Cash flow from Venezuelan oil sales are being funneled through Russian state-run oil giant Rosneft, helping the country’s president Nicolas Maduro to evade U.S. sanctions designed to oust him from power, Reuters reported on Thursday citing sources and documents.
Venezuela was already struggling to finance imports and government spending...
The demand for Russian gas to be pumped into European underground storage facilities will be significantly lower than in previous years, state-run gas giant Gazprom has said, attributing the trend to warm weather.
European consumers traditionally begin filling their storages with gas in early spring. The monopoly started such supplies...
Russia’s state-owned gas giant Gazprom will continue the construction of the Nord Stream 2 pipeline despite the EU Council approving a European gas directive this week that is expected to delay the project’s commissioning – and potentially leave it half empty, RBC Ukraine reports.
Gazprom is the sole shareholder...
Ukrainian state oil company Ukrnafta has won a ruling in a Swiss arbitration tribunal which forces Russia to pay $44.5 million in compensation for expropriating the company’s property in Crimea, Lenta reported.
In the case initiated in 2015, the company successfully argued before the arbitral tribunal that in April 2014 Russia...
Finnish-Russian AI and IIoT solutions developer ZYFRA Group has successfully tested an Electrical Submersible Pump (ESP) software unit, designed to enhance the efficiency of oil extraction by boosting oil well production rates by 1.5% without any additional capital investment, Oil Review reports.
The ESP software unit is now operational for more than...
The Irkutsk Oil Company (INK), a Russian oil and gas producer in which U.S. banking giant Goldman Sachs owns 3.75% of shares, plans to invest billions of dollars to develop its gas processing business and boost oil production, Reuters writes.
Goldman Sachs International bought its stake in the company in 2013. The Irkutsk-based...
Russian nuclear power company Rusenergoatom has started main construction work for the second unit at the Kursk II power plant, two weeks ahead of schedule, Kapital-Rus.ru reports. The site in Western Russia is the first to use the VVER-TOI reactor design, designed by state nuclear corporation Rosatom.
“Pouring of the...
Oil prices fell slightly on Tuesday after a Russian minister said the country and global cartel OPEC may boost crude output to fight the United States for market share, The Times reports.
Russia’s Finance Minister Anton Siluanov said over the weekend that Russia and OPEC may decide to boost...
Russia’s state nuclear corporation Rosatom is holding talks of selling a 49-percent stake in the Akkuyu Nuclear Power Plant construction project with investors but is not in a rush to sell, Chief Executive Officer of the Russian stat-run corporation Alexei Likhachev told reporters on Monday, according to Kommersant.
"We are...
Gazprom Neft Middle East B.V., a subsidiary of Russian oil company Gazprom Neft, has commissioned a third production well at its Sarqala field in the Kurdistan Region of Iraq (KRI), the Oil & Gas Journal reports.
Potential production at this new well is estimated at 12,000 bpd. Cumulative daily...
