Page 2 - Gas Supplies

Russia's Gazprom turns off tap, GAIL's hunt for LNG may continue for a year

Its petrochem plant in UP running at 40% utilisation

Germany nationalises Uniper after EU approval to prevent gas shortage

The German government said on Thursday that it has nationalised energy company Uniper after the European Union gave its blessing for it to rescue the gas supplier. The government announced its plan to nationalise Uniper in September, expanding state intervention in the energy sector to prevent a shortage resulting from Russia's war in Ukraine. The deal built on an initial rescue package agreed in July and features a capital increase of 8 billion euros (USD 8.5 billion) that Germany is financing. Uniper's existing shareholders approved the measures on Monday. The EU's executive Commission gave its conditional approval on Tuesday. The government is obliged to reduce its stake to 25 per cent plus one share by 2028, a deadline that can only be extended with the Commission's approval. Germany's finance and economy ministries said Thursday that the government has now taken a stake of some 99 per cent in the company. Uniper's existing management remains in place. Uniper was controlled u

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

Russia's Gazprom threatens to cut gas supplies to Europe via Ukraine

Russian energy giant Gazprom has threatened to reduce natural gas supplies through the last pipeline heading to Europe via Ukraine, saying the amount it's supplying for Moldova is not ending up in the former Soviet republic. Gazprom says the gas company of Europe's poorest country, Moldovagaz, paid for part of its November flows of gas under its contract. It added that nearly 25 million cubic metres has been supplied this month but not paid for. The Russian state-owned company tweeted that if the imbalance observed during the transit of gas to the Moldovan consumers across Ukraine continues, Gazprom will start reducing its gas supplies" through Ukraine starting Monday. Both Moldova and Ukraine hit back at Gazprom, with Ukraine saying all supplies that Russia sent through the country were fully transferred" to Moldova. This is not the first time that Russia resorts to using gas as a tool of political pressure. This is a gross manipulation of facts in order to justify the decision to

GAIL Q2 net falls 46% as Russian gas supply snag hurts petchem business

State-owned gas utility GAIL (India) Ltd on Thursday reported a 46 per cent drop in its September quarter net profit as it slashed petrochemical output after a former unit of Russian energy giant Gazprom stopped gas supplies. Net profit stood at Rs 1,537.07 crore in July-September compared with Rs 2,862.95 crore profit in the same period a year back, according to a stock exchange filing of the company. The profit for the firm that transports and sells natural gas to users like fertiliser plants and CNG retailers was sequentially down 47.2 per cent from Rs 2,915.19 crore profit in the April-June quarter. GAIL's mainstay natural gas marketing business saw revenues doubled but profitability declined 66 per cent as higher gas prices, resulting from a global surge in energy rates following Russia's invasion of Ukraine, hurt margins. It posted a pre-tax loss of Rs 346.22 crore in the petrochemical business in Q2 as compared to a pre-tax profit of Rs 363.29 crore a year back and Rs 35.16

Iran signs contracts worth $6.5 billion in gas sector with Russia

Iran and Russia have signed contracts worth around $6.5 billion for cooperation in the gas sector, a Minister announced here.

Russia ready to resume gas supplies to EU via Nord Stream 2: Putin

Russian President Vladimir Putin said Wednesday that Moscow is ready to resume gas supplies to Europe via a link of Germany-bound Nord Stream 2 pipeline under the Baltic Sea. Speaking at a Moscow energy forum, Putin again charged that the U.S. was likely behind the explosions that ripped through both links of the Nord Stream 1 pipeline and one of the two links of the Nord Stream 2 pipeline, causing a massive gas leak and taking them out of service. The U.S. has previously rejected similar allegations by Putin.

