Gas

European energy companies appear to have bent to Russian President Vladimir Putin’s demand that they purchase natural gas using an elaborate new payment system, a concession that avoids more gas shut-offs and also gives Putin a public relations victory while continuing to fund his war effort in Ukraine. The system, …

The liquefied natural gas market is hurtling toward a potentially historic shortage this winter as the world rushes to secure the super-chilled fuel. Europe’s plan to cut imports of piped Russian gas by two-thirds by the end of the year and replace it with LNG from the US and Africa …

Poland would be interested in cooperating with Portugal on potential LNG trans-shipping, Prime Minister Mateusz Morawiecki said on Friday, adding that gas could be sent to other countries to help them cut their dependence on Russia. Following Russia’s invasion of Ukraine, the European Union has been scrambling to find alternatives …

Qatar is striving for a diversified set of customers for its natural gas, the Gulf state’s energy minister told German daily Handelsblatt, potentially posing a limit to Germany’s purchasing ambitions to cut its dependency on Russian energy. “Just like buyers want to diversify their supplier base, we are keen to …

Germany and Italy have allowed national companies to open ruble accounts in Russia’s Gazprombank to comply with the new natural gas payment scheme and avoid a supply cut-off, Reuters reported on Friday, citing sources. The move comes after Poland, Bulgaria and most recently Finland refused to accept Russia’s new payment …

The European Union is unlikely to reach a unanimous decision on the idea the U.S. has floated for cutting Putin’s oil revenues—a tariff on Russian oil, a senior official told Argus on Friday. Basically, an EU-wide agreement on a tariff is likely to be as difficult to reach as a …

Russia’s Gazprom halted gas exports to neighbouring Finland, the latest escalation of an energy payment dispute with Western nations. Gazprom Export has demanded that European countries pay for Russian gas supplies in roubles because of sanctions imposed over Moscow’s invasion of Ukraine. But Finland refused to do so. “Gas imports …

The European Commission has today presented the REPowerEU Plan, its response to the hardships and global energy market disruption caused by Russia’s invasion of Ukraine. There is a double urgency to transform Europe’s energy system: ending the EU’s dependence on Russian fossil fuels, which are used as an economic and …

Hungary told its European Union counterparts that it will cost at least 770 million euros ($810 million) to revamp its oil industry as they wrangle over potential sanctions that would target Russian supplies. Prime Minister Viktor Orban’s government said 550 million euros were needed to overhaul its refineries to comply …

The smallest oil producer in the Persian Gulf is turning to natural gas imports to meet rising energy demand as production from its own deposits slips. Bahrain plans to import at least five or six cargoes of liquefied natural gas in 2025, according to Mark Thomas, chief executive officer of …