Nord Stream 2: Background, Objections, and Possible Outcomes Steven Pifer
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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. -
Professional Profile Expertise Recent Experience Education
Javaid Akhtar Partner PROFESSIONAL PROFILE [email protected] Dual qualified as a Solicitor of England and Wales and Advocate in Pakistan, +92 (51) 285 5890-2 Javaid specialises in acquisitions, oil and gas and arbitration and corporate and commercial matters. Javaid is the managing partner of the Islamabad 64, Nazimuddin Road, F- 8/4, Islamabad, Pakistan office of Vellani & Vellani and was earlier a partner of Amhurst Brown, which merged with Vellani & Vellani in 2018. https://www.linkedin.com/i n/javaid-akhtar-49051313/ RECENT EXPERIENCE EDUCATION ACQUISITIONS Represented local and multinational companies in the sale and Bachelor of Law (LL. B) King’s College London - 1991 purchase of assets and shares, particularly in the upstream oil and gas sector. Acted in the purchase of Austrian owned OMV companies in Pakistan EXPERTISE (2017-8) and UK owned Premier Oil companies in Pakistan (2016), and a substantial holding in a Pakistani oil marketing company to a Dispute Resolution middle-eastern company (2018). Earlier, acted in the sale of BP’s Mergers & Acquisitions, assets in Pakistan (2011-14), purchase of Tullow Pakistan (2014) and Restructuring and aspects of the sale of Petronas Carigali Pakistan (2011). Securities Acted on the buy-side in relation to the Government of Pakistan’s sale Oil & Gas of companies and assets (i.e. privatization), including sale of state interests in petroleum concessions; in Pakistan Steel Corporation and Pakistan State Oil Ltd. Apart from the customary suite of agreements, such transactions involved extensive due diligence and, often protracted, issues to be resolved with regulatory authorities (including the Directorate General (Petroleum Concessions), the Competition Commission of Pakistan and the Securities and Exchange Commission of Pakistan). -
The Media As a Mirror of Putin's Evolving Strategy in Ukraine
Tomila Lankina and Kohei Watanabe ‘Russian Spring’ or ‘Spring betrayal’? The media as a mirror of Putin’s evolving strategy in Ukraine Article (Accepted version) (Refereed) Original citation: Lankina, Tomila V. and Watanabe, Kohei (2017) ‘Russian Spring’ or ‘Spring betrayal’? The media as a mirror of Putin’s evolving strategy in Ukraine. Europe-Asia Studies. pp. 1526- 1556. ISSN 0966-8136 DOI: 10.1080/09668136.2017.1397603 © 2017 University of Glasgow This version available at: http://eprints.lse.ac.uk/68226/ Available in LSE Research Online: January 2018 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. This document is the author’s final accepted version of the journal article. There may be differences between this version and the published version. You are advised to consult the publisher’s version if you wish to cite from it. 1 Tomila Lankina* and Kohei Watanabe** ‘Russian Spring’ or ‘Spring Betrayal’? The Media as a Mirror of Putin’s Evolving Strategy in Ukraine Abstract We develop a novel Russian-language electronic content analysis dictionary and method to analyse Russian state media’s framing of the Euromaidan protests. -
Security Aspects of the South Stream Project
BRIEFING PAPER Policy Department External Policies SECURITY ASPECTS OF THE SOUTH STREAM PROJECT FOREIGN AFFAIRS October 2008 JANUARY 2004 EN This briefing paper was requested by the European Parliament's Committee on Foreign Affairs. It is published in the following language: English Author: Zeyno Baran, Director Center for Eurasian Policy (CEP), Hudson Institute www.hudson.org The author is grateful for the support of CEP Research Associates Onur Sazak and Emmet C. Tuohy as well as former CEP Research Assistant Rob A. Smith. Responsible Official: Levente Császi Directorate-General for External Policies of the Union Policy Department BD4 06 M 55 rue Wiertz B-1047 Brussels E-mail: [email protected] Publisher European Parliament Manuscript completed on 23 October 2008. The briefing paper is available on the Internet at http://www.europarl.europa.eu/activities/committees/studies.do?language=EN If you are unable to download the information you require, please request a paper copy by e-mail : [email protected] Brussels: European Parliament, 2008. Any opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament. © European Communities, 2008. Reproduction and translation, except for commercial purposes, are authorised, provided the source is acknowledged and provided the publisher is given prior notice and supplied with a copy of the publication. EXPO/B/AFET/2008/30 October 2008 PE 388.962 EN CONTENTS SECURITY ASPECTS OF THE SOUTH STREAM PROJECT ................................ ii EXECUTIVE SUMMARY .............................................................................................iii 1. INTRODUCTION......................................................................................................... 1 2. THE RUSSIAN CHALLENGE................................................................................... 2 2.1. -
