putin Archives - Ireland's Forecourt & Convenience Retailer https://forecourtretailer.com/tag/putin/ Ireland's Only Forecourt & Convenience Retailer Wed, 27 Apr 2022 10:36:59 +0000 en-GB hourly 1 https://wordpress.org/?v=6.5.2 https://forecourtretailer.com/wp-content/uploads/2021/03/cropped-IFCR-Site-Icon-32x32.png putin Archives - Ireland's Forecourt & Convenience Retailer https://forecourtretailer.com/tag/putin/ 32 32 94949456 Russia halts gas exports to Poland and Bulgaria https://forecourtretailer.com/russia-halts-gas-exports-to-poland-and-bulgaria/ Wed, 27 Apr 2022 10:36:59 +0000 https://forecourtretailer.com/?p=20078 Russian energy giant Gazprom says it has halted gas exports to Poland and Bulgaria over the countries’ refusal to pay for supplies in roubles. The

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Russian energy giant Gazprom says it has halted gas exports to Poland and Bulgaria over the countries’ refusal to pay for supplies in roubles.

The firm said services will not be restored until payments are made in the Russian currency.

It comes after Russian President Vladimir Putin ordered “unfriendly” countries to pay for gas in roubles.

Poland confirmed supplies had stopped, but Bulgaria said it was still unclear whether supplies had been halted.

Countries pay in advance for their gas, but as they have gone to pay for future supplies, Russia has stood firm on its demand made last month that new purchases need to be paid in roubles.

Nathan Piper, head of oil and gas research at Investec, said the halting of supplies to Poland and Bulgaria was the “start of Russia exerting economic pressure on Europe,” and a move which could “escalate” with other EU nations.

Poland’s deputy foreign minister said the country could cope without Gazprom’s gas and had “taken some decisions many years ago to prepare for such a situation”.

Polish state gas company PGNiG, which bought 53% of its gas imports from Gazprom in the first quarter of this year, described the suspension as a breach of contract, adding that the company would take steps to reinstate the gas supply.

Meanwhile in Sofia, energy minister Alexander Nikolov said Bulgaria had paid for Russian gas deliveries for April and claimed supplier Gazprom will be in breach of its current contract if it halts the flow.

Bulgaria, which relies on Gazprom for more than 90% of its gas supply, said it had taken steps to find alternative sources but no restrictions on gas consumption were currently required.

Bulgaria also transports Russian gas via an extension of the Turk Stream pipeline to neighbouring Serbia and from there to Hungary. Hungary and Austria also said gas supplies were normal.

Ursula von der Leyen, president of the European Commission, said the EU was “prepared for this scenario” and had been “working to ensure alternative deliveries and the best possible storage levels across the EU”.

UK Deputy Prime Minister Dominic Raab told Sky News the decision to cut off gas supplies will have “a very damaging effect on Russia,” adding that such moves could lead to the country becoming “an economic pariah”.

Supplies from Russia account for about 40% of the EU’s natural gas imports.

However, many countries have pledged to move away from Russian energy in response to its invasion of Ukraine.

Meanwhile, the UK is to phase out Russian oil by the end of the year, with gas to follow as soon as possible, and the EU is reducing gas imports by two-thirds.

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Oil surges as US announces ban on Russian oil imports https://forecourtretailer.com/oil-surges-as-us-announces-ban-on-russian-oil-imports/ Wed, 09 Mar 2022 09:57:11 +0000 https://forecourtretailer.com/?p=19592 US President Joe Biden has announced a ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, underscoring strong bipartisan

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US President Joe Biden has announced a ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up US energy prices.
“We’re banning all imports of Russian oil and gas energy,” Mr Biden told reporters at the White House.
“That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to (Russian President Vladimir) Putin’s war machine.”
Oil prices rose sharply following the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to $129.91 a barrel.
Mr Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia’s energy-heavy economy and Putin.
The UK had announced shortly before Mr Biden’s remarks that it would phase out the import of Russian oil and oil products by the end of 2022.
Mr Biden said sanctions imposed by the United States and its allies had already caused the Russian economy to “crater”.
He said the latest moves had been made in close consultation with allies and partners around the world.
Earlier, the European Commission published a plan to make Europe “independent from Russian fossil fuels well before 2030”.
The import ban by Europe and the United States on Russian oil could send global oil prices spiralling up to $200 a barrel, analysts at Oslo-based consultancy Rystad Energy said.
Many buyers are already avoiding Russian oil so as not to become entangled in existing sanctions.
Shell said it would stop all spot purchases of Russian crude after drawing criticism for a purchase on 4 March.
Goldman Sachs raised its Brent forecast for 2022 to $135 from $98 and its 2023 outlook to $115 a barrel from $105, saying that the world economy could face the “largest energy supply shocks ever” because of Russia’s key role.
Danni Hewson, a financial analyst with AJ Bell, said it would take time to find alternative energy sources to Russian supplies.
“We know that there are discussions ongoing at the moment with OPEC countries. We know that there are discussions under way with Iran, Venezuela, Saudi Arabia to try to up the amount of oil and gas that is flowing into Europe.
“When it comes to gas particularly, we know that Europe is massively dependent on Russian supplies so the threat to cut off that Russian supply to Germany will just push those prices higher,” Ms Hewson said.
“What this is doing is stoking the debate about our energy security. What should we be looking at? How can we be investing? Can it just be in green technology or do we have to have some kind of bridge?
“Should we be looking at alternate gas and oil supplies and maybe do some more drilling?”

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Kenmare native and BP chief resigns from board of Russian energy company https://forecourtretailer.com/kenmare-native-and-bp-chief-resigns-from-board-of-russian-energy-company/ Mon, 28 Feb 2022 14:25:56 +0000 https://forecourtretailer.com/?p=19502 BP Chief Executive Bernard Looney, from Kenmare, has resigned from the board of Rosneft as BP exits its near-20-per-cent shareholding in the Russian oil giant.

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BP Chief Executive Bernard Looney, from Kenmare, has resigned from the board of Rosneft as BP exits its near-20-per-cent shareholding in the Russian oil giant.

The company’s divestment of its 19.75-per-cent stake will result in charges of up to $25billion (approximately €22.2billion) at the end of the first quarter of 2022.

The announcement also outlined that Mr Looney is resigning from the Russian Geographical Society’s Board of Trustees. The society has been chaired by Russian President Vladimir Putin, and Putin personally thanked Mr Looney for his contribution to a virtual society meeting in April 2021.

Mr Looney who comes from a dairy farm in Ashgrove outside Kenmare town, has worked with BP since 1991 after graduating from UCD with a degree in Electrical Engineering. He has been one of two BP-nominated Rosneft directors since 2020.

The move followed increasing pressure from the UK government, and it is understood that Mr Looney took part in discussions with the Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng last week relating to the company’s position.

“Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected,” Mr Looney said in a statement released on Sunday.

“It has caused us to fundamentally rethink bp’s position with Rosneft. I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of BP.

“Our immediate priority is caring for our great people in the region and we will do our utmost to support them. We are also looking at how BP can support the wider humanitarian effort.”

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