Ukrainian-American gas trader ERU Trading will boost its capacity to import gas from the EU to Ukraine with a new €10 million loan from the EBRD, the development bank reports. “By supporting a privately owned gas trader, we are promoting further liberalization of the energy market, greater competition and security of supply in Ukraine,” said Ma...
Gazprom did not book extra capacities offered yesterday by Ukraine and Poland to ship Russian gas to the EU during the next ‘gas year’, which starts on October 1, 2021 . By declining to book for more gas, Russia’s monopoly gas exporter may be betting that high prices will pressure EU authorities to commission Nord Stream 2 this fall. #RussiaManipulateswithGas #RussianGasforEU #RussianGassupplies #RussiapressuresEuropewithGassupplies
The price of gas reached a historic high last week on the Ukrainian Energy Exchange — $563 for 1,000 cubic meters. The Exchange cites a myriad of reasons for high prices: low stocks; insufficient supplies from Russia; supply disruptions from Norway; LNG cargoes diverted to Asia... #Gaspricesgoup #Gaspricesreachedhigh #shortageofGassupplies
Starting from October 1st, Russian gas will flow to Hungary via Turkey and Serbia, bypassing Ukraine. On Sunday, Serbian company Srbijagas and Hungarian FGSZ connected sections of the TurkStream pipeline. The pipeline starts in Russia and crosses the Black Sea. For $65 million, FGSZ is building a 15 k... #gasbypassesUkraine #RussianGasbypassesUkraine #RussianGasforEU
Ukraine’s pipeline operator estimates that TurkStream will cost Ukraine $450 million a year in lost transmission fees during this decade as Russian gas bypasses the “Union” and “Brotherhood” pipelines that cross Ukraine. Last year, almost all Russian gas deliveries to Bulgaria and Greece bypassed Ukraine. #gasbypassesUkraine #GasTransportationlosses #UkraineGastransportLosses
With the start of Europe’s heating season 100 days away, gas stocks are expected to only reach 70% of the norm by mid-October. Last Sunday, Europe’s underground storage facilities were 48% full, well below the 64% average for July 4. Even though gas is being pumped into Ukraine’s storage fields at one third the level of this ... #GasstorageUkraine #HeatingSeason2021 #UndergroundStorageFacilities
With Gazprom closing its Yamal-Europe pipeline tomorrow for a week of repairs, Europe’s price of gas has climbed steadily reaching $450/thousand cubic meters. EU gas storage facilities are only 47.5% full — the lowest level in history and 15 points below the average of the... #Gasprices2021 #GazpromPipelines #StorageFacilitiesUkraine
US Senator Ted Cruz, Republican of Texas, is holding up all State Department nominees to pressure the Biden Administration to impose tougher sanctions on the Russia-Germany Nord Stream 2 pipeline , NBC News reports from Washington. Caught in the logjam are 13 posts, including two undersecretaries, three assistant secretaries, and ‘half a dozen’ Ambassadors. President Biden, a Democrat, is seek... #NordStream2sanctions #SenatorTedCruz #SenatorTedCruzsanctions
Driven by Chinese demand, world iron ore prices have reached 15 year highs, and Ukraine responded by increasing its iron ore production by 8% to 10.8 million tons, during the first half of this year, compared to the same January-June period last year, reports Ukrmetalurgprom, the metals industry association. Similarly, Ukraine’s steel production rose by 7.5%, to... #IronOrefromUkraine #IronOrePrices2021 #UkraineminingIronOre
On Wednesday, The World Bank approved a $212 million in low interest loans to help Ukraine synchronize its electricity system with the EU’s ENTSO-E power grid by 2024 . The Bank reports that loans to Ukrhydroenergo will help pay for 197-megawatt short-duration battery energy storage systems combined with solar power plants at four hydroelectric dam sites on the Dni... #ENTSOpowerGridandUkraine #UkraineConnectswithEUsystem #UkraineElectricitySystem #WorldBankLoanforUkraine
Today Norway’s Scatec starts commercial operation of its largest solar plant in Ukraine, the 148 MW Progressovka plant in Mykolaiv region, the company reports. “We are pleased to complete our fourth project in Ukraine, supporting the country’s transition towards green energy,” said Raymon... #NorwayScatec #ScatecinUkraine #SolarPlantUkraine #UkraineEnergy2021
With EU gas prices at 13-year highs and Russian gas supplies to the EU down by almost a fifth, the head of Ukraine’s pipeline company tells the Financial Times that the EU should fight back against Russia’s ‘blackmail.” Sergiy Makogon, chief executive of Ukraine’s Gas Transmission System Operat... #GasFromRussia #GaspricesRising #GasSuppliesforEurope #nordstream2