Nord Stream 2
Updated August 24, 2021 Russia’s Nord Stream 2 Natural Gas Pipeline to Germany Nord Stream 2, a natural gas pipeline nearing completion, is which accounted for about 48% of EU natural gas imports expected to increase the volume of Russia’s natural gas in 2020. Russian gas exports to the EU were up 18% year- export capacity directly to Germany, bypassing Ukraine, on-year in the first quarter of 2021. Factors behind reliance Poland, and other transit states (Figure 1). Successive U.S. on Russian supply include diminishing European gas Administrations and Congresses have opposed Nord Stream supplies, commitments to reduce coal use, Russian 2, reflecting concerns about European dependence on investments in European infrastructure, Russian export Russian energy and the threat of increased Russian prices, and the perception of many Europeans that Russia aggression in Ukraine. The German government is a key remains a reliable supplier. proponent of the pipeline, which it says will be a reliable Figure 1. Nord Stream Gas Pipeline System source of natural gas as Germany is ending nuclear energy production and reducing coal use. Despite the Biden Administration’s stated opposition to Nord Stream 2, the Administration appears to have shifted its focus away from working to prevent the pipeline’s completion to mitigating the potential negative impacts of an operational pipeline. Some critics of this approach, including some Members of Congress and the Ukrainian and Polish governments, sharply criticized a U.S.-German joint statement on energy security, issued on July 21, 2021, which they perceived as indirectly affirming the pipeline’s completion. -
Brussels Admits EU Law Does Not Apply to Nord Stream 2 the European Commission Has Admitted There Is No Legal Ground to Apply Matter Before the End of the Year
Energy Reproduced with permission by Energy Intelligence for Oxford Institute of Energy Studies Intelligence Issue Vol.17, No. 186, Thursday, September 21, 2017 Vol. 17, No. 186 Thursday, September 21, 2017 Special Reprint from International Oil Daily for Oxford Institute of Energy Studies . Copyright © 2017 Energy Intelligence Group. Unauthorized copying, reproduc- ing or disseminating in any manner, in whole or in part, including through intranet or internet posting, or electronic forwarding even for internal use, is prohibited. Brussels Admits EU Law Does Not Apply to Nord Stream 2 The European Commission has admitted there is no legal ground to apply matter before the end of the year. EU energy laws to Gazprom’s Nord Stream 2 gas pipeline project despite its Observers believe Brussels’ mandate is plagued with problems, starting long-drawn opposition to the plan. with the fact that it would not ensure that Moscow must negotiate. PrintIn a Sep. 12 letter sent to a member of the European Parliament by the "If the commission does secure the mandate, it would acquire certain le- commission and leaked to the press, the commission’s legal service said gitimacy to negotiate, and it would be difficult for Russia to refuse entering that the application of the EU’s Third Energy Package regulations to off- negotiations; nonetheless Russia could still refuse to negotiate,” according shore import pipelines such as Nord Stream 2 "would raise specific legal to Katja Yafimava, senior research fellow at the Oxford Institute for Energy and practical questions, arising ... from the fact that Union rules cannot be Studies. Even if Russia does agree to negotiate, Yafimava doubts whether made unilaterally binding on the national authorities of third countries.” Moscow will accept the application of EU energy law to the project. -
Slovenia: MOL Group' Retail Acquirement Agreement With
Slovenia: MOL Group’ retail acquirement agreement with OMV The agreed purchase price is 301 million euros (100 % share of OMV Slovenia); MOL Group reached an agreement with OMV to acquire OMV’s 92.25 % stake in OMV Slovenia, in which Croatian INA already holds a 7.75 % minority stake, from OMV Downstream GmbH as direct shareholder. The transaction includes 120 petrol stations across Slovenia. OMV Slovenia operates in the country under 3 brands: OMV (108), EuroTruck (4) and Avanti/DISKONT (8). MOL Group and INA will become the 100 % owner of the wholesale business of the acquired company, as well. With 48 MOL and 5 INA-branded service stations in Slovenia, MOL Group is currently the third largest retail market-player. However, the transaction is still subject to merger clearance. The acquisition fits into the Group’s SHAPE TOMORROW 2030+ updated long-term strategy, which places a special emphasis on the development of Consumer Services. MOL Group CEO Zsolt Hernadi said that this step is in line with group’s strategic goals to further expand retail fuel network in existing and potential new markets in central and eastern Europe. By 2025, MOL Group would like to reach 2200 petrol stations, potentially more, if more good opportunities arise. With constant development and digitization, shaping future consumer and mobility trends, MOL offers convenience as it aims to help people on the move, regardless of what powers the customer’s mode of transport. Furthermore, its integrated business model and accelerating growth enables it to provide financial resources for developing sustainable solutions and boosting circular economy in the region. -
