Latest news with #Gazprom
Reuters
6 hours ago
- Business
- Reuters
Serbia's NIS oil company seeks fourth sanctions waiver from US
June 20 (Reuters) - Russian-owned Serbian oil company NIS ( opens new tab has asked the United States for a fourth waiver from sanctions which could cut its crude supply, it said on Friday. NIS, which is majority-owned by Russia's Gazprom Neft ( opens new tab and Gazprom ( opens new tab, operates Serbia's only oil refinery. The facility has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs. The U.S. Treasury's Office of Foreign Assets Control (OFAC) initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. NIS has so far secured three waivers, with the third one set to expire on June 27. On March 14, NIS submitted a request to the U.S. Treasury Department for its removal from the sanctions list, it said. "Despite the complex environment in which the company operates, NIS continues with regular supply of the domestic market with all kinds of oil derivatives, and remains devoted to maintaining social stability of its employees," the company said in a statement on its website. On February 26, Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. Gazprom Neft owns 44.85% of NIS, while Gazprom has 11.3%. The Serbian government owns 29.87%, with small shareholders accounting for the rest. NIS imports about 80% of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its own crude oil production in Serbia.
Russia Today
6 hours ago
- Business
- Russia Today
EU nation to keep Russian oil and gas flowing
Hungary has received assurances from Russia that deliveries of oil and gas under long-term contracts will continue despite efforts by the EU and Ukraine to disrupt them, Foreign Minister Peter Szijjarto said on Thursday at the St. Petersburg International Economic Forum (SPIEF 2025). Hungary has opposed EU sanctions on Russian energy since the escalation of the Ukraine conflict in 2022, saying the imports are vital to national interests. The country has a long-term contract with Gazprom and receives the bulk of its oil and gas from Russia. Gas is mainly delivered via the Turkish Stream pipeline through Bulgaria and Serbia. Budapest is also working with Russia's Rosatom to expand the Paks Nuclear Power Plant. The foreign minister was commenting on a proposal by the European Commission that would ban imports of Russian gas, including LNG, to the EU starting January 1, 2026. For landlocked countries such as Hungary, the cutoff would apply from early 2028. According to Szijjarto, the heads of Russia's largest energy firms have signaled that they are ready to continue supplying Hungary with low-cost natural gas and crude oil despite challenges and restrictions. 'Agreed with Russian officials & energy company leaders to maintain our cooperation, despite efforts by Brussels & [Kiev] to undermine it,' Szijjarto wrote on X. He made the statement after meetings with Russian First Deputy Prime Minister Denis Manturov, Deputy Prime Minister Aleksandr Novak, Gazprom CEO Aleksey Miller, and Rosatom Director General Aleksey Likhachyov. Szijjarto said oil deliveries are ongoing, gas flows continue through the TurkStream pipeline, and the expansion of the Paks Nuclear Power Plant – known as Paks II – is progressing. 'We won't let Brussels force [Hungarian] families to pay 2-4x more for energy,' he added. His remarks come as the European Commission has proposed ending all remaining Russian gas imports to the EU by the end of 2027. Energy Commissioner Dan Jorgensen presented the plan on Tuesday, following approval from European Commission President Ursula von der Leyen. It includes a ban on new Russian gas contracts starting in 2026 and a full phaseout the following year. The proposal faces opposition from Hungary, Austria, Slovakia, and reportedly from Italy. It is expected to be introduced as trade legislation, which would not require unanimous approval from all EU member states. Szijjarto has called the plan 'absolute insanity,' warning it could cause fuel price hikes and undermine national sovereignty. Hungarian Prime Minister Viktor Orban has vowed to block the move.
Yahoo
16 hours ago
- Business
- Yahoo
US, Chinese strategic reserve buys may offset oil surplus, Russia's Gazprom Neft says
ST PETERSBURG (Reuters) -U.S. and Chinese purchases for strategic oil reserves are expected to offset any potential global surplus, keeping oil prices in check, the head of the Russian oil producer Gazprom Neft said on Friday. The eight members of OPEC+, which groups OPEC and other producers led by Russia, are unwinding voluntary production cuts and have agreed monthly increases for April through July, when they will meet to decide on August production. OPEC+ production growth in the coming months is unlikely to lead to market overstocking, said Alexander Dyukov, CEO of Gazprom Neft, the oil arm of Russian energy giant Gazprom. It is also not expected to affect prices, he told journalists at an economic forum in Saint Petersburg. "The new U.S. administration has set the task of replenishing strategic oil reserves as soon as possible, which have fallen to about 400 million barrels - less than 20 days of consumption - with storage capacity of over 700 million barrels," he said. "China has announced that it will accelerate the replenishment of strategic fuel reserves planned for this year," he added.
Reuters
a day ago
- Business
- Reuters
Russia to keep shipping gas and oil to Hungary, Hungarian foreign minister says
BUDAPEST, June 19 (Reuters) - Russian gas and oil deliveries to Hungary will continue, Foreign Minister Peter Szijjarto said on Thursday during a visit to Russia where he held talks with Russian Deputy Prime Minister Alexander Novak and top Rosatom and Gazprom officials. The European Commission aims to ban EU Russian gas and liquefied natural gas (LNG) imports by the end of 2027, a move which Hungary and Slovakia have opposed. "Agreed with Russian officials and energy company leaders to maintain our cooperation, despite efforts by Brussels and Kyiv to undermine it. Oil deliveries continue, gas flows via TurkStream, Paks II (nuclear project) moving forward," Szijjarto posted on X.
Reuters
2 days ago
- Business
- Reuters
Russia's Novak says no one has approached government about buying Nord Stream 2
ST PETERSBURG, June 19 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Thursday that no one has approached the Russian government about buying the Nord Stream 2 gas pipeline. The Wall Street Journal reported in November that an American investor, Stephen P. Lynch, was seeking to buy the pipeline under the Baltic Sea, which was damaged by mysterious blasts in 2022. The $11 billion Nord Stream 2 pipeline, set to carry Russian gas to Europe, was completed in 2021 but was never commissioned as relations with the West soured due to the onset of the conflict in Ukraine.
