• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Sources say Russia’s largest oil refinery, the Omsk refinery, has suspended operations following a drone attack on Monday.July 7th - Robert Kavcic, an economist at BMO Capital Markets, stated that Canada has clearly emerged from two consecutive quarters of sluggish GDP growth, with a strong recovery in net trade, partly driven by rising oil prices. According to Statistics Canadas May trade report, exports rose 0.9%, a robust 26% increase year-over-year. Energy sales accounted for the majority of the growth. Despite weak sales in May, Kavcic expects net trade to still provide a meaningful boost to second-quarter growth, contributing up to 2.0 percentage points.On July 7th, Wang Weizhong, Secretary of the Inner Mongolia Autonomous Region Party Committee and Chairman of the Standing Committee of the Peoples Congress, and Bao Gang, Deputy Secretary of the Inner Mongolia Autonomous Region Party Committee and Chairman of the Inner Mongolia Autonomous Region Peoples Government, met with Sha Yan, Secretary of the Party Committee and Chairman of the Board of Directors of the Shenzhen Stock Exchange, in Hohhot. Sha Yan stated that the Shenzhen Stock Exchange will fully leverage its advantages to continuously strengthen practical cooperation with Inner Mongolia in areas such as cultivating high-quality listed companies, facilitating corporate financing channels, promoting the growth of listed companies, and bond issuance. The Shenzhen Stock Exchange will utilize the multi-tiered capital market to help the autonomous region develop its distinctive and advantageous industries, including modern coal chemical industry, new energy, computing power, and modern agriculture and animal husbandry, enabling more high-quality enterprises to leverage the capital market to grow stronger and larger, and making greater contributions to the high-quality economic and social development of the entire region.The Moscow refinery in Russia has resumed oil processing.U.S. stocks opened lower and continued to decline, with the Nasdaq 100 index falling more than 2%, the Philadelphia Semiconductor Index falling more than 6%, and SanDisk (SNDK.O) and Western Digital (WDC.O) both down more than 10%.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

G2.png


Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.