“Europe can enter winter with very serious problems, ” Makogon tells the FT. “If Gazprom asks to pump more in August? We’d only be happy to.” James Huckstepp, at S&P Global Platts, said that Gazprom’s conduct “could put their claim to being Europe’s... #GasforEU #GasShortage2021 #GazpromandEU #GazpromSuppliesGasforEU
Naftogaz CEO Yuriy Vitrenko will appeal in court against yesterday’s order by the National Agency for the Prevention of Corruption to the Naftogaz Supervisory Board to terminate his contract. Last week, the Supervisory Board failed to vote for Vitrenko’s ouster, opting instead to postpone the issue. Vitrenko asked: “Why is the NA... #NaftogazCEODrama #NaftogazCEOVitrenko #NaftogazUkraine2021
Concorde Capital’s Alexander Paraschiy writes: “There is no political will in Ukraine to dismiss Vitrenko. As such, the board seems to be making another step to find common ground with Vitrenko. So far, the conflict between the CEO and the head of... #NaftogazCEO #NaftogazUkraine #VItrenkoNaftogaz
With Europe facing a 25% cut in pipeline gas from Russia in July, Gazprom yesterday refused Ukraine’s offer to ship 50% more Russian gas to the EU in July . Two Russian pipelines – Nord Stream 1 and Yamal-Europe – are to undergo maintenance in July, reducing flows from Russia by 2.2 billion cubic meters. With these scheduled shutdowns in mind, Ukraine’s... #RussianGasforEU #RussianGasPrices2021 #RussiaRasingGasPrices
News that Gazprom spurned Ukraine’s offer pushed Europe gas prices yesterday over $400/1,000 cubic meters, the highest level in over a decade. Facing high prices, Ukraine is delaying filling its storage reservoirs for this winter. Ukraine has 16 billion cubic meters in storage, 18% below the level of this time last year, Naftogaz reports. In... #RussiaManipulatesgasPrices #RussianGasforEU #RussianGasThroughUkraine
July will be the third month that Gazprom holds back on shipping more gas volumes through Ukraine. Analysts have concluded that Gazprom is working to raise European gas prices and to build support for the Nord Stream 2 pipeline. A sizeable number of US congressional representatives seek to impose s... #GasThroughUkraine #GazpromRefusalToShipGas #RussianGasThroughUkraine
A major US investor in Ukraine, Richard A. Deitz, says UZ is ignoring Supreme Court rulings to avoid negotiating a settlement of a $300 million debt. “UZ has used every trick and procedural loophole to delay and draw out each and every court process,” Deitz, president of VR Capital Group Ltd., said June 15 in a 3,500-word testimony before a Rada co... #UkrzaliznytsiaDebt #UZdebt
Turkish President Recep Tayyip Erdoğan launched Saturday the construction of the Istanbul Canal, a $15 billion, 6-year project that is to replace the Bosporus . Designed to carry ships of the same size that transit the Suez Canal, the 45 km canal would open the Black Sea for the first time to liquefied natural gas cargoes from Persian Gulf. Turkish official... #InstambulCanalConstruction #RecepTayyipErdoğan #TurkeynewCanal
Turkey and Ukraine agreed Thursday to cooperate on building LNG terminals in the Black Sea, reports Yaroslav Demchenkov, Ukraine’s deputy minister of Energy for European Integration. Turkey is developing massive new gas discoveries on its western Black Sea coast, but there are no Turkey-Ukra... #LNGTerminalsinUkraine #LNGterminalsonBlackSea #TurkeyUkraineCooperation
US and Germany are working to draw up a deal to shore up Ukraine’s energy sector to blunt the impact of Nord Stream 2 , Bloomberg reports from Berlin and Washington. Elements could include: building up a hydrogen production industry in Ukraine; requiring Russia to keep minimum gas flows across Ukraine through the 202... #GermanyandUSDealForUkraine #NordStream2HurtsUkraine #NordStream2ImpactonUkraine
Russia is squeezing gas supplies through Ukraine this summer to build EU support for Nord Stream 2, natural gas industry experts tell Bloomberg and the Financial Times. By refusing to meet customer requests to ship more gas through Ukraine during the traditional restocking season, Gazprom has helped... #GasFromRussiaToEU #RussiaSabotagingEU #RussiaSqueezingPipeline
For the EU, Russia is the monopoly supplier of imported pipeline gas. With shipments across Ukraine down by about 20% over pre-pandemic levels, EU stockpiles for the winter are at the lowest in a decade for this time of year, estimates the FT. #EUdependsonRussianGas #RussiaandEU #RussiaSabotagingEU
