Nord Stream Pipeline Connected to OPAL
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The Economics of the Nord Stream Pipeline System
The Economics of the Nord Stream Pipeline System Chi Kong Chyong, Pierre Noël and David M. Reiner September 2010 CWPE 1051 & EPRG 1026 The Economics of the Nord Stream Pipeline System EPRG Working Paper 1026 Cambridge Working Paper in Economics 1051 Chi Kong Chyong, Pierre Noёl and David M. Reiner Abstract We calculate the total cost of building Nord Stream and compare its levelised unit transportation cost with the existing options to transport Russian gas to western Europe. We find that the unit cost of shipping through Nord Stream is clearly lower than using the Ukrainian route and is only slightly above shipping through the Yamal-Europe pipeline. Using a large-scale gas simulation model we find a positive economic value for Nord Stream under various scenarios of demand for Russian gas in Europe. We disaggregate the value of Nord Stream into project economics (cost advantage), strategic value (impact on Ukraine’s transit fee) and security of supply value (insurance against disruption of the Ukrainian transit corridor). The economic fundamentals account for the bulk of Nord Stream’s positive value in all our scenarios. Keywords Nord Stream, Russia, Europe, Ukraine, Natural gas, Pipeline, Gazprom JEL Classification L95, H43, C63 Contact [email protected] Publication September 2010 EPRG WORKING PAPER Financial Support ESRC TSEC 3 www.eprg.group.cam.ac.uk The Economics of the Nord Stream Pipeline System1 Chi Kong Chyong* Electricity Policy Research Group (EPRG), Judge Business School, University of Cambridge (PhD Candidate) Pierre Noёl EPRG, Judge Business School, University of Cambridge David M. Reiner EPRG, Judge Business School, University of Cambridge 1. -
Material Fact Statement on Certain Decisions of Issuer’S Board of Directors
MATERIAL FACT STATEMENT ON CERTAIN DECISIONS OF ISSUER’S BOARD OF DIRECTORS 1. General information 1.1. Full legal name of issuer Open Joint Stock Company Gazprom 1.2. Short legal name of issuer JSC Gazprom 1.3. Address of issuer 16 Nametkina St., Moscow, Russian Federation 1.4. OGRN (Primary State Registration 1027700070518 Number) of issuer 1.5. INN (Taxpayer Identification Number) of 7736050003 issuer 1.6. Unique issuer code assigned by registering 00028-А authority 1.7. Internet pages used by issuer to disclose www.gazprom.ru; www.e- information disclosure.ru/PORTAL/company.aspx?id=934 2. Contents of Statement On consent to overlap job responsibilities in management bodies of other companies for members of issuer’s sole executive body and its collegial executive body 2.1. Quorum of Gazprom Board of Directors meeting and voting results on certain decisions: meeting in absentia, 11 of 11 Board members submitted voting ballots, quorum recorded as present. Voting results: “In favor” – 11 votes, “Against” – 0 votes, “Abstentions” – 0 votes. 2.2. Contents of decisions made by Gazprom Board of Directors: To approve of membership for Gazprom Management Committee members in management bodies of other companies: Member of Management No. Company Committee 1.1 Gazprom Neft; 1.2 Gazprom-Media Holding; 1.3 Non-State Pension Fund GAZFOND; Alexey Miller – 1.4 Bank GPB; 1. Management Committee 1.5 Rusgeology; Chairman, Gazprom 1.6 Rosippodromy; 1.7 SOGAZ; 1.8 Shtokman Development AG (Switzerland); 1.9 South Stream Transport B.V. (Netherlands). 2.1 Vostokgazprom; Elena Vasilieva – 2.2 Gazprom Investproject; Management Committee 2. -
Consolidated Financial Statements 2018
GAZPROM GERMANIA CONSOLIDATED FINANCIAL STATEMENTS 2018 www.gazprom-germania.de Consolidated Financial Statements 2018 GAZPROM Germania GmbH, Berlin Page 2 CONTENTS Contents ................................................................................................................................................. 2 Abbreviations ......................................................................................................................................... 5 Group management report ................................................................................................................... 7 Economic and regulatory conditions ................................................................................................... 