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Overview
Russia and the other former Soviet republics are often viewed as remote and obscure, but FSU OGM sheds light on the vital role these countries play in world energy markets. It explains the region's status as a key player in the EU's energy planning, while also focusing on the progress of efforts to expand deliveries to Asia.
Leading commentaries in recent years have covered the economic consequences of political unrest in Ukraine, efforts to open the Southern Gas Corridor between the Caspian Sea Basin and the EU, competition between Russia and Central Asia for access to the Chinese gas market and the continued rise in Russian liquids production.
Our journalists on the ground have a wealth of local experience and are proficient in Russian and other languages in Central Asia, allowing us to provide an unparalleled level of industry coverage.
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High costs dent profit of Russian Transneft in 2Q24
Russian state-controlled oil pipeline transportation monopoly Transneft posted an 8% year-on-year increase in IFRS revenues to RUB348bn in 2Q24, but EBITDA was down 6% y/y to RUB139bn and net profit declined by 22% y/y to RUB72bn.
Turkey’s Calik Enerji to partner with Turkmengaz for construction of gas compressor station
Spanish oil services company Tecnicas Reunidas reportedly in advanced talks to construct $3bn gas development project in Kazakhstan
Officials say budget for Kazakhstan’s nuclear power plant referendum will require KZT 15.5bn
SOFAZ reports decline in revenues from Shah Deniz and ACG fields
In the first eight months of 2024, the State Oil Fund of Azerbaijan (SOFAZ) experienced a significant decrease in revenues from the Shah Deniz gas-condensate field.
Ukraine to launch seven biomethane projects with annual capacity of 111mn cubic metres
Ukraine is set to launch seven biomethane projects by the end of this year, contributing to the country's energy independence with an annual production capacity of 111mn cubic metres, according to Heorhiy Heletukha, head of the Bioenergy Association.
Ukrainian gas storage may prove crucial for European traders as Russia transit deal nears end
Ukraine's gas storage facilities could become increasingly valuable to European traders as the transit contract between Ukraine and Russia nears its expiry.
UAE’s Dragon Oil, Turkmenistan discuss anticipated $10bn+ investment in Caspian Sea Cheleken concession area
Russia overtakes US as EU main supplier of gas
Russia has overtaken the United States as the European Union's second-largest gas supplier for the first time in nearly two years, as EU countries imported more gas from Russia than from the US in the second quarter of 2024.
Russia delays introducing new gas supply regulations
The Russian government has once again delayed the implementation of new gas supply regulations, pushing the deadline back by six months to March 1, 2025.
Gazprom back in black in H1 after suffering loss in 2023
Russia’s traditional cash cow is once more generating profit after a disastrous performance last year.
Russian oil major Lukoil ups profit in 1H24 to $6.6bn
Russia’s second-largest crude oil producer private Lukoil posted 20% y/y IFRS revenue growth to RUB4.33 trillion, while EBITDA grew by 13% y/y to RUB985bn and net income increased by 5% y/y to RUB590bn.
Oil output at Kazakhstan’s Tengiz oil field down 17% m/m in August
Azerbaijan begins supplying natural gas to Croatia
FSUOGM: Russian fuel oil exports on track for year high this month
Hungary warns of significant challenge caused by Kyiv's sanctions on Lukoil oil
Hungary faces a significant challenge following Ukraine's suspension of Lukoil’s oil supplies via its territory.
Germany set to extend trusteeship over Rosneft assets
The German government plans to extend the trusteeship of Rosneft’s stake in the Schwedt oil refinery and the Russian company’s other assets in Germany.
Ukraine will continue to transit Russian oil to the EU until the end of 2029
Ukraine will maintain the transit of Russian oil to the European Union until the end of 2029, continuing to fund the Kremlin's military activities, the adviser to the Ukrainian President’s office, Mykhailo Podolyak, said on September 2.
Lummus Technology secures contract to supply ethylene unit for Kazakhstan’s first polyethylene plant
Russian oil major Rosneft up revenues 33% in 1H24
Russia’s largest oil producer state-controlled Rosneft posted 26% year on year gain in IFRS revenues to RUB2.58 trillion in 2Q24, with EBITDA increasing by 9% y/y to RUB793bn and net profit up by 33% y/y to RUB374bn.
Serbia to receive Azerbaijani gas this winter, says foreign minister
Serbia will have access to Azerbaijani gas this winter, Serbian Minister of Foreign Affairs Marko Duric announced during the first day of his official visit to Baku on September 1.
Hungarian MVM Group completes acquisition of Shah Deniz and SCPC stakes
Hungarian company MVM Group has completed the acquisition of a 5% stake in the Shah Deniz gas field project from CJSC "Cenub Qaz Dehlizi" (CQD) and a 4% stake in the South Caucasus Pipeline Company (SCPC) from Azerbaijan Gas Supply Co. (AGSC).
Ukraine secures €200mn loan to purchase gas reserves from EU
Ukraine will borrow €200mn from the European Bank for Reconstruction and Development (EBRD) to purchase gas from the EU, the state energy company Naftogaz has announced.
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