FSUOGM - Former Soviet Union Oil & Gas
EU targets Russian banks in largest package for four years
The European Union adopted its 21st sanctions package against Russia on July 23, adding 48 individuals and 170 entities to its asset freeze lists, designating 94 financial institutions and targeting another 41 shadow fleet vessels.
Russia extends gasoline export ban to end of 2026
Russia will extend its ban on gasoline exports through the end of 2026, Deputy Prime Minister Alexander Novak said on July 25, prolonging a restriction that had been due to expire on July 31, S&P Global Platts reported.
European gas hits four-month high on Mideast tensions
European natural gas prices surged to a four-month high this week as renewed Middle East violence collided with depleted reserves and strong Asian air-conditioning demand. The Dutch TTF benchmark briefly hit €60/MWh — its highest level in months.
EU's 21st sanctions package puts Kazakhstan back in the firing line
Kazakhstan featured twice in the fallout from the European Union's 21st sanctions package against Russia, adopted by the Council of the EU on July 23, as Brussels widened its crackdown on third countries it accuses of helping Moscow.
Russia sets new daily record for pipeline gas flow to China
Russia’s Gazprom set a new daily record for natural gas deliveries to China through the Power of Siberia pipeline on July 25, marking the third all-time high reached on the route since the start of this year.
Kazakhstan freezes NCOC assets over disputed $5bn environmental fine
Kazakhstan has frozen property and transport assets belonging to the North Caspian Operating Company (NCOC), the operator of the Kashagan oilfield, as authorities move to enforce a nearly KZT 2.356 trillion (approximately $5bn) environmental fine.
Kazakhstan’s Tokayev explicitly urges Putin to “freeze” Ukraine war in face to face talks
Says his country “does not understand nature” of “tragic” conflict.
OPEC and the next surplus
A post-war return of constrained barrels could tip today’s uneasy balance into oversupply, forcing OPEC+ back into a market-share struggle it may no longer control.
Has Ukraine declared war on Iran?
Ukraine's Caspian strike killed an Iranian sailor and drew a retaliation threat from Tehran. Kyiv calls it interdicting the Iran-Russia arms route, but firing on a third state's vessel outside any declared war raises a harder question.
Ukraine claims responsibility for Caspian oil platform and ship attacks
Ukraine has claimed responsibility for drone strikes on an oil platform owned by Russia’s Lukoil, two sanctioned cargo vessels and a Russian missile boat in the Caspian Sea, extending Kyiv’s campaign against Russian energy infrastructure.
Moldovan government proposes quarterly adjustments to gas prices amid spike in import costs
Moldova’s energy ministry has proposed allowing regulated gas tariffs to be adjusted every quarter as rising European wholesale prices increase costs for the import-dependent country.
Iran, Armenia eye increased gas trade
Iran currently supplies Armenia under a gas-for-power barter arrangement, with Yerevan returning electricity generated from Iranian gas.
Uzbekneftegaz, CNPC kick off 30-well campaign on Uzbekistan's Ustyurt Plateau
Uzbek national oil company Uzbekneftegaz and China’s CNPC XIBU Drilling Engineering are starting a 30-well deep exploration campaign on Uzbekistan’s Ustyurt Plateau.
Ukraine mulls lifting ban on gas exports amid spike in European prices
Ukraine is considering partially lifting its ban on exports of domestically produced natural gas, allowing selected producers to sell up to 15% of their output abroad after more than four years of restrictions.
Kazakhstan freezes Kashagan oil consortium's assets over $4.8bn environmental fine
The record does not identify the assets or vehicles affected, and there has been no indication that Kashagan’s operations have been disrupted.
KMG and Chinese partner complete drilling campaign at mature Karazhanbas field in Kazakhstan
Operator Karazhanbasmunai – owned by KMG and China’s CITIC Group in a 50:50 split – has drilled eight appraisal and 12 production wells in the area.
Russian fuel output drops 22% in June as national industrial growth stalls
Russian production of coke and refined petroleum products fell by 21.7% year on year in June, highlighting the impact of refinery outages and continuing strain in the country’s fuel market.
EU slaps asset freezes on Belarusian oil refinery, fuel trading subsidiary
The EU has imposed asset freezes on Belarus’s Mozyr oil refinery and European Trading Company, its Russian-based petroleum-product sales affiliate, as part of its 21st sanctions package against Russia and Belarus.
