NewBase 22-December-2022 Energy News issue - 1576 by Khaled Al Awadi.pdf

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NewBase Energy News 22 December 2022 No. 1576 Senior Editor Eng. Khaed Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E.’s ADFD, Masdar boosts Seychelles’ energy independence
Hatem Mohamed, WAM (Emirates News Agency)
The Republic of Seychelles moved a step closer to realizing its clean energy ambitions with the
inauguration of a UAE-funded 5-megawatt (MW) solar photovoltaic (PV) plant with battery storage,
the second clean-energy project in the African island nation.
Developed by Masdar and the Seychelles’ Public Utilities Corporation (PUC), the Ile de Romainville
Solar Park was financed by Abu Dhabi Fund for Development (ADFD), one of the UAE’s leading
development-financing institutions owned by the Abu Dhabi government.
The project inauguration was attended by Khalifa Abdulla Al Qubaisi, Deputy Director General of
ADFD, Ahmed Afif, Vice President of the Republic of Seychelles, Flavien Joubert, Minister for
Agriculture, Climate Change and Energy of the Republic of Seychelles, Joel Valmont, the Chief
Executive of PUC, Dr. Ibraheem Almansouri, Head of Engineering at Masdar and Simon Bräuniger,
Senior Manager, Project Management Services at Masdar.
The facilities include the 5 MW solar PV plant located in Ile de Romainville, a 3.3 MWh energy
storage system located on Mahé, and a 33kV system that allows for the safe and stable supply of
ww.linkedin.com/in/khaled-al-awadi-80201019/

electricity from the PV power plant to the main island of Mahé which, further, increases the resilience
of the national grid of the Seychelles. It is estimated that the project will save approximately 2 million
liters of fuel annually and offset 6,000 tonnes of carbon dioxide.
Mohamed Saif Al Suwaidi, Director General, ADFD, said: “We are proud to be able to deliver on our
commitment to driving energy transition in Seychelles, thanks to our strong and enduring
partnership that goes back to 1979. By saving about 2,000,000 liters of fossil fuel annually, Ile de
Romainville solar PV plant will enable the country to significantly reduce its carbon footprint, provide
a wide range of benefits to its people and empower small businesses.
Moreover, the project will also make energy more affordable and accessible to the population. The
inauguration of the plant also validates ADFD’s sustained efforts to promote the widespread
adoption of renewable energy in developing countries.”
Mohammed Jameel Al Ramahi, Chief Executive Officer, Masdar, said, “Masdar is proud to deliver
another renewable energy project to Seychelles in support of the country’s energy independence
and renewable energy goals.
With the inauguration of the Ile de Romainville Solar Park, Seychelles can further reduce its reliance
on fossil fuels and displace around 6,000 tonnes of carbon dioxide annually. We thank the ADFD,
PUC, and the government of Seychelles for enabling this project.”
Joel Valmont, Chief Executive, PUC, added, “This is one bold step taken by the Public Utilities
Corporation towards the stewardship of deploying medium to large scale renewables plants in the
main islands of Seychelles.
The successful realization of this project instills confidence and valuable experience which will help
towards the pursuit of environmental sustainability for the country. This achievement has
strengthened the corporation in its ability to accomplish greater development of renewables in the
power sector.”
The Ile de Romainville Solar Park was constructed on the same island hosting several wind turbines
from ADFD and Masdar’s first project in the Seychelles, the Port Victoria Wind Farm, which has
been operational since 2013.
The park’s PV array was specifically designed to maximize the use of available land, while allowing
for the maintenance of the wind turbines and minimizing any shading losses resulting from them.
The park is part of the ADFD and International Renewable Energy Agency (IRENA) Project Facility.
ADFD has committed US$350 million
in concessionary loans over seven
funding cycles to support the
establishment of renewable
energy projects in developing
countries.
Seychelles heavily relies on fossil
fuels to meet its electricity
demand, with fossil fuels
accounting for around 20 percent
of the country’s imports. The
country has set a target of 5
percent renewables by 2020 and
15 percent by 2030.

