• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 mins Reality catching up with EV forecasts
  • 18 hours A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days US Oil Independence is a myth and will always be a myth
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days Natural gas price to spike when USA is out of the market
  • 14 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Why Oil Won’t Trade Above $100 This Year

Why Oil Won’t Trade Above $100 This Year

Commodity analysts at Standard Chartered…

Canada Agrees To Return Russian Turbine Despite New Sanctions

Canada has agreed to return a Gazprom turbine that Siemens Energy sent to a factory in the North American country for repairs earlier this year despite fresh Canadian sanctions on Russia that have for weeks delayed the return of the equipment.

The decision comes after calls from Germany to return the turbines, so, according to Economy Minister Robert Habeck, Russia has no excuse to keep gas flows along Nord Stream 1 at 40 percent of the pipeline's capacity.

At the same time, the Ukrainian government was quick to say it was deeply disappointed by the decision of the Canadian authorities, which, according to a statement by the country's energy ministry, amount to an adjustment of sanctions "to the whims of Russia."

ADVERTISEMENT

The Canadian government said this weekend, as reported by Reuters, that it would issue a "time-limited and revocable permit" for the return of the turbine, effectively exempting it from its new package of sanctions.

Ottawa also said, perhaps in a bid to appease Kyiv, that it would slap more sanctions on Russia's energy industry.

ADVERTISEMENT

The new sanctions, the Canadian government said, "will apply to land and pipeline transport and the manufacturing of metals and of transport, computer, electronic and electrical equipment, as well as of machinery."

Meanwhile, the return of the Gazprom turbine would ensure "Europe's ability to access reliable and affordable energy as they continue to transition away from Russian oil and gas".

Reuters noted in its report, however, that it remains unclear how long the journey of the turbine back to Russia would take. Gazprom has said that if the turbine is returned, it will increase gas flows via Nord Stream 1.

The pipeline, meanwhile, enters into regularly scheduled maintenance today, to last for 10 days. Germany has concerns that Gazprom might decide not to restart gas flows after the end of the maintenance period in retaliation for European sanctions.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News