Drudge Retort: The Other Side of the News
Saturday, June 15, 2024

The bad news for Gazprom is flowing as freely as the fuel it once pumped to Europe after it was ordered to pay 13bn ($14bn) for failing to fulfill natural gas orders, delivering the latest blow to Vladimir Putin's major revenue generator.



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"It means that last year's production is nearly a third less than its prewar production of 515 bcm in 2021, with Reuters reporting that this is the lowest since it was set up in 1989 toward the end of the Soviet Union.

"Gazprom is in a very difficult position," said Henning Gloystein, director of energy, climate and resources at the Eurasia Group, a political risk consultancy.

"Europe gas sales used to be by far the biggest source of revenue for Gazprom."

"Russia's invasion of Ukraine and the subsequent pipeline supply cuts deprived Gazprom of those sales, and there's no quick and easy way to replace them," he told Newsweek.


Tom O'Donnell, a Berlin-based energy analyst, said the problems stem from a miscalculation by Putin who "had been planning for years before the escalation of the war against Ukraine, to make Europe more dependent on Russian gas."

"This was effected through a partnership with Berlin who was very trusting of Putin," he told Newsweek.

"In the months before Putin launched the actual war, he cut off the gas to Europe. He tried to claim force majeure by making excuses like the compressors could not be repaired because of sanctions."


After much of the lucrative European market disappeared, the Kremlin had hoped the Power of Siberia 2, 2,700-mile pipeline would pipe 50 bcm a year between the Yamal Peninsula in the Arctic to northwest China, offsetting those losses.

But prices in the Asian nation are much lower than in Europe, and Beijing is reportedly trying to drive a hard bargain, while a deal over its construction has yet to be reached.

The Financial Times reported Beijing only wants a fraction of Siberia 2's planned annual capacity as well as prices close to Russia's subsidized domestic prices. Russia's lack of another overland route for its gas exports means Gazprom would probably have to accept these conditions, the paper said.

Vladimir Milov, former Russian deputy energy minister, told Newsweek that Russia cannot make any profits by exporting pipeline gas to China." excerpts

#1 | Posted by Corky at 2024-06-14 11:53 AM | Reply

I was hoping for a medical issue.

#2 | Posted by Dbt2 at 2024-06-14 10:59 PM | Reply | Funny: 2

I wonder what the lifespan of a Gazprom CEO is these days.....

#3 | Posted by Yodagirl at 2024-06-15 03:17 PM | Reply

"ordered to pay 13bn ($14bn) for failing to fulfill natural gas orders"

Ordered by who, exactly?
Zero mention of Nordstream. Newsweek, is the best you can do?

#4 | Posted by look_inward at 2024-06-15 03:42 PM | Reply

This old economic infrastructure is due for an overhaul anyway.

Bring zero point online before winter, please.

#5 | Posted by redlightrobot at 2024-06-15 06:53 PM | Reply

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#6 | Posted by redlightrobot at 2024-06-15 07:40 PM | Reply

... Putin Has a Gas Problem ...

From what I've heard, fmr Pres Trump also had a gas problem in Judge Merchan's courtroom. /s

OK, that sarcasm aside...

A few days so ago I heard that some EU nations wanted to keep the Russia natural gas flowing through Ukraine because they needed the natural gas.

Europe in talks to maintain gas flow via Russia-Ukraine pipeline amidst war (June 11, 2024)

... European officials are engaged in discussions to ensure the continuity of gas supply through a crucial Russia-Ukraine pipeline amidst the ongoing conflict, reported Bloomberg, citing sources.

Despite efforts to reduce dependency on Russian gas, several eastern European nations still rely on a pipeline traversing Ukraine for supply.

The current agreement governing the pipeline is due to expire at the end of the year, raising concerns about potential disruptions to Europe's energy supply. ...

Then I saw this...

EU wants Azerbaijan to fuel Russian gas pipeline in Ukraine

... European officials have pitched Azerbaijan on a scheme to run its gas through a pipeline that currently brings Russian fuel to the EU via Ukraine, a senior Azerbaijani official told POLITICO.

The proposal is a way to keep natural gas flowing to Europe -- while cutting out Russia -- when a transit deal between Kyiv and Moscow expires at the year's end. The EU has previously said it was willing to let the deal expire, as it was confident that enough energy supplies were coming from elsewhere.

"Azerbaijan has been reached out [to] by the European Union and the transit countries [that] we are talking about on the issue," Hikmet Hajiyev, a senior adviser to Azerbaijani President Ilham Aliyev, said in an interview with POLITICO. ...

#7 | Posted by LampLighter at 2024-06-15 07:53 PM | Reply

"Putin Has a Gas Problem"

Reportedly, so does Trump, of another kind ...

'Struggling With the Smell': Donald Trump Farts Up a Storm During His Criminal Trial as a Foul Stench Fills the Courtroom: Report

There's a weird smell in the Manhattan 100 Centre Street Courthouse and multiple sources claim the foul stench is coming from former President Donald Trump who is allegedly farting throughout his hush money criminal trial.

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#8 | Posted by AMERICANUNITY at 2024-06-16 01:43 PM | Reply

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