7 General economic conditions .......................................................................................................... 7 Energy policy and regulatory environment ...................................................................................... 8 Business performance ......................................................................................................................... 9 Group performance ......................................................................................................................... 9 Marketing and trading business .................................................................................................... 10 Gas storage .................................................................................................................................. -
Gazprom Germania, Gm&T and Wingas with Corporate Stand at E-World 2019
— PRESS RELEASE MORE ENERGY TOGETHER: GAZPROM GERMANIA, GM&T AND WINGAS WITH CORPORATE STAND AT E-WORLD 2019 Berlin/London/Kassel/Essen, 5 February 2019: Gazprom Marketing & Trading Ltd (GM&T) and WINGAS GmbH (WINGAS) welcome customers and counterparties to their jointly hosted stand at E-world 2019. As part of continued integration, the GAZPROM Germania Group, GM&T and WINGAS are developing commercial partnership to enhance their trading and marketing capabilities across Europe. At E-world 2019 WINGAS is presenting Customer Portal 2.0 with new transaction area for the first time. In the portal WINGAS customers will have the opportunity to exercise contractual options and to buy new products directly online. Mr. Daniel Gornig, the Director of Trading for the GAZPROM Germania Group emphasizes that: “GM&T and WINGAS’ commercial and support functions work together towards the same goals and objectives. What this last year has shown is that we are stronger together. The joint stand of GAZPROM Germania, WINGAS and GM&T is another sign of further integration of the marketing and trading activities within the Group.” Mr. Matthias Peter, the Head of the Marketing for the GAZPROM Germania Group said: “The objective of closer partnership between GM&T and WINGAS is to have a global reach while keeping a focus on the development of the important European gas markets and on the needs of every individual customer. In this context we are also continuously optimising WINGAS product and service portfolio.” E-world is Europe's largest energy trade fair and takes place from 05th till 07th February, 2019 in Essen. -
Transporting Russian Natural Gas to Western Europe – from Source to Market
FACT SHEET December 2013 Transporting Russian Natural Gas to Western Europe – From Source to Market Overview of the pipelines connecting to Nord Stream Owner of the pipeline Operator 1 Bovanenkovo-Ukhta pipeline 2 SRTO-Torzhok pipeline 3 Brotherhood pipeline Gazprom Gazprom 4 Pochinki-Gryazovets pipeline 5 Gryazovets-Vyborg pipeline 6 Nord Stream Pipeline Nord Stream AG shareholders: Nord Stream AG OAO Gazprom (51%), Wintershall Holding GmbH (15.5%), E.ON SE (15.5%), N.V. Nederlandse Gasunie (9%), GDF SUEZ (9%) OPAL Gastransport W & G Beteiligungs-GmbH & Co. KG (80%), GmbH & Co. KG, 7 OPAL pipeline Lubmin-Brandov Gastransport GmbH (20%) Lubmin-Brandov Gastransport GmbH NEL Gastransport GmbH, NEL Gastransport GmbH (51%), Gasunie Gasunie Ostseeanbindungsleitung GmbH 8 NEL pipeline Ostseeanbindun (25%), gsleitung GmbH, Fluxys Deutschland GmbH (24%) Fluxys Deutschland GmbH 1 Industriestrasse 18 Moscow Branch 6304 Zug, Switzerland ul. Znamenka 7, bld. 3 Tel. +41 (0) 41 766 91 91 119019 Moscow, Russia Fax +41 (0) 41 766 91 92 Tel. +7 (0) 495 229 65 85 www.nord-stream.com Fax +7 (0) 495 229 65 80 Gas production sources Russia is one of the countries with the largest gas reserves in the world. With 32,900 bcm, Russia has 17.6% of the world's currently known natural gas reserves.1 This is equal to around 56 years of Russian gas production at 2012 levels or around 74 years of EU gas demand at 2012 levels. The International Energy Agency (IEA) estimates the ultimately recoverable gas resources2 in Russia to be three times as high – 127,000 bcm, of which 21,000 bcm have already been produced. -
