Page 75 - RusRPTFeb20

9.1.1b​ Oil and gas sector news
Gazprom has supplied the first billion cubic metres (bcm) of gas through the Turkish Stream (aka TurkStream) Gas Pipeline​. Approximately 54% of this volume was delivered to the Turkish gas market, while the remaining 46% was transported to the Turkish-Bulgarian border, the Russian energy major said in a statement. The official launch ceremony for TurkStream was held on January 8 in Turkey. It was attended by Turkish President Recep Tayyip Erdogan and Russian leader Vladimir Putin.. TurkStream stretches across the bottom of the Black Sea to unite the gas transportation grids of Russia and Turkey. The pipeline consists of two lines, with a total capacity of 31.5 bcm.
US sanctions on Iran and Venezuela helped increase Russian oil exports last year​, the Ministry of Economic Development reports—despite the fact that the Russian oil sector is subject to US sanctions itself. The volume of Russian oil exports to Turkey grew 4.5x in the first 11 months of 2019 after the US reinstituted sanctions on Iran. During the same period, Russian oil exports to the US jumped 3.1x after the US imposed sanctions on Venezuela. These figures serve as your regular reminder that sanctions policies are complex and have unintended consequences. In today’s global markets, it is impossible to
75​ RUSSIA Country Report​ February 2020 ​ ​www.intellinews.com