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    Russian Oil and Gas Industry: News #2

    JohninMK
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    Post  JohninMK on Sat Mar 28, 2020 10:02 pm

    The Russian oil company's operations in the Latin American country, where it was extracting the heaviest mix of crude in the world, have been complicated since Washington initiated a campaign to oust democratically elected President Nicolas Maduro. The US namely introduced sanctions on companies working in the Venezuelan oil sector.

    Russia’s Rosneft oil company has announced that it is selling 100% of its rights in all Venezuelan oil projects to a company owned solely by the Russian government. Rosneft will receive 9.6% of its shares, currently held by the government, in exchange for these rights. The sale means that Rosneft will cease all of its operations in the Latin American country.

    In the official statement, the company's spokesman clarified that the decision was made in the interest of all of Rosneft's shareholders. He added that the oil company is waiting for the Venezuela-related sanctions to be lifted by the US Treasury as per its own promises.

    The Kremlin has not yet announced what it intends to do with the newly acquired assets. Among these assets are shares in Venezuela’s Petromonagas, Petroperija, Boqueron, Petromiranda, and Petrovictoria oil companies.

    The Venezuelan oil sector has been hit hard by American sanctions for the last two years, as the Donald Trump administration has sought to oust the country's democratically elected President Nicolas Maduro. Washington has namely tried to cut the ties of all foreign companies with the Venezuelan energy sector to stop the influx of money into the country's economy, which has been struggling with a crisis for several years in a row.

    As a part of these attempts, the White House sanctioned two Rosneft-related companies, Rosneft Trading S.A. and TNK Trading International, over allegedly running operations with Venezuelan oil companies.


    https://sputniknews.com/business/202003281078744225-russias-rosneft-oil-company-announces-termination-of-its-activity-in-venezuela/
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    Post  owais.usmani on Sun Mar 29, 2020 5:38 pm

    https://oilprice.com/Energy/Energy-General/Russias-Unexpected-Advantage-In-The-Oil-Price-War.html

    Russia’s Unexpected Advantage In The Oil Price War

    kvs
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    Post  kvs on Sun Mar 29, 2020 6:33 pm

    owais.usmani wrote:https://oilprice.com/Energy/Energy-General/Russias-Unexpected-Advantage-In-The-Oil-Price-War.html

    Russia’s Unexpected Advantage In The Oil Price War


    "Crumbling ruble". Moronic drivel. Since Russia does not depend on imports, western currency speculators only shoot themselves in the
    head by "devaluing" it. They buffer Russian oil and gas producers against the oil price drop and they boost Russian exports.

    No, Russia cannot lose from any forex "devaluation" of the ruble. In addition to the above two benefits, there is a third major one.
    It is import substitution. So Russia's GDP gets boosted by making things in Russia instead of buying them abroad. And unlike a
    banana republic dependent on imports (which is how NATzO retards view Russia), Russia has the ability to import substitute.

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    Post  GarryB on Mon Mar 30, 2020 7:37 am

    Devalued currency makes imports more expensive (for no solid reason of course... it is not like you are paying more but getting better quality or improved products and raw materials), but also make domestic products more competitive both at home and on the international market...
    kvs
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    Post  kvs on Mon Mar 30, 2020 8:15 am

    GarryB wrote:Devalued currency makes imports more expensive (for no solid reason of course... it is not like you are paying more but getting better quality or improved products and raw materials), but also make domestic products more competitive both at home and on the international market...

    Since 2014 Russia has been engaged in real structural reform. All of the distortions left by Yeltsin's comprador regime have been
    essentially washed away. We are seeing a grand reset of the Russian economy. The plan in the 1990s was to make Russia
    dependent on imports of "quality western products" (made in China) and an exporter of resources. Those days are now fully over.
    The fixation of "analysts" and "journalists" on the "wooden" ruble shows their intellectual bankruptcy. The USSR needed "hard currency"
    to buy wheat and other vital products from the west during the 1980s. So the USSR was actually in worse shape than Russia, since
    Russia does not need any "hard currencies". The ruble is hard enough although it will take a while for NATzO currency speculators to
    grow a brain and realize that they cannot soften it by "devalue" it relative to all the Pancho Villa fiat like the US dollar.

