Page 13 - FSUOGM Week 44 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

balance between traditional and renewable reducing emissions,” said Rosneft’s head.
energy is able to provide sustainable long-term Historically, Russia is the world’s third-big-
growth for the global economy.” gest producer of CO2 according to analysis by
Sechin argued that the economic demand climate science website Carbon Brief. Although
alone should drive the change to new energy it did recently set the goal of becoming carbon
sources, in what some commentators have con- neutral by 2060, critics say that Russia is not
strued as a warning to the world leaders who doing enough to cut its emissions of greenhouse
will shortly be attending COP 26. “The energy gases (GHGs). The Climate Action Tracker,
transition should be based not on the demands an assessment of the efforts of various global
of climate activists, but on real economic pat- players, has described Russia’s approach to cli-
terns. This will enable returns on investments mate change as ‘critically insufficient’. President
and long-term growth while simultaneously Vladimir Putin has said that he will not attend
satisfying the demand for energy resources and the COP 26 conference in person. ™

NEWS IN BRIEF

RUSSIA EASTERN EUROPE metres in October) that Moldova is
struggling to pay.
Gazprom Neft hydrocarbon EU gives Moldova €60mn Commodities won the auction held by
Meanwhile, PGNiG and DXT
output rises 3% to 74mn grant to mitigate energy Moldova’s Energocom on October 27 and
will deliver 1.5mn cubic metres on October
tonnes in Jan-Sep crisis 28. Kremlin spokesman Dmitry Peskov on

The hydrocarbon production of Russian Moldova is receiving a €60mn grant from October 27 denied a report by the Financial
oil company Gazprom Neft rose by 2.7% on the European Union to help with its energy Times that Gazprom had asked Moldova to
the year to 74.06 million tonnes in January– crisis, Moldovan President Maia Sandu said adjust its economic relations with the EU in
September, as seen by PRIME in materials on October 27, according to a statement on exchange for a favourable gas price.
of the company on November 1. the presidency website. "No political aspects exist nor can
The output of oil, condensate, and liquid After Gazprom cut its deliveries on there be any. These are purely commercial
hydrocarbons grew by 0.7% to 45.93 million October 1, the country has been paying talks. There is a need [for gas], a business
tonnes, while production of natural gas around €1mn per day to purchase around proposal is on the table, so is a proposed
gained 6.3% to 34.09 billion cubic meters. 1mn cubic metres of gas from other sources discount, and there is also the problem of
Refining of oil by the companies of the and keep the pressure in its pipelines from accumulated debt. All this is commercial in
Gazprom Neft group increased by 7.5% falling below the minimum threshold. nature, there is no politicisation here and
on the year to 32.43 million tonnes in the Moldova is currently using between 7mn there cannot be," Peskov stressed, quoted by
period. and 8mn cubic metres of gas each day, Tass
which is expected to rise to between The reaction of the Russian official
12mn and 15mn cubic metres as winter came after the Financial Times wrote that
US says disappointed with approaches. Gazprom proposed to Moldova to amend
"The European Union provides the
the agreement on duty-free trade with the
Russia not raising gas Republic of Moldova with €60mn for EU and to postpone the adoption of the
third energy package agreed with Brussels
managing the gas supply crisis," the
investment presidency statement said. through the EU-Moldova Association
"The non-reimbursable assistance is
Agreement signed in June 2014, which
The US is disappointed with Russia not provided as a result of a constant dialogue provides for the liberalisation of the gas
raising investment in gas production to between the Moldovan authorities and the market in Moldova.
offer Europe additional gas, when the need European Union." Gazprom announced on October 27
emerged, U.S. Energy Security Department A European Commission that the negotiations with the Moldovan
representative Amos Hochstein said late on official quoted by Politico confirmed the authorities are continuing in St. Petersburg.
October 28. €60mn would be a grant rather than a loan A working meeting between Gazprom
He added that responsibility to balance and that further financing could be released, CEO Alexey Miller, Moldova’s Deputy PM
fuel markets lies with the producers, and but declined to provide details. Andrei Spinu and Moldovagaz CEO Vadim
that the fact that a pledge by Russian Moldova is under pressure to secure Ceban took place on October 27 in St.
President Vladimir Putin to raise supplies a natural gas contract to cover its Petersburg, the company said.
to the European storages reduced prices consumption after November 1, from The parties continued their negotiations
worldwide signals that this could have been Gazprom or any other supplier. Gazprom on the terms and conditions of the
done much earlier. is conditioning a new long-term contract new contract for Russian gas supplies
on inking an agreement on the repayment to Moldova, as well as current issues
of $709mn historic debt and meanwhile pertaining to the cooperation between
charges spot prices ($790 per 1,000 cubic Gazprom and Moldovagaz, the press release

Week 44 03•November•2021 www. NEWSBASE .com P13