Page 15 - FSUOGM Week 24 2022

FSUOGM NEWS IN BRIEF FSUOGM

inked on June 2. North Sea. our company’s efforts to support the
The signing took place during Baku "While the price of Russian crude development of Kazakhstan’s energy
Energy Week, one of most prestigious has been somewhat discounted, Russia's sector.”
events in the energy sector in the Caspian shipping of crude oil has not been Magzum Mirzagaliyev, chairman of the
region, held in Baku, the capital of significantly damaged," Tomomichi management board of KMG, said: “At the
Azerbaijan. Akuta, senior economist at Mitsubishi UN Climate Ambition Summit, President
The MoU builds on the initial 2018 UFJ Research & Consulting, was cited as Kassym-Jomart Tokayev made a statement
catalyst supply agreement between Sasol saying. about Kazakhstan’s intention to achieve
and the Uzbekistan GTL enterprise and Giovanni Stanouvo, commodity analyst carbon neutrality by 2060. KazMunayGas,
includes technical support from Sasol, as at UBS, was reported as predicting India, in its turn, has set a goal to reduce its
well as the supply of a next-generation China and Turkey will continue to buy carbon footprint by 15 per cent by 2031
catalyst. Russian crude because of the steep price compared to 2019 levels and is going
"The MoU is an important milestone discounts. Tatsufumi Okoshi, senior to take further actions under the Paris
in our cooperation with Uzbekistan GTL economist at Nomura Securities, on the Agreement and Kazakhstan’s Doctrine of
and underpins their trust in our Fischer other hand, was said to be is sceptical Carbon Neutral Development.”
Tropsch catalyst and our technology China and India could significantly “However, lower carbon is a new area
leadership in this field," said Cronje Grove, increase their purchases of oil from Russia for us, and we believe that Chevron’s
vice president of advanced materials at from the current level. wide experience in implementing lower-
Sasol Chemicals. "Both India and China have long- carbon technologies and practices in the
Commissioned in January this year, the term oil purchase contracts with their oil and gas industry will contribute to our
$3.6bn GTL plant, sometimes referred to oil suppliers in the Middle East," Okoshi capabilities and lead to joint lower-carbon
as UzGTL, has been billed as one of the told Nikkei Asia. "Their basic stance is to projects,” he added.
largest and most advanced plants of its buy cheap Russian oil in the spot market
kind in the world. when it is convenient. I don't think they
When fully operational, UzGTL is to will switch from the Middle East and buy a Gazprom reportedly seeks
produce over 1.5mn tonnes of high-quality, large amount of oil from Russia."
synthetic liquid fuel annually, under the Analysts say the diversion of Russian ways to send gas directly
brand name Oltin Yo'l GTL (Golden Way oil and gas output to Asian markets would
GTL). require expensive new infrastructure such to Transnistria
as extremely long pipelines and specialised
ports, as well as shipping capacity, that Gazprom has reportedly sealed a contract
Analysis shows large would take years to build. with an obscure Moldovan company to
deliver gas at a point on the territory
increase in Russia oil Chevron and KazMunayGas of Ukraine close to the border with
Transnistria — along a route that would
tankers departing for sign MoU on exploring allow the physical separation of the
deliveries to the separatist region in
India, China and Turkey lower carbon opportunities Moldova from the deliveries to Moldova
proper, Jurnal.md reported.
since start of Ukraine war about Gazprom's intentions. Under normal
The initiative has raised questions
India, China and Turkey recorded the in Kazakhstan circumstances, Tiraspoltransgaz — the
largest increases in the number of Russian US-based energy giant Chevron has gas transport system operator in the
oil tankers that departed for their ports joined forces with Kazakhstan's state-run separatist region — cannot buy gas from
between the start of the war in Ukraine oil producer KazMunayGas (KMG) to any company other than Moldovatransgaz,
on February 24 and June 2, according to a collaborate on evaluating, investigating given its huge ($6bn-7bn) unpaid bills.
Nikkei Asia analysis of data from Refinitiv. and pursuing lower carbon opportunities But if Moldovagaz is no longer able to
The increases were given as nearly in the Central Asian nation. deliver natural gas to Tiraspoltransgaz
eightfold in the case of India, and 70% and Chevron said in a statement that it has for whatever reason, such as for instance
54% for China and Turkey, respectively. signed a memorandum of understanding having its own deliveries cut by Gazprom,
All in all, 290 oil tankers departed (MoU) with KNG via its Chevron it is not impossible to see the separatists
Russia for Asia in the period of just over Munaigas subsidiary to explore potential seeking alternative routes such as the
three months, up from 190 in the same lower carbon business options in one prepared by the obscure Moldovan
period last year. Kazakhstan. company. Physical separation of deliveries
“The ability of Asia to absorb more Derek Magness, managing director is essential for such a scenario.
production will be tested as the European for Chevron’s Eurasian Business Unit,
Union winds down imports from Russia in commented: “Chevron has been investing
response to the invasion of Ukraine,” noted in Kazakhstan for close to three decades.
the newspaper. We are proud of our history of partnership
Russian crude from the Urals now and are committed to investing in the
trades at lower prices than output from country’s energy future. This MoU with
elsewhere, such as Brent crude from the KazMunayGas marks a new chapter in

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