U.A.E : ADNOC acquires 24.9% stake in OMV
ADNOC Press Release
Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) today
announced a transaction involving OMV AG (OMV), a global energy and chemicals group,
headquartered and listed in Vienna, Austria. Under the agreement, ADNOC will acquire a 24.9%
shareholding in OMV from Mubadala. Financial details of the transaction are not being disclosed.
Upon completion of the transaction, which is subject to certain closing conditions and regulatory
approvals, ADNOC will own 24.9% of OMV, Österreichische Beteiligungs AG (ÖBAG), an Austrian
independent holding company, holding 31.5%, with the remaining share capital in free float.
Through this investment in OMV, who hold a 75% stake in Borealis, ADNOC will increase its
shareholdings in both Borealis and Borouge, bolstering its footprint in the chemicals sector, enabling
synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in
particular at Borouge.
The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic
and international chemicals growth strategy and also aligns with Mubadala’s long-term investment
strategy.
Commenting on the transaction, His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and
Advanced Technology and ADNOC Managing Director and Group CEO said: “Building on the strong
bilateral ties between the UAE and Austria, and our long-standing partership with OMV, ADNOC is
delighted to be acquiring a 24.9% stake in OMV.
 ADNOC shareholdings in Borealis and Borouge will increase through OMV
investment, accelerating delivery of its global chemicals expansion
strategy
 Strategic investment delivers further synergies and unlocks significant
growth opportunities across ADNOC’s chemicals portfolio, while driving
value creation specifically within Boroug
 Transaction aligns with ADNOC’s ambitious international growth strategy
and Mubadala’s long-term investment strategy
 Transaction cements strong bilateral ties between the UAE and Austria,
creating long-term value for all stakeholders

As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking
the delivery of our growth strategy and expanding our footprint across key strategic markets and
sectors.
This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused
investment in building an integrated chemicals platform to accelerate our ambitious growth strategy
that will unlock significant growth opportunities across our broader chemicals portfolio, with a
particular focus on creating distinctive value for Borouge and its shareholders.”
This transaction represents the latest milestone in ADNOC’s strategic growth and investment
journey and reinforces ADNOC’s role as a primary catalyst for responsible, sustainable investment
and value creation for Abu Dhabi and the UAE.
His Excellency Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, said:
“Mubadala has had a longstanding relationship with our Austrian partners, and we have worked
together to develop a champion in the energy sector, OMV. This transaction is reflective of our
strategy to monetize assets at the right valuation and at the right time.
“2022 has been a year of increased activity and strategic investment across Mubadala, in sectors
and geographies all over the world. We will continue to partner with best-in-class entities as we
diversify our investment base and expand our growth trajectory.”
This transaction cements the strong ties between the United Arab Emirates (UAE) and Austria, and
creates long-term value for ADNOC, Mubadala and OMV.
About ADNOC
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of
Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves
through responsible and sustainable exploration and production to support the United Arab
Emirates’ economic growth and diversification. To find out more, visit: www.adnoc.ae
For media inquiries, please contact:
Oliver Thompson
Manager, Financial Communications
media@adnoc.ae
About Mubadala
Mubadala Investment Company manages a global portfolio, aimed at generating sustainable
financial returns for the Government of Abu Dhabi. Mubadala’s USD 284 billion (AED 1,045 billion)
portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala
leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth
and profit, while supporting the continued diversification and global integration of the economy of
the United Arab Emirates.

