Only some EU countries have built up storage reserves since the last Gazprom/Russian supply threat against the Ukraine; some EU countries like Bulgaria, Slovakia, have none. At least it’s coming to the end of the cold season; but heavy industry still depends on those gas supplies.On the other hand, Russia needs the revenue.
Back in the day, when sanctions were being discussed against apartheid South Africa, I recall some of the media saying that SA could blackmail the world by producing gold bottle caps, or completely with-holding all gold production and ruin the world’s economy. Nah, it couldn’t and more importantly, it wouldn’t.
"As bankers, traders and investors gathered at Gazprom’s London offices for its annual champagne reception, the message from the world’s most powerful gas trader was clear: the Russians don’t want another gas war with Ukraine. The company, the Moscow bourse’s biggest, lost over a tenth of its value on Monday as forces loyal to Russian President Vladimir Putin tightened their grip on Ukraine’s Crimea region, rejecting the authority of a new pro-Western government in Kiev. Gazprom, once the world’s third most valuable stock, was now worth $84 billion, five times less than during the oil boom of 2008.“
”DOUBLE-EDGED SANCTIONS
As Kerry spoke about sanctions, investment bank UBS issued a report headlined “The price of politics”.It devoted large sections to the history of oil crises and sanctions, including the 1967 Arab-Israeli War and the 1973 OPEC oil embargo.Some doubt it will come to sanctions, conscious, perhaps, that Russia is not without defences.“Who do you sanction? Russian state companies? Does anyone remember they have over $200 billion worth of debt to Western banks?” one banker said.Almost all Western banks are lenders to Gazprom, which has debt of $36 billion, some of it secured on export revenues.Western energy partners are in no rush to sever ties, either.Despite setbacks at Sakhalin, Shell remains Gazprom’s partner in the project, calling it a very successful investment.BP said this week it “absolutely stands” by its Russian investments, and Exxon said it didn’t see “any new challenges out of the current situation”.
OmqR-IV.0 about 10 years ago
Only some EU countries have built up storage reserves since the last Gazprom/Russian supply threat against the Ukraine; some EU countries like Bulgaria, Slovakia, have none. At least it’s coming to the end of the cold season; but heavy industry still depends on those gas supplies.On the other hand, Russia needs the revenue.
Back in the day, when sanctions were being discussed against apartheid South Africa, I recall some of the media saying that SA could blackmail the world by producing gold bottle caps, or completely with-holding all gold production and ruin the world’s economy. Nah, it couldn’t and more importantly, it wouldn’t.
pirate227 about 10 years ago
Bit of a sticky wicket, eh Guvna?
OmqR-IV.0 about 10 years ago
Business is talking…
‘Why Gazprom wants no new gas war’ – Reuters
"As bankers, traders and investors gathered at Gazprom’s London offices for its annual champagne reception, the message from the world’s most powerful gas trader was clear: the Russians don’t want another gas war with Ukraine. The company, the Moscow bourse’s biggest, lost over a tenth of its value on Monday as forces loyal to Russian President Vladimir Putin tightened their grip on Ukraine’s Crimea region, rejecting the authority of a new pro-Western government in Kiev. Gazprom, once the world’s third most valuable stock, was now worth $84 billion, five times less than during the oil boom of 2008.“
”DOUBLE-EDGED SANCTIONS
As Kerry spoke about sanctions, investment bank UBS issued a report headlined “The price of politics”.It devoted large sections to the history of oil crises and sanctions, including the 1967 Arab-Israeli War and the 1973 OPEC oil embargo.Some doubt it will come to sanctions, conscious, perhaps, that Russia is not without defences.“Who do you sanction? Russian state companies? Does anyone remember they have over $200 billion worth of debt to Western banks?” one banker said.Almost all Western banks are lenders to Gazprom, which has debt of $36 billion, some of it secured on export revenues.Western energy partners are in no rush to sever ties, either.Despite setbacks at Sakhalin, Shell remains Gazprom’s partner in the project, calling it a very successful investment.BP said this week it “absolutely stands” by its Russian investments, and Exxon said it didn’t see “any new challenges out of the current situation”.oneoldhat about 10 years ago
of note ArcelorMittal has built biggest steel plant in europe in russia occupied ukraine and chevron has discover giant shale oil there too