• 4 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 3 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 6 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 3 days Russian hackers targeted American energy grid
  • 46 mins Putin Is A New Russian Stalin - Victory For The Next 6 Years
  • 4 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 3 days Statoil Changes Name
  • 3 days Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 27 mins Saudi Fund Buys Stake in Hollywood Talent Agency
  • 3 days HAPPY RIG COUNT DAY!!
  • 4 days Why is gold soooo boring?
  • 4 days I vote for Exxon
  • 4 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 4 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 3 days Spotify to file $1 billion IPO
  • 4 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
Alt Text

Alaska LNG Is Finally Clear For Takeoff

The Alaska LNG project faced…

Alt Text

Huge Chinese Demand Fuels The Next U.S. Gas Boom

China’s push for cleaner cities…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Paradise Papers Reveal U.S. Selling Russian LNG In Europe


The new massive data leak that has been making headlines for several days now has revealed that a company with U.S. ownership has been buying Russian gas and selling it in Europe at higher prices.

According to a report in Belgian daily Le Soir, taken up by other media outlets, such as The Guardian and Eurasia Review, Wilbur Ross holds a 35-percent interest in Navigator Holdings, a shipping company registered in the Marshall Islands.

According to the leaked documents, four cargo carriers owned by Navigator Holdings were used to load Russian natural gas at the port of Ust Luga before heading to the Anwerp LNG terminal in Belgium.

The documents suggest that a company with U.S. ownership is buying Russian gas from petrochemical giant Sibur, and then selling it—at a profit, of course—to the European Union, which is in a rush to build as many LNG terminals as it can in a bid to reduce its dependence on Russian gas.

If the reports are true, the situation is an ironic one for Europe: while trying to reduce its dependence on Russian gas it is inadvertently increasing it and is even paying more for it than it would if it bought the extra loads directly from Gazprom.

One might wonder how a U.S. company is able to do business with a Russian one. It’s simple: Wilbur Ross himself said earlier this week that Sibur is not a subject to sanctions, so for Navigator Holdings and the petrochemical giant, everything is business as usual. Related: Is OPEC Deal Compliance About To Crash?

Meanwhile, Gazprom is showing no concern whatsoever about potential challengers of its market share in Europe. Recently, the executive in charge of Gazprom’s export division, Elena Burmistrova, told media that there is nothing that can get in the way of Gazprom’s supplies of natural gas to the continent, even U.S. LNG, which some European gas consumers have hailed as a much needed alternative to Gazprom gas.

This alternative is for the time being more expensive than Russian gas, which makes it economically non-competitive. Yet, there are other drivers behind, say, Poland’s praise of U.S. LNG shipments—drivers that have to do more with history and politics than common sense—and this has increased the viability of U.S. LNG supplies to Europe. Even, as it may turn out, if they are actually Russian supplies sold by a U.S.-owned company.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment
  • Dr. Drinkwater on November 10 2017 said:
  • Messiah on November 10 2017 said:
    God bless fair and square capitalism.
  • Old yella on November 10 2017 said:
    Navigator owns ships. Sibur contracted them to carry the lpg. Navigator gets paid a rate per day but does not benefit from the sale of the product.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News