US extends deadline for Russian oil firm Lukoil's sale of its international arm
The US Treasury has extended until August 22 the authorisation for negotiations over the sale of Lukoil’s international assets, giving the sanctioned Russian oil producer another four weeks to advance a potential transaction.
Russian oil firm RussNeft reverses to profit in H1
Russian mid-sized oil producer RussNeft reported a net profit of RUB12.7bn under Russian accounting standards in the first half of this year, reversing a RUB2.4bn loss a year earlier.
Russian court postpones hearing on Gazprom's seized shares in pipeline operator
Proceedings began in March 2024. Gazprom initially sought $710mn and PLN886.4mn, worth more than $900mn at the time, before raising the claim to $1bn.
Drone hits Russia's Tyumen oil refinery, damage unconfirmed
Moor did not identify the equipment affected or say whether crude processing or fuel production had been disrupted. Refinery owner RI-Invest had not issued a public statement on the incident.
Kazakhstan cuts oil output, threatens legal action over CPC strikes
Kazakhstan temporarily cut oil production after loading was suspended at the Caspian Pipeline Consortium's (CPC) marine terminal in Novorossiysk, Russia, its energy ministry said on July 23, days after issuing a formal demand for Ukraine to halt dron
Russia's Novatek reports 9% dip in H1 earnings despite higher revenues and production
Finam analyst Sergey Kaufman attributed the EBITDA decline largely to the pricing structure of Yamal LNG’s long-term contracts, which are predominantly linked to oil prices with a lag of six to nine months.
EU sanctions Georgia's Kulevi oil refinery in first major inclusion of Georgian entity in Russia package
Kazakhstan's KMG strikes deals with US engineering firm KBR to design first Kazakh SAF plant
The agreements formalise the project’s move into the engineering phase and establish the technological and legal framework needed before construction can proceed.
Azeri private oil firm makes first foray into US upstream sector
The company said it was the first private Azerii group to own and operate upstream assets in the US.
Azerbaijan. China deepen green energy cooperation as senior officials meet Beijing delegation
Azerbaijan's economy minister Mikayil Jabbarov and energy minister Parviz Shahbazov held separate meetings this week with Yang Tianfu, president of PowerChina Resources Limited.
Kazakhstan cuts oil production after drone attacks cause CPC export disruption
Kazakhstan has temporarily reduced oil production after a series of drone attacks forced the suspension of export loadings at the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast, says a report.
Russia's gas queues start to ease, but the fuel crisis is far from over
Ukraine's drone campaign against Russian refineries has made the country's refining sector a strategic liability for the Kremlin, and the resulting fuel crisis has pushed Russian refining to record lows even as LNG exports to Europe hit record highs.
Russia restores under half of drone-hit refining capacity
Russian oil companies have brought back less than half of the refining capacity knocked out by Ukrainian long-range drone strikes, leaving facilities with a combined capacity of about 45mn tonnes a year still offline, industry data showed this week.
Brent tops $100 as Houthi strikes on Saudi tankers threaten Red Sea route
Brent crude broke $100 a barrel on July 23 for the first time since May 26 after Houthi forces struck two Saudi tankers in the Red Sea, threatening the export route Riyadh has used to bypass the closed Strait of Hormuz.
Japan doubles oil imports in June
Middle Eastern deliveries rose to around 1.2mn bpd from just over 800,000 bpd in May, but remained 40.6% lower year on year.
EU backs 21th sanctions package on Russia, targeting banks, oil trading and cryptocurrency
EU ambassadors agreed a 21st sanctions package against Russia on July 23, targeting more banks, oil trading and cryptocurrency networks and vessels supporting Moscow’s oil exports.
Former Uzbekneftegaz boss goes on trial as billionaire Fazylov's energy empire unravels
The trial of former Uzbekneftegaz chairman Bahodir Siddiqov deepens scrutiny of state energy contracting as Bakhtiyor Fazylov’s once-dominant business empire continues to unravel.
Russia's Rosneft unsurprisingly bullish on global oil and gas demand growth
Global oil demand will rise by 16% and natural gas consumption by 37% between 2023 and 2050 under the base-case outlook of Russian oil giant Rosneft. Growing energy use in developing economies more than offsetting declines in advanced countries.
Azerbaijan's crude oil exports to Italy and Germany fall in H1 2026
Azerbaijan exported 5.92mn tonnes of crude oil to Italy in the first six months of 2026, worth $3.5bn, while shipments to Germany totalled 360,299 tonnes worth $210.86mn, according to the State Customs Committee.