    It really is a joke that Russia has one of the best fiscal regimes on the planet without printing presses and debt accumulation,
    but its treated by all the fiscal banana republics in NATzO as if it was weak and on the wrong path. Yeah, keep on faking up
    your GDP numbers with debt, losers.
    x_54_u43
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    Post  x_54_u43 on Mon Mar 30, 2020 10:30 am

    Whole reason USSR even wanted to buy foreign wheat was because they decided to try and match Americans in meat consumption(awful idea but honestly fitting for the rest of the USSR leadership such as Gorbie and co.)
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    Post  PapaDragon on Mon Mar 30, 2020 10:52 am

    x_54_u43 wrote:Whole reason USSR even wanted to buy foreign wheat was because they decided to try and match Americans in meat consumption(awful idea but honestly fitting for the rest of the USSR leadership such as Gorbie and co.)

    They were buying foreign wheat as early as 70s (from USA no less)

    When you buy food from your sworn enemies (whom you criticize for having inferior economic system) you should know that the jig is up



    JohninMK
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    Post  JohninMK on Mon Mar 30, 2020 1:30 pm

    GarryB wrote:Devalued currency makes imports more expensive (for no solid reason of course... it is not like you are paying more but getting better quality or improved products and raw materials), but also make domestic products more competitive both at home and on the international market...

    A side effect of export cost being cheaper due only to devaluation is that rather than the buyer getting a better deal whilst the seller stays the same, it is often possible to increase the Ruble price without changing the $ price.

    This is one of the few advantages in Russia pricing exports in $ or Euros. But it works badly when the currency gets stronger Sad
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    Post  kvs on Mon Mar 30, 2020 4:21 pm

    JohninMK wrote:
    GarryB wrote:Devalued currency makes imports more expensive (for no solid reason of course... it is not like you are paying more but getting better quality or improved products and raw materials), but also make domestic products more competitive both at home and on the international market...

    A side effect of export cost being cheaper due only to devaluation is that rather than the buyer getting a better deal whilst the seller stays the same, it is often possible to increase the Ruble price without changing the $ price.

    This is one of the few advantages in Russia pricing exports in $ or Euros. But it works badly when the currency gets stronger Sad

    Another reason Russia does not price in rubles is because foreign consumers do not understand this currency and swallow all the
    retarded propaganda about it being "wooden". In the long run Russia wins since the currency speculators drink the same inane
    koolaid and so always undervalue the ruble relative to the dollar and the euro. I don't see the ruble being overvalued by the
    moronic currency market.

    kvs
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    Post  kvs on Mon Mar 30, 2020 4:25 pm

    x_54_u43 wrote:Whole reason USSR even wanted to buy foreign wheat was because they decided to try and match Americans in meat consumption(awful idea but honestly fitting for the rest of the USSR leadership such as Gorbie and co.)

    But there was a real issue there besides this. The USSR had much worse harvest yields than Russia per acre and worse yet the USSR
    never built enough grain silos to properly store the grain. This bit them in the ass hard and massive quantities of grain were lost each
    year.

    Russia has come a long way since the 1980s. It hasn't just recovered, it has advanced well beyond the USSR on various fronts
    including a wide spectrum of technology and agriculture. There have been negative effects of the 1990s collapse, but compared
    to what is going on in the west, it ain't such a crisis.

    x_54_u43
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    Post  x_54_u43 on Mon Mar 30, 2020 10:02 pm

    That is true kvs, however even all of this would still been quite possible without the catastrophic dissolution of the USSR, and I specifically mean dissolution because Gorbachev literally dissolved the USSR without any input whatsoever and it's telling that most of the USSR countries(i.e. not the Balts) wanted to remain as the USSR with Georgia abstaining from the vote.

    I mean, Russia only passed the USSR's life expectancy in 2010, twenty fucking years just to get back where they once were. What infuriates me is how solvable the problems were. I mean what is there that could not have been done under the USSR and maintained socioeconomic standards? What Gorbachev did was literally suicide on national level and Yeltsin was just pure treason.

