Two facilities directly owned by Russian oil company Gazprom Neft, the Moscow and Omsk refineries, have shown significant reductions in electricity, heat and fuel consumption as at end-2019, the economic upsides of various energy-efficiency initiatives resulting in savings of half a billion rubles, Aif.ru reports.
Reducing energy consumption is a...
Russian energy giant Gazprom registered a 41.1-percent loss in export revenue in January 2020 compared to the first month of last year, slightly exceeding $3 billion, TASS writes citing data provided by the Federal Customs Service.
Russia’s budget has likewise taken a hit. Gazprom pays an export duty on gas...
The United Arab Emirates (UAE), OPEC’s third producer by output, has entered the global oil price war after the Abu Dhabi National Oil Company (ADNOC) said on Wednesday it was positioned to boost its supply to the market by 25%, Forbes reported.
The state-run company said it would up its output...
Russian nickel and palladium giant Nornickel has signed a partnership deal with Finland’s Fortum and Germany’s BASF to plan an electric car battery recycling cluster in Harjavalta, Finland, AMM.com reported.
The idea is to develop a successful “closed loop” cycle to re-use the critical metals (like cobalt and nickel) present in used lithium-ion...
Russia’s biggest oil company, state-run Rosneft, plans to up oil production as soon as the current OPEC+ deal ends, a person close to the company told Bloomberg.
The person, who spoke on condition of anonymity, said that Rosneft had prepared for any scenario and would be able to withstand the...
Saudi Arabia and Russia announced large supply boosts, escalating the country’s price feud even as the coronavirus squeezes demand, which supported oil prices a day after their biggest crash in almost 30 years, Bloomberg reported.
Brent futures traded near $35 a barrel in London, shedding about $1.50 in the minutes...
Austrian energy major OMV and Russian state-run gas producer Gazprom have announced an extension to their basic sale agreement for a gas asset in Siberia, the two companies said in a statement.
The firms said in separate statements negotiations for the preparation of a final agreement will take place by June 2022, on...
A source in OPEC familiar with the plans of the Saudi authorities told TASS on Monday that Saudi Arabia has not launched a price war against Russia and considers Moscow an important partner on the oil market.
"That is not true. Saudi Arabia does not plan any price wars against Russia....
Russia is getting ready for a protracted slump in global oil prices and could use its $150 billion wealth fund to support the ruble as a breakdown in talks with OPEC kicked off a price war and pushed the currency to its weakest level in four years, Bloomberg reported.
Under the government’s...
In what appeared like the start of a price war aimed at Russia, Saudi Arabia slashed its export oil prices over the weekend, sending global crude prices down 30% in a crash not seen since 1991, CNN reports.
Riyadh’s move could have potentially devastating repercussions for Russia’s ally Venezuela, Saudi...
