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The worst is now over for Gazprom, with its area. The facility is reported not to have suffered
European sales continuing their recovery and any significant damage.
prices slowly but surely rising. But it will be On the same day, Sempra Energy said it had
struggling with the fallout from this steep fall in been able to conduct preliminary visual inspec-
earnings for some time. tions of the nearby Cameron LNG terminal.
Rosneft is understood to be unhappy with a These initial assessments indicated that the facil-
tax mechanism introduced last year that penal- ity had sustained “minimal flooding and no cat-
ises companies for charging too much for vehicle astrophic wind damage,” Sempra said. No date
fuel in Russia. for a restart of Cameron LNG has been provided,
The so-called damper mechanism means though the company said full operations would
companies pay more in tax when domestic fuel be restored “as soon as safely practicable.”
prices are higher than export price. But when Despite the disruptions caused by Hurricane
Russian prices are lower, they receive a subsidy. Laura, US LNG exports are gathering steam after
The pandemic caused European fuel prices to a significant slowdown over the summer. In a
collapse, but Russian prices were relatively stable. different part of the US – in Georgia – Kinder
As such, suppliers suffered some $3.2bn in losses Morgan was reported to be loading its first cargo
from the pandemic as a result of the damper. in seven months from the Elba Island LNG
Rosneft is now seeking amendments – hope- terminal.
fully ones that allow it to claw back some of its The Maran Gas Hector LNG tanker arrived
losses. But the Finance Ministry is likely to block at the facility last week, in a boost to Kinder
such a move, or simply compensate for any Morgan after a lull in exports from Elba Island
changes by introducing an additional tax on the amid a downturn in demand. The company also
industry elsewhere.. brought its 10th – and final – small-scale lique-
faction train online at the terminal last week.
If you’d like to read more about the key events shaping With Elba Island fully online, the first wave
the former Soviet Union’s oil and gas sector then of US LNG export capacity construction is now
please click here for NewsBase’s FSU Monitor . complete. A second wave is under way, also pri-
marily on the Gulf Coast. Indeed, the two pro-
US LNG bounces back jects under construction currently – Venture
US LNG operations that were disrupted by Hur- Global’s Calcasieu Pass LNG and ExxonMobil
ricane Laura were resuming this week, amid a and Qatar Petroleum’s (QP) Golden Pass LNG
broader recovery from the slowdown over the both had to provide updates in the wake of Hur-
summer, when numerous cargoes scheduled for ricane Laura passing through the area. Neither
loading from US terminals were cancelled. site is reported to have been significantly affected
On August 31, it was reported that Cheniere by the storm.
Energy, the leading US LNG exporter, was
restarting its Sabine Pass liquefaction terminal in If you’d like to read more about the key events shaping
Louisiana, which had been shut down in prepa- the global LNG sector then please click here for
ration for the hurricane making landfall in the NewsBase’s GLNG Monitor.

Week 35 03•September•2020 www. NEWSBASE .com P9