“Gazprom is effectively saying to the EU: give us the green light for Nord Stream 2 and we will send you all the gas you need,” Tom Marzec-Manser, lead European gas analyst at ICIS, tells the FT. “Don’t, and we won’t. We’re not going to send the extra gas via Ukraine — and you’ve seen what that means for wholesale prices... #EUandGazprom #EUdependsonGasfromRussia #RussianPipelinetoEU
Elena Burmistrova, director-general of exports at Gazprom, denied last month there is a change in strategy. She assured that Gazprom would be “able to supply additional demand” with “the launch of the Nord Stream 2 gas pipeline.” #GasFromRussia #GazPromStrategy #NordStream2pipeline
“Europe’s Chances of Dodging Winter Gas Crunch Hang on Russia, ” Bloomberg writes in a piece based on industry analyst interviews. “Much is going to depend upon Nord Steam 2,” said Massimo Di-Odoardo, vice president of global gas at Wood Mackenzie Ltd, tells Bloo... #EUandRussianGas #EUdependsonNordStream2 #RussianPipeLineandEU
US Secretary of State Antony Blinken described the Nordstream 2 gas pipeline Wednesday as a Russian geopolitical project that undermines the security of Ukraine, adding the United States wants to ensure Russia does not use energy as a coercive tool against any European state, Reuters reports from Berlin. Speaking at a joint press conference with his German cou... #AntonyBlinkenAndNordStream2 #NordStream2threattoUkraine #UkraineAgainstRussianPipeline
Sanctions can stop certification of Nord Stream 2 and sanctions can prevent companies from buying the gas , Yuriy Vitrenko, Naftogaz CEO, tells Interfax-Ukraine in an interview. “The United States can ensure that certification does not take place,” he said. “For this gas pipeline to work, much more is nee... #NordStream2andEU #NordStream2Certification #SanctionsforNordStream2
Ukraine’s government imposed wideranging sanctions yesterday against Dmytro Firtash, owner of much of Ukraine’s nitrogen, titanium and regional gas distribution companies. President Zelenskiy’s decree is a frontal attack on one of Ukraine’s top 10 oligarchs. As posted on the presidential website, the decree blocks assets, restricts trade operations, stops money transfer... #DmytroFirtashSanctions #Zefightsoligarchs #ZelesnkiyFightsOligarchs
To celebrate Metinvest’s 15th anniversary, Ukraine’s largest steel producer, came up last week with a list of projects where Metinvest steel is used: London’s tallest building, The Shard; New York’s Hudson Yards real estate development; Genoa’... #MetinvestAnniversary #MetinvestProjects #MetinvestSteelUsedallovertheworld #SteelProductionUkraine
With revenues last year of $10.54 billion, the steel and mining company had a net profit of $526 million. One new goal: to cut air pollution at its Mariupol steel plants to meet EU standards by 2025. Metinvest CEO Yuriy Ryzhenkov said at a press conference on Wednesday: “In the last seven years, the pollu... #MetInvestPolutionReduction #MetinvestProfits2020 #PolutionfromSteelMining #PolutionKryviyRih
Iron ore concentrate production rose 10.4% yoy at one of Metinvest’s largest iron mines, Central Iron Ore Enrichment Works, or CGOK, reports SteelOrbis news site. For the first four months of this year, production hit 1.7 million tons at the mine, located in Kryvyi Rih. #IronOreProduction2021 #IronOreProductionUkraine #MetinvestIronOreMines
Responding to high world steel prices, Interpipe has increased its production of steel and steel products by 10.6% yoy, the company reports. From January to May, Interpipe produced 368,200 tons. Top sales regions are: Europe — 29%; Middle East North Africa — 25%; Ukraine – 17%; CIS – 12%; and North America ... #Interpipe #InterpipeSteelUkraine #SteelPrices #SteelProductionUkraine
Ukraine plans to auction Europe’s largest titanium and zirconium miner on Aug. 31, Dmytro Sennychenko writes on Facebook. With a starting price of $137 million for United Mining and Chemical Company, the sale will be the first large privatization since the 2014 Revolution of Dignity... #MiningTitaniumUkraine #TitaniumMiningLicenseUkraine #ZirconiumMining
Four titanium, three hydrocarbon and two ore licenses were revoked Friday by the National Security and Defense Council, council secretary Oleksiy Danilov told reporters. Held for as long as four years, the licenses were never used. Danilov believes companies sat on t... #miningLicencesrevocked #OreMiningLicense #TitaniumLicenserevoced
Through May, Ukraine’s iron ore exports dipped by 2% in volume, but doubled in value, to $3.1 billion, compared to the first five months of last year. The revenue rise accelerated in May, hitting $788 million, three times the level of one year earlier, reports SteelOrbis news site. The main markets are... #ExportfromUkraine #IronOreExportfromUkraine #IronOreProductionUkraine
