Archives for 2021

“All the allegations against Russia and Gazprom relating to delivering an insufficient amount of gas to the European market are absolutely groundless, unacceptable and untrue. In other words, it is a pack of lies,” he said in an interview with the Russia-24 TV channel.

Kupriyanov added that Gazprom is ready to deliver additional gas volumes to Europe under the terms of existing contracts, with the costs of these supplies to be lower than spot market prices.

Last week, European prices for natural gas topped $2,150 per thousand cubic meters for the first time ever, reaching nearly $210 per megawatt-hour in household terms. Gazprom’s average contractual price for European countries is less than $300 per thousand cubic meters.

“All problems in Western Europe are created by the Europeans, they shouldn’t blame Gazprom for this,” the spokesman pointed out.

According to Kupriyanov, some countries, like Germany and France, pumped out the gas volumes they had contracted for 2021, but have not submitted requests for additional supplies.

“Gazprom books shipment capacity in accordance with the number of those requests rather than the other way around,” he added.

He pointed out that this year Gazprom delivered 50.2 billion cubic meters of gas, 5.3% more than in 2020. Meanwhile, the supply volumes delivered to Italy, Turkey, Bulgaria, Serbia, Denmark, Finland, and Poland in 2021 also exceeded the figures recorded last year.

READ MORE: Nord Stream 2 could solve Europe’s energy crisis, says Putin

Some European officials have repeatedly blamed Gazprom and the Russian government for being behind the current energy crisis. The latest accusations followed last week’s stoppage of gas shipments through the Yamal-Europe pipeline. Gazprom says it stopped supplies after Germany did not book additional gas shipments via the route.

On Friday, Gazprom and its customers, including Germany’s Uniper SE and RWE AG, confirmed that the Russian company had fulfilled its agreements this year, with the energy major stating that it delivers gas to Europe “fully in compliance with the current contract obligations.”

During Thursday’s national press conference, Russian President Vladimir Putin accused Western leaders of lying by blaming Moscow for rising gas prices. “Gazprom is delivering the volume requested by its partners in full, in accordance with existing contracts,” said Putin.

The Russian president warned European countries about the threat of destroying the long-term contract system for gas supplies.

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Article source: https://www.rt.com/business/544478-russia-europe-gas-energy-crisis/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The project, known as UzGTL and located in the southeastern Qashqadaryo province, is worth $3.6 billion.

The plant will produce 1.5 million tons a year of synthetic liquid fuels such as kerosene, diesel, and liquefied petroleum gas, production director Kidirbay Kaypnazarov said.

Uzbek President Shavkat Mirziyoyev, who attended the launch ceremony, said UzGTL would annually produce import-substituting liquid fuels worth $1.5 billion from $500 million worth of natural gas, reaching full capacity by the end of next year.

“This new innovative technology enables us to increase production of either kerosene or diesel depending on their market prices,” Mirziyoyev stated. He noted that Uzbekistan currently imports oil and gas products worth $1 billion.

READ MORE: New leader in LNG exports about to emerge

The plant is intended to process 3.6 billion cubic meters of natural gas per year. The gas will be supplied by the nearby Shurtan gas field and processing plant.
According to officials, UzGTL is capable of producing 307,000 tons of aviation kerosene, 724,000 tons of diesel fuel, 437,000 tons of naphtha, and 53,000 tons of liquefied gas annually. The plant can operate in five different modes and adaptively increase the output of those products for which more orders have been received.

There are currently five GTL plants operating globally, including two Shell projects in Malaysia and one in Qatar, as well as a Sasol plant in South Africa and a joint venture between Sasol and Chevron in Qatar. One more GTL plant in Nigeria is currently under construction. Three more plants have been proposed in the US.

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Article source: https://www.rt.com/business/544427-uzbekistan-gtl-plant-launch/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

“A year ago, we hoped that the economic effects of the pandemic would wear off relatively quickly. And in one sense they have. We now expect world GDP in dollars in 2022 to be higher than we did pre-pandemic and to reach over $100 trillion for the first time in that year. Last year our forecast was that this would only be reached in 2024,” the Centre for Economics and Business Research (CEBR) said in its annual World Economic League Table 2022, published on Sunday. The research gathers economic forecasts for 191 countries up to 2036.

Analysts say that despite the year-end emergence of the Omicron variant of Covid-19, “much improved immunity in many countries allows for less harsh restrictions, whilst greater economic adaptability means that renewed restrictions cause less of a blow than [previously].”

CEBR says inflation will be the number one issue to deal with in the coming years.

“The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8% in the US,” Deputy Chairman Douglas McWilliams said, as cited by Reuters.

