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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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EU to spend more on Russian energy than on Ukraine military aid in 2025, report says
Russia is projected to earn approximately $233bn from exports of energy and raw materials this year, with over $20bn coming from EU countries, the report said. This far exceeds the bloc’s total military aid budget for Ukraine.
Ukrainian gas prices hit record high, surpass European levels as Kyiv eyes Greek import route
Natural gas prices in Ukraine have surged to their highest level in over two years, surpassing those in Europe, as the country scrambles to address a domestic supply-demand imbalance and prepares for imports via a new route through Greece.
Is Kazakhstan guilty of “resource nationalism” in pursuing massive revenue claims against oil majors?
Efforts put into play by new generation of political elites “talk to ‘gut’ of people”, says one observer.
Russian Russneft to pay no dividend on ordinary shares
The board of Russian oil major Russneft resolved to withhold dividends on ordinary shares, while maintaining a $100mn total payout on preferred stock.
Russia’s Gazprom Neft oil major to pay 75% of 2024 profit in dividends
The board of Gazprom Neft, oil arm of Russia’s natural gas giant Gazprom, has recommended RUB27.21 dividend for 2H24, with the full-year payout reaching RUB79.17 per share.
Former Halliburton in Russia buys more assets
Former Russian unit of Halliburton buys more assets
Kazakhstan’s fertiliser production and application rates continue steep decline
Kazakhstan’s production of mineral and chemical fertilisers fell by 9.3% y/y in 2024 to 367,500 tonnes, Ranking.kz reported on May 26.
KazMunayGas sells majority stake in Polymer Production to Russia’s Sibur Holding for $2.3mn
Kazakhstan’s national oil and gas company, KazMunayGas (KMG), has divested a 60% stake in subsidiary Polymer Production to Russia’s Sibur Holding for KZT1.18bn ($2.3mn), according to KMG’s financial report for the first quarter of 2025.
Tanker shortage shuts down production at Russia’s Arctic LNG 2 plant
Russia’s sanctioned Arctic LNG 2 plant has been forced to halt production at its first liquefaction unit amid full reservoirs due to a lack of tankers.
First foray into Central Asia for Daewoo E&C as Turkmenistan agrees $790mn contract for mineral fertiliser plant
South Korea’s Daewoo Engineering & Construction (Daewoo E&C) on May 26 confirmed that it was moving ahead with its first foray into Central Asia after signing a $790mn contract to build a major mineral fertiliser plant in Turkmenistan.
Germany backs call to sanction Nord Stream pipelines
Germany has expressed strong support for including the Nord Stream gas pipelines in the EU’s upcoming sanctions package against Russia, aiming to prevent any potential reactivation of the pipelines.
CPC targets 1bn tonnes of oil shipments by October amid major pipeline upgrades
The Caspian Pipeline Consortium (CPC) is aiming to increase cumulative oil shipments to 1bn tonnes by October, as a result of the CPC Oil Pipeline Bottleneck Elimination Project.
KazMunayGas posts 36% drop in 1Q profit despite revenue growth and stronger cash flow
KazMunayGas (KMG), Kazakhstan’s state-owned oil and gas company, reported a net profit of KZT193bn ($377mn) in the first quarter of 2025, representing a 36% y/y decline, the company said in a press release.
Russian gas output could halve by 2040 under hard-to-recover fields are developed
The official warned that new fiscal incentives were needed to spur development of these hard-to-recover resources.
Uzbek gas output dips in 4M-25, but exports surge
Uzbekistan’s natural gas production dipped slightly in the first four months of 2025, but the country sharply increased its exports of the fuel – particularly to China – while scaling back imports.
Kazakhstan raises concern with Ukrainian authorities over CPC drone strikes
Kazakhstan has raised concerns with Ukrainian authorities over drone attacks in February and March that targeted infrastructure belonging to the Caspian Pipeline Consortium.
Serbia extends Russian gas supply deal until end-September
The temporary extension announced just days before agreement was due to expire as Belgrade and Moscow negotiate a new long-term energy deal.
Russia’s Gazprom to issue $150bn dollar bonds
Russian gas giant Gazprom will offer $150mn four-year US-dollar denominated bonds worth at least $150mn, with the yield guidance of 8.3%, according to Renaissance Capital citing the company.
China-controlled KMK Munai in Kazakhstan to supply 650,000 tonnes of oil in 2026 under international contracts
KMK Munai, an oil producer majority-owned by Chinese energy corporations, has approved plans to deliver 650,000 tonnes of crude oil in 2026 across Chinese, European and domestic markets.
Kazakhstan poised to exceed 2025 oil output targets amid Tengiz expansion
Kazakhstan is likely to surpass its official oil production target of 96.2mn tonnes for 2025 due to accelerated expansion at the Tengiz oilfield, Energy Minister Erlan Akkenzhenov stated in a podcast quoted by Russian state news agency TASS.
CPC resumes full operations after repairing damaged pumping station in Russia
The Caspian Pipeline Consortium (CPC) has confirmed that the Kropotkinskaya pumping station, damaged in a February drone strike, has been fully repaired and returned to service, Reuters reported on May 24.
Gazprom-controlled Moldovagaz loses main gas supply role in Moldova
Moldova’s state-owned energy company Energocom will replace Gazprom-controlled Moldovagaz as the country’s primary gas supplier for the next three years.
Romania’s Romgaz targets up to 30% share in Moldova’s gas import market
Romania’s state-owned gas producer Romgaz is preparing to enter the Moldovan energy market with plans to supply up to 30% of the natural gas imported by the Republic of Moldova.
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