Russia set to tap gas field hit by US sanctions to supply its rival – media

Russia set to tap gas field hit by US sanctions to supply its rival – media

Russian energy giant Gazprom may tap its huge natural gas deposit off Sakhalin, which is under US sanctions, to provide China with blue fuel under a recently signed deal, Reuters reported on Tuesday, citing sources.

According to people familiar with the issue, gas may come from the fields, including the Yuzhno-Kirinskoye, which Washington hit with sanctions in 2015 over the crisis in Ukraine.

Yuzhno-Kirinskoye is Gazprom’s largest natural gas deposit in the Far East, with reserves amounting to 711.2 billion cubic meters (bcm) of natural gas and 111.5 million tons of gas condensate. It is set to produce 21 bcm of gas per year. The deposit also contains oil, and the US sanctions are related to the exploration for, or production of, oil or gas in Russian deepwaters. The restrictions prevent foreign companies from tapping hydrocarbons at such fields.

Last week, Gazprom and China’s National Petroleum Corporation (CNPC) announced their second major long-term agreement for the supply of 10 bcm of natural gas from the Russian Far East. Gazprom said that after the project reaches full capacity, the volume of Russian pipeline gas supplies to China via the Far East route will reach 48 billion cubic meters per year (including deliveries via the Power of Siberia gas pipeline).

According to brokerage Sova Capital, quoted by Reuters, gas for the deal with China could come from the Kirinskoye field, “or more likely the Yuzhno-Kirinskoye field, which should launch in 2023 or 2024.”

“This will be Yuzhno-Kirinskoye, no doubt about that,” one of the sources said.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

Polish companies have limited the sale of coal in the country after blocking imports from Russia, Deputy Minister of State Assets Piotr Pyzik said during his speech in Parliament on Friday.He
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

Europe’s largest producer of atomic energy, Electricite de France SA (EDF), usually exports cheap power during the winter but may be forced to import it this year, Bloomberg reported on
подробнее...

The UK has introduced a 25% windfall tax on energy producers’ profits, which will fund support grants for residents who are unable to pay their soaring energy bills, UK Chancellor of the Exchequer
подробнее...

The suspension of Russian gas supplies would be “a serious blow” to the welfare of the Austrian people as it threatens some 300,000 jobs, Kronen Zeitung newspaper reported citing the Federation of
подробнее...

The White House fears that the confiscation of Russian assets could damage its reputation, the New York Times reported on Tuesday.According to the newspaper’s sources, top officials in President Joe
подробнее...

Asian countries became the largest importers of Russian oil for the first time in April 2022, overtaking Europe, Bloomberg reported on Friday, citing Singapore-based analytics firm Kpler.Roughly 71.7
подробнее...

Komatsu, Japan’s largest construction and mining equipment manufacturer, has resumed deliveries to Ukraine, halted after the launch of Russia’s military offensive, the Nikkei newspaper reported on
подробнее...

An embargo on Russian natural gas would seriously affect the German economy, as well as society, Labor Minister Hubertus Heil said in an interview with news outlet Funke, published on Saturday.“We
подробнее...

The European Commission on Friday announced the introduction of an anonymous online platform for people to report any violations of sanctions on Russia and Belarus.“Aware of anyone violating EU
подробнее...

The Haidach underground gas storage facility in Austria may not be refilled by the next heating season due to a conflict between Berlin and Moscow over the seizure of Gazprom’s German subsidiary,
подробнее...

Shipments of Russian oil to India exceeded 396,000 tons in March, according to the Ministry of Commerce. That is more than a 15% rise from the previous month and a 40% increase on an annual
подробнее...

The globe’s top reserve currencies, the US dollar and euro, have become “toxic” for Russia, Finance Minister Anton Siluanov said on Friday.“The American and European currencies are toxic for us. What
подробнее...

The liquefied natural gas (LNG) market could be hit with a potentially historic shortage this winter as the world rushes to secure the super-chilled fuel, Bloomberg reported this week, citing
подробнее...

The West is considering removing Russian citizens from sanctions lists if they provide funds to rebuild Ukraine, the AP reported on Thursday, citing sources.According to the report, the idea was
подробнее...

The number of people in the world facing acute hunger is predicted to increase by 18 million due to the crisis in Ukraine, Maurizio Martina, the vice director of the UN Food and Agriculture
подробнее...

Russian oil major Rosneft plans to file a lawsuit against the US Treasury Department, the company’s spokesman Mikhail Leontyev told the newspaper Vedomosti this week. Rosneft’s decision followed
подробнее...