Contents tagged with Gazprom

  • Ukraine prepares the basis of a new gas contract with Russia

    Deputy Minister for Foreign Affairs of Ukraine Olena Zerkal said that Ukrainian Ministry of Foreign Affairs is developing an Energy Memorandum, which should become the basis for further action to sign a new contract for the transit of Russian gas, reports BBC.

    She said that the specialists of the Ministry have been working together with the representatives of the United States and Poland ahead the planned Ukrainian President Volodymyr Zelensky's visit to Warsaw in September 2019. According to …

  • Poland to hike tariff on Russian gas transit

    The Polish government plans to revise the conditions pertaining to the transit of Russian gas through the country after the current contract expires, Polish Secretary of State for Strategic Energy Infrastructure Piotr Naimski told the press.

    According to the official, 29 billion cubic meters of Russian gas are pumped through Poland every year, but the tariffs are so low that the country only receives 21 million zloty (around $5.4 million) in revenue from it.

    “It’s just business. We will try …

  • European Commission steps in to save Russian gas transit through Ukraine

    The European Commission has proposed a 10-year contract for the transit of Russian gas through Ukraine as of January 1, 2020. The initiative will be discussed during trilateral ministerial negotiations that the European regulator intends to hold on September 16, reports TASS news agency, citing a diplomatic source in Brussels.

    The source claims that Maros Sefcovic, Vice President of the European Commission’s Energy Union, sent the relevant letter to Moscow and Kyiv last week. “Both parties …

  • Ukrainian Naftogaz files $5.2 billion lawsuit against Russia in the Hague

    Naftogaz of Ukraine and its constituent companies have filed a lawsuit against Russia at the Permanent Court of Arbitration in the Hague demanding compensation for the losses caused by the seizure of $5.2 billion of their assets in Crimea, Naftogaz announced in a statement.

    The Naftogaz Group has asked the court to obligate Russia to pay back this amount. The court is expected to make a decision concerning the compensation amount no earlier than the end of 2020.

    The court has already …

  • US Senate committee backs sanctions on Nord Stream 2

    The US Senate Committee on Foreign Relations has approved a bill to impose sanctions on companies involved in the construction of Nord Stream 2, announced Hanna Hopko, head of the Foreign Affairs Committee of Ukraine’s Verkhovna Rada.

    “The Senate committee has supported the sanctions against Nord Stream 2 with a score of 20:2 in our favor. I will remind you that these same sanctions will stop the Turkish Stream in the part of it that harms our transit, if it is built,” she wrote on Facebook. …

  • Gazprom’s LNG ship for Kaliningrad moves to Europe instead

    The regasification ship Marshal Vasilevsky, owned by Russia’s gas monopoly Gazprom and responsible for ensuring Kaliningrad’s gas security, is off the coast of Denmark and heading for the Port of Rotterdam, RBC reports, citing the Marine Traffic database.

    In February 2019, Russian President Vladimir Putin commissioned a coastal terminal to accept liquefied natural gas (LNG) in Kaliningrad. The new terminal can meet nearly all the gas demand of the Russian exclave. At the end of last year, the …

  • Kremlin offers Ukraine to extend gas transit contract for a year

    Russian Minister of Energy Alexander Novak said that Moscow offered Kyiv to extend the current contract for gas transit on existing conditions for a year, but the Ukrainian side didn't respond yet, reports RIA Novosti news agency.

    He added that the adjustments could be discussed during the negotiations between the companies. "We don't see any reaction yet. We wait for any comments from the Ukrainian government. Then we will discuss the deal at our meetings," the Minister said.

    Earlier,  …

  • Gazprom loses appeal in case against Ukraine's Naftogaz

    Amsterdam Court of Appeal rejected Gazprom's complaint concerning the jurisdiction of the court, thereby upholding its authority in the case of recognition and enforcement of the decision of the Stockholm Arbitration in the Netherlands.

    "Such a decision was issued by the court on July 8. Moreover, on the same day, the Luxembourg district court ruled in Naftogaz favor. It declined Gazprom's objection, thereby confirming legality of seizure of Russian company’s property in Luxembourg’s territory …

  • Denmark gives go ahead to Baltic Pipe construction to Poland

    The Baltic Pipe, a project to supply Norwegian gas to Poland, has received its first approval from the Danish government, while Copenhagen is delaying giving consent to the construction of the Nord Stream 2 gas pipeline. The Danish Environmental Protection Agency announced on its website that it has authorized the construction of the Baltic Pipe.

    The Danish gas transit operator Energinet now needs to obtain authorization from the 13 municipalities whose territory the land-based portion of the …

  • Gazprom’s export revenue plummets by nearly 40%

    Gazprom is faced with a sharp decline in revenue from selling gas on foreign markets, according to statistics from the Bank of Russia on the balance of payments for the second quarter, reports

    Between April and June, the gas trade brought Russia only $8.7 billion in foreign currency earnings.

    Compared to the first quarter ($14.1 billion), the influx of “gas dollars” has fallen by 38.2% (20% in annual terms) – a two-year low.

    In the last decade, Gazprom has only earned less on one …