Spain: Repsol to build the first advanced biofuels plant in Spain
Source: Repsol
EIB supports the construction of an innovative advanced biofuels plant in Cartagena, Spain,
therefore supporting Repsol’s decarbonisation strategy.
The project, which is fully aligned with the European Green Deal, REPowerEU and the Fit for 55
package, contributes to increasing security of energy supply by reducing EU dependency on imports
of fossil fuels.
The European Investment Bank (EIB) is providing a EUR 120 million loan to Repsol to support the
construction and operation of the first advanced biofuels production plant at the company's facilities
in Cartagena, (Region of Murcia).
The plant will produce second generation and advanced biofuels from different types of waste
primarily from the agri-food industry, such as used cooking oils, as part of the transition process
towards a more circular economy. Construction work began in March this year and is scheduled for
completion in the second half of 2023.
While second-generation biofuels are derived from a broad range of biogenic residues including
used cooking oils, certain animal fats and vegetable oils that cannot be used as food or are derived
from crops that do not compete with food, advanced biofuels are produced specifically from a subset
of biogenic feedstocks listed in Part A of Annex IX of the REDII directive.
These biofuels are a sustainable solution for all segments of mobility, especially for those that have
no other alternative to decarbonize their activity, such as maritime, long-distance or aviation
transport.
They can reduce net CO2 emissions by between 70% and 90% compared with the traditional fuels
they replace. The EIB financing will also support research programs for advanced biofuels
technologies conducted at Repsol's Technology Lab in Madrid.

The production plant will be located within the premises of Repsol’s industrial complex in Cartagena,
Region of Murcia - an EU cohesion region. The plant will process 300,000 tons per annum (tpa) of
lipidic residues for the production of up to 250,000 tpa of 2nd generation or/and advanced biofuels
for the transport sector.
Speaking at the signature event in Madrid, EIB Vice President, Ricardo Mourinho Félix said: 'The
EIB is committed to financing green transformation, the use of alternative energy sources and
innovative research programs across Europe.
The EIB loan contributes to Repsol’s
strategy to transform its business model
and to its decarbonization strategy. We are
pleased to be collaborating with companies
such as Repsol which are taking steps
towards decarbonizing business activity
and strengthening resilience to climate
change.'
Commenting on the agreement, Repsol’s
CFO, Antonio Lorenzo, said: 'We are proud
to be the first company in the sector to
obtain this type of financing, which is a result
of our commitment to execute ground-breaking
projects in support of a rapid, effective and just energy transition.'
Lowering EU dependency on fossil fuel imports
This innovative plant will contribute to the development of low carbon fuels to be used in hard to
decarbonize and hard to electrify sectors. The project is fully aligned with the European Green Deal
and the Fit for 55 package and will support energy security by lowering EU dependency from fossil
fuel imports. Repsol’s decarbonization path earmarked EUR 6.5 billion to low-carbon initiatives in
2021-2025 (35% of total investment). EIB funding to support its green transformation, is in line with
the EIB contribution to the REPowerEU recently approved by the EIB’s Board of Directors.
Repsol's net zero emissions target
Repsol was the first company in its industry to commit to zero net emissions by 2050 and is
implementing an ambitious decarbonization strategy in alignment with the Paris Agreement and the
United Nations Sustainable Development Goals.
Repsol’s roadmap includes emission reduction targets with a reduction in the Carbon Intensity
Indicator of 15% by 2025, 28% by 2030 and 55% by 2040.
Longstanding relationship with Repsol
The Bank has a longstanding relationship with Repsol and has financed over ten projects, since the
first agreement in 1988, soon after Spain’s accession to the European Economic Community.
Background information:
Repsol is a global multi-energy company that is leading the energy transition. Present throughout
the energy value chain, the company employs 24,000 people worldwide and distributes its products
in more than 90 countries to around 24 million customers. Repsol is transforming its industrial
complexes into multienergy hubs through state-of-the-art projects with the ambition of achieving
zero net emissions by 2050.

