February 2022 | ISSUE No. 363 | USRCC Business Newsletter
USRCC Upcoming Event
The 12th Annual Welcome Reception
Honoring Delegations from Russia,
Kazakhstan and Azerbaijan 
at the Offshore Technology Conference 2022
The Offshore Technology Conference (OTC) Reception is attended by more than 300 international business professionals, including, leading experts from the oil and gas/energy industry, investors, suppliers, and government officials.
The USRCC’s OTC Reception provides energy professionals the opportunity to meet and exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters.
Tuesday, May 3rd, 2022 | 6:00 pm – 9:00 pm CST
Hotel ZAZA | Fountain Room
5701 Main Street, Houston, TX 77005
USRCC Members - $50 | Non-members - $100
"Pay at the Door" option will be available at:
USRCC Members - $60 | Non-Members - $120
Registration deadline: COB Monday, May 2nd, 2022
Refunds will not be issued after April 29th, 2022
2900 Wilcrest Drive, Suite 133, Houston, TX 77042
+1 (713) 429-4680
USRCC Partner Event
St. Petersburg International Economic Forum (SPIEF)
The St. Petersburg International Economic Forum (SPIEF) is a unique event in the world of business and economics. SPIEF has been held since 1997, and since 2006, it has been held under the auspices of the President of the Russian Federation, who has also attended each event.
Over the last 24 years, the Forum has become a leading global platform for members of the business community to meet and discuss the key economic issues facing Russia, emerging markets, and the world as a whole.
The 25th St. Petersburg International Economic Forum is set to take place on 15–18 June 2022. As in previous years, the business program will focus on the global and Russian economies, social issues, and technological development.
The Forum will be held in strict accordance with health and safety measures to prevent the spread of COVID-19, carefully drawn up by the Organizing Committee in line with the WHO recommendations. SPIEF 2022 will provide a full range of services to enable participants to effectively nurture and expand their business network and enjoy safe, productive participation, including in an enriching cultural and sporting program.

More information on the upcoming SPIEF 2022 is available here.
USRCC Partner Event
A landmark event in the energy industry’s calendar, and the world’s largest meeting place for the global gas, LNG, hydrogen and energy value chain, Gastech 2022 will take place from 5-8 September, at Fiera Milano, Italy.  
As the largest exhibition of its kind, Gastech Milan will provide space for 1,000 exhibitors to showcase the value that they can bring to the industry. Outdoor exhibition space will be available for the demonstration of lower-carbon technologies and mobility solutions. And, with over 20 international pavilions, the show floor will have a truly international appeal supporting an integrated world-class business environment. 
Conference attendees can look forward to hearing from over 900 speakers in sessions covering the latest commercial and technical developments as well as insights from over 400 ministers, CEOs and policymakers. They will lead the debate and convey their unique perspectives on the state of the energy industry and ambitions on how it will evolve over the coming decades.  

More information is available here.
USRCC Membership
Are you taking advantage
of your USRCC Member Benefits?

The U.S.-Russia Chamber of Commerce provides a variety of Membership options to fit your business needs and goals. Renew your membership or join for the first time today!

For more information click here.
Member's News
Baker Hughes Collaborates with Egyptian General Petroleum Corporation on a Flare Recovery Initiative

Bakerhughes.com, February 15, 2022: Baker Hughes has signed a Memorandum of Understanding (MoU) at the 2022 Egypt Petroleum Show (EGYPS) with the Egyptian General Petroleum Corporation (EGPC) that aims to establish and drive a flare recovery initiative to support emissions recovery and reduction across Egypt’s upstream and downstream oil and gas operations. Read more...
ASTM International Water Committee Working to Reinstate Desalination Standard

