Page 11 - Gi_September2021

international news

NORD STREAM 2: US AND GERMANY pipeline threatens its security.
The country has been fighting
REACH DEAL ON CONTROVERSIAL Russian-backed separatists in the east
since 2014. Russia also annexed the
Crimea peninsula from Ukraine in 2014.
RUSSIAN GAS PIPELINE Kyiv fears a full-scale Russian invasion
once Nord Stream 2 is fully operational.
Ukraine also stands to lose about
$3 billion (£2.2 billion) a year in gas
transit fees.
Poland is also opposing the pipeline,
which runs from Vyborg in Russia
under the Baltic Sea to Lubmin in
Germany. Poland says the $10 billion
project threatens the security of central
and eastern Europe.
Russia denies this and describes the
project as commercially beneficial for
all involved.
Under the terms of the US-German
deal, Ukraine will get $50 million in
green energy technology credits and a
guarantee of repayment for gas transit
fees it will lose by being bypassed by
the pipeline through 2024, according to
the Associated Press.
In May, US President Joe Biden’s
administration waived sanctions on
a company building the pipeline,
despite a strong opposition from
Republican lawmakers.
Mr Biden’s White House opposes the
THE CONTROVERSIAL PIPELINE HAS RECEIVED US APPROVAL pipeline, but analysts say he is reluctant
to risk a transatlantic rift with Germany
THE US SAYS IT has reached a deal with double Russian gas exports to Germany. at a time when he has been trying to
Germany to prevent Russia from using US official Victoria Nuland said it reach out to European allies.
its Nord Stream 2 gas pipeline as political was “a bad pipeline”, but said the deal Like its already operational twin Nord
leverage over Europe, reports the BBC. envisaged sanctions against Moscow if Stream, the new pipeline will have the
The near-complete 1,230km (764 it tried to blackmail Ukraine. capacity of 55 billion cubic metres of
miles) pipeline under the Baltic Sea will Ukraine says the Nord Stream 2 gas per year to Europe.

CHINA’S SINOPEC AIMS TO GROW GAS OUTPUT 60% BY 2025

CHINA’S SINOPEC AIMS to boost its The company aims to produce 13 That is more than double the
domestic natural gas output to 48 bcm of shale gas from the Sichuan current Chinese total LNG import
billion cubic meters (bcm) by 2025, a basin by 2025, which would make capacity of 96 million tonnes,
nearly 60 per cent rise from 2020, as it up nearly 30 per cent of its total gas as reported by the state-backed
looks to cut carbon emissions, a senior output, Zhu said. Chongqing Oil and Gas Exchange.
company researcher told Reuters. Sinopec, also one of the country’s
The state oil and gas major has top importers of liquefied natural
pledged to achieve carbon neutrality gas (LNG), will increase its receiving NORD STREAM 2
by 2050, relying on producing capacity by expanding existing
more gas versus oil in its portfolio terminals at Tianjin, Qingdao and
and investing in hydrogen as a Beihai and building new ones in
transportation fuel. Longkou of Shandong province and
Sinopec will focus on tapping gas Liuhe in Zhejiang, she said.
resources in the Sichuan basin in She did not give a total capacity
the southwest and Erdos in northern target for Sinopec but said by 2025
China, Zhu Xueqian, a gas specialist China will operate more than 30 LNG
with the firm’s Petroleum Exploration terminals able to handle nearly 200
and Development Research Institute, million tonnes of imported super-
told an industry seminar. chilled gas. SINOPEC HAS PLEDGED TO ACHIEVE CARBON NEUTRALITY BY 2050

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