The European Investment Bank (EIB) is the long-term lending institution of the European Union
owned by its Member States. It makes long-term finance available for sound investments in order
to contribute towards EU policy goals. The European Investment Bank (EIB) issues long-term loans
on behalf of the European Union.
The EIB and energy security
Over the past decade, the European Investment Bank Group has channelled almost €100 billion
into the EU energy sector. These timely investments are now helping Europe weather the crisis
triggered by the abrupt cut in Russian gas supplies. In the first nine months of this year alone, the
EIB signed financial support totalling more than €8.3 billion for projects in energy efficiency,
renewables, electricity and storage in the European Union, thus helping strengthen the resilience of
the European economy.
In October, the EIB’s Board decided to raise the Group’s clean energy financing volumes to
unprecedented levels in support of the REPowerEU objective of ending Europe’s dependency on
Russian fossil-fuel imports. An additional €30 billion will be invested over the next five years, on top
of the EIB’s already robust support for the EU energy sector.
It is estimated that the REPowerEU package will mobilise an additional €115 billion in investment
by 2027, thus making a substantial contribution to Europe’s energy independence and the EIB
Group’s target of mobilising €1 trillion this decade in climate financing.

Cyprus: TotalEnergies and Eni announce Cyprus gas discovery
The National - John Benny
France’s TotalEnergies and Italian energy company Eni have announced a natural gas discovery
at the Zeus-1 well o ff the Mediterranean island of Cyprus.
The Zeus-1 well encountered 105m of recoverable resources in carbonate reservoirs, re-enforcing
the “promising” outlook for the area and its development, TotalEnergies said on Wednesday.
In August, TotalEnergies and Eni announced a “significant” gas discovery at the Cronos-1 well in
Block 6, which is equally owned by the two companies. “This success at Zeus-1 further enhances
the potential of Block 6, only four months after the Cronos-1 discovery,” said Kevin McLachlan,
senior vice president, exploration at TotalEnergies.
“New data gathered from the well will assist our ongoing assessment of fast-track development
options for the discovered resources.” TotalEnergies is working towards developing its new
Lebanon Block 9 offshore gas project from next year.
Last month, the company and Eni signed a “framework agreement” with Israel to enforce a maritime
boundary accord that was agreed with Lebanon last month.
The Eastern Mediterranean region has become a global energy hotspot following the discovery of
numerous offshore gasfields over the past decade.
The US Geological Survey estimates that the Levant Basin — the waters of Cyprus, Egypt, Israel,
Lebanon and Palestine — contains 122.4 trillion cubic feet of technically recoverable gas.
Natural gas markets are expected to remain tight next year as Russia, one of the world’s largest
exporters, further reduces supplies to Europe.
Russia, Europe’s top natural gas supplier, began reducing its exports to the continent in response
to wide-ranging economic sanctions after it invaded Ukraine in February.

NewBase December 22 -2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil rallies on tight U.S. stocks as winter blast hits
Reuters + NewBase
Oil prices rose for a fourth straight day on Thursday with U.S. crude, heating oil and jet fuel stocks
seen tight just as a chilly blast hits the United States and travel is set to soar for the holiday season.
U.S. West Texas Intermediate (WTI) crude futures climbed 46 cents, or 0.59%, to $78.75 a barrel,
while Brent crude futures gained 42 cents, or 0.5%, to $82.62 at 0514 GMT, extending gains of
around 2.7% in the previous session.
Both benchmark contracts jumped on Wednesday after government data showed U.S. crude
inventories fell by much more than analysts had expected, posting a drop of 5.89 million barrels for
the week ending Dec. 16.
At the same time there was a decline in distillate stocks, which include heating oil and jet fuel, which
defied expectations for a build. The falling stockpiles come as demand for heating oil is set to soar
Oil price special
coverage

with a powerful winter storm hitting the United States, expected to bring sub-zero wind chills as far
south as Texas and record-breaking lows to Florida and the eastern states.
Jet fuel consumption is also expected to pick up with a post-COVID boom in travel for the end-of-
year holiday season.
"On our numbers...the crude market is finely balanced," said National Australia Bank's head of
commodity research Baden Moore.
"As we look into 2023, we see China's re-opening and a likely continued steady roll-up in global jet
demand (towards 2019 levels) will tighten global crude markets and drive prices higher," he said.
A softer U.S. dollar has also buoyed oil prices, as crude becomes cheaper for buyers holding other
currencies.