The Commercial Deals Connected with Gazprom's Nord Stream 2
The commercial deals connected with Gazprom's Nord Stream 2 A review of strings and benefits attached to the controversial Russian pipelines Anke Schmidt-Felzmann, PhD Senior Researcher at the Research Centre of the General Jonas Žemaitis Military Academy of Lithuania Abstract This paper reviews the multiple strings and benefits attached to the single most controversial gas pipeline project in Europe - the second Russian twin subsea pipeline that is currently under construction in the Baltic Sea. While much attention has been paid to the question of why and how the Russian state- controlled energy giant seeks to circumvent Ukraine as a transit country for its delivery of gas to Western Europe, hardly any attention has been paid to the benefits gained by the companies and political entities directly involved in the preparation and construction of Nord Stream 2. The paper seeks to fill this gap in the debate by taking a closer look at the business deals and commercial actors involved in the implementation of this second Russian natural gas pipeline project in the Baltic Sea. It highlights how local and national economic interests and European energy companies' motivations for participating in the project go beyond the volumes of Russian natural gas that Gazprom expects to deliver to European customers through its Baltic Sea pipelines from 2020. Keywords: Baltic Sea, Nord Stream, Gazprom, Russia, Germany, Sweden, Denmark, Finland, Latvia. This analysis was produced within the Think Visegrad Non-V4 Fellowship programme. Think Visegrad – V4 Think Tank Platform is a network for structured dialog on issues of strategic regional importance. The network analyses key issues for the Visegrad Group, and provides recommendations to the governments of V4 countries, the annual presidencies of the group, and the International Visegrad Fund. -
Case COMP/M.6910 — Gazprom/Wintershall/Target Companies) (Text with EEA Relevance) (2013/C 321/07)
7.11.2013 EN Official Journal of the European Union C 321/7 Prior notification of a concentration (Case COMP/M.6910 — Gazprom/Wintershall/Target Companies) (Text with EEA relevance) (2013/C 321/07) 1. On 30 October 2013 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 ( 1 ), concerning a swap of certain assets between JSC Gazprom (‘Gazprom’) and Wintershall Holding GmbH (‘Wintershall’) pursuant to a Basic Swap Agreement dated November 14, 2012. Under the Agreement, in exchange for minority interests in certain of its natural gas and gas condensate exploration and production assets in Western Siberia, Gazprom will acquire from Wintershall: (1) sole control of Wingas GmbH (‘Wingas’) and Wintershall Erdgas Handelshaus GmbH & Co. KG (‘WIEH’), two natural gas supply and storage joint ventures formed and jointly controlled by Wintershall and Gazprom, and (2) joint control of Wintershall Noordzee BV (‘WINZ’) and Wintershall Services BV (‘Wintershall Services’), two wholly owned Wintershall subsidiaries engaged in relatively minor oil and gas exploration and production activities in the North Sea. The proposed acquisitions are interdependent and therefore constitute a single concentration within the meaning of Regulation (EC) No 139/2004. 2. The business activities of the undertakings concerned are: — Gazprom is active in the exploration, production, transportation, supply, trading, distribution, and storage of natural gas, — Wintershall, owned by BASF SE (‘BASF’), engages in the exploration and production of crude oil and natural gas in particular in Europe, Northern Africa, South America and Russia, as well as in natural gas pipeline operation, investment and natural gas supply and storage, — Wintershall and Gazprom also jointly own and control a German gas transmission business, which is conducted through the transmission operators GASCADE Gastransport GmbH, OPAL Gastransport GmbH & Co. -
The Real Financial Cost of Nord Stream 2