    If the USSR had just maintained it's life expectancy, there would literally be millions more Russians, Belarusians, Ukrainians, Kazakhs, etc to this day. Not to mention far better state of economy due to not fucking having to rebuild literally enormous amounts of industry or remain dependent on now foreign countries. I mean, they literally have to pay Kazakhstan for using fucking Baikonur. Not to mention Batyka and MZKT and millions more situations.

    Don't even get me started on Chechnya and the other conflicts that arose because of its dissolution. Russians were literally ethnically cleansed from areas where they lived on in Chechnya and kept as fucking basement slaves, or Armenians and Azerbaijanis killing each other for fun.

    There aren't words to describe the damage that Gorbachev and Yeltsin inflicted, entire books could be written. But no, Yeltsin gets a fucking museum.
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    Post  calripson on Tue Mar 31, 2020 4:59 am

    x_54_u43 wrote:That is true kvs, however even all of this would still been quite possible without the catastrophic dissolution of the USSR, and I specifically mean dissolution because Gorbachev literally dissolved the USSR without any input whatsoever and it's telling that most of the USSR countries(i.e. not the Balts) wanted to remain as the USSR with Georgia abstaining from the vote.

    I mean, Russia only passed the USSR's life expectancy in 2010, twenty fucking years just to get back where they once were. What infuriates me is how solvable the problems were. I mean what is there that could not have been done under the USSR and maintained socioeconomic standards? What Gorbachev did was literally suicide on national level and Yeltsin was just pure treason.

    If the USSR had just maintained it's life expectancy, there would literally be millions more Russians, Belarusians, Ukrainians, Kazakhs, etc to this day. Not to mention far better state of economy due to not fucking having to rebuild literally enormous amounts of industry or remain dependent on now foreign countries. I mean, they literally have to pay Kazakhstan for using fucking Baikonur. Not to mention Batyka and MZKT and millions more situations.

    Don't even get me started on Chechnya and the other conflicts that arose because of its dissolution. Russians were literally ethnically cleansed from areas where they lived on in Chechnya and kept as fucking basement slaves, or Armenians and Azerbaijanis killing each other for fun.

    There aren't words to describe the damage that Gorbachev and Yeltsin inflicted, entire books could be written. But no, Yeltsin gets a fucking museum.

    A question I still cannot answer: was Gorbachev really that incompetent and naive, or did he know exactly what he was doing?
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    Post  GarryB on Tue Mar 31, 2020 5:25 am

    When you buy food from your sworn enemies (whom you criticize for having inferior economic system) you should know that the jig is up

    When your best planes and civilian airliners are made with titanium from people who don't dislike you, but you have chosen to make your sworn enemies, what effects does that have on the jig?

    I mean, Russia only passed the USSR's life expectancy in 2010, twenty fucking years just to get back where they once were. What infuriates me is how solvable the problems were. I mean what is there that could not have been done under the USSR and maintained socioeconomic standards? What Gorbachev did was literally suicide on national level and Yeltsin was just pure treason.

    Under communism there were people with power rather than people with enormous wealth, but they could see their colleagues in the west becoming billionaires and they wanted in on the action...

    They wanted a nice quick fire sale where assets were sold off to the highest bidder because they could secure those assets and sell them off for massive quick profits... no work done at all... people became millionaires and billionaires over night... which of course was all quickly moved into off shore bank accounts... welcome to democracy... you lose.

    Having said all that... the benefit has been removing a lot of countries that complained and contributed little, so I think Russia is actually better off... to be clear the Ukraine is not better off and likely will never be better off because the Russians were always more generous to the Ukraine than the west or the Americans are or will ever be, but they made their choice... they all did...

    Independence is valuable, but also very scary... I mean leaving the family home and having to sort everything out for yourself... we all go through that... obviously it is a safety net if you don't burn your bridges when you leave so if you lose a job or a girlfriend dumps you and you can't afford the rent where you are staying then having something to fall back to that is not the back seat of your car is useful... but sometimes there is no plan B and you have to harden up and sort your own shit out...

