The Austrian chancellor said on Friday that Russia’s Gazprom will stop gas supply to Austria from Saturday. “What we have been preparing for since the outbreak of war in Ukraine has happened. I was informed this afternoon that Gazprom will stop deliveries to (Austrian gas company) OMV tomorrow morning,” Karl …
Read More »Oil Rises amid Escalating Russia-Ukraine Tension
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified at the weekend, though concern about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29c, or 0.4%, to $71.33 a barrel by 5.02am …
Read More »Sinopec, Aramco Start Building Petrochemical Complex in China’s Fujian
Sinopec Corp said on Monday that the company and Saudi Aramco have started constructing a refinery and petrochemical complex in southeast China’s Fujian province. The new venture includes a 16 million metric ton-per-year (tpy), or 320,000 barrels per day refinery, a 1.5 million tpy ethylene plant, a 2 million paraxylene …
Read More »Iran to Boost Oil Exports Infrastructure on Kharg Island
The head of the Iranian Oil Terminals Company (IOTC) says that the oil export infrastructure will be developed on Kharg Island in the south of Iran. A project on renovating and repairing the western berths of Kharg is a significant step towards boosting oil exports in the country, Abbas Asadrooz …
Read More »Russia Eyes New Gas Route to China, Betting Big on Growing Demand
Russia is eyeing yet another pipeline to China, this time via Kazakhstan, capable of delivering up to 35 bcm of natural gas annually. Announced by Deputy Prime Minister Alexander Novak, the plan comes as Moscow pivots hard toward Beijing, already shipping 40 bcm of gas to the Asian giant this …
Read More »Iran Says it Hit Record Daily Gas Production in South Pars
Iran’s state-run Pars Oil and Gas Company says daily output from the field reached an all-time high earlier this week amid growing demand for natural gas in the country’s electricity sector. The company said on Saturday that combined production from 28 phases of South Pars had hit a record of …
Read More »China’s Gas Demand Surges with Urban Growth and LNG Boom
China has been the focus of oil traders’ attention for years thanks to its seemingly insatiable demand for the fuel. Now, the country is about to cast itself as the star of the natural gas show as well. Last year, China’s natural gas consumption hit 394.5 billion cu m—a 7% …
Read More »Iran Exports Non-Oil Goods Worth $1.2b to Pakistan in 7 Months
Iran has exported non-oil commodities valued at $1.2 billion to Pakistan in the first seven months of the current Iranian calendar year (March 20-October 21), the former head of the Islamic Republic of Iran Customs Administration (IRICA) announced. Mohammad Rezvanifar said that Pakistan was the sixth top export destination of …
Read More »Gazprom Cuts Gas to Austria off, just in Time for Winter
Russia’s Gazprom PJSC has decided to play its favorite game: pipeline politics. Starting November 16, Austria is off the guest list for Russian natural gas, following a €230 million ($242 million) arbitration spat between Gazprom and Austria’s OMV AG. OMV, refusing to let that cash slip away, decided to withhold …
Read More »European Oil Giants Commit $500 Million to Help Boost Access to Energy
European oil and gas supermajors BP, Equinor, Shell, and TotalEnergies are committing a joint investment of $500 million to help ensure access to affordable, reliable, sustainable, and modern energy for all. The joint investment commitment is part of the energy majors’ efforts to support promising, high-impact projects, primarily in Sub-Saharan …
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