Huge oil deposit discovered in Russia

Russian energy major Rosneft has announced the discovery of a huge oil deposit in the Pechora Sea containing an estimated 82 million tons of oil. The field was discovered due to a drilling campaign in the Medynsko-Varandeysky area. A free flow of oil was obtained with a maximum flow rate of 220 cubic meters a

Oil refineries in Pakistan not ready to import Russian oil

The National Refinery Limited in Pakistan has excused from the import of Russian crude oil.   The refineries in the country showing their limitations said that the transportation cost, increase voyage time, low/no capacity to process it, payment procedure and the long-term contract with Middle Eastern suppliers are the main hurdles in the way of

Putting a price cap on Russian oil on the G-7 negotiators agenda

Group of Seven negotiators agreed that discussions on a potential price cap on Russian oil had progressed enough to send the issue to leaders to discuss at a summit starting in Germany. The negotiators known as sherpas held what one official described as ‘intense’ talks on the matter in the Bavarian Alps ahead of the

Europe is reluctantly turning to coal, as gas supplies from Russia drop

Germany, Italy, Austria and the Netherlands have all indicated that coal-fired plants could be used to compensate for a cut in Russian gas supplies. European governments are scrambling to fill underground storage with natural gas supplies ahead of the winter. German Economy Minister Robert Habeck has warned that the situation is going to be “really

US still importing Russian oil despite ban

According to a new report that tracks the flow of fossil fuels from Russia, some Russian oil is still making it to the United States as the war drags on. The Helsinki-based nonprofit Centre for Research on Energy and Clean Air produced the new report. India has quickly increased the amount of Russian oil that

Rosneft holds back on signing extra oil deals with India

According to the sources, Russia’s Rosneft is not ready to sign new crude oil deals with two Indian state refiners, as it has committed sales to other customers. Indian refiners have been snapping up cheap Russian oil, shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on

Private refiners from India profiting from Cheap Russian Crude

India’s private refiners are tapping cheap Russian crude and getting profits from exports. However, on the other hand, the state refiners are getting squeezed by high oil costs and government-capped domestic fuel prices. When many Western buyers are avoiding Russian crude in response to its invasion of Ukraine, Indian private refiners such as Reliance and

Hungary sticks its stand on energy investment before banning Russian oil

Hungary stuck to its demands for energy investment before it agrees to a Russian oil embargo, clashing with European Union states pushing for swift approval of more sanctions against Moscow for invading Ukraine. The EU executive European Commission early this month proposed new sanctions but Hungary’s opposition has so far barred the unanimity of all

Topsoe plans to build biggest electrolysers plant in Europe

Topsoe, a Danish engineering group, released plans to build Europe’s biggest plant making electrolysers – machines that produce the green hydrogen. The Danish plant will start running in 2024 and comes with a 2 billion Danish crowns ($284 million) price tag. The European Commission this month unveiled plans to end its reliance on Russian fossil

Japan to ban Russian oil imports

Japan will ban Russian crude oil imports “in principle,” as part of a Group of Seven (G7) campaign to counter Russia’s invasion of Ukraine, Prime Minister Fumio Kishida said after an online meeting of G7 leaders. “For a country heavily dependent on energy imports, it’s a very difficult decision. But G7 coordination is most important