Russian South Stream 2.0 Comes Out of the Shadows

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Source: Kommersant

 

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.

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. Continue reading

U.S. To Undermine Russia’s Gas Monopoly In Europe

The first U.S. LNG shipment will soon arrive in Europe, marking a new era for energy on the continent. Cheniere Energy’s newly completed Sabine Pass facility on the U.S. Gulf Coast recently sent a shipment of American liquefied natural gas, which should arrive in Portugal within a few days.

“LNG coming out of the U.S. is probably the single most important thing that will transform the future LNG market,” Melissa Stark, energy managing director at Accenture, told Bloomberg. “It heralds the arrival of a global market.” Continue reading

Russia stops gas deliveries to Ukraine

Russian state giant Gazprom on Wednesday said it had halted gas deliveries to Ukraine after Kyiv failed to make upfront payments for more supplies.

Gazprom chief Alexei Miller said that as of 0700 GMT Ukraine’s Naftogaz had used up all the gas it had paid for and “no new upfront payment has been made”. Continue reading

‘Ukraine is bankrupt’ – Gazprom CEO

Despite all claims to the contrary made by American politicians, European media and Ukrainian officials, the problem is not the price of gas itself, it is the systemic crisis of Ukrainian economy. Gazprom CEO is sure that no matter the price, Kiev won’t pay, because it simply can’t do it: “Ukraine doesn’t pay at any price. With or without reductions. It must be understood that the situation is getting worse every month. The reason is the low solvency of Ukrainian consumers and what’s more concerning, the degrading payment discipline of consumers.” Continue reading