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2. The European Union-Russia-China energy triangle
- Author:
- Georg Zachmann
- Publication Date:
- 12-2019
- Content Type:
- Policy Brief
- Institution:
- Bruegel
- Abstract:
- We argue that energy relations between the EU and Russia and between China and Russia influence each other. We analyse their interactions in terms of four areas: oil and gas trading, electricity exchanges, energy technology exports and energy investments. We discuss five key hypotheses that describe the likely developments in these four areas in the next decade and their potential impact on Europe: 1. There is no direct competition between the EU and China for Russian oil and gas 2. China and the EU both have an interest in curbing excessive Russian energy rents 3. The EU, Russia and China compete on the global energy technology market, but specialise in different technologies 4. Intercontinental electricity exchange is unlikely 5. Russia seems more worried about Chinese energy investments with strategic/political goals, than about EU investments We find no evidence of a negative spillover for the EU from the developing Russia-China energy relationship. But, eventually, if these risks – and in particular the risk of structural financial disintermediation – do materialise, central banks would have various instruments to counter them.
- Topic:
- Climate Change, Energy Policy, Oil, and Europe Union
- Political Geography:
- Russia, China, and Europe
3. Russia’s National Oil Champion Goes Global
- Author:
- Edward C. Chow and Andrew J. Stanley
- Publication Date:
- 02-2018
- Content Type:
- Working Paper
- Institution:
- Center for Strategic and International Studies
- Abstract:
- After the Soviet Union collapsed and Russia was roiled by political and economic chaos, many state-owned assets were privatized based on political connections and corrupt practices. The oil sector was a particularly attractive, but by no means the only, target for these privatizations. By the end of the 1990s, almost all of Russia’s oil production was privately owned. In spite of continued nontransparency, the oil sector began to resemble a competitive market with private investors introducing Western technology, financial accounting, and operating and management practices. It also started to attract major foreign investments. The remaining state oil assets were managed by a sleepy state enterprise named Rosneft that, in spite of its name (Russian Oil), produced less than 5 percent of Russia’s oil. Today, majority state-owned Rosneft produces almost half of Russia’s oil. Its daily oil production of 4.6 million barrels, according to its last reported quarterly results, is double that of the world’s largest oil company by market capitalization, ExxonMobil, which last reported daily liquids production of 2.3 million barrels. Rosneft’s rapid rise coincided with the rule of Vladimir Putin, who first became president of Russia in 2000. Its production increases were built largely on the backs of controversial acquisitions of assets previously held by private companies such as Yukos, TNK-BP, and Bashneft. Rosneft’s acquisition spree accelerated after Putin’s close associate and Russia’s then-deputy prime minister Igor Sechin became chairman of its board of directors in 2004. Sechin left government in 2012 to take over as Rosneft’s chief executive officer. Rosneft’s board of directors is now chaired by former German chancellor Gerhard Schroeder. Rosneft’s transformation as Russia’s national oil champion is consistent with Putin’s policy of regaining state control over the commanding heights of the Russian economy, which is more reliant on oil income today than the Soviet Union ever was. Rosneft is Russia’s largest taxpayer and contributed a quarter of government revenue in 2014. Until recently, Rosneft concentrated mainly on consolidating its dominance over the domestic oil patch. It is also Russia’s leading refiner and is increasing natural gas production for direct sales to domestic gas users, producing 67 billion cubic meters in 2016. In 2014, Russia was hit by the twin shocks of a global oil price collapse and Western economic sanctions enacted after its aggression against Ukraine in the Donbas region and annexation of Crimea. These developments affected Rosneft severely since it involved the value of the commodity it produces and sells and restricted Rosneft’s access to international financing when it was heavily indebted from the aforementioned acquisitions. A normal company might hunker down, repair its balance sheet, and wait for external conditions to improve. Instead Rosneft has done the exact opposite and expanded its international business aggressively. As part of the 2014 U.S.-led sanction efforts, Igor Sechin, as the leading figure of Russia’s largest petroleum company and his having “shown utter loyalty to Vladimir Putin,” was directly sanctioned. Further Russian sanctions enacted by Congress in 2017 called on the U.S. Department of the Treasury to submit a detailed report on senior political figures, oligarchs, and parastatal entities as determined by their “closeness to the Russian regime and their net worth.” While the unclassified version of the report released to Congress on January 29 included Igor Sechin, the report was poorly received and largely regarded as nothing more than a “rich list” by Russian experts. However, the report also contains classified annexes, including a list of parastatal entities and supporting analysis, which by definition would have included Rosneft. Although Rosneft’s rapid international expansion is too recent to assess definitely, this paper describes some of Rosneft’s overseas ventures and explores possible motivations, economic and political, behind them.
