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Russia Today
06-07-2025
- Business
- Russia Today
EU nation ‘ready to fight' for Russian gas
Slovakia is 'ready to fight' for its right to import Russian gas and will continue to block Brussels' proposals to phase out Russian energy, Prime Minister Robert Fico said on Saturday. Fico stressed that energy security is a strategic priority for Slovakia, and that EU efforts to change its supply mix threaten national sovereignty. Slovakia vetoed the EU's 18th round of sanctions on Russia for the second time on Friday, citing concerns over the RePowerEU plan, which seeks to cut Russian energy imports by 2028. The plan is being discussed alongside sanctions targeting Russia's energy and financial sectors. Brussels is seeking to pass the phase-out as trade legislation – requiring only a qualified majority. Fico insists, however, that the plan amounts to sanctions and must be unanimously approved. He previously warned that the move could jeopardize energy security, raise prices, and trigger costly arbitration with Gazprom over Slovakia's long-term energy contract. Speaking during celebrations for Slovakia's Saints Cyril and Methodius Day, Fico called the phase-out plan a 'disruption' of Slovakia's national interests. 'We refuse to support another sanctions package against the Russian Federation, unless we know who will protect us, and how, and compensate for the damage that will be caused to Slovakia by the ideological proposal of the European Commission to stop supplies of Russian gas,' he said. 'Slovakia wants to be sovereign and self-determined. And we must answer whether we are ready to fight for it. I am ready to fight this difficult battle. We are going to get through it.' Fico added that vetoing the phase-out means 'fighting for our households and businesses' so they won't bear the costs of 'harmful ideological decisions' from Brussels. He went on to say that Slovakia is at a crossroads – between giving in to pressure from 'bureaucratic structures' in Brussels and defending its interests. He urged the public to choose the latter and accused the EU of ignoring national interests and violating international law by forcing harmful policies onto member states. Fico argued that Slovakia must pursue cooperation 'based on equality and mutual benefit,' not external political agendas. Hungary has also blocked the Russian energy phase-out plan, with Foreign Minister Peter Szijjarto warning that it would 'destroy Hungary's energy security' and cause price spikes. Moscow has condemned the Western sanctions as illegal and counterproductive, particularly those targeting energy, noting that energy prices in the EU surged after the initial sanctions on Russia were introduced in 2022. Russian officials warn that the EU's rejection of Russian supplies will push it toward more expensive imports or rerouted Russian energy via intermediaries.
Bloomberg
02-07-2025
- Business
- Bloomberg
Germany Gives Go-Ahead for Gas Drilling in Protected Marine Zone
Germany has given the green light for drilling as much as 13 billion cubic meters of natural gas at a protected marine site in the North Sea in a controversial step to bolster energy security. The cabinet approved a bilateral agreement with the Netherlands on hydrocarbon deposits off the island Borkum, according to a statement from economy minister Katherina Reiche. Explorer One-Dyas BV had already received approval from local authorities a year ago, but Reiche's predecessor Robert Habeck — a Green politician — had been delaying national approval due to environmental considerations.
Zawya
02-07-2025
- Business
- Zawya
Egypt's Zohr gas field output increases after well redrilling
Egypt's Zohr gas field has increased its natural gas output by 60 million cubic feet per day following the successful redrilling of the Zohr-6 well, the Egyptian Ministry of Petroleum and Mineral Resources announced, reported WAM. Ahram Online reported that, following the completion of Zohr-6, the rig carried out its scheduled tasks. It began drilling at the "Zohr-13" well, which engineering studies estimate will add 55 million cubic feet of gas per day. The drilling operations mark a significant step toward strengthening the natural gas supply system. They will further enhance domestic production levels and confirm earlier predictions by the Ministry of Petroleum. In a statement, the ministry highlighted its successful partnership with Italian company Eni, operator of the Zohr Field, resulting in the implementation of previously agreed development plans. It highlighted the Egyptian government's full support of its operations to encourage investment in the petroleum sector, maximise domestic output, and ensure energy security and resource sustainability. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Fast Company
01-07-2025
- Politics
- Fast Company
The war in Ukraine has sparked a revolution in off-the-grid clean energy
Since the start of the war in Ukraine, Russia has persistently targeted attacks on power grids and energy infrastructure, often leaving whole communities in the dark. In response, a transformation is happening across the country, as war has forced Ukrainian society to quickly pivot to—and start innovating in—finding renewable energy solutions that can keep the power on in the face of continued infrastructure bombings. Ukrainian communities are prioritizing energy security Communities across Ukraine are becoming energy secure and energy independent: adding solar power stations to schools, hospitals, and homes; backing up that solar with battery storage capacity; and switching to more energy efficient heating and cooling with heat pumps and insulation. This is happening across Ukraine in response to the war and the years of large-scale attacks on power grids and energy infrastructure, which Russia continues to this day. Cities and communities across