READ MORE: This sector of the economy raised a record half trillion dollars in 2021

According to the report, China is on track to overtake the US as the world’s biggest economy in dollar terms in 2030. India is forecast to pass France next year, while the UK might reclaim its place as the world’s sixth biggest economy in 2023. The report also says Germany could overtake Japan in terms of economic output around 2033. Russia is forecast to enter the top 10 by 2036.

CEBR analysts also warn of recession between 2023 and 2024.

“We hope that a relatively modest adjustment to the tiller will bring the non-transitory elements under control. If not, then the world will need to brace itself for a recession in 2023 or 2024,” the report states.

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Article source: https://www.rt.com/business/544423-global-economy-to-reach-100-trillion/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

As part of its pledges during the COP26 climate summit last month, India – where coal currently accounts for around 70% of electricity generation – committed to net-zero emissions by 2070, and 500 gigawatts of installed renewable energy capacity by 2030.

In late October, an expert committee appointed by the power ministry submitted new recommendations for amending India’s National Electricity Policy and recommended that the country not consider new coal-fired capacity. The report of the committee is still under consideration, a senior government official told the Economic Times.

The recommendations include replacing old coal plants with new ones only when it is “convincingly established that it is not viable to meet the projected demand from alternate non-fossil fuel sources,” one of the recommendations says, a source with knowledge of the details told the Indian outlet.

A proposal for halting new coal capacity is a U-turn from India’s previously adopted national electricity policy strategies, which have stated that coal is a cheap source of electricity and should not be discarded.

India, however, is not expected to kick its coal addiction any time soon.

Global coal demand is set for records this year and next, despite various net-zero pledges, the International Energy Agency (IEA) said last week.

Based on current trends, global coal demand is set to rise to 8025 Mt in 2022, the highest level ever seen, and to remain there through 2024, the IEA said in its annual Coal 2021 report released on Friday.

Over the next two years, global coal demand could even see new record highs as emerging markets led by China and India will lead consumption growth which is set to outpace declines in developed economies, according to the IEA. In India, stronger economic growth and increasing electrification are forecast to drive coal demand growth of 4% annually through 2024, the agency noted.  

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Article source: https://www.rt.com/business/544309-india-new-coal-plants/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

As part of its pledges during the COP26 climate summit last month, India—where coal currently accounts for around 70%  of electricity generation—committed to net-zero emissions by 2070, and 500 gigawatts (GW) of installed renewable energy capacity by 2030.

In late October, an expert committee appointed by the power ministry submitted new recommendations for amending India’s National Electricity Policy (NEP) and recommended that the country not consider new coal-fired capacity. The report of the committee is still under consideration, a senior government official told The Economic Times.

The recommendations include replacing old coal plants with new ones only when it is “convincingly established that it is not viable to meet the projected demand from alternate non-fossil fuel sources,” one of the recommendations says, a source with knowledge of the details told the Indian outlet.

A proposal for halting new coal capacity is a U-turn from India’s previously adopted national electricity policy strategies, which have stated that coal is a cheap source of electricity and should not be discarded.

India, however, is not expected to kick its coal addiction any time soon.

Global coal demand is set for records this year and next, despite various net-zero pledges, the International Energy Agency (IEA) said last week.

Based on current trends, global coal demand is set to rise to 8025 Mt in 2022, the highest level ever seen, and to remain there through 2024, the IEA said in its annual Coal 2021 report released on Friday.

Over the next two years, global coal demand could even see new record highs as emerging markets led by China and India will lead consumption growth which is set to outpace declines in developed economies, according to the IEA. In India, stronger economic growth and increasing electrification are forecast to drive coal demand growth of 4% annually through 2024, the agency noted.  

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/544309-india-new-coal-plants/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent (boe) and, with no major finds announced so far this month, the industry is on course for its worst discoveries toll since 1946. This would also represent a considerable drop from the 12.5 billion boe unearthed in 2020.

Liquids continue to dominate the hydrocarbon mix, making up 66% of total finds. Seven new discoveries were announced in November 2021, unearthing around 219 million boe of new volumes. The monthly average of discovered volumes this year now stands at 424 million boe. A reduction in cumulative volume highlights the absence of large individual finds, as has been the case in previous years.

“Although some of the highly ranked prospects are scheduled to be drilled before the end of the year, even a substantial discovery may not be able to contribute towards 2021 discovered volumes as these wells may not be completed in this calendar year. Therefore, the cumulative discovered volume for 2021 is on course to be its lowest in decades,” says Palzor Shenga, vice president of upstream research at Rystad Energy.