    Be interesting to see where the UK is in a decade... for all the bravado they have just cut themselves off from the economic market they have operated within for the last how many years... they have a commonwealth to fall back on and their special relationship with the US but those countries have all changed and their idea of the new relationship might not have the UK sitting on top dishing out orders and demands like they will want.
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    Post  owais.usmani on Thu Apr 02, 2020 3:09 pm

    https://thebarentsobserver.com/en/industry-and-energy/2020/04/arctic-gas-finds-new-way-yamal-towards-china

    Arctic gas finds new way from Yamal to China

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    Post  kvs on Thu Apr 02, 2020 4:08 pm

    owais.usmani wrote:https://thebarentsobserver.com/en/industry-and-energy/2020/04/arctic-gas-finds-new-way-yamal-towards-china

    Arctic gas finds new way from Yamal to China


    One of the advantages of LNG shipping. It can be transported point to point anywhere. Piped gas is tied to a limited pipeline network.

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    Post  PapaDragon on Thu Apr 02, 2020 6:44 pm

    PapaDragon wrote:
    Pipe layer Akademik Cherskiy is currently off the coast of Madagascar en route to Port of Maputo, Mozambique

    https://www.vesselfinder.com/vessels/AKADEMIK-CHERSKIY-IMO-8770261-MMSI-273399760


    Update: passed the Namibia/Angola border

    This ship is fun to follow thumbsup




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    Post  Hole on Thu Apr 02, 2020 9:21 pm

    It can travel on land??? Shocked
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    Post  owais.usmani on Sun Apr 05, 2020 4:34 pm

    https://oilprice.com/Energy/Energy-General/Is-Gazproms-LNG-Megaproject-Doomed-To-Fail.html

    Is Gazprom’s LNG Megaproject Doomed To Fail?


    The gas giant Gazprom is no longer in the spotlight after the US Treasury sanctioned Rosneft, the Russian national oil company, most probably triggering the collapse of the OPEC+ agreement and bringing about an unexpectedly low pricing environment for March 2020 within both the oil and gas segments. Having launched Power of Siberia to China, Gazprom is now intent on bringing Nord Stream-2 online before the end of the year, moving its own pipe-laying vessel from the Russian Far East to the Baltic region to deliver on all its major promises from the 2010s. Yet there is one project that has had significant problems starting up, combining in itself all the deficiencies of modern-day Russia.

    The 13 mtpa Baltic LNG project was expected to be Gazprom’s response to the sudden rise of successful LNG projects led by rival NOVATEK. Signing a Memorandum of Understanding with Shell in 2016, with the aim of commissioning Baltic LNG in 2022, it seemed that everything is set for the project to succeed – the gas would have been supplied from the Unified Gas supply system (i.e. Russia’s central transmission grid as opposed to purpose-built liquefaction terminals with their own web of pipelines incoming from fields) and would be built right next to the point where Nord Stream-2 hits the Baltic Sea.

    One of the main reasons why Gazprom teamed up with Shell was the Anglo-Dutch major’s LNG know-how, a boon for Gazprom with no experience operating large-scale liquefied gas assets. Among others, Shell designed the LNG technology for the Sakhalin-2 plant, and it was widely assumed that it could share some of its state-of-the-art technologies to develop Russian LNG. Yet when Gazprom announced that it would bring RusGazDobycha onboard, a low-profile company with a history of ties to Arkady Rotenberg (President Putin’s erstwhile judo partner and close confidant) with zero previous exposure to LNG technologies, Shell backed out of the project.

    he fact that Rotenberg-owned structures are tied into Gazprom projects barely surprises anyone in Russia – they have been buying Gazprom subsidiaries since the mid-2000s, and most of the Gazprom’s pipelines are built by StroyGazMontazh. But in this specific case, the inclusion of RusGazDobycha came to the detriment of having Shell as a partner – as a consequence, Gazprom was forced to find another technological partner and it found one in the German engineering firm Linde. The two formed a JV in late 2019, on the back of Linde providing technological solutions for treating wet gas from Eastern Siberia to simultaneously supply the Chinese market with dry gas while creating new markets for helium, propane, butane and other compounds.