Ukraine—from Kyiv and Horenka to Rivne and Zviahel to Lviv and Sheptytskyi—are scaling up this energy-secure trifecta wherever possible. And it's paying off both in energy independence and economic savings; in many cases, these critical upgrades are cutting annual energy bills in half or more. Hospitals have become the natural first stop for these kinds of upgrades since attacks to power grids and resulting blackouts jeopardize medical safety and medical procedures. The advanced Unbroken medical facility in Lviv, for example, which treats many of the veterans and victims of the war, is rapidly covering its many roofs with solar power and filling its basements with batteries so that its patients are protected from further energy insecurity and instability during surgery or recovery processes. School facilities have become a second stop for upgrades since their energy footprint is both substantial and switchable—meaning there's usually ample roof space for a quick solar retrofit. Since schools also come with a sizable building footprint, they're often utilized as bomb shelters for the community, which makes the energy secure retrofit even more essential and life-saving. Multifamily housing units—e.g., homeowners associations (HOAs) in bigger cities like Kyiv and dormitories in cities like Zviahel for internally displaced persons from the war—have also become easy retrofits, transforming roofs into solar stations, backyards into heat pump housing, and basements into battery storage facilities. These HOA retrofits have been so successful at the local level, the national association of homeowners may soon become the organizing mechanism for more of these whole-system energy security retrofits, coordinating a national campaign across the country. Ukrainian industry is transforming Communities across Ukraine are seeing the future of industry—and where the job markets are headed—and readying the renewable workforce of tomorrow. They understand where the market is going, especially in a country like Ukraine that is quickly transitioning to a more energy secure future. Which is why they're launching training centers and school programs to teach Ukraine's youth in renewable energy technology. This is happening in coal mining towns like Sheptytskyi, where youth are learning how to build, operate, and repair solar panels and wind turbines, batteries, heat pumps, and more. Call it a just transition, or just call it smart business modeling. This is forward-thinking planning that could easily envision a future Ukraine that is exporting this industrial expertise and clean energy products across Europe and Asia. Utilities are also transforming their industry to meet the moment. Water utilities in places like Rivne are realizing that in order to sustain their business model of providing clean and accessible water to communities, solar power stations must be an integral component of their business strategy. In order to ensure that drinking water is available to residents 24/7, and free from the all-too-common blackouts that come with wartime and aging infrastructure, water utility managers are becoming powerful messengers for more solar power stations across Ukraine and unlikely leaders in the clean energy transition. Leading innovation locally In response to the war effort, cities across Ukraine have had to give up a sizable chunk of their tax revenue to the national government and as a result have had to become resourceful in thinking about local innovation, leadership, and autonomy. This is another reason to do all of the above—from pursuing energy security to supporting a local clean tech industry—because nothing is guaranteed in terms of national government support during wartime. This dynamic has also led to the emergence of a new kind of local leadership that is rising to the occasion. Local mayors and their deputies are making the compelling case for the energy security and clean tech industry identified above, building new trust and momentum within the community at a time when it's desperately needed. Now, these three trends above are all positive developments, even if they're in response to an awful and devastating war. But for them to be sustainable and scalable to other communities across Ukraine who are desiring the same level of energy security and independence, viable new clean tech industry, and local autonomy, foreign aid dollars and technical support flowing into the country need to be configured accordingly. As is often the case with aid dollars and technical support from Western countries during wartime—a dynamic that was visible in the wars in Iraq and Afghanistan, for example—those funds often go to larger foreign contractors and consultants versus local organizations doing the work on the ground. As a result, those aid dollars and technical expertise end up leaving the country instead of building and strengthening local capacity for postwar leadership and long-term viability. For these gains to be sustainable, more foreign aid and support needs to stay in Ukraine versus leaving it, building new capacity, industry, and infrastructure. That's how the West helps Ukraine achieve the security, independence, industry, and autonomy it's looking for. Much of the existing work is already being driven by strong leaders on the ground who want to build a more resilient Ukraine. Now just imagine what good could be done if U.S. funders stepped up to really scale this work nationally. And imagine if funders within the European Union seized this moment to help Ukraine's accession to the EU be a role-modeled one, of a country that is retrofitting to be more climate resilient. That's the opportunity in Ukraine. To leapfrog into a country that is energy secure and independent, leading the clean tech industrial revolution, and supporting local leaders and autonomy in the process. The West can support this vision. It's waiting to be realized.
