Russian Prime Minister Dmitry Medvedev yesterday gave into pressure from his boss President Putin and signed off on Rosneft’s $5.3bn bid for a controlling stake in the smaller state-owned oil enterprise Bashneft oil – and then (more…)
As their board considers the possibility of a share placement on one of Asia’s major stock exchanges – most likely Hong Kong – executives from Russian energy giant Gazprom flew into Singapore and Hong Kong this week for the first time since 2015 in a bid to drum up interest; but even after last year’s commodities rally and a revival in Russian stocks, Asian money managers have yet to be persuaded that Gazprom is worth adding to their portfolio.
News that Gazprom (more…)
The new axis that has been developing between Istanbul and Moscow in recent months appeared to strengthen even further yesterday when President Vladimir Putin signed a bill ratifying the construction of the Turkish Stream pipeline that will eventually carry natural gas from Russia under the Black Sea to Thrace on Turkey’s border with Greece.
Turkish Stream (more…)
Following its acquisition of a 19.5% stake in Rosneft via its shareholding in the Anglo–Swiss multinational commodity trading and mining company Glencore last month, the Qatar Investment Authority (QIA) is thought to be on the verge investing a further $2bn in the Russian energy sector. After Russian President VladimirPutin and Rosneft CEO Igor Sechin met with QIA chief Abdullah Bin Mohammed Bin Saud Al Thani in Moscow yesterday, speculation was rife that the Qatari sovereign wealth fund could be about to buy Fund Energy’s 49% share in the Yargeo joint venture that it set up with Novatek to develop the Yarudeyskoe oil field on the Yamal peninsula in Northern Siberia.
The QIA had made “another deal that will mean additional investment of $2bn”, Al-Thani said before the meeting, although neither side would give further details. However, industry insiders are claiming that Fund Energy, the investment fund set up and run by former Russian energy Minister and Gazprom board director Igor Yusufov, was looking to sell its stake in Yargeo, the JV in charge of the largest oil asset in Novatek’s portfolio.
Launched in December 2015, the field has an annual production capacity of 3.5m tonnes or 9,700 tons of crude oil a day, while the JV also runs a central oil treatment facility, oil and gas gathering systems, a pumping station and gas and crude oil pipelines. After treatment, the oil is transported 350km south to Purpe where it is injected into Transneft’s trunk pipeline system.
In December, Russia’s President Vladimir Putin took to the TV airways to celebrate the news that the commodity trader Glencore and Qatar’s QIA sovereign wealth fund had agreed to buy Moscow’s 19.5% stake in the state-run Rosneft oil giant for a figure Putin put at $11bn, boosted by what he described as “the rising trend in oil prices.”
Just weeks after snapping up the Russian government’s stake in Bashneft for around $5bn and days after the Qatar Investment Authority and Glencore announced that they were to buy a 19.5% stake in the energy giant from the Russian government for $11bn, Rosneft was in the news again today as it announced that it had agreed to pay Italian oil and gas group Eni $1.125bn for a 30% stake in the offshore Shorouk concession.
Nord Stream 2: Russia’s state energy giant Gazprom continued its defiance to the EU over its plans to build a second gas pipeline under the Baltic Sea to Germany this week by putting out a call for bids for the $11bn Nord Steam 2 project. On completion, the new pipeline would push Nord Stream’s combined annual capacity up to 55bcm and boost Germany’s importance as a transit hub for Russian gas into Europe. (more…)wsj Read More»
BP has formed a special task force to study the investment potential of the Iranian oil industry in the post-sanctions era – but, in an attempt to mitigate the risk of the US sticking to its ban on any American involvement in the Islamic Republic, the team is to be headed by its UK-born CFO Brian Gilvary rather than US national CEO Bob Dudley. (more…)presstv Read More»
Naftogaz, Ukraine’s state-run oil and gas enterprise, has filed a lawsuit against Russia in the international courts demanding $2.6bn in compensation for losses incurred by the ‘unlawful seizure’ of assets owned either directly by the holding company or through six of its subsidiaries after the annexation of Crimea over two and half years ago. (more…)Vedomosti Read More»
Russia’s state-run Rosneft is in pole position to gain control of the Bashneft oil enterprise, it emerged this week, as Moscow bows to pressure to plug a budget deficit that is forecast to hit $48bn this year. Having firstly revoked its decision to postpone the privatisation of Bashneft until (more…)