Kyrgyzstan signs $25mn deal for mini oil refinery as Russian supply disruptions expose fuel vulnerability
Kyrgyzstan has signed a $25mn investment agreement with Central Asian Energy LLC for a mini oil refinery in Kochkor-Ata in Jalal-Abad region, as the country moves to expand domestic refining capacity amid disruptions to Russian fuel exports.
Kyrgyzstan signs off on $25mn mini-oil refinery
Kyrgyzstan traditionally relies on Russia for roughly 90% of its fuel imports.
KMG and Eni launch gas-fired power plant in Kazakhstan
Kazakhstan’s KazMunayGas and Italy’s Eni have produced first commercial electricity from a 120-MW gas-fired power plant at their 247-MW hybrid energy complex in Zhanaozen.
EU naval forces board suspected Russian shadow fleet tanker
EU naval forces boarded the Cameroon-flagged products tanker South Star in the Mediterranean on July 20 over suspicions that it was fraudulently claiming its nationality.
Allied Biofuels taps Latvia's Pro Logistic Services for Uzbekistan SAF exports
Allied Biofuels has signed a logistics cooperation agreement with Latvia's Pro Logistic Services SIA to develop export infrastructure for sustainable aviation fuel (SAF) and electric sustainable aviation fuel (e-SAF) from its planned biorefinery.
China effectively joins Western sanctions on Russian Arctic shipbuilding
China has effectively aligned itself with Western technology restrictions on Russia’s Arctic shipbuilding by withholding supplies of maritime equipment, dealing a further blow to Moscow’s plans to expand shipping along the Northern Sea Route.
Aliyev seals strategic partnership with Germany, secures gas deal expansion in Berlin
Azerbaijani President Ilham Aliyev and German Chancellor Friedrich Merz signed a Joint Declaration on a Strategic Agenda for Bilateral Partnership in Berlin on July 21, formalising various cooperations.
Kazakhstan warns Kashagan operator of possible criminal action over unpaid environmental fine
Kazakhstan has reportedly warned the head of the consortium operating the Kashagan oil field of possible criminal prosecution after the developer failed to pay a KZT 2.3 trillion ($4.92bn) environmental fine,
Ukraine not behind latest drone attacks on tankers serving main Kazakh oil export route, claims Kyiv
Ambassador to Astana suggests Russia is running false flag operations.
EU tries to keep Russian LNG sanctions alive
The EU is considering at least three options to overcome an impasse over new restrictions on Russian liquefied natural gas (LNG), including a possible 24-month wind-down period.
Analyst pours cold water on Putin's proposal for network of mini-refineries
Putin said involving small and medium-sized businesses should be encouraged, noting that a dispersed refining system would be harder to damage.
Kyrgyzstan starts importing fuel from Belarus and China to cover lost Russian volumes
Kyrgyzstan has faced fallout from the Russia's fuel crisis as it typically relies on Russian fuel to cover up to 90% of its demand.
Evidence shows Russia's Novatek may be resuming work on Arctic LNG-2's third train
Two sanctioned heavy-lift vessels have delivered key modules for the third production train of Novatek’s Arctic LNG 2 project to its Belokamenka construction yard near Murmansk.
Turkmenistan seeks equipment from Germany's VIETZ to overhaul gas production and transport
Turkmenistan has authorised state-owned Turkmengaz to purchase equipment from Germany’s VIETZ as part of efforts to modernise the country’s gas production and transportation infrastructure.
Russia's Sibur pilot-tests polyethylene production for Amur plant
The simulation, carried out at SIBUR’s technology piloting centre in Tobolsk, recreated the future production process using the suspension technology that will be deployed at Amur.
Kazakh gas processing project falls far behind schedule
Kazakhstan’s new gas processing plant at Zhanaozen is only around 40% complete despite 81% of its contractual construction period having elapsed, putting its planned 2027 start-up under growing pressure.
Kazakhstan restores output at Karachaganak gas-condensate field after late June drone strike at Russian processing plant
A Ukrainian drone strike on June 24 on the Orenburg plant, which processes Karachaganak’s gas, disabled the facility, causing Kazakhstan to cut production at the field.
Ukraine drone attack halts oil loadings at Kazakhstan's main export terminal
Oil loading operations at the CPC terminal on Russia's Black Sea coast have been suspended again, following after a Ukrainian drone attack on an oil tanker.
Follow us online