stated that if necessary…