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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
Russia reaches for nationalisation
There is a growing impulse to nationalise Russia’s energy sector out of its difficulties, but any steps in this direction would not be taken overnight
Arctic Russia Novatek
Alex Forbes
23 July 2019
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Novatek closes in on Arctic LNG 2

FID on Novatek’s second Arctic LNG production project, expected in Q3 2019, appears to be a formality

The rule that a new multi-billion-dollar energy project cannot truly be regarded as under way until its sponsors have reached a final investment decision (FID) does not seem to apply to Novatek's Arctic LNG 2 (ALNG2). FID on the 19.8mn t/yr Russian liquefaction project is not due until Q3 but construction has been underway for months. It is not just the case that a handful of long-lead time items were ordered well in advance to ensure they do not cause unnecessary delays once construction begins-a large chunk of the $20-21bn project cost has already been committed. "More than 75pc of the equipment for the project" has been contracted, says Novatek's deputy chairman, Mark Gyetvay, adding that

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