The Environmental Impacts of the P Nord Stream Gas Pipeline in The
The Environmental Impacts of the Nord Stream Gas Pipeline in the Baltic Sea Juha-Markku Leppänen SYKE Marine Research Centre Content Nord Stream is a natural gas pipeline through the Baltic Sea linking Russian gas fields to the central Europe . The Nord Stream ggpppjas pipeline project . Environmental concerns . Environmental Impact Assessments . Permitting process . CoConstructionnstruction . First results of the environmental monitoring The Nord Stream gas pipeline project . Most extensive single construction in the Baltic Sea . Total length of 1124 km . 2 parallel pipelines . 55 billion m3 gas per year . Total investment of 7, 4 billion € Construction Monitor . First pipeline completed . Second pipeline to be ready in 2012 Main environmental concerns before the construction . Physical damage to the seabed • Increase in water turbidity • Release of nutrients and hazardous substances • Impacts on bottom currents . Dumped munitions and barrels • leakage, poisoning . MitiMunitions cl earance • sediment disturbance • fish,,, seals, birds... Ship wrecks and other cultural heritage . Scientific heritage . Nature reserves . Fisheries, maritime transport, safety Permitting process before commencement of the construction . The pi peli ne passes th e t errit ori al wat ers or EEZ of Russia, Finland, Sweden, Denmark and Germany . Espoo Convention: Convention on Environmental Impact Assessment in a Transboundary Context requires • Contracting Parties to notify and consult each other on all major projects that might have adverse environmental impact across borders • Individual Parties to integrate environmental assessment into the plans and programmes at the earliest stages • RiRussia no tCttiPttEt a Contracting Party to Espoo Concen tion Permitting process before commencement of the construction . TbdTransboundary const ttidtbdruction and transboundary impacts require both national and international permitting processes . -
Analiza Efikasnosti Naftnih Kompanija U Srbiji Efficency Analysis of Oil Companies in Serbia
________________________________________________________________________ 79 Analiza efikasnosti naftnih kompanija u Srbiji Efficency Analysis of Oil Companies in Serbia prof. dr. sc. Radojko Lukić Ekonomski fakultet u Beogradu [email protected] Ključne reči: ekspolatacija sirove nafte i gasa, Abstract tržišno učešće, efikasnost poslovanja, financijske Lately, significant attention has been paid to the performanse, održivo izveštavanje evolution of the performance of oil companies around Key words: exploration of crude oil and gas, market the world, by individual regions and countries. Bearing share, business efficiency, financial performance, susta- this in mind, relying on the existing theoretical and inable reporting methodological and empirical results, this paper analyzes the efficiency of operations, financial perfor- mance and sustainable reporting of oil companies in Sažetak Serbia, with special emphasis on the Petroleum Industry of Serbia (NIS). The results of the survey show signifi- U poslednje vreme značajna se pažnja poklanja cant role of mining, i.e. oil companies in creating addi- evoluaciji performansi naftnih kompanija u svetu, tional value of the entire economy of Serbia. Concer- po pojedinim regionima i zemljama. Imajući to u ning the Petroleum Industry of Serbia, it has a signi- vidu, oslanjajući se na postojeće teorijsko-metodo- ficant place in the production and trade of petroleum loške i empirijske rezultate, u ovom radu se analizi- products in Serbia. For these reasons, the efficiency of raju efikasnosti poslovanja, finansijske performanse operations, financial performance and maintenance of i održivo izveštavanje naftnih kompanija u Srbiji, s the Petroleum Industry of Serbia has been complexly posebnim osvrtom na Naftnu industriju Srbije (NIS). analyzed. In this respect, according to many indicators, Rezultati istraživanja pokazuju značajnu ulogu rudar- it is at a satisfactory level in relation to the average of the stva, odnosno naftnih kompanija u kreiranju dodatne world’s leading oil companies. -
Change of Management at Wintershall Dea in Germany and the Netherlands
