Month: May 2022

European Union leaders reached a late-night agreement Monday on cutting 90% of Russian oil imports and exempting crude oil transported by pipeline to Hungary under the measures, the president of the European Commission announced.

“I’m very glad that the leaders were able to agree in principle on the sixth sanctions package,” Ursula von der Leyen told reporters following the first day of an EU summit.

According to the conclusions of the summit, the EU leaders agreed “that the sixth package of sanctions against Russia will cover crude oil as well as petroleum products delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline.”

As Von der Leyen explained, the EU ambassadors will be “able to finalize a ban on almost 90% of all Russian oil imports by the end of the year” by agreeing on the technical details later this week.

The embargo will cover seaborne oil and partially exempt pipeline oil, she said, adding they will discuss details on exempted oil in the coming months.

The agreement gives an important concession to Hungary, which has been opposing the oil embargo, by exempting oil transported by the Southern Druzhba pipeline, she said.

In the meantime, Poland and Germany, which are supplied by the northern branch of the Druzhba pipeline, promised to “wind down the Russian oil till the end of the year” as others will do with seaborne oil, von der Leyen added.

In a video statement published on Facebook, Hungarian Prime Minister Viktor Orban said “we managed to crack down” on the European Commission’s “scariest proposal” on cutting Russian oil.

He said his country will be able to keep petrol prices low amid the growing global economic crisis because of the agreement on exempting pipeline oil.

Referring to the divisions between EU member states and the stalled negotiations on the oil embargo, European Council President Charles Michel said the leaders’ agreement sent “a very strong signal” that the EU does not lack unity and “we are able to be tough on defending our values.”

As part of the sixth sanctions package, the EU will also exclude Russia’s biggest bank, Sberbank, from the SWIFT international payment system, as well as banning three more Russian state-owned broadcasters from the EU.

Von der Leyen also confirmed that EU leaders had agreed to grant €9 billion ($9.6 billion) in macro-financial assistance to Ukraine, in addition to financial support from other international partners.

The summit’s conclusion also condemned Russia’s military aggression against Ukraine and called on Russia “to immediately stop its indiscriminate attacks against civilians and civilian infrastructure and to immediately and unconditionally withdraw” its forces.

“The atrocities being committed by Russian forces and the suffering and destruction being inflicted are unspeakable,” they pointed out.

Source: Anadolu Agency

The 27th Caspian Oil and Gas International Exhibition will be held between June 1 and 3 in Azerbaijan’s capital Baku, bringing together 249 companies from 30 countries across the globe to discuss key oil and gas developments.

The event will host top executives to discuss key oil and gas projects in the Caspian region during the events of Baku Energy Week.

The 10th Caspian International Energy and Renewable Energy Exhibition along with the Baku Energy Forum will also take place on the sidelines of the exhibition.

Among the countries participating are Azerbaijan, Belarus, the UK, Hungary, Germany, Greece, Israel, Spain, Italy, India, Kazakhstan, China, Netherlands, Norway, United Arab Emirates, the Russian Federation, Romania, Saudi Arabia, Serbia, Singapore, the US, Turkey, Finland, Switzerland and Japan.

Azerbaijan’s Energy Ministry and Azerbaijan’s national oil company SOCAR support the event that will host leaders of the energy industry and international energy companies, including bp, Equinor, Masdar, Turkish Petroleum (TPAO), Baker Hughes, Gazprombank, TotalEnergies, Uniper, Baku Steel Company, Schlumberger and Ernst & Young.

The exhibition will display energy and electrical engineering, alternative and renewable energy sources, cable and wire products and lighting.

During the exhibition, the companies will showcase innovative technologies for oil production and energy transportation, oil and gas storage and services, along with current and prospective oil and gas projects in the region.

The event will also focus on global energy prospects encompassing a map of exploration and production opportunities in the Caspian region, financing the transition to green energy and other topical issues.

Along with talks on the global energy outlook, the Baku Energy Forum will facilitate discussions on topics including the path to net zero, unlocking workforce potential for the transition towards a lower-carbon future in the energy sector, mapping exploration and production opportunities in the Caspian region and oil refining and petrochemistry sector: current projects and development prospects.

Also, at the initiative of the World Bank, a special Azerbaijan Offshore Wind Road session will be held within the framework of the Baku Energy Forum.

The British energy giant bp and the Azerbaijan State University of Oil and Industry are expected to sign an agreement on the implementation of a higher renewable energy program.

Source: Anadolu Agency

Daily electricity consumption in Turkiye increased by 14.9% on Monday compared to the previous day, totaling 907,108 megawatt-hours, according to official figures of Turkish Electricity Transmission Corporation (TEIAS) on Tuesday.

Hourly power consumption peaked at 44,313 megawatt-hours at 15.00 local time (1200 GMT), data from TEIAS showed. The country’s electricity usage dropped to the lowest level of 27,994 megawatt-hours at 07.00 local time (0400 GMT).

Electricity production amounted to 904,723 megawatt-hours on Monday, marking an rise of 14.7% compared to Sunday.

Electricity production from natural gas plants constituted 23.8% of total generation, while hydro power and lignite coal contributed 22.1% and 12.9%, respectively.

On Monday, the country’s electricity exports amounted to 12,108 megawatt-hours and imports totaled 14,494 megawatt-hours.

Source: Anadolu Agency