The Era Of Cheap Oil Has Come To An End
Bloomberg + NewBase
In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed
to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either.
The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of
its own target has become a regular thing for the cartel.
Meanwhile, the United States federal government needs to buy some oil for its strategic petroleum
reserve after releasing close to 200 million barrels from it this year as a way of countering fuel price
inflation. Yet U.S. drillers are not in a rush to boost production. On the contrary, it seems production
growth has lost its place among these companies’ top priorities.
Of course, there are also the sanctions against Russia, which many expect will hurt the country’s
oil production, and that may well happen, but it has not happened yet. In fact, the oil sanctions—in
the form of a price cap on maritime exports and an embargo on exports to the EU—have had no
effect on oil flows out of Russia. For now.
Investment banks expect higher oil prices, despite a recent slump prompted by expectations of an
economic slowdown pretty much across the globe. The expectations, now beginning to seep into
trader circles, too, are largely based on China’s reversal of its zero-Covid policy. But they also

probably take into account the fact that oil remains an indispensable commodity. And the era of
cheap oil may well be over for good.
“We remain constructive on oil prices driven by recovering demand (China reopening, aviation
recovering) amid constrained supply due to low levels of investment, risks to Russia supply, the end
of SPR releases, and slowdown of U.S. shale,” Morgan Stanley said this week in a note.
Yet the situation may be a lot more serious with regard to supply, as noted in a recent market
commentary by TortoiseEcoFin’s President and Portfolio Manager, Matt Sallee.
“Global oil inventory is at the lowest level since 2004, the Department of Energy has released 200
million barrels of oil from the Strategic Petroleum Reserve this year, OPEC continues to struggle to
produce at their stated quota and US producers are helping but can only do so much.”
This s a pretty succinct description of the global oil supply situation, but the picture is not one that
would invoke positive emotions. It is one that is more likely to evoke concern, and with a good
reason. Because there is little evidence that any of these trends will change meaningfully any time
soon.

OPEC, for example, has zero motivation to try and boost production, Sallee noted in follow-up
comments for Oilprice. It would only do so if it knows oil will remain over $100 per barrel for a longer
period of time, but there is no way to be confident about this right now.
Then there are the purely physical constraints on OPEC production, as evidenced by the consistent
failure of the group to hit its own—reduced—production targets. Most OPEC members have
ambitious production growth plans, but they remain plans while actual production remains subdued
for reasons such as natural depletion at mature fields and, ultimately, not enough investment.
As Sallee notes, OPEC has not consistently produced more than 30 million bpd since 2015-2018
when it did so deliberately in a bid to destroy U.S. shale and, to a great extent, succeeded,
temporarily. And that’s because it neither wants to nor can it do so.
Underinvestment is turning into a thing in U.S. shale as well, at least from the perspective of the
White House. According to the Biden administration, all U.S. producers need to do is spend more
on additional production. According to the U.S. producers themselves, the long-term outlook for oil
demand is too uncertain about investing in more production.
Then there is the issue of prime acreage, which several experts have been warning is running out.
TortoiseEcoFin’s Sallee is among them: “Best acreage has been drilled, the industry is struggling
to attract labor and has limited sources of financing,” he told Oilprice.
According to him, U.S. oil production is unlikely to ever again record annual output increase rates
of 1 million bpd or more, as it did in the recent past. A growth rate of 500,000 to 750,000 bpd is far
more likely, he believes. And that’s not good news for consumers because demand, although
targeted by the energy transition camp, is not going down soon.
The International Energy Agency, one of the most active members of the energy transition
movement, in its latest Oil Market Report revised upwards its forecast for global oil demand next
year because of an unexpected increase in consumption this year.
Chances are this is a sustainable trend in the absence of viable alternatives to oil products. And this
means that demand and supply will be in a precarious balance in the future, constantly on the brink
of a shortage or even deep in a shortage, should Big Oil’s pivot to low-carbon energy continue, as
it requires they reduce their oil production to hit their net-zero goals. What all this means is that the
era of cheap crude oil may well be over for good.

