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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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India imports cheapest Russian oil since start of Ukraine war
Ministry data revealed that the average cost of a barrel of Russian crude that arrived at Indian ports in June was $68.17, above the oil price caps imposed on December 5. However, the cap does not include shipping costs.
Poland resumes oil flow via Druzhba after fixing leak
Poland has resumed oil flow via the Druzhba system, pipeline operator PERN said on its website on August 8, following repair work to a damaged section of the pipeline.
Kazakhstan reaffirms oil output cut until end-2024
Austria prepares for alternative gas routes as Ukraine will not renew contract with Gazprom
Ukraine has warned Austria that it will not renew its contract with Russia’s Gazprom next year once the agreement has expired, Ukranews reported on August 4, citing Deutsche Welle expert Andriy Gurkov.
European companies suffer €100bn hit from Russia operations, says FT
European companies that exited the Russian market following the invasion of Ukraine have collectively suffered losses surpassing €100bn, according to an analysis by the Financial Times
ADNOC to acquire stake in Azerbaijan’s Absheron gas field
The Abu Dhabi National Oil Co. (ADNOC) this week agreed a deal to buy into its first international upstream project, through the acquisition of a 30% stake in Azerbaijan’s offshore Absheron gas field.
Naftogaz to improve gas production by 8% in 2023 following last year's disastrous results
Naftogaz, Ukraine’s national oil and gas company, will increase gas production this year by 8% compared to 2022, Ukraine Business News reported on August 4.
Russian crude exports to India may have peaked, say analysts
Independent energy research and intel firm Rystad Energy has indicated that India may be approaching the upper limit of its imports of Russian oil.
Russia-Africa summit lacks energy
Moscow sought to use the Russia-Africa summit in St Petersburg on July 27-28 to tout its strengthened ties with African countries in the face of Western sanctions and isolation, but the results were scant.
Gazprom outcompetes private firm in heated contest for Far Eastern exploration rights
Gazprom has beat private Russian firm YATEK in an auction for rights to the Suntarsky-1 and Gorny blocks in Yakutia, paying 11.6 times more for the rights than the contest’s opening price of RUB2.4bn ($26mn).
Yamal LNG output slumps in June
Natural gas production at the Yamal LNG project in June slumped by 35% year on year to nearly 2bn cubic metres, the Moscow-based Vedomosti newspaper reported on August 3, citing sources in the Russian energy ministry.
Russian gas pipe flow hits seven-month high in July
Russian pipeline gas flows to Europe surged to a seven-month high in July, largely driven by record deliveries through the European section of the TurkStream pipeline, according to data analysed by S&P Global Commodity Insights on August 2.
Russia’s budget back inside the 2% of GDP target after revenues surge in June
Russia’s budget went back into profit in May with a negligible gain, but in June revenues surged to a RUB815bn ($8.7bn) monthly surplus. That has shaved almost RUB1 trillion off the cumulative deficit and put it back inside the 2% of GDP target.
Nigeria eyes Russian energy tech, partnerships
Nigeria has expressed interest in acquiring Russian technologies in the oil and gas sector and attracting its companies to join oil and gas projects, Gabriel Aduda, the permanent secretary of Nigeria's oil ministry, said at the Russia-Africa summit.
SOFAZ assets to exceed $53bn by 2024 with an average oil price of $80 per barrel
SOFAZ assets stood at about $49bn at the end of 2022, implying an 8.4% growth in 2023. As of June 30, 2023, SOFAZ assets are estimated to be worth $54.9151bn, in light of lesser funding for planned expenditures.
Turkey gas hub still possible: Putin
The possibility remains that Turkey could still become a gas hub for Russian gas exports, Russian President Vladimir Putin stated recently during the Russia-Africa summit in St. Petersburg.
Ukraine to add 1.7 GW to its power system
Ukraine is planning to add 1.7 GW to its power system in preparation for the coming heating season, Ukraine Business News reported on July 31.
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