READ MORE: Here’s how oil could hit $380 per barrel in 2050

The largest discovery in November 2021 was Russian group Lukoil’s Yoti West off the coast of Mexico, which is estimated to hold around 75 million boe of recoverable resources. The discovery strengthens Lukoil’s cumulative discovered volumes in the North American nation. However, these volumes are still insufficient for commercial development and would require further discoveries of a comparable scale before a development concept could be drawn up. These discoveries do, however, give hope to Mexico that the country can halt or slow down its production decline. Several wells are scheduled to be drilled in blocks offered in various bid rounds, many by leading international oil companies.

Offshore Malaysia, Nangka-1 became the second successive exploration well drilled within Block SK 417. The wildcat was drilled by Thai state operator PTTEP to a depth of 3,758 meters and discovered sweet gas within the Middle to Late Miocene Cycle VI clastic reservoirs.

Norway continues to unearth small-to-medium finds, providing an opportunity to materialize these discoveries with available infrastructure.

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Article source: https://www.rt.com/business/544016-global-oil-gas-discoveries-plunge/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

In a statement on Wednesday, the company said it is discussing the projects with advisory firm Energy Estate, which is represented in the Australian cities of Sydney, Canberra, and Adelaide.

READ MORE: Germany ditching nuclear power at worst possible time

The plans include the construction of three facilities – two floating ones off the coast of New South Wales and one bottom-fixed off Gippsland. The difference between those is that bottom-fixed wind farms are rooted to the seabed, while floating ones are not and therefore can be installed in deeper waters.

Australia currently has no offshore wind farms, but is well-known for its “offshore wind resources,” being one of the globe’s favorite spots for surfing.

“Offshore wind energy is booming globally and now it is Australia’s time,” BlueFloat Energy’s CEO Carlos Martin said in a statement.

The Global Wind Energy Council recently forecast that over 235 gigawatt of offshore wind capacity will be installed during the next 10 years, with overall capacity set to reach around 270 gigawatt by 2030.

In November, the Australian parliament endorsed legislation that aims to “support the development of Australia’s offshore energy industry and deliver new jobs and investment in offshore wind farms and transmission projects.” Australia’s minister for industry, energy and emissions reduction, Angus Taylor, said the new laws would “accelerate a number of key projects already under development” in the sector.

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Article source: https://www.rt.com/business/544387-australia-floating-wind-farms/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The DMV runs on traditional rubber tires on the road, but also has steel wheels that allow it to easily switch from asphalt to railway tracks, turning the vehicle from a minibus into a train carriage.

The vehicle is operated by Asa Coast Railway Company, which sees it as a way to help small provincial towns like Kaiyo, where local transportation firms are struggling to make ends meet.

READ MORE: France risks losing 30% of auto jobs in shift to EVs 

“This [vehicle] can reach the locals [as a bus], and carry them onto the railway as well. Especially in rural areas with an aging population, we expect it to be a very good form of public transport,” CEO Shigeki Miura told Reuters on Friday.

The DMV is powered by diesel fuel, can carry up to 21 passengers at a time, and can reach speeds of 60kph on the tracks, and 100kph on the road.

The company will have its new vehicles circulate along the coast of Shikoku in southern Japan.

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Article source: https://www.rt.com/business/544395-dual-mode-vehicle-japan/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

According to the firm’s findings, around 1.3 million bitcoins, or 6.3% of the total supply, is currently held on cryptocurrency exchanges.

READ MORE: US govt has huge secret crypto stockpile

The decrease in supply should not come as a shock, analysts say, after Bitcoin halved last year when its block reward was cut in two. The token’s availability on exchanges followed, gradually dropping over the year. The December figure is the lowest recorded in 2021, after the previous low of 7.3% in July.

Also, the largest crypto platform, Coinbase, which used to have more tokens in circulation than all other exchanges combined, appears to be losing its dominance. The US-based exchange dropped from having 50.52% of Bitcoin’s total circulation in its wallets earlier this year to 40.65% this month.

Fearing further volatility in the price of Bitcoin, many investors lock away their tokens in ‘cold storage’, or offline wallets, separate from internet access and therefore considered one of the safest methods for holding Bitcoin, analysts say. Others continue to store bitcoins on exchanges while not trading them, which means the actual volume in circulation may be even lower than 1.3 million.

Unless Bitcoin passes the $50,000 threshold again, its circulation may drop even lower, analysts predict.

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Article source: https://www.rt.com/business/544381-only-six-percent-bitcoin-left-circulating/?utm_source=rss&utm_medium=rss&utm_campaign=RSS