How natural gas is traded in Europe
Sources: Oxford Institute of Energy Studies, Oxera Consulting, Reuters news
European Union energy ministers have agreed a gas price cap to try to lower gas prices that have
pushed energy bills higher and driven record-high inflation this year after Russia cut off most of its
gas deliveries to Europe.
Some market participants fear the cap, which would be triggered if prices exceed 180 euros per
megawatt hour for three days on the Dutch Title Transfer Facility (TTF) gas hub's front-month
contract, could drive trading onto the over-the-counter (OTC) market
It could also reduce liquidity on European exchanges and disincentivise much needed liquefied gas
exports to Europe from the United States and other regions.
Here is a summary of how gas trading works in Europe and the main trading hubs.
WHERE DOES TRADING HAPPEN?
Trading happens on exchanges or OTC. Exchanges are more accessible to all market participants
and provide transparency. They are also subject to financial and market regulations to prevent
market abuse.
HUBS VERSUS OIL INDEXATION
Over the last two decades, gas prices in Europe have moved towards hub pricing, where natural
gas is priced on the basis of demand and supply, and away from oil indexation, which uses crude
oil as a price indicator.

Hub pricing accounted for 77% of gas volumes in 2021, according to a study by Oxera Consulting
this month. In north-west Europe, hub pricing tends to dominate, while Mediterranean gas trading
tends to use more oil indexation.
TRADING HUBS
There are around 30 gas trading hubs in Europe but not all are very active, according to the Oxford
Institute for Energy Studies. The Dutch Title Transfer Facility and Britain's National Balancing Point
(NBP), are classed as the two most mature, meaning the most liquid and transparent.
Other active hubs include the Italian Punto di Scambio Virtuale (PSV), Austrian hub Virtual Trading
Point (VTP), Belgian hubs Zeebrugge Beach (ZEE) and ZTP, Spanish hub PVB, French hub Point
Exchange Gaz (PEG) and Czech hub VOB.
Last year, Germany launched a nationwide gas trading hub, Trading Hub Europe (THE), after
merging its two existing hubs to boost liquidity and simplify administration.
Previously Gaspool and NetConnect Germany (NCG) operated in separate regions, carving
Germany into two gas markets. They renamed their order books to THE to continue spot and futures
trading. There are also plans for more gas trading hubs in Eastern Europe and the Mediterranean,
as well as Turkey.
In 2019, volumes traded on the TTF accounted for 79% of total traded volumes in Europe. The TTF
price is classed as the European gas price benchmark with LNG cargoes and other hubs pricing
against it.
DERIVATIVES
There is no single price at the TTF or other gas hubs. There are different gas contracts - some for
immediate or near-term delivery (known as the spot or prompt market) and some for hours, months,
years or seasons ahead.
There are several financial instruments used in gas markets, such as futures, forwards, options and
swaps. Futures are agreements to buy or sell gas for delivery at the TTF at a certain future time for
a pre-agreed price and are traded on exchanges.
Forwards are also agreements to buy or sell TTF for delivery in the future but they tend to be
bespoke agreements, are traded in OTC markets and are not formally classed as derivatives
contracts under EU equity trading rules.
Options give the holder a right but not the obligation to buy or sell the underlying TTF futures contract
at a certain date for a certain price. Swaps are OTC financially-settled contracts that allow two
parties to exchange payments related to the market gas price.
OVER-THE-COUNTER
Trading in gas derivatives can occur on regulated markets or exchanges and OTC markets. These
typically consist of a network of buyers and sellers and brokers that act as intermediaries in the
trading activity.
OTC trading can also take place bilaterally, whereby the counterparties have direct relationships
with each other. But exchange trading takes place on a single centralised order book and where all
buyers and sellers can interact with each other at the same time.
This year, the share of exchange-executed trading on European gas hubs was around 62%,
according to European Commission data.