PRESS RELEASE CHANGE OF MANAGEMENT AT WINTERSHALL DEA IN GERMANY AND THE NETHERLANDS • Robert Frimpong becomes new Head of Business Unit Germany in Hamburg • Dirk Warzecha leaves the company on 31 December 2020 • Jone Hess succeeds as Managing Director of Wintershall Noordzee Date: Page: 03.12.2020 PI-20-25 1 of 3 Hamburg / Kassel. Dirk Warzecha, Managing Director of Business Unit Wintershall Dea Germany, will leave the company on 31 December 2020. A graduate oil engineer, he was a member of the Executive Management Board and Chief Operating Officer (COO) at DEA until the merger between Wintershall and DEA in May 2019. After the merger to form Wintershall Dea as Europe’s leading gas and oil company, Dirk Warzecha took over responsibility for E&P activities in Germany as Senior Vice President. With the completion of the integration project, he is now leaving the company at the end of the year. “With his long-standing experience and extensive knowledge of the oil and gas industry, Dirk Warzecha has played a decisive role in shaping business at DEA for many years and at Wintershall Dea since 2019. On behalf of the Executive Management Board, I would very much like to thank Dirk Warzecha for his outstanding achievements that he has brought to the company in various functions, both nationally and internationally,” says Mario Mehren, CEO of Wintershall Dea. Wintershall Dea GmbH Press contact Friedrich-Ebert-Str. 160, 34119 Kassel Michael Sasse T +49 561 301-0, F +49 561 301-1702 T +49 561 301-3301 Überseering 40, 22297 Hamburg F +49 561 301-1321 T +49 40 6375-0, F +49 40 6375-3162 [email protected] www.wintershalldea.com PRESS RELEASE Date: Page: 03.12.2020 PI-20-25 2 of 3 Robert Frimpong will succeed Dirk Warzecha as Head of Business Unit Germany on 1 January 2021. -
From the Ukraine–Russia War to the Navalny Case: How to Deal with the Kremlin?
From the Ukraine–Russia War to the Navalny Case: How to Deal with the Kremlin? Nona Mikhelidze No. 12. April 2021 This publication has been funded by the European Union under the Horizon 2020 research and innovation programme under grant agreement no. 769886. ABSTRACT April 2021 . 12 Seven years after the annexation of Crimea and amid an ongoing war in Ukraine, Russia has tried to move towards military escalation in the Donbass region making clear that the status quo emerged in 2014 as a “new normal” cannot last. The Minsk II Agreement negotiated between Ukraine, Russia, France and Germany in the framework of the Normandy Format in February 2015 remains unimplemented despite numerous rounds of mediation. Western economic sanctions against Moscow succeeded in limiting the Kremlin’s military EU-LISTCO Policy Paper Series. Paper EU-LISTCO Policy advance beyond Donbass and deterred it from making further territorial gains. However, these measures failed to impact on Russian decision-making regarding resolution of the conflict. Influencing Russia’s foreign policy is not an easy task, as the country’s conduct of international relations is shaped by domestic factors and the authoritarian nature of its governance. Still, the West needs a strategy in response to the international and domestic wrongdoings already committed by the Kremlin and as a preventative measure to deter Moscow’s future aggression. In order to face the Russian challenge, the West should first design clear rules for its own foreign-policy behaviour based on the primacy of human rights and democracy and then define how to defend universal values abroad, including in Russia. -
Spead for Drilling Engineers 2022 (M/F/D) Graduate Programme with Domestic and International Assignments
SPEAD FOR DRILLING ENGINEERS 2022 (M/F/D) GRADUATE PROGRAMME WITH DOMESTIC AND INTERNATIONAL ASSIGNMENTS LOCATION STARTING DATE CONTRACT TYPE Hamburg, Germany connected with 01.01.2022 Permanent (Inter)national Assignments DISCIPLINE WORKING HOURS REFERENCE CODE Drilling Engineering Full-time DEHH21 What you can expect What we expect • A tailor-made combination of practical “on the job” • Master degree, equivalent or PhD (E&P relevant) training supplemented by selected technical training • University study in a reasonable timeframe and courses for a duration of 24 months as an initial demonstrable academic achievement development phase with an unlimited hiring • At least one E&P relevant internship • Be part of a committed team and participate in • Fluent written and spoken English language skills challenging and meaningful business relevant projects in • International experience (internship and / or study domestic and international assignment locations abroad, school exchange) • Clear and competent technical supervision from senior • Strongly developed social and interpersonal skills staff, proactive support from mentors and SPEAD • High flexibility and willingness to work internationally coordination Description of our SPEAD-Programme for Drilling Engineers • Wellsite Orientation Phase – hands on rig experience, land operation, jack-ups and semi subs • Intensive Wellsite Phase – shadowing the rig crew and wellsite service contractors on all aspects of the wellbore construction process • Wellsite Drilling Engineer – involving Well Design,