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PEOPLES DAILY, MONDAY, AUGUST 29, 2022 Feature
Russia sanctions: Can the world cope without its oil and gas?
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Western countries are trying to cut the amount of Russian oil and gas they import following the invasion of Ukraine in February.
How much Russian gas does Europe use?
Russia supplied the EU with 40% of its natural gas last year.
Germany, Europe’s largest economy, was the largest importer in 2020, followed by Italy.
In 2021, the UK imported 4% of its needs from Russia, and in June this year,imported no Russian gas for the third month in a row.
The US doesn’t import any gas from Russia.
However, they are affected when Russia restricts supplies to mainland Europe, as this causes global gas prices to rise.
It is also burning off an unusually large amount of gas from a plant near the start of the pipeline,although it is not clear why.
What sanctions are in place on Russian gas?
The EU says it will cut gas imports from Russia by twothirds within a year, but has stopped short of a total ban.
To help reach its goal, member states have agreed to cut gas usage by 15% over the next seven months.
However, there’s doubt over where the EU will find alternative supplies, and may need to ship in liquefied natural gas (LNG) in tankers from producers like the US and Qatar.
However, energy advisor Kate Dourian says that “there aren’t enough LNG terminals in Europe. This will be a problem for Germany, particularly.”
How has Russia responded?
President Vladimir Putin has demanded that “unfriendly” nations in Europe pay for gas in Russian roubles. This helps support the value of Russia’s currency.
Poland, Bulgaria and Finland refused to do so and Russia cut off their supplies.
Several European energy companies are paying for gas via Russian bank accounts, which convert euros into roubles. They insist those payments are in line with sanctions.
Will Europe run short of oil?
The EU has agreed to ban all Russian oil imports which come in by sea by the end of this year.
It will allow oil to continue to be imported by pipeline, as a “temporary measure” because countries like Hungary and Slovakia depend on it.
The US has declared a complete ban on Russian oil imports, and the volume of oil imports by the UK has fallen sharply in the last year.
Some European nations could have their oil supplies squeezed by the ban.
Lithuania and Finland got about 80% of their oil from Russia in November last year, the latest data available.
However, EU countries can buy oil from other producers.
The IEA - a club of oil importing countries - has released 120m barrels-worth of crude from their stocks, and President Biden ordered a major release of oil from America’s reserves.
“Nations like Saudi Arabia might start putting more oil onto the world market later in the year, and there could be more supplies from the US,” says Kate Dourian.
Will sanctions work?
Helped by soaring energy prices, Russia received an estimated €400bn ($430bn, £341bn) over the past year from oil and gas exports to Europe.
The EU says its latest sanctions could cut the amount of oil it buys from Russia by 90%. However, this will take months to come into full effect, and even then Russia will be able to sell oil elsewhere in the world.
India and China have both been buying more Russian crude in recent months because its price has dropped.
What will happen to my heating and fuel bills?
Consumers are facing rising energy and fuel bills as sanctions on Russian energy kick in.
Heating prices are likely to increase even further if Russian gas exports to Europe are restricted.
In the UK, household energy bills have been kept in check by an energy price cap.
But bills rose £700 to about £2,000 in April when the cap was increased.
They will hit more than £3,500 for a typical household from 1 October when the cap goes up again.
UK petrol and diesel prices have also soared, and the government has announced a cut in fuel duty as motorists struggle with record prices.
A key Russian gas pipeline is to close at the end of August for three days, further reducing supplies as European countries struggle with high energy prices.
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People’s democratic party (PDP) deputy Governor Candidate, Dr. John Ayuba,- Presenting a Certificate to New Elected Thumb Revolution Movement (TRM) Executive Member, Abigail Johnson,- and State Thumb Revolution Movement, Coordinator, Abubakar Ahmad,- during the Thumb Revolution Movement (TRM) Inaugurated 13 State Executives Ahead of 2023 General election in kaduna on Sunday 28/8/22
FRSC cautions against traffic violation on Lagos-Ibadan expressway
The Federal Road Safety Corps (FRSC) in Ogun has cautioned motorists plying the Lagos–Ibadan Expressway against violating traffic rules.
The Sector Commander, Mr Ahmed Umar gave the warning in an interview with the News Agency of Nigeria in Ota on Sunday.
He expressed worry that some motorists plying the expressway violated the one-way restriction. ”This attitude is causing heavy traffic jam on the road, causing road users to spend long hours on the road. ”Route violation by motorists not only causes traffic jams, it makes our work more difficult. ”We urge motorists to desist from driving against the traffic.
