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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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Ukrainian drone strikes damage key oil route infrastructure, CPC management says
There are now three recent drone strikes attributed to Ukrainian forces that have severely damaged key infrastructure operated by the Caspian Pipeline Consortium (CPC), a major conduit for Kazakhstan’s oil exports via the Russian Black Sea coast.
Russian Lukoil oil major to pay 2H24 dividend
The board of Russia’s second-largest oil major Lukoil has recommended a final dividend of RUB541 per share ($5.49) for 2H24, according to the company.
Oil prices mixed as US tariffs on Venezuelan crude counter Russia-Ukraine truce
Oil prices saw a mixed session on Tuesday, March 25, as a temporary truce between Russia and Ukraine in the maritime and energy sectors balanced concerns over tightening global supplies
Uzbekistan’s gas exports jump 57% despite falling output
Gas exports from Uzbekistan increased sharply in early 2025, reaching $42mn in the first two month, marking a 57.3% y/y rise from $26.7mn, according to the state's statistics agency.
UK’s Victoria Oil & Gas initiates legal proceedings against Kazakhstan over Kemerkol oil field
Victoria Oil & Gas, a British energy company, has initiated legal proceedings against the government of Kazakhstan under the Energy Charter Treaty, seeking multimillion-dollar compensation for the loss of its investment in the Kemerkol oil field.
Kremlin posts list of energy assets covered by temporary ceasefire agreement
The Kremlin has posted on its website a list of Russian and Ukrainian installations covered by a temporary moratorium on strikes, agreed between Moscow and Washington in Riyadh during meetings between March 23-25.
Indian imports of Russian oil rebound in March
Indian imports of Russian oil have rebounded in March following a sharp decline witnessed in February due to US sanctions on Russian oil trade
Russia, US discussing restarting Nord Stream gas deliveries to Europe
Moscow and Washington are currently in talks on the possibility of restarting Nord Stream gas pipelines deliveries to Europe, Russian Foreign Minister Sergey Lavrov said.
Profit of Russian oil major Lukoil down 26.5% in 2024
Russia’s second-largest oil company, independent Lukoil, posted a 26.5% decline in 2024 full-year net profit to RUB848.5bn ($10bn), the company reported.
Trafigura local boss in Mongolia loaned $500mn of company money to firm owned by aunt, report says
Russian insurer Ingosstrakh sues Financial Times
Sanctioned state Russian insurer Ingosstrakh started a libel suit in the UK against the Financial Times over claims that it insures “shadow fleet” of Russian oil tankers
OPEC+ announces new cuts to balance out higher output
OPEC+ has unveiled a fresh strategy to enforce additional production cuts, aimed at counterbalancing an uptick in output among its member nations.
European gas prices ease on milder weather, US-Russia ceasefire talks
European wholesale gas prices declined on the morning of March 24 amid mild weather forecasts and as US and Russian officials began talks in Saudi Arabia aimed at securing a broader ceasefire in Ukraine.
EU sanctions to hit Russian LNG exports to China
The EU’s upcoming ban on the transshipment of Russian LNG at EU ports is expected to disrupt winter deliveries from Russia’s Yamal LNG terminal to China and other Asian markets.
Kazakh oil production reaches new record in March
Kazakhstan is likely to try to tread a fine line, either renegotiating its production quotas or continuing to exceed them, while avoiding flouting its commitments so much that it risks causing OPEC+ coordination on output to fall through completely.
Russia becomes China's top gas supplier in January-February
Russia became China’s top pipeline gas supplier in terms of revenue in the first two months of 2025, with exports rising 32.2% year on year to $1.75bn.
Russia, Mongolia hold more talks on gas pipeline to China
Plans for the Power of Siberia 2 gas pipeline linking Russia to China via Mongolia were discussed during a meeting between Russian Energy Minister Sergei Tsivilev and Mongolia’s Ambassador-at-Large Zandaahuu Enkhbold.
Russian reliance on oil and gas revenues remains high in 2024
Russia’s reliance on oil revenues remains substantial despite long-running debates about diversifying the economy, with oil and gas earnings – primarily from oil – rising 26.2% in 2024.
Gazprom Neft reportedly set to take over Gazprom Burenie drilling contractor
Russian oil producer Gazprom Neft may assume control of Russia’s largest drilling contractor, Gazprom Burenie, currently a subsidiary of parent company Gazprom’s construction arm.
NYSE-listed Apollo to pay $1bn for 25% of BP unit that operates Azerbaijan to Turkey TANAP gas pipeline
BP and NYSE-listed alternative asset manager Apollo on March 21 announced that they have struck agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP).
A turbulent 2025 in store for European gas markets
This is going to be a turbulent year for European gas prices. If the war continues and the EU sticks to its “no more Russian energy” guns then prices could soar in a repeat of the 2022 energy crisis.
Sanctioned Russian tankers may be supplying Syria’s oil needs
Syria’s interim government is reportedly seeking oil shipments from Russian-linked vessels to address a severe energy crisis inherited from the Assad regime.
Hungary receives two-month exemption for paying for Russian gas
The US government has extended Hungary’s exemption from sanctions when paying for Russian gas to Gazprombank until May, ensuring continued secure natural gas supply, Hungarian Foreign Minister Peter Szijjarto announced in Ankara.
Rosneft achieves record revenue, EBITDA in 2024
Russia’s largest oil producer Rosneft reported record revenue of RUB10.14 trillion ($12.7bn) in 2024, an 11% year-on-year increase.
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