THE REAL FINANCIAL COST OF NORD STREAM 2 – ECONOMIC SENSITIVITY ANALYSIS OF THE ALTERNATIVES TO THE OFFSHORE PIPELINE THE REAL FINANCIAL COST OF NORD STREAM 2 – economic sensitivity analysis of the alternatives to the offshore pipeline Author: Piotr Przybyło Economy and Energy Programme Warsaw 2019 TABLE OF CONTENTS I. Pipeline from nowhere to nowhere 6 II. A €17.2 billion investment 7 III. The construction cost of offshore vs onshore 8 IV. Three times cheaper alternative onshore routes 9 V. The true motives behind the Nord Stream 2 14 PIPELINE FROM NOWHERE Siberia to Baltic coast in Russia. Similarly, newly TO NOWHERE constructed pipelines will transport 55 bcma of gas over 800 km down south from the Baltic shore In any economic analysis of Nord Stream 2 the first in Germany to one of the biggest European gas question to be considered is the actual cost of the hubs in Austria, its final destination. Consequently, project. Over the last couple of years, a variety of the overall construction cost of Nord Stream 2 publications have provided widely differing cost route should include all the additional necessary projections. The recent data suggest that Nord infrastructure to achieve this objective. Conclusively, Stream 2 capital investment will reach €9,5-10 the construction cost of the offshore pipeline is billion. only a portion of the bigger project which aims to deliver Russian gas to South-West of Europe. Yet, the €9,5-10 billion is not the final construction cost of the project. Nord Stream 2 will not fulfil its Here, the main focus will be put on the economic function in isolation. -
WINGAS Fibre-Optic Cables
MORE ENERGY FOR YOUR FUTURE. More energy for your future. The energy supply of the future is a key concern in today's society. How will we meet our ener- gy needs reliably and affordably, both today and tomorrow? When it comes to protecting the climate, how can we achieve quicker progress and greater efficiency? What technologies and fuels should be used in the future? The path towards a CO2-free energy landscape is clearly outlined, but we are still a long way off from being able to meet future demand with renewable energies on a similar scale and with the same reliability as we can with conventional energy sources. It is clear that the journey to the energy of the future will be a difficult one. We will all need to show vision, strength and persistence. However, the right framework is also needed so that the energy industry can adapt to future requirements. In other words, we need an energy policy with the courage to see sense – after all, clear CO2 reduction targets that take supply security and affordability into account are needed if we are to sensibly protect the climate. This will only be possible if conventional fuels and renewables are coupled together to optimise CO2 emissions. Fortunately, many people are realising that natural gas can play a key role in a sustainable energy supply. Natural gas is the most environmentally friendly among conventional energy sources, with a high level of supply security. Natural gas will therefore have to play a central role in the energy landscape of the future – with efficient technologies in all sectors, wether as a system partner to renewables in the heating market, as an important backup in electricity production or as a clean alternative fuel for mobility purposes; after all, electric vehicles alone will not achieve a mobility revolution in the medium to long term. -
Nord Stream Delivers Gas to Lubmin
European gas grid gas European gas from Nord Stream is delivered to the the to delivered is Stream Nord from gas At the landfall facility in Lubmin, Germany, Germany, Lubmin, in facility landfall the At LUBMIN HEATH: European Mainland European High Tech AN ENERGY SITE A Connecting Nord the at Arrives Natural Gas Gas Natural for Quality In the context of the energy Hub on the strategy 2020 of Mecklenburg- Stream and Safety Western Pomerania, Lubmin developed into an energy hub German Coast with a range of energy sources Delivers More than 167 million standard cubic metres feeding electricity into the German (later: cubic metres) of natural gas can be distribution grid. The Lubmin landfall The Bovanenkovo oil and gas gas transport systems. Currently, condensate deposit is the main up to 36 billion cubic metres of processed in the receiving station in Lubmin facility is the logistical natural gas base for the Nord gas can flow through the OPAL every day. A sophisticated series of valves, filters, link between the Nord Gas to Lubmin DISMANTLING AND Stream