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Russian South Stream 2.0 Comes Out of the Shadows

Russian South Stream 2.0 Comes Out of the Shadows

Russia and Turkey have announced that the two countries have reached significant progress in reviving the November 2014-shut down South Stream gas pipeline intended to land Russian gas across the Black Sea. The project is the part of the already secured open tender contracts for purchases of gas signed between Gazprom, Bulgaria, Serbia, Hungary, Slovakia and Austria.

Source: Kommersant

The new Black Sea gas pipeline Turkish Stream will run under sea from Krasnodar to a landing hubv just west of Istanbul. On November 19, presidents Vladimir Putin and Recep Tayyip Erdogan met in Istanbul to announce the completion of pipeline’s off-shore section.

Pipeline capacity is for 30 bullion cubic meters, bcm, although initial phase capacity will be closer to 17bcm (the first pipe). Currently, Gazprom supplies the above volume (30bcm) to Turkey (ca 16bcm), Bulgaria, Serbia, Slovakia, Hungary and Austria. Turkish market has been supplied via Blue Stream pipeline, and the other countries are supplied via Ukraine.

Based on reports from Russia’s Kommersant (https://www.kommersant.ru/doc/3806415), Gazprom has managed to achieve two feats:

  1. Gazprom has completed laying two (not one) pipes for Turkish Stream, one intended to supply Turkey and another, to supply Southern Europe,
  2. Gazprom secured tenders for purchases of gas from all EU states to be connected to the South Stream project (Bulgaria’s open tender closes in December 2018, but all other countries have already signed onto supply agreements).

Significantly, the tenders were secured in compliance with the EU Energy Directives. This means that Gazprom latest venture has addressed the main cause of the EU’s original objections to the same pipeline prior to 2014. In the case of open tenders process, Gazprom used exactly the same scheme to secure capacity orders for its Nord Stream 2 pipeline to Germany, Czech Republic and Slovakia back in 2017.

…click on the above link to read the rest of the article…

Impacts of Turkey’s Aggression against Russia. The “Turkish Stream” is Dead. Disruption of Gas Pipeline Routes to the EU. Russia’s Economy in Crisis?

Impacts of Turkey’s Aggression against Russia. The “Turkish Stream” is Dead. Disruption of Gas Pipeline Routes to the EU. Russia’s Economy in Crisis?

“The South Stream gas pipeline worth €15.5 billion was intended to pump 67 billion cubic meters of Russian natural gas to Europe annually. 

The pipeline’s underwater section 900 km (559 miles) long was intended to run along the bed of the Black Sea from the Russkaya compressor station on the Russian shore to the Bulgarian coast.” (TASS, January 14, 2015)

On December 1, 2014, President Vladimir Putin announced that the project to build the South Stream gas pipeline “was closed due to the European Union’s unconstructive approach to cooperation, including Bulgaria’s decision [pressured by the US] to stop the construction of the pipeline’s stretch on its territory.”


South Stream Pipeline Route Options, source TASS

The South Stream was replaced by the “Turkish Stream”. The scrapping of the South Stream was coupled with the signing in Ankara of a historic December 2014 deal between presidents Vladimir Putin and Recyyp Erdogan.

Under the Russian-Turkish agreement pertaining to gas pipeline routes, Turkey was slated to become a major hub and transit route for the export of Russian natural gas to both Southern and Western Europe.

Russia’s Gazprom in a historical announcement by CEO Alexey Miller in January 2015 confirmed that: The Turkish Stream gas pipeline project was considered “the sole route for Russia’s future supplies of 63 billion cubic meters of natural gas to Western Europe… The Gazprom head made this statement in response to a question about the fate of Russia’s South Stream gas pipeline project.” (Tass, January 14, 2015)

…click on the above link to read the rest of the article…

This Week In Energy: Oil Prices Hinge On Two Financial Crises

This Week In Energy: Oil Prices Hinge On Two Financial Crises

It has been an eventful week. Two major financial crises are destroying the bullish case for oil.

The Greek crisis continues, although there are signs that some semblance of a solution is at hand. Europe had demanded a new proposal and set this Sunday as the absolute final deadline, ruling out any further extensions. Greek Prime Minister Alexis Tsipras offered a new proposal to European creditors on its debt situation and appeared willing to accept most European demands in exchange for some debt relief.

Greece has asked for a three-year bailout, and will make further concessions on austerity, cutting spending in key areas of its economy. But in perhaps a surprise move, creditor nations are looking at offering some debt relief. The international pressure on Europe has grown, with calls to offer some debt relief to a country that is mired in five years of recession (or depression), has 25 percent unemployment, and cannot pay its bills. Even the European Council’s President, former Polish Prime Minister Donald Tusk, has joined international calls for debt relief, as part of a loan package. The German Chancellor has been adamantly opposed to debt relief, but with the White House leaning on Europe to act, further austerity in exchange for some debt relief offers all sides a face-saving way out of the crisis. That could pave the way for a financial lifeline to Greece, hours before a hypothetical Grexit from the Eurozone.

Related: OPEC Still Holds All The Cards In Oil Price Game

Meanwhile, Greece announced a 2 billion euro plan with Russia over the Turkish Stream Pipeline, a natural gas pipeline that would run beneath the Black Sea, carrying Russian gas to Europe. Greece’s energy minister announced preliminary plans for the project on July 8, just as Greece was entering into the final days of its standoff with Europe over its debt mess.

…click on the above link to read the rest of the article…

 

 

 

Could Turkey Become the New Ukraine?

Could Turkey Become the New Ukraine?

The deepening crisis in Ukraine is boosting Turkey’s decade-long efforts to establish itself as the lynchpin in energy flows from eastern providers to European customers.

On February 8, Turkish Energy Minister Taner Y?ld?z and Gazprom Chief Executive Officer Alexei Miller surveyed possible routes for the so-called “Turkish Stream” gas pipeline, a multi-billion-dollar project that could funnel up to 63 billion cubic meters of natural gas under the Black Sea from Russia to Turkey, and on to Greece and the European Union.

The project, announced by Russian President Vladimir Putin during a December 2014 state visit to Turkey, shook the energy world. It would supersede the partially built Russia-to-Bulgaria “South Stream” pipeline.In mid-January, Moscow announced Turkish Stream would replace its existing pipelines crossing Ukraine to European markets.

Construction of the Turkish Stream’s first section should be completed by December 2016, according to Gazprom.

The pipeline’s cost and size leave lots of room for doubt about whether the project will ever be realized. Skeptics suggest it is a mere bargaining chip for Moscow in ongoing maneuvering with Brussels over Ukraine-related sanctions.

…click on the above link to read the rest of the article…

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