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UPDATE 1-Russian lower house backs LNG export law at first reading

Fri, 15th Nov 2013 13:38

MOSCOW, Nov 15 (Reuters) - Russia's lower house ofparliament took a first step on Friday towards allowing rivalsof state-controlled Gazprom to export liquefiednatural gas (LNG), as the world's top energy producing nationstakes a claim to growing Asian markets.

The bill would open the door for Russia's top independentgas firm Novatek and state oil major Rosneft to break Gazprom's monopoly on exports - but only for thesupercooled gas that is shipped by tanker.

The measure passed by an overwhelming majority at the firstreading and is expected to clear parliament quickly. Dependingon when President Vladimir Putin signs it, the measure may takeeffect from January.

Prime Minister Dmitry Medvedev, a former Gazprom chairman,told the government last month that the export reform would give"a new chance for the whole energy industry and allow us to gaina footing" in fast-growing Asian markets.

Gazprom, descended from the Soviet gas ministry, has had itsexport monopoly enshrined in law since 2006. It sells gas mainlyby pipeline to Europe and, despite years of talks, has failed toclinch an export deal to China.

It has also been slow to adopt new technology, only enteringthe LNG business in the past decade by buying into the Shell-led Sakhalin-2 project, on the Pacific Island of Sakhalinclose to Japan.

Thanks to Sakhalin-2, Russia has a share of around 4.5percent of the global LNG market, which is dominated by Qatar.Russia aims to double its share by 2020 to produce 35-40 milliontonnes a year by then.

"This law is essential for as many players as possible toenter the market in addition to Gazprom," said Alexei Kokin, anenergy analyst at Moscow brokerage Uralsib. "It would have beenbetter if it had been passed a year or two ago."

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7 Jan 2022 08:17

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7 Jan 2022 07:57

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

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7 Jan 2022 07:49

Shell to proceed with share buyback 'at pace' despite weaker oil performance

(Sharecast News) - Royal Dutch Shell said its $7bn share buyback programme would continue "at pace" despite weaker oil product sales due to the Omicron Covid variant and forex headwinds in Turkey.

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7 Jan 2022 07:27

UPDATE 3-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds share price)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue "at pace" a $7 billion share buyback largely funded from t...

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7 Jan 2022 07:27

UPDATE 1-Shell to continue $7 bln buyback programme 'at pace'

(Adds detail)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COV...

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7 Jan 2022 07:27

UPDATE 2-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds details, graphics)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue its $7 billion share buyback programme after selling ...

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7 Jan 2022 07:10

Shell to continue $7 bln buyback programme 'at pace'

LONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COVID-19 variant.(Reporting b...

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6 Jan 2022 23:48

U.S. court rejects laundromat owners' bid to block sale of Texas oil refinery to Mexico's Pemex

By Stefanie EschenbacherHOUSTON/MEXICO CITY, Jan 6 (Reuters) - A U.S. court on Thursday tossed out a request from two laundromat owners to block Mexican state oil company Petroleos Mexicanos (Pemex) from acquiring majority control of a Texas oil r...

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6 Jan 2022 12:16

UPDATE 2-Key Kazakh oil fields pump despite protests

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6 Jan 2022 12:00

Shell-backed U.S. solar developer raises $775 million in equity

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5 Jan 2022 09:54

UPDATE 2-Commodity-linked stocks lift UK's FTSE 100 after dull start

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