Natural Gas Daily: November 3rd, 2020
ARAMCO PROFITS TUMBLE 44.6% IN Q3
Net income at Saudi Aramco slumped 44.6% year on year in the third quarter to riyals 44.2bn ($11.8bn), the Saudi state oil company reported, blaming the decline on low prices, production cuts and downstream losses.
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- Output was affected by Aramco's commitments under Opec+ cuts that came into force in May.
- Aramco closed the $69bn purchase in June of a 70% stake in the country's largest petrochemicals producer Sabic, from the kingdom's PIF sovereign wealth fund, as part of efforts to diversify away from crude oil.
US SENATOR CALLS ON FRANCE TO ALLOW GAS DEAL
US senator Kevin Cramer of North Dakota has called on France to stop preventing a US LNG deal over what he said were "misplaced" environmental concerns.
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Various media outlets reported in October that the French government had asked energy group Engie to delay signing a 20-year deal worth $7bn to buy LNG from NextDecade's Rio Grande project in Texas, because of the emissions created by US gas. The government is a shareholder in Engie.
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US Secretary of State Mike Pompeo was understood to be planning to lead a diplomatic push to ensure that the deal went ahead.
GAZPROM-EU FLOWS HIT 2020 RECORD IN OCTOBER
October saw the highest monthly export volume so far this year. Gazprom used, in October, all routes more except via Turkey.
- As we explained back in August, Gazprom’s flexible strategy, to reduce severely volumes in Jan-July 2020 (-17.9bn m³ or -17.6%) compared with last year and then to increase exports is turning out to be more profitable/ less costly than slower-moving LNG suppliers that are turning down volumes only when price start to recover.
PGNIG SEEKS RUSSIAN GAS PRICE CUT
Poland's PGNiG said on November 2 it had requested talks with Russia's Gazprom to renegotiate the gas price under its long-term supply contract for Russian gas.
- The move comes months after Gazprom agreed to pay PGNiG $1.5bn for previously overpricing supplies, following a ruling by a Swedish arbitration court.
- Poland's antitrust agency UOKiK recently slapped a €6.5bn ($7.6bn) fine on Gazprom for developing the Nord Stream 2 project without its consent.