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(Bloomberg) — Russia’s efforts to consolidate its herbal fuel are beginning to irrigate customers’ materials to Asia, a progression that has implications for buyers around the world.
Sakhalin Energy LLC, the new operator established through Moscow to acquire ownership of the liquefied herbal fuel facility in Russia’s Far East, has abandoned a shipment to at least one Asian visitor due to payment problems and delays in signing revised contracts, according to investors. with wisdom in the matter. This is the first tangible example that Moscow’s resolution to nationalize Sakhalin affects shipments to the region.
Moscow transferred ownership of the plant to Russian company Sakhalin Energy from a Bermuda-based entity on August 19 and consumers were asked to engage in new deals and send invoices to banks in Moscow from that date. Few buyers have signed the revised contracts, which may only threaten fuel supplies to markets such as Japan and South Korea, investors said.
Any disruption in shipments of herbal fuel threatens to exacerbate a source of shortages in Asia and Europe, which is suffering from emerging electricity expenditures and higher inflation. of your LNG wishes from the project.
“Without Sakhalin, Northeast Asia will have to move more shipments away from Europe, intensifying the fuel rush between Asia and Europe as winter approaches, which may push LNG costs to unprecedented levels,” said Saul Kavonic, energy analyst at Credit Suisse Group. Ag.
Dutch herbal fuel futures, the benchmark for Europe, rose 2. 6% at 7:21 a. m. in costs in excess of $100 consistent with millions of Btu, according to Kavonic.
President Vladimir Putin has tightened his grip on Russian energy assets and has also limited flows to Europe in what has been widely regarded as the use of herbal resources as a weapon. fountain before the key winter heating season.
Sakhalin Energy responded to a request for comment.
While most of the main points of Sakhalin-2’s revised sales contracts remain the same, such as value and volume, clients consult with lawyers and analyze the main points before committing to the new entity or paying other banks, the investors said.
Read more: Russia’s LNG plant may request payment in rubles if sanctions are prolonged
Earlier this month, Sakhalin Energy asked consumers to point out LNG procurement deals with revisions to their call and address, while requesting that invoices be sent to Gazprombank JSC. The operator issued a tender this week to sell the cargoes on the spot market, one of which is expected to be loaded on Wednesday, according to documents served by Bloomberg.
This is unusually quick and indicates that Sakhalin is desperate for a new buyer, said a trader who won the tender. Companies cannot participate in the sale without signing revised acquisition agreements, according to documents notified through Bloomberg.
“Supply is not going away,” said Fauziah Marzuki, head of Asian gas, electric power and carbon markets at BloombergNEF. “It will probably find its way to the spot market, but who can buy it will be the key question now. “
(Updated with analyst comments in paragraphs 5 and last).
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