- Topic:
- Energy Policy, Oil, Foreign Direct Investment, Sanctions, Gas, Transparency, and Private Sector
- Political Geography:
- Russia, United States, Europe, and Eastern Europe
4. How International Oil Companies Could Assist the Republic of Cyprus to Achieve the Sustainable Development Goals: A Conversation Starter
- Author:
- Andrea Tornaritis and Perrine Toledano
- Publication Date:
- 10-2018
- Content Type:
- Working Paper
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- This policy paper is addressed to International Oil Companies (IOCs), public officials and Non-Governmental Organizations (NGOs) involved in the natural gas industry in Cyprus. There is currently no conversation happening in Cyprus on how the oil and gas industry could help Cyprus achieve their Sustainable Development Goals. Therefore, this paper hopes to initiate a debate and conversation around this topic. It provides an overview of the ways in which IOCs operating in Cyprus could contribute towards the sustainable development of the natural gas industry and assist the Republic of Cyprus to achieve a number of their 2030 Sustainable Development Goals (SDGs).
- Topic:
- Energy Policy, Oil, Natural Resources, Gas, Sustainable Development Goals, and NGOs
- Political Geography:
- Europe, Cyprus, and Mediterranean
5. Egypt, a future gas supplier to the European Union?
- Author:
- Jan Mazač and Lukáš Tichý
- Publication Date:
- 04-2018
- Content Type:
- Working Paper
- Institution:
- Institute of International Relations Prague
- Abstract:
- The main objective of the external dimension of the EU energy policy in line with the Energy Union strategy is primarily to ensure energy security by diversifying external energy supplies, transport routes and suppliers, mainly in the gas domain. Egypt’s recent offshore and onshore gas discoveries increased its natural gas reserves estimate. Its natural gas production is thus expected to double in 2020 and transform the country back into a gas supplier in the eastern Mediterranean region. The European Union (EU) should thus strengthen its relations with Egypt to allow its gas production to reach European markets.
- Topic:
- Energy Policy, Markets, Oil, European Union, and Gas
- Political Geography:
- Europe, Middle East, North America, and Egypt
6. How to Bring Stability to Bahrain
- Author:
- Brian Dooley
- Publication Date:
- 02-2015
- Content Type:
- Working Paper
- Institution:
- Human Rights First
- Abstract:
- Washington needs a new strategy to help bring stability and reform to Bahrain. Although the smallest country in the Middle East, Bahrain exemplifies several of the major challenges for U.S. policy in the region: Sectarian tensions exploited by ISIS and other Sunni extremists and by Shi’adominated Iran to fuel conflict Economic troubles linked to public corruption and an over-reliance on oil revenues, exacerbated by sharply falling oil prices Stalled political reform leaving the root grievances of large scale public protests unresolved De facto U.S. support for an authoritarian status quo through a government that fails to deliver good governance and continues to deny basic rights and freedoms to its people, while courting support from Russia and other U.S. rivals Falling public support for the United States Major military assets, in Bahrain’s case the basing of the U.S. Fifth Naval Fleet, threatened by protracted instability
- Topic:
- Imperialism, Oil, Religion, Military Strategy, Authoritarianism, and Political stability
- Political Geography:
- Russia, United States, Europe, Middle East, and Bahrain
7. Turkey's Potential Role in the Emerging South-Eastern Mediterranean Energy Corridor
- Author:
- Elif Burcu Günaydin
- Publication Date:
- 03-2014
- Content Type:
- Working Paper
- Institution:
- Istituto Affari Internazionali
- Abstract:
- South-Eastern Mediterranean gas findings have raised much interest in recent years. Even though the estimated quantity of reserves is not globally significant, it is enough to be a regional game changer, promising a considerable amount of gas surplus to be exported. The main export route and potential customers are still being debated. Turkey, with its growing gas consumption, geographical location and existing pipeline system, is considered to be the most feasible option both as a customer and a transport route. Nevertheless, the fact that Israel and Cyprus, with whom Turkey had difficult relations, are the first two explorers of significant resources complicates considerably the situation. Optimistically, the reserves may lead to a solution to the Cyprus conflict and restore diplomatic ties between Israel and Turkey. However, energy resources are known to be a double-edged sword that can lead to collaboration but also to conflict. Either way, gas production will find its way to the markets. It will be up to regional actors to decide whether this way will be paved via interim agreements or via a permanent settlement that could initiate regional energy cooperation in the Eastern Mediterranean.