Yahoo
29-06-2025
- Business
- Yahoo
Why the Strait of Hormuz remains critical for the global economy
As oil prices are climbing after the attacks on Iran by Israel and then the US, investors are closely watching the fate of a narrow sea passage in the Middle East. The Strait of Hormuz is vital for gas and oil exporters in the Gulf region, as this is the only route by sea to export large volumes of oil and gas produced among the oil-rich countries in the region. This narrow passage is located between Oman and Iran, connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. It is about 167 km long, and at its narrowest point, 39 km wide. According to the Joint Maritime Information Centre, June 2024 averaged 114 vessels transiting the strait daily and so far traffic in June 2025 is consistent with this. On 21 June, for instance, there were 122 vessels passing through the strait. The passage is deep enough and wide enough to handle the world's largest crude oil tankers, and it is one of the world's most important oil chokepoints (narrow channels along widely used global sea routes that are critical to global energy security). Related Oil price drops, shares jump as Trump announces Israel-Iran ceasefire Israel-Iran conflict fuels best month for energy stocks since 2022 The health of the world economy depends on the flow of oil from this region. Oil tankers on average carry through the strait 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption, according to the US Energy Information Administration analysis. 'A potential Iranian blockade of the Strait of Hormuz would send shockwaves through the global economy," Professor Guido Cozzi, Chair of Macroeconomics at the University of St. Gallen, said to Euronews. He added that any disruption to the oil flow in this narrow waterway would drive up energy prices, fuel inflation, and strain supply chains. Related What's at stake for Europe if the Strait of Hormuz is blocked? Continental Europe and China are losing the most, both heavily reliant on imported energy and lacking domestic buffers. "They would face rising costs, slower growth, and heightened inflation without any upside," Cozzi said. Meanwhile, the US and the UK would see their exports become more competitive, as they are sourcing the majority of their energy from elsewhere. And if the strait would be closed, pushing prices up globally, that would benefit Western producers more than it would harm them, according to the professor. Besides oil, global natural gas supply could also be seriously impacted, as Qatar, one of the world's biggest natural gas exporters uses the narrow seaway to export about 77 million metric tons of liquefied natural gas (LNG) a year. This is one-fifth of the global LNG supply. "Alternative supply routes for Middle Eastern oil and gas are limited, with pipeline capacity insufficient to offset potential maritime disruptions through the Persian Gulf and Red Sea,' S&P said in an analysis. 'Any Iranian closure of the Strait of Hormuz would affect not only its own exports but also those of Saudi Arabia, the UAE, Kuwait and Qatar, potentially removing over 17 million b/d of crude oil from global markets,' added the analysis, saying that Saudi Arabia and the UAE have pipelines that can circumvent the strait. Analysts expect oil prices to skyrocket and surpass $100 a barrel if Iran decides to close the passage. Though insurance for the oil tankers passing through the strait increased and the situation is quite tense, according to the Joint Maritime Information Centre, there are no indications of threats to commercial shipping. Related The dollar sees a rebound after US strikes Iran, but can it continue? After US attacks on three Iranian nuclear sites, on 22 June, the Parliament in Tehran voted to close down the strait. A step that has never been taken. The decision is pending approval by the Islamic Republic's Supreme National Security Council. Iran threatened several times in the past that it would cut this artery of oil in the past but it never followed through with the threat. US Vice-President JD Vance called the move 'suicidal' for Iran's economy on Sunday at a press conference. Creating a major disruption in the strait would be extremely difficult due to various economic, political and military forces present in the region today, said the Robert Strauss Center for International Security and Law in an analysis. Experts agree that Iran itself has a lot to lose and very little to gain as it would cut its own oil exports to major trade partners such as China. Besides losing a key source of revenue, Iran would also anger its oil-producing neighbours whose support they may not be able to afford to risk. Related Oil rises and Europe's markets open lower after US strikes on Iran If Iran decides to close the passageway, another question is, for how long? The duration could be key, as global stockpiles are currently sufficient. The nations in need have at least 5.8 billion barrels of crude and fuel stockpiled between them, according to Bloomberg. This shows a healthy buffer, compared to the annual 7.3 billion barrels a year, passing through the strait. According to Barclays, other possible scenarios include Iran trying to target the Strait of Hormuz using missile attacks, making ships and insurance firms hesitant to use Hormuz. They could also consider mining the strait, which would hit traffic to a greater extent. There are also less aggressive ways to further disturb commercial shipping through Hormuz. For instance, the widespread jamming of GPS signals could make it harder to navigate safely in certain conditions. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
