16-12-15
Japan to go back to nuclear
Japanese nuclear reactors are set to restart and increase percentage renewables in their energy make up. Japanese natural gas imports will drop to 77 million mt by 2020 from a record high of 86 million mt in 2014. Kyushu Electric restarted some of its reactors after a 23-month hiatus due to the Fukushima incident. Click here for link.
Gazprom seeking assistance
Gazprom is looking to utilise a smaller Siberian energy firm to assist filling its pipeline to China amongst concerns it may not be ready in time. Funding has been light as of late due to the tumbling commodities price as well as sanctions on Russia, which has led to Gazprom having issues seeking finance in the West. Gazprom has invested some USD $55 billion into the far-flung fields in eastern Siberia, and whilst another of Russia’s major energy companies in the region could potentially sell to China, Gazprom maintains an export monopoly in the Russian market. Click here for link.
CNPC to sell assets
China National Petroleum Company is looking to sell some USD $47 billion of its gas pipeline infrastructure to third parties as it looks to balance the books due to the recent drop in oil prices. This is expected to open the market somewhat to competitors and Lin Boqiang, director of the energy research centre at Xiamen University feels “planning to delink its natural gas pipeline network is in line with the countries gas and oil reforms”. The pipelines account for 45% of China’s natural gas consumption with an annual transport capacity of 80 billion cubic metres. Click here for link.
Oil destroying art
The current oil predicament is also affecting the art industry, with the world’s auction houses in London and New York suffering from a lack of Russian buyers. The current oil price and sanctions have left a hole in the pocket of the auction houses, current sales in the four London auction houses tallied USD $25.9 million; a drop of 58% from a year ago. One wealthy Russian client commented “I feel poor because of the sanctions”, the sales of Russian works are a big component of auction houses like Christies and these were once blockbuster events. However, now this could potentially spread to the impressionist, modern, post-war and contemporary art auctions. Click here for article.