- Topic:
- Energy Policy, Markets, Oil, Natural Resources, and Infrastructure
- Political Geography:
- Europe, Turkey, and Asia
8. Erbil Sends Oil, Ankara Gets Trouble
- Author:
- Olgu Okumus
- Publication Date:
- 02-2014
- Content Type:
- Working Paper
- Institution:
- Istituto Affari Internazionali
- Abstract:
- Since the international media reported crude oil flowing from the KRG to Turkey, doubts about the act's legality, political acceptability and opacity have surfaced. This oil trade is commercially enticing for energy-hungry Turkey, but is also politically risky. The Turkish government's lack of transparency regarding the KRG energy deal's economic and technical aspects has triggered domestic criticism - an especially risky proposition given the proximity of next year's election - and the KRG deal may also hinder international reliance on Turkey as a reliable energy hub. Turkey would be better advised to position itself as a partner for the export of Iraqi oil and gas, without making any distinction between federal and regional authorities. An Ankara-Erbil-Baghdad partnership based on normalized energy relations would help Turkey build new energy bridges with the EU, reducing gas prices for European consumers and strengthening Turkey-EU relations.
- Topic:
- Development, Energy Policy, Oil, and Bilateral Relations
- Political Geography:
- Iraq, Europe, Turkey, and Asia
9. Produced Water: Asset or Waste?
- Author:
- Blythe Lyons
- Publication Date:
- 05-2014
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- US national security is enhanced by energy security. The United States is enjoying a unique opportunity to bolster its energy security by increasing domestic production of oil and gas resources. The recent explosion in domestic unconventional production will allow an expanded bandwidth of US responses to the turmoil in the Middle East and Europe. If further exploited, the move toward energy self-sufficiency also gives the United States a cushion to reassess its global strategic policies. Expanding the domestic resource base further provides the United States with an industrial advantage in global commerce.
- Topic:
- Energy Policy, International Trade and Finance, National Security, and Oil
- Political Geography:
- United States, Europe, and Middle East
10. What Drove the Mid-2000s' Explosiveness in Alternative Energy Stock Prices? Evidence from US, European and Global Indices
- Author:
- Pierre Siklos, Martin T. Bohl, and Philipp Kaufmann
- Publication Date:
- 07-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Soaring prices in European alternative energy stocks and their subsequent tumble have attracted attention from both investors and academics. This paper extends recent research to an international setting and analyzes whether the explosive price behaviour of the mid-2000s was driven by rising crude oil prices and an overall bullish market sentiment. Inflation-adjusted US alternative energy stock prices do not exhibit signs of explosiveness. By contrast, we find strong evidence of explosive price behaviour for European and global sector indices, even after controlling for a set of explanatory variables. Interestingly, while the sector indices plunged with the outbreak of the global financial crisis, idiosyncratic components continued to rise and did not start to decline until after world equity markets had already begun to recover in 2009. This finding suggests a substantial revaluation of alternative energy stock prices in light of intensifying sector competition and shrinking sales margins, and casts some doubts on the existence of a speculative bubble. Nevertheless, this paper observes temporary episodes of explosiveness between 2005 and 2007 followed by rapid collapses, indicating the presence of some irrational exuberance among investors.
- Topic:
- Economics, Energy Policy, Oil, and Natural Resources
- Political Geography:
- United States and Europe