Russia, Korea Oil and Gas
In Moscow, Gazprom and KOGAS have agreed on close cooperation in the field of liquefied natural gas supplies to Korea.
Gazprom, the largest gas company in the world, chose the German Linde licensor for the Amur gas processing plant, the head of the Russian company Aleksey Miller informs.
"Today Gazprom has decided that this project will be implemented with the German company Linde. Also we see the prospects for the development of cooperation with this company in the field of LNG and import substitution", - Aleksey Miller states.
In the first seven months of this year imports of polypropylene (PP) in Kazakhstan increased by 2% and amounted to about 9.6 thousand tons compared to the same period of 2014. Exports grew by 16% - to 16.3 thousand tons, a survey of DataScope for MRC informs.
According to customs statistics, in January-June 2015, foreign trade turnover of Russia made up $270.7 billion and it decreased by 32.6% in comparison with January-June 2014. The trade balance showed a surplus of $95.3 billion, which is by 16.7 billion less than in January-June 2014.
In January-June 2015, the export of Russia amounted to $183.0 billion, decreased by 28.8% as compared with January-June 2014. In January-June 2015, the basis of the Russian export to the non-CIS countries was fuel and energy products, the share of which in the commodity structure of the export to these countries amounted to 68.1% (in January-June 2014 - 75.3%).
In January-June 2015, the cost volume of energy products decreased by 34.5% as compared with January-June 2014, and the physical - increased by 10.3%. Among the energy goods the volume of exports of crude oil increased by 11.5%, electricity - by 25.0%, oil products - by 20.2%, including: kerosene - by 39.3%, diesel fuel - 18.0%, liquid fuels - by 23.5%. At the same time, the export volume of natural gas was reduced by 4.1%, coal - by 1.2%.
The export of electric energy from Russia to South Korea at the first stage of operation of the power bridge will make up 4 GW, the head of Rosseti, O. Budargin, said.
“We have been discussing this project for 3 years with KEPCО (Korea Electric Power Corporation). It is already being realized. A working group has been formed. It is engaged in the workout of the connection point, schedule of electric energy supply to South Korea. The first volume is only 4 GW but this is only beginning”, he said.
Previously Mr. Budargin said that the project of the power bridge “Vladivostok-Seoul” comprises the construction of 1,000 km of power lines. It is planned to construct the underwater cable.
Russia plans to modernize an oil processing plant in the Democratic People’s Republic of Korea.
This is the information by A. Tanner, CFO of the company Veya Investments Ltd, which is engaged in the supply of equipment for production, as well as for transportation and processing of oil.
“Veya Investment plans to invest into the modernization of an oil refinery in the city of Sinhveri”, a spokesman said. He has added: “We are ready to act as an investor and supplier of equipment.”
As a result of the sanctions, Western companies refused Russia to acquire not only technology, but also the equipment. Replacement of imported equipment on its own is not possible in 1-2 years. Most likely, import substitution will take 5-10 years. The head of the Analytical Center of MGU Vladimir Slobodyan stated at a conference on the topic: "The Arctic and the economic interests of Russia", the correspondent IA REGNUM reports on March 31.
Japan can import a record volume of Russian oil this year due to low prices, proximity to the supplier and high refining margins, the Reuters reports.
In January, the oil import from Russia increased by 63%, and the growth in the supply will help Japan to reduce its dependence on Middle Eastern oil, on which almost 95% of the import fall.
Sources note that it is convenient for Japan, ranked the fourth in the world in terms of the oil import, to buy Russian fuel, which can be deliveredduring a few days, while the supplies from the Middle East take about three weeks.
Alexander Novak has said that by 2035 the volume of gas supplies from Russia to the countries of the Asia-Pacific region will increase 9 times.
In 2014, Russia grew oil supplies to China, Japan and South Korea by a quarter, increased its share on the Asia-Pacific market to 8.7%. Here, domestic manufacturers were able to compete with the Gulf countries, share of which among exporters on the local market decreased in the past year.
In 2014, Russia increased the volume of oil supplies to China, Japan and South Korea by 10 million tons, which is equivalent to the growth of 25%. Thus, as the Bloomberg reports, referring to government data, the share of the supply of the domestic companies to market of the three largest Asian oil importers increased from 7.2% in 2013 to the current 8.7%.