Astm.org, February 14, 2022: ASTM International’s water committee (D19) is working to reinstate a standard used in the desalination (the removal of salts and other materials) of seawater. The proposed standard (WK80178) will replace a discontinued standard using the Stiff and Davis stability index for reverse osmosis. The Stiff and Davis index is an easy way to calculate calcium carbonate scaling tendencies in brines. According to ASTM International member Taylor Smith, the proposed standard will update and improve upon the original standard (D4582), which was discontinued in 2019. Read more...
Ed Daniels Appointed Strategy, Sustainability and Corporate Relations Director

Shell.com, February 14, 2022: Shell plc (Shell) today announces the appointment of Ed Daniels to the newly created role of Strategy, Sustainability and Corporate Relations Director. The appointment is effective February 15. In his new role, Ed will become a member of Shell’s Executive Committee and will have accountability for the company’s existing Strategy, Sustainability and Corporate Relations organisations. Read more...
LUKOIL Increases Use of Renewable Energy for Own Needs

Lukoil.com, February 17, 2022: As part of its work on reducing controlled greenhouse gas emissions, LUKOIL augments supply of electricity from its own renewable energy sources (RES) to its own production facilities. The Company began supplying power to its Nizhny Novgorod refinery from the second stage of its solar power plant (SPP) located at the Volgograd refinery. About 26 million kWh are expected to be delivered annually. Read more...
API Publishes Important Onshore Drilling Safety Doc

Rigzone.com, February 17, 2022: The American Petroleum Institute (API) has announced that it has published an “important” first-edition document focused on improving the safety of onshore drilling and production operations. Dubbed API Bulletin 16H, the publication is said to be the first upstream document that provides information on existing and emerging technologies to bring a well to a safe state if other operational barriers fail. The bulletin provides recommendations for the equipment, interfaces and management of automated safety systems and alarms for blowout preventers, as well as an overview of components for future research into developing automated well control actuation systems, the API highlighted. Read more...
USRCC Announcement

The USRCC is looking for new team members!

Volunteers play a key role and the contributions they make impact the day-to-day functions of the chamber and shape the future of the relationship between Russia and the U.S.

There are many ways you can get involved with the USRCC. Whether you are an experienced leader or a student, there is a place for you. By volunteering, you can be at the very center of our high-profile events held in Houston, Chicago and New York City and interact with influential leaders in the U.S.-Russia trade and investment.
To learn more about the position 
or contact us directly at info@usrussiacc.org  
call 713.429.4680
This Week in Review
Rising Prices Fuel Record Profit at Russia’s Gazprom Neft

Arabnews.com, February 17, 2022: Russia’s Gazprom Neft, the oil arm of state gas producer Gazprom, said on Thursday its net profit soared four-fold in 2021 to a record 503.4 billion roubles ($6.7 billion) thanks to rising oil and gas prices. Global energy producers have reported a big increase in earnings for last year thanks to a recovery in demand from pandemic-related lockdowns, mainly in 2020. Read more...
Cryptocurrency Development in Russia Will Enable Attracting Foreign Investors - TON

Tass.com, February 15, 2022: Cryptocurrency development in Russia and its possible legalization will enable bringing in foreign investors, managing partner of Zenitlegal and lawyer of the TON community Ramis Abyanov told TASS. Read more...
Gold Miner Polyus Tops New Environmental Ranking of Russian Firms

Themoscowtimes.com, February 17, 2021: Russian gold miner Polyus has been named the country’s best prepared major company for the global energy transition in a new environmental index published Tuesday. Research by Sustainability Monitoring Russia assessed more than 5,000 of Russia’s largest firms to gauge which companies and industries look best set to weather the upheaval as major economies around the world move towards net zero and clean sources of energy. It is the first energy transition rating of its kind for Russia. Read more...
Novatek Says Arctic LNG 2 1st Line Ready by 78% by 2022

1prime.biz, February 17, 2022: The first line of the Arctic LNG 2 liquefied natural gas (LNG) project was ready by 78% by the end of 2021, and the entire project by 59%, shareholder Novatek said in a statement on Thursday. "Overall completion of the Arctic LNG 2 project was estimated at 59% by the end of 2021, and construction of the first line by 78%," Novatek said. Read more...
American Investment in Russian Equities Increased in 2021