    In and of itself, bringing in a new partner and losing the other need not necessarily result in an unfavorable balance, yet Baltic LNG’s cost started to increase exponentially as the declared aims grew in ambition and scope. Russian media outlets have reported that building the LNG liquefaction complex and the petrochemical plant would cost a total of approximately $26 billion, however, these costs do not cover the expenses for building the seaport and other associated infrastructure. As it turns out, the shareholders still have no view on where the LNG terminal will be built - in the end, they might opt to have the terminal built next to an already functioning LPG terminal.

    But even with this in mind, additional expenses are almost guaranteed – primarily massive storage capacities. Fed from the federal trunk pipeline which is in maintenance at least once a year for a prolonged period, Baltic LNG would need a substantial amount of storage to weather situations like these. Moreover, it would be politic if Baltic LNG had a dedicated resource base to have it supplied from, and not to compete with, Gazprom’s pipeline supplies to Europe. Since Baltic LNG would need to be fed from fields that are relatively close to the existing transmission infrastructure, one of the assumed feedstocks for the project was the Achim 4 and 5 formations at Gazprom’s legacy Urengoy field in Western Siberia. Yet the talks with OMV, the Austrian oil and gas company, have so far failed to materialize in a clinched deal over discrepancies regarding the $1 billion price tag for the 25-percent stake.

    The end result of Gazprom’s long-mooted LNG revolution, as of March 2020, is as following: instead of a 2022 commissioning, the envisaged date to bring Baltic LNG onstream is 2025. And instead of the initial price tag of some $10 billion, the current cost tally would amount to some $28-29 billion. Truth be told, initial plans called for an LNG terminal on the Baltic coast, while right now Baltic LNG comprises the terminal itself, a 45 BCm per year gas processing plant that would partially feed Nord Stream-2 and allow for separate LPG and ethane export streams from Ust-Luga. One struggle to rid itself of the impression that the grandeur of Baltic LNG would still leave Gazprom in an incomparably minor position compared to the prime Russian LNG supplier, NOVATEK.
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    Post  kvs on Sun Apr 05, 2020 5:26 pm

    Wow. The drivel is strong.

    The idea that oil and gas resources will not be consumed is full bore retarded. Current "market" prices mean jack-all. Is
    the gas going to disappear in its ground reservoir? Will Russia be unable to extract it 5 or 10 years from now when the prices
    are high?

    The only thing failing here is the IQ of the moron who wrote this piece of garbage posing as an article.

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    Post  miketheterrible on Sun Apr 05, 2020 5:51 pm

    kvs wrote:Wow.  The drivel is strong.  

    The idea that oil and gas resources will not be consumed is full bore retarded.    Current "market" prices mean jack-all.   Is
    the gas going to disappear in its ground reservoir?   Will Russia be unable to extract it 5 or 10 years from now when the prices
    are high?  

    The only thing failing here is the IQ of the moron who wrote this piece of garbage posing as an article.


    The writer also forgets that sale of gas has increased due to demand. Prices dropped but oh well, they still profit quite a lot from it. LNG is more expensive anyway and brings profit. You think all other LNG is now losing money?

    The articles are a joke and simply meant for morons like Owais to be stupid.

    They are binary in thought process. Oil and gas price low means all projects are doomed around it. Oh, who expected it to go back up? Let's add that the companies aren't operating at a loss. They still profit quite a bit off of gas and LNG. So they will still invested for what we all call "the future" which these people forget that there is a tomorrow beyond a today.