NewBase Specual Coverage
The Energy world –December -01 -2022
CLEAN ENERGY
Europe is a key destination for Russia’s energy exports
U.S. Energy Information Administration
In 2021, Russia was the largest natural gas-exporting country in the world, the second-largest crude
oil and condensates-exporting country after Saudi Arabia, and the third-largest coal-exporting
country behind Indonesia and Australia.
Although OECD Europe received most of Russia’s crude oil and natural gas exports last year,
countries in Asia and the Oceania region received most of Russia’s coal exports.
Source: Graph by the U.S. Energy Information Administration, based on Russia’s export statistics and partner
country import statistics published by Global Trade Tracker Figure data

Of the 10.1 million barrels per day (b/d) of crude oil and condensate that Russia produced in 2021,
Russia exported more than 45%, or 4.7 million b/d. The majority of Russia’s crude oil and
condensate exports went to OECD Europe, which received almost half of Russia’s total exports.
However, at a country level, China imported the largest volume of Russia’s crude oil and
condensate exports in 2021.
According to Russia’s export statistics and partner country import statistics published by Global
Trade Tracker, China received nearly one-third, or 1.4 million b/d, of Russia’s crude oil and
condensate exports.
The Netherlands and Germany combined received about one-fourth, or 1.1 million b/d, of Russia’s
crude oil and condensate exports. Russia exported about 199,000 b/d of crude oil to the United
States in 2021, around 4% of Russia’s crude oil exports for that year.

Last year, Russia also exported 8.9 trillion cubic feet (Tcf) of liquefied and piped natural gas, 36%
of the 24.8 Tcf of natural gas it produced. In 2021, 84% of Russia’s exported natural gas arrived at
its destination country by pipeline, and the rest was shipped as liquefied natural gas (LNG).
Similar to crude oil and condensates exports, OECD Europe was the largest regional importer of
Russia’s natural gas, accounting for nearly 75% of Russia’s total natural gas exports.
Germany, Turkey, Italy, Belarus, and France received most of that natural gas. China
and Japan are among the top 10 destinations, together accounting for approximately 10%, or 882
billion cubic feet, of Russia’s natural gas exports.
Source: Graph by the U.S. Energy Information Administration, based on Russia’s export statistics
and partner country import statistics published by Global Trade Tracker Figure data
Russia exported more than half of the coal the country produced in 2021. Russia’s coal exports in
2021 increased by 7% to 262 million short tons (MMst). China imported nearly 25%, or 63 MMst,
while South Korea, Japan, and Taiwan together received about 22% of Russia’s coal exports. One-
third of Russia’s coal exports were sent to OECD Europe.
Germany, the Netherlands, Turkey, and Poland combined received 24% of all Russia’s coal exports
in 2021. Thermal coal, often used for power generation, accounted for 90% of Russia’s coal exports.

NewBase Energy News 22 December 2022 - Issue No. 1576 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
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About: Khaled Malallah Al Awadi,
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MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the
GCC area via many leading Energy Services companies. Khaled is the Founder of
the NewBase Energy news articles issues, Khaled is an international consultant,
advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks,
waste management, waste-to-energy, renewable energy, environment protection
and sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas
compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of gas/oil supply routes.
Has drafted & finalized many contracts/agreements in products sale, transportation, operation &
maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities.
Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has
participated in numerous conferences and workshops as chairman, session chair, keynote speaker and
panelist.
Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over
1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable
energy, waste management, plant Automation IA and environmental sustainability in different parts of the
world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.

NewBase 22-December-2022 Energy News issue - 1576 by Khaled Al Awadi.pdf

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NewBase 22-December-2022 Energy News issue - 1576 by Khaled Al Awadi.pdf