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Power of Siberia 2: deal or no deal?
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
Trump’s Russia threat rings hollow
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
Waiting for Arctic LNG 2
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
US, Russia and China circle the Arctic
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
Saudi Arabia and Russia pull OPEC+ in different directions
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
Is a Russia-Iran gas deal on the horizon?
Russia has ample spare gas, and Iran needs it, but sanctions and pricing pose steep hurdles.
Europe’s hard choices on gas security
EU half measures over storage regulation, geopolitical risks to ending Russian gas, power outage questions and China’s LNG resale leverage make for a challenging path ahead.
India’s Russian crude buying has reached its limit
Middle East grades remain a diminished but important part of the South Asian country’s diet, especially as new refining capacity comes online
US goes after Russian gas money, part 2
While Donald Trump’s future sanctions policy is anything but certain, he may use a ‘carrot and stick’ approach to pursue an end to the war in Ukraine, although any changes will not happen overnight
US goes after Russian gas money, part 1
The latest sanctions on Gazprombank and other Russian banks may cause disruption, but willing buyers of Russian energy will find ways to continue payments
Lukoil Russia
Jason Corcoran
Moscow
6 September 2017
Follow @PetroleumEcon
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Lukoil caught in the crossfire

An investor favourite thanks to its Western-style management and handsome dividends, Lukoil could feel the fallout from a dispute between other major players

Dividends paid by Lukoil, Russia's largest privately held oil company, are under threat as a result of an intensifying legal battle involving Rosneft and Sistema. Kremlin-controlled Rosneft has initiated a $3bn lawsuit against conglomerate Sistema over alleged asset-stripping at Bashneft in a case that has echoes of Rosneft's dismantling of Yukos in 2003. The case is already damaging investor sentiment in Russia and now threatens to have a wider impact, as worries grow about claims that could be made by Rosneft on the Trebs and Titov oilfields joint venture, which is controlled by Bashneft and Lukoil. "We think the perceived risk to Lukoil's dividend has increased post the recent Rosneft-Sis

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India’s Nayara fallout
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The EU’s Russia sanctions could have far-reaching implications for India’s Vadinar-based refinery
Power of Siberia 2: deal or no deal?
29 July 2025
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
An end to EU green illusions
29 July 2025
EU industry and politicians are pushing back against the bloc’s green agenda. Meanwhile, Brussels’ transatlantic trade deal with Washington could consolidate US energy dominance.
Iraq’s tangled Ceyhan oil web
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain

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