Pipeline. Discovered and pipeline annually. This amount preheating, measuring and control facilities Stream Pipeline and CONSTRUCTION estimated gas reserves amount is enough to supply a third of ensure that the gas is of top quality, and the right the European gas to 4.9 trillion cubic meters which Germany with natural gas for a quantities are flowing to the connecting pipelines distribution grid. The makes the Bovanenkovo field a year. The pipeline runs south at the right pressure and temperature. In 1995, the Nord nuclear power natural gas that arrives reliable source of natural gas for from Lubmin to Brandov, in the plant in Lubmin was shut down. -
Czech Republic in 2017
National Report of the Energy Regulatory Office on the Electricity and Gas Industries in the Czech Republic in 2017 July 2018 National Report of the Energy Regulatory Office on the Electricity and Gas Industries in the Czech Republic in 2017 List of frequent abbreviations and acronyms ACER Agency for the Cooperation of Energy Regulators CEER Council of European Energy Regulators ČR, CZ, CR Czech Republic EC, Commission European Commission Energy Act Act No 458/2000 on conditions of business and state administration in energy industries and amending certain laws EP European Parliament ERO, Office Energy Regulatory Office EC European Community EU, Union European Union market operator, OTE, a.s. OTE, a.s., the market operator PCI Projects of Common Interest REMIT Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency TYNDP Ten Year Network Development Plan V4 The Visegrád Four 1 National Report of the Energy Regulatory Office on the Electricity and Gas Industries in the Czech Republic in 2017 Content 1 Foreword by the ERO Board .............................................................................. 3 2 Main developments in the electricity and gas markets....................................... 4 3 The electricity market......................................................................................... 6 3.1 Network regulation............................................................................................. 6 3.1.1 Unbundling........................................................................................................ -
PDF of the Fact Sheet
FACTS AND BACKGROUND INFORMATION Publisher: GASCADE Gastransport GmbH ••• FACT SHEET: OVERVIEW OF THE EUGAL PROJECT EUGAL – EUROPEAN GAS PIPELINE LINK The natural gas transport network at the heart of Europe is Baltic Sea to be made more robust and flexible: The new EUGAL gas pipeline reliably strengthens the supply of natural gas to NORD STREAM Kiel Germany and Europe. It will largely comprise two parallel Greifswald strings and extend over a length of some 480 kilometers, running from the Baltic Sea through Mecklenburg-Western Hamburg Schwerin Pomerania and Brandenburg to Saxony and from there over NEL the border to the Czech Republic. The first string should EUGAL OPAL already be completed by the end of 2019, so that natural NETRA gas can then start flowing through the EUGAL. FGL306 Hannover BERLIN JAMAL AN OVERVIEW OF EUGAL Frankfurt/Oder Total length About 480 kilometers Hameln Mecklenburg-Western About 102 kilometers Magdeburg Pomerania Brandenburg About 272 kilometers JAGAL POLAND Saxony About 106 kilometers OPAL Two strings running in parallel as far as Kassel Number of strings Weißack (Brandenburg), then one string to the Leipzig German-Czech border Erfurt Dresden Internal diameters of the pipes 1.40 meters (DN 1400) Lubmin near Greifswald (Mecklenburg- Natural gas receiving station Western Pomerania, on the Baltic Sea) Lubmin (Mecklenburg-Western Pomerania), Network connection points Kienbaum (Brandenburg), Radeland (Branden- NET4GAS burg) Prague MEGAL Deutschneudorf (Saxony, German-Czech GAZELLE Export station CZECH Border) Waidhaus REPUBLIC Compressor station Radeland (Brandenburg) NET4GAS Nuremberg Transport capacity / year Max. 55 billion m³ of which … 45.1 billion m³ to the Czech Republic* EUGAL application route (schematic illustration) and … 9.9 billion m³ to the West* Large parts of EUGAL are planned to run alongside the * Capacity expansion based on the results of the binding capacity auctions held on 6 March 2017 Baltic Sea Pipeline Link OPAL.