Prices for ore and metal products have peaked, Yury Ryzhenkov, general director of Metinvest, Ukraine’s largest integrated metals company, told reporters yesterday at a press conference marking the company’s 15th anniversary. “Prices peaked at the... #ApartmentPriceswillRise #MetalfromUkraine #MetinvestUkraine
Metinvest and ArcelorMittal object to the Rada’s move to raise royalties on iron mined in Ukraine. Metinvest’s Ryzhenkov says that the company paid $370 million in taxes during the first half of the year – seven times more than in the first half of last year. “The budget is getting more money today... #TaxesonIronMining #TaxforArcelorMittal #taxraseonIronMiningInUkraine #UkraineRasesTaxesforMetinvest
If royalties go up, ArcelorMittal Kryvyi Rih may abandon a plan to $1 billion in new production, Mauro Longobardo, the company CEO, tells Ekonomichna Pravda “[If royalties go up] it creates an additional financial burden in the production of iron ore and runs counter to the possibility of investi... #ArcelorMittalUkraine #IronOreProductionKryvyiRih
In Ukraine, Metinvest is planning to make high quality steel at its Illyich plant in Mariupol. Due to the lack of high quality steel, “there is no development of machine building or home appliances,” Ryzhenkov said. “It is impossible to attract a car manufacturer here.” In Italy, Metinvest is i... #HighQualitySteelFromUkraine #Metinvesthighqualitysteel #MetinvestSteelUkraine
Yuriy Vitrenko is still CEO of Naftogaz. The National Agency on Corruption Prevention is appealing a ruling on Friday that suspended the Agency’s own suspension order. With Prime Minister Shmygal backing Vitrenko, it appears that the three g... #VintrenkoCEOofNaftogaz #VitrenkoCEOsupportedbyGovernment
Concorde Capital’s Alexander Paraschiy writes: “This development illustrates a strong political will to retain Vitrenko as Naftogaz CEO. That allows us to expect a Naftogaz Supervisory Board meeting to consider Vitrenko’s dismissal will not take p... #NaftogazCEODrama #NaftogazScandal #NaftogazUkraine
Quote of the day: “Without radical reforms, energy blackouts will become a feature of everyday life in Ukraine in the years to come…Ukraine should adopt competitive, full-cost pricing by integrating comprehensively int... #EUandUkraine #IntegrationinEUenergyMarket #NeedforRadicalReformsinUkraine #ReformsinUkraine
VR Capital Ltd. and Ukraine Power Resources inaugurated Friday a $60 million 40 MW wind farm in Odesa’s Bessarabia. Near the 10 new towers, the two foreign-owned companies are building a second $90 MW million phase for their Dnistrovska wind project. “The modernization of Ukraine runs through green energy,” Richard... #VRcapitalUkraine #windpowerbyVRcapital #WindPowerOdesa
Despite this ongoing $150 million investment, Deitz said he has frozen four wind projects totalling 260 MW. “The biggest problem is that we don’t see stability,” said Deitz, an American with over 20 years experience investing in Ukraine. “The rules seem to change every day.” He cited the government’s failur... #RenewableEnergyUkraine #WindPowerPlant #windpowerukraine
Ukraine’s erratic treatment of wind and solar producers threatens the EU’s choice of Ukraine as a major hydrogen producer , Deitz said. “We can replace Russian gas in the EU with Ukrainian molecules,” he said. “But to do that, we need stability — hydrogen investments will take 10 to 15 years.” #energyukraine #SolarandWindPowerUkraine #SolarPowerProducers #WindpowerProducers
On the other side of Ukraine, in southern Zaporizhia region, Norway’s NBT starts construction this summer of Zophia, a 75-wind turbine farm with a capacity of 338 MW. Coupled with NBT’s 246 MW Syvash wind farm, operated in Kherson region with France’s Total Eren, NBT says it will have attracted €1 billion in foreign investment into Ukraine. “Every project that is s... #NBT #RenewableEnergy #WindEnergyUkraine
Last month’s end run around the Naftogaz Supervisory Board to install a new CEO “makes it very difficult for us to continue to support the company,” EBRD President Odile Renaud-Basso told Bloomberg yesterday in Warsaw. Under the headline, “Shock CEO Ouster Pushes Ukrainian Gas Giant’s Backer to Brink,” Bloomberg writes: “The EBRD, along with the World Bank, is a key international ... #NaftogazDramawithCEO #NaftogaznewCEO #NaftogazSupervisoryBoard
Over the last two years, Naftogaz has sold a total of $1.55 billion of Eurobonds . On April 30, Ukraine’s Cabinet of Ministers suspended the Naftogaz Supervisory Board and installed Yuriy Vitrenko as CEO. “We were very unhappy and we made that very clear,” Renaud-Basso said. “We h... #EurobondsofNaftogaz #EuroBondsUkraine #NaftogazEuroBonds