Europe faces 'unprecedented risk' of gas shortage after Russian cuts: IEA

Europe faces unprecedented risks to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the International Energy Agency said. The Paris-based IEA said in its quarterly gas report released Monday that European Union countries would need to reduce use by 13% over the winter in case of a complete Russian cutoff amid the war in Ukraine. Much of that cutback would have to come from consumer behavior such as turning down thermostats by 1 degree and adjusting boiler temperatures as well as industrial and utility conservation, the group said. The EU on Friday agreed to mandate a reduction in electricity consumption by at least 5% during peak price hours. Just a trickle of Russian gas is still arriving in pipelines through Ukraine to Slovakia and across the Black Sea through Turkey to Bulgaria. Two other routes, under the Baltic Sea to Germany and through Belaru

Sweden finds fourth leak on Nord Stream pipelines in the Baltic Sea

A fourth leak on the Nord Stream pipelines has been reported off southern Sweden, the Swedish news agency said on Thursday. Sweden's coast guards told news agency TT that they have a vessel on the site of the leak, off Sweden. All four detected leaks are in international waters, two near Sweden and two near Denmark. The Nord Stream pipelines run through the Baltic to transport gas from Russia to Germany. Neither pipeline was operating, but both were filled with gas. The Danish and Swedish governments believe that the leaks off their countries were deliberate actions. Before the leaks were reported, explosions were recorded. A first explosion was recorded by seismologists early on Monday southeast of the Danish island of Bornholm. A second, stronger blast northeast of the island that night was equivalent to a magnitude-2.3 earthquake. Seismic stations in Denmark, Norway and Finland also registered the explosions. Some European officials and energy experts have said Russia is likel

Europe ramps up energy security after suspected pipelines sabotage

European companies are ramping up security around pipelines and energy prices are climbing again as the suspected sabotage of two pipelines that deliver natural gas from Russia underscored the vulnerability of Europe's energy infrastructure and prompted the EU to warn of possible retaliation. Some European officials and energy experts have said Russia is likely to blame for any sabotage it directly benefits from higher energy prices and economic anxiety across Europe although others cautioned against pointing fingers until investigators are able to determine what happened. Russia has sharply curtailed natural gas shipments to Europe in retaliation for sanctions that the West put in place after its invasion of Ukraine. On Wednesday, Russian energy giant Gazprom increased the pressure, threatening on Twitter to cease dealing with a Ukrainian company that controls one of the two remaining pipelines that ship Russian gas to Europe. Coming on top of the apparent sabotage to the Nord ..

Europe's energy crisis: The looming winter of discontent that awaits India

Europe's bid to reduce its dependence on Russian gas ahead of the cold season will put pressure on prices and impact India's growing gas economy

Strong demand to drive gains for stocks of city gas distributors

GAIL has come under pressure since it is not receiving contracted liquefied natural gas (LNG) cargoes and it is being forced to buy LNG at much higher prices

Russian prez Putin reveals details of new gas pipeline to China, Mongolia

He held talks with Chinese Premier Xi Jinping and Mongolian President Ukhnaagiin Khurelsukh on Thursday

Italy can get through upcoming winter without Russian gas, says Eni CEO

Before the start of the conflict in Ukraine, Italy was the second largest importer of Russian gas in the EU behind only Germany

Asian countries spend big on fuel oil amid global gas shortage concerns

Japanese imports of the fuel, which can be used instead of natural gas to produce electricity, surged to a four-year high in August, and are set to stay high in the coming months

Crude oil output to go up substantially from next year: Petroleum Secy

Pankaj Jain's comments follows contracts signed by govt for 34 oil exploration blocks; minister Hardeep Singh Puri asserts energy crisis in Europe far worse than India

Price cap won't largely affect Russian gas supply, says Estonian minister

Any price cap EU countries might set on gas from Russia probably won't make a large difference on the supply of it to Europe, Estonia's energy minister said

Road ahead for investors amid OPEC output cut, European energy crisis

The European countries are bracing for a winter sans gas as supplies remain disrupted from Russia. And oil prices are above $95 per barrel on the supply cut decision by OPEC+. What next for investors?

'Ask Siemens Energy', says Gazprom on resumption of Nord Stream 1

Gazprom on Friday said the Nord Stream 1 pipeline, Europe's major supply route, would remain shut as a turbine at a compressor station had an engine oil leak, sending wholesale gas prices soaring.

Hungary will have enough gas supply for households this winter: Official

Hungary will have enough gas this winter to supply its households and economy, Tamas Menczer, state secretary of the Hungarian Ministry of Foreign Affairs and Trade, has said