They should avoid route violation and strictly obey traffic rules,” he said.
He said that accidents and gridlock could be avoided if motorists and other road users obeyed traffic rules. ”The ongoing construction work by Julius Berger is actually affecting traffic flow on the expressway.
We don’t have to compound it. ”Motorists need to be patient.
The road has been demarcated and the lanes narrowed. ”We need patience and cooperation with FRSC personnel for effective traffic flow,” he said. ((NAN)
2023: State legislators key to APC victory - Gov. Badaru
From Mustapha Adamu, Kano
Governor Abubakar Badaru of Jigawa State, has described serving members, candidates and ex-members of State Houses of Assembly, under the All Progressives Congress (APC) as key to the victory of the party in 2023 elections.
The governor also assured his maximum support towards achiveing victories during the 2023 general elections.
Governor Badaru said legislators are important grasssroots mobilisers in any given democratic settings.
This was contained in press release issued by the Public Relation Officer of Northern Nigeria State Assembly Forum (NNSAF) and a serving Chief Whip of Katsina State House of Assembly, Hon. Abdul-Jalal Haruna Runka yesterday.
He said Governor Badaru, made the statement, Sunday, while responding to the , under the APC, on a courtesy visit at his Kano residence.
“The APC is mindful of the fact, and importance of State Assembly members as good drivers and mobilisers at the grassroot level.
“I am highly honoured that your forum deemed it worthy to pay a visit.
“I am equally assuring you that we will do all the best at ensuring that your forum is carried along towards attaining the desired victories in the forthcoming 2023 general elections,” he said.
The Forum Chairman, Hon. Aliyu A. Aliyi, had informed Governor Badaru, that they held their second meeting wherein, some problems and challenges of the APC were looked into.
“We met and discussed succesess and progress of our party. We equally showcased some of the problems and challenges aimed at proffering solutions towards attaining successes at all levels comes 2023 elections,” he said.
According to him, as closest to the voting population their roles are very vital in driving or mobilising for the overall success of the APC at any given election.
Yobe State majority leader, Hon. Bukar Mustapha, also treasurer of the Forum, told Governor Badaru, that they purposefully, visited him as one of the elders and shakers of the APC, to acquaint him with their noble ideas.
He appreciated Governor Badaru’s statesmanship, foresights and efforts at moving the APC to greater heights.
Hon. Adamu Aliyu, from Plateau State also commended Gov. Badaru, for his unshaking commitment to the advancement of the APC.
NBET signs deal with Turkish energy firm to ramp up electricity supply
By Abubakar Yunusa, Abuja
The Nigerian Bulk Electricity Trading (NBET) said it has signed a partnership deal with Energy Exchange Istanbul (EXIST), a Turkish energy firm, to ramp up energy generation and supply.
In a statement over the weekend, the trading company said the cooperation agreement was signed at EXIST’s campus in Maslak, Turkey.
It said the signing ceremony was witnessed by Zainab Ahmed, minister of finance, who doubles as chairman, board of directors, NBET; Nnaemeka Ewelukwa, chief executive officer (CEO), NBET, and Ahmet Türkoğlu, chief executive officer (CEO), EXIST.
The statement added that the partnership was designed to explore mutually beneficial opportunities for growth between both agencies.
“The cooperation agreement covers the transfer of experience and business knowledge, and the design of a functional trading structure for the Nigerian Electricity Supply Industry (NESI),” it said.
With the partnership, NBET said the NESI can leverage the EXIST experience towards the design and implementation of policy frameworks that will ramp up energy solutions to the manufacturing sector and other vital economic sectors towards increasing Nigeria’s GDP and improving the living conditions of its people.
“The agreement also aims to liberalize the current market in Nigeria; simultaneously, for the cooperation, the parties have agreed to establish a partnership to support the optimisation of NBET’s current energy portfolio and identify sustainable means to scale up energy generation and supply in Nigeria,” the statement added.
“Concerning areas of cooperation, the parties also agreed to ensure knowledge development and share crossvisits to learn from each other’s experiences. Both parties have committed to further research and development in relevant areas that are beneficial for enhancing the energy sector in Nigeria.”
The statement further said EXIST would also assist “NBET in the design and implementation strategy and plan that would enable optimal bulk electricity trading that adopts a least cost trading model for energy efficiency”.