    And no, green tech hasn't got even close to the point of efficiency. Plus this coronavirus has stopped a lot of development. That is very temporary.
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    Post  GarryB on Mon Apr 06, 2020 1:16 am

    There was an article whose headline stated the price of oil has more to do with investment speculation than market requirement... didn't read the article because I find such things boring.... Embarassed
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    Post  kvs on Mon Apr 06, 2020 1:24 am

    GarryB wrote:There was an article whose headline stated the price of oil has more to do with investment speculation than market requirement... didn't read the article because I find such things boring....   Embarassed

    You are right, the oil price is a total farce that utterly ignores the situation with production and resource remaining. US gasoline
    stock levels drive the WTI oil price. This is so absurd is mind numbing. Gasoline is not a proxy for oil. And day to day variations
    in gasoline consumption have nothing to do with oil production. In fact, all gasoline produced is consumed. If there was a serious
    over-supply of oil, then that would be reflected potentially in an oversupply of gasoline assuming that refineries would not be closed
    or idled. Then one could have a long term accumulation situation. But that regime is simply not there. So all you have is
    exactly day to day whims of speculators driving the oil price.

    The long term cost of this BS is that oil is way under-priced for its actual availability in the face of ever-increasing demand (shocks
    like Covid-19 are transient and exert no control on long term balance of demand and supply). This overly cheap pricing means that
    there is over-consumption and less incentive to adapt away from oil. So we will have a period when oil production is simply
    unable to meet demand and that will be the onset of the biggest global depression ever. There is no way to adapt away from oil
    without multi-decade, massive efforts to regear the whole economy. It's not a process that is naturally achieved by the market
    because the market is blind to the looming oil production collapse. The free market is a false god that lets humanity down on
    an epic scale when it really counts.

    kvs
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    Post  kvs on Mon Apr 06, 2020 6:28 pm



    Russia is fully shutting down gas transit through Poland via the Yamal-Europe pipeline.    The Polaks got greedy and started
    to demand retro-active gas transit fees of $50,000,000 per year.   This is in spite of the fact that they were getting the
    gas for a discount and did not spend a single cent on maintenance of the pipeline.  

    And it was the transit deal with Banderastan that let Gazprom close off the money losing transit via Poland.    Sweet,
    sweet irony.

    Russophobia is getting more expensive every day.
    JohninMK
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    Post  JohninMK on Tue Apr 07, 2020 12:04 pm

    PapaDragon wrote:

    Update: passed the Namibia/Angola border

    This ship is fun to follow thumbsup


    Agreed but at 9.6 knots its a bit like watching paint dry. Still she is way off the Congolese coast now cutting the corner to pass West Africa. Next stop Las Palmas on April 18th, so into the Baltic in late May/June perhaps. No indication on who her escort is.
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    Post  owais.usmani on Wed Apr 08, 2020 5:28 pm

    https://www.lngindustry.com/liquid-natural-gas/06042020/nauticor-and-novatek-to-co-develop-small-scale-lng-supply-in-the-baltic-sea/

    Nauticor and Novatek to co-develop small scale LNG supply in the Baltic Sea


    Nauticor GmbH & Co. KG and Novatek Green Energy Sp. o. o have signed a Letter of Intent (LOI) regarding the cooperation in developing a joint LNG supply infrastructure in the Baltic Sea range.

    Through this cooperation the two companies aim to further develop the marine LNG bunkering market by delivering via both bunker vessels and trucks. Special focus is placed on the development of such infrastructure in ports along the German Baltic Sea coast.

    Both companies are already active market players in the North European LNG market and see significant potential for further growth by joining forces. Novatek has remarkable LNG production capacities in Yamal and Vysotsk which would be suitable to satisfy the growing demand from shipping, logistics and industry for alternative fuels in Central and Western Europe.

    Gregoire Hartig, Senior Business Development Manager of Nauticor, is convinced that “this cooperation combining the strengths of a leading marine LNG provider with those of one of the world’s largest LNG producers will benefit those companies that chose using LNG as fuel as it is improving the availability of LNG in a growing number of locations. The commitment of a strong player like Novatek, to support the development of small scale LNG infrastructure in the Baltic Sea and beyond, underlines Nauticor’s efforts to develop the last mile of the LNG supply chain from the terminal to the end-customer. The Rostock LNG terminal is obviously an important addition to that and a natural starting point for such a cooperation.”

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