Russian energy projects in difficult position
2022.12.13 08:12
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Russian energy projects in difficult position
Budrigannews.com – Gazprom, the energy tycoon, is in charge of Russian gas chemical gas projects (MCX:). a central bank report from December revealed that delays are occurring due to decreased foreign involvement for privately held Sibur.
After Moscow launched a special military operation in Ukraine in February, numerous foreign businesses from major economic sectors, including retail and the oil and gas industry, left Russia.
“Some projects’ implementation timelines have changed: due to the delay in the supply of imported equipment, the construction of a gas-chemical complex in the Amur region,” the central bank stated.
“Due to exit from the project of a European contractor,” it stated, “the timing for a complex to processing ethane-containing gas in the Leningrad region also changed.”
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The bank did not reveal the names of foreign companies that had decided not to participate in the projects or the new anticipated timelines for their implementation.
With investments of up to $11 billion, the Amur Gas Chemical Complex was initially planned to begin producing 2.3 million tonnes of polyethylene and 400,000 tonnes of polypropylene annually in 2024-2025.
In September, a representative of Sibur informed Russian media that, as a result of sanctions, the company would begin operations in 2025 and 2026.
The Gazprom-drove project on the Baltic Ocean coast is intended to deal with 45 billion cubic meters of a year, produce 13 million tons of condensed flammable gas (LNG), 3.6 million tons of ethane and up to 1.8 million tons of melted oil gas (LPG).
The Ust-Luga complex’s first phase is scheduled to begin operations in 2024, and the second phase is scheduled to begin operations in 2025.
Sibur declined remarks, Gazprom didn’t answer a solicitation for input.
National bank expressed interests into oil and gas creation rose by 10.9% in January – September. It also stated that the withdrawal of foreign investors and the suspension of oil servicing companies’ operations had little effect on the implementation of projects in Russia.
