Dharmendra Pradhan to lead business delegation from energy sectors in Moscow
Union Minister Dharmendra Pradhan will be in Moscow for two-day beginning today where he will lead a business delegation from oil and gas as well as steel sectors. Union Minister of Petroleum and Natural Gas, Pradhan and Russian Energy Minister Alexander Novak will review cooperation in the energy sector in the run-up to the forthcoming visit of Prime Minister Narendra Modi to Vladivostok to participate in the 5th Annual Eastern Economic Forum as the Chief Guest and the 20th Annual Bilateral Summit between the two countries during the first week of September. The discussions will focus on further strengthening bilateral energy cooperation, including in oil and gas, steel and coal sectors. The Indian steel sector is exploring ways to ensure raw material securitization for its stakeholders. Pradhan will also meet the Deputy Prime Minister of the Russian Federation and the Presidential Plenipotentiary to the Far East of Russia to discuss the follow-up on the collaborative activities identified by Indian companies during their visit to Far East Russia earlier this month. Pradhan and Novak will participate in an Energy Dialogue with Russian and Indian Oil and Gas and Steel companies.
Croatia awards licences for gas and oil exploration in north-eastern region
The Croatian government said on Thursday it had awarded licences for gas and oil exploration and exploitation on six blocks in its flat north-eastern region to two local and two foreign companies. The licences were given to Croatia’s biggest energy group INA, owned jointly by Hungary’s MOL and the Croatian government, Canada’s Vermilion Energy, Hungary-based Aspect Croatia which is a branch of the U.S. energy firm Aspect, and a smaller local firm Crodux Derivati. INA and Crodux Derivati were given licences for two exploration blocks each, while Vermilion and Aspect Croatia were awarded licences for one block each. The blocks stretch over an area of around 14,000 square kms. The licences are valid for 30 years at most. Croatia imports some 80% of its oil needs and around 60% of the gas it consumes.
Merkel and Putin agree need to speed gas talks
Chancellor Angela Merkel agreed in a phone call with Russian President Vladimir Putin on Thursday on the need to speed up talks on future gas transit agreements, the German government said. “They stressed the urgency of speeding up negotiations on future gas transit contracts,” a German government spokesman said in a statement. Germany has demanded that Ukraine continues to serve as a transit country for gas to Europe after the opening of the Nordstream 2 pipeline. Gas transit via Ukraine is seen as a crucial guarantor of its independence and security. The two leaders also discussed the situations in Syria and Libya, the spokesman added.
ONGC sets up a euro medium-term note programme of $2 billion
Oil and Natural Gas Corporation (ONGC) said on Thursday it has set up a euro medium-term note (EMTN) programme of two billion dollars which will be listed on Singapore Stock Exchange. An EMTN programme is an uncommitted facility and any drawdown thereof under this document will be subject to funding requirements. ONGC is among select few corporates and India’s first oil and gas public sector integrated energy major to set it up. “This is a landmark achievement for ONGC as setting up of EMTN programme will further enhance our credit profile among global investor base,” said Chairman and Managing Director Shashi Shanker. “We have embedded structural features in the programme which will allow ONGC, ONGC Videsh or its subsidiaries to access international markets within shorter time frame. We do believe this programme will assist in meeting our strategic financing requirements for our organic or inorganic growth prospects true to our vision of becoming an integrated energy major of global reckoning.” “The current low yield environment in international debt markets does provide attractive tenor funding options. However, any drawdown under the programme will be made to meet specific requirements of ONGC, ONGC Videsh Limited or its subsidiaries,” he said in a statement.
Saudi Aramco sets Sept propane price at $350 a tonne
Saudi Arabia’s state oil giant Aramco has set its September propane price at $350 a tonne, down from $370 a tonne in August, the company said on Thursday. The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced. Aramco has set its September butane price at $360 a tonne, unchanged from August.
Russia’s Gazprom starts filling China-bound pipeline with gas
Russian energy giant Gazprom has begun filling the Power of Siberia pipeline to China with natural gas, Interfax cited the governor of the Republic of Yakutia as saying on Thursday. Gas flows to China from east Siberia are scheduled to start by the end of the year.