Intellinews.com, February 17, 2022: US ownership of Russian equities rose in 2021, in spite of mounting political tensions between the two countries. At end of the year, 58% of the total international holdings in Russian equities belonged to American funds, compared with 53% the previous year and just 41% in 2013. Read more...
Russia Expands List of Technologies Eligible for SPICs with Loaders, Chemicals, Forestry Products, Pipes

Interfax.com, February 16, 2022: Russian Prime Minister Mikhail Mishustin has signed an order to expand the list of modern technologies eligible for special investment contracts (SPIC) with 14 new items. The updated list includes technologies for manufacturing synthetic liquid fuel from non-petroleum feedstock; linear low and high density polyethylene; backhoe loaders with real-time remote monitoring and control capabilities; welded pipes for the oil industry; and wood chipboard. Read more...
Russia's Gazprom Neft, Japan's Mitsui Sign Deal on Decarbonisation

Reuters.com, February 15, 2022: Russian oil producer Gazprom Neft (SIBN.MM) and Japanese trading company Mitsui (8031.T) have signed a memorandum on teaming up in implementing decarbonisation projects in Russia and other countries, Gazprom Neft said on Tuesday. They agreed to work in carbon capture and storage (CCS) and in integrated projects on producing "blue" hydrogen and using alternative fuels in marine and river transport. Read more...
Lukoil Completes $1.45B Shah Deniz Stake Buy

Rigzone.com, February 18, 2022: Russian oil and gas company Lukoil has completed a deal for acquiring a 9.9 percent interest in the Shah Deniz gas project in the Azerbaijan part of the Caspian Sea from Malaysian giant Petronas. Lukoil said that the value of the transaction was $1.45 billion. The ownership structure of the Shah Deniz project now looks like this – BP remains the operator with a 29.99 percent interest while Lukoil increased its stake from 10 to 19.99 percent, the remaining partners are TPAO, SOCAR, NICO, and SGC with 19, 14.35, 10, and 6.67 percent respectively. Read more...
CIS Business News
Belarus' Energy Ministry, Gazprom Discuss Union State Gas Market

Eng.belta.by, February 16, 2022: Belarus' Energy Minister Viktor Karankevich and Ambassador Extraordinary and Plenipotentiary of Belarus to the Russian Federation Vladimir Semashko held a working meeting with Chairman of the Gazprom Management Committee Alexey Miller in Saint Petersburg, BelTA learned from the press service of the Energy Ministry. Read more...
Land Transit Through Kazakhstan Observes Positive Growth in 2021

Astanatimes.com, February 17, 2022: The road cargo transportation sector fully recovered in Kazakhstan in 2021 after a decline a year earlier, reported the ATI.SU, the international road freight exchange in Russia and the CIS. The costs for road cargo transportation through the country have not changed significantly while transportation to the country increased, especially in the direction of Russia – Kazakhstan. Read more...
US-Russia Related News in Russian
◾ Новости недели
Транспортировка Нефти и Нефтепродуктов "Транснефтью" в 2022 году Может Превысить Планы

Tass.ru, Февраль 18, 2022: Объемы транспортировки нефти и нефтепродуктов "Транснефтью" в 2022 году могут оказаться выше плановых показателей. Об этом сообщил первый вице-президент "Транснефти" Максим Гришанин в ходе телеконференции с инвесторами. Читать далее...
Минэнерго Ждет Масштабного и Дорогого Перехода к Экспорту Водорода

Kommersant.ru, Февраль 17, 2022: Экспорт водорода из РФ может достигнуть 2,3 млн тонн в год к 2030 году и 9,4 млн тонн к 2050 году, ожидает Минэнерго в своем проекте комплексной программы развития водородной энергетики. Но без мер поддержки со стороны государства проекты будут убыточными. Для вывода проектов на окