Page 16 - FSUOGM Week 15 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

PGNiG claims final victory

over Gazprom in court

POLAND RUSSIA’S Gazprom has not filed an appeal year, seeking to set the judgement aside, accord-
against Poland’s PGNiG in an arbitration case ing to PGNiG. In March of this year, however,
PGNiG described it as over a long-drawn-out case over past gas prices, the court dismissed the complaint as unfounded,
"the end of the battle." the Polish gas company reported on April 11. the Polish company said.
PGNiG claimed it as “the end of the battle,” The arbitration award is one of several legal
stating that the “the legal path for challenging disputes between PGNiG and Gazprom, who
this judgement by Gazprom has been exhausted.” have been in and out of court cases for years.
Gazprom was required by a Stockholm arbi- PGNiG is seeking to terminate Russian gas
tration court to pay PGNiG $1.5bn in March purchases after its long-term contract with Gaz-
2020 for overpayments for natural gas since prom finishes at the end of this year. It wants to
2014. The Russian gas company agreed to pay the replace those volumes with extra LNG and piped
funds but continued to pursue the issue in court. Norwegian gas via the Baltic Pipe. Officially,
“Gazprom did not appeal a cassation appeal Baltic Pipe is still on track to start flowing gas in
against the judgement of the Court of Appeal October 2022, two months before PGNiG’s long-
in Stockholm dismissing the appeal to set aside term contract with Gazprom expires, but con-
the final judgement of the arbitration tribunal of struction was delayed because of environmental
March 30, 2020,” PGNiG said in a statement. permitting delays in Denmark, which is a transit
Gazprom had filed a complaint in June of that country for the pipeline. ™
NEWS IN BRIEF

US said to dissuade India Petrochemicals had also considered buying Average daily oil
discounted Urals blend oil.
from buying Russian oil production in Azerbaijan

Indian Oil Corporation has excluded Exports of Caspian CPC in Q1 amounted to 575,500
Russian oil blend Urals from its upcoming
purchasing tender, Reuters reported on Blend crude to recover in barrels
April 13 citing unnamed trading sources.
As followed by bne IntelliNews, Indian Mayl The average daily oil production in
oil refineries have started buying heavily Azerbaijan in the first quarter of 2022
discounted Urals blend oil, as sanctions Exports of Capsian light sour CPC Blend under the OPEC + deal amounted to
for the military invasion of Ukraine crude are set to recover in May following 575,500 barrels, according to data of the
have had Western buyers shunning disruption to April’s programme due to Ministry of Energy.
Russian crude. India is also looking to alleged storm damage claimed by Russia at a The average daily production of oil with
increase its imports of coking coal from Black Sea terminal. condensate was 693,700 barrels in January-
Russia. The preliminary May schedule sees March 2022. At the same time, condensate
Previous reports claimed that Russian exports going up by 5% m/m to 1.42mn production accounted for about 118,100
state development bank VEB.RF and the barrels per day, which is closer to typical bpd. The execution of the OPEC+ deal in
Reserve Bank of India have even set up a monthly levels, Argus Media reported. 1Q22 averaged 116.1%.
direct payment channel as an alternative to The Tengizchevroil consortium, which
SWIFT to settle commodity deliveries. operates Kazakhstan's Tengiz field, is
Reportedly, Indian state buyers cited expected to raise CPC Blend loadings by TMK Energy discovers
high sulphur content as the official 16% m/m to nearly 650,000 barrels per day
reasoning for excluding Urals from the (bpd) in May. The consortium that operates gassy coal in Mongolia
tender. However, Reuters reminds that the Karachaganak field is to increase
on April 12 the US President Joe Biden exports by 15% to 230,000 bpd and Russia's Sydney-listed TMK Energy has discovered
during an online meeting with India’s Prime Litasco is set to lift its CPC Blend loadings 44 m of gassy coal in the upper coalbed
Minister Narendra Modi urged him not to by around 40% to 129,000 bpd. in the first well of its Snow Leopard – 1
increase purchases of oil from Russia. At the same time, shareholders in program, in the Nariin Sukhait area of
In 2021, oil from Russia accounted Kazakhstan's Kashagan field are reportedly Mongolia's Gurvantes XXXV CBM project,
for 2% of India’s overall purchases scheduled to reduce exports by around a Natural Gas World has reported.
from overseas, or about 33mn barrels. fifth to 336,000 bpd. Preliminary results are said to show
Previous reports claimed that Indian that the coalbed has a significant gas
Mangalore Refinery, Bharat Petroleum and concentration and a high gas saturation.

P16 www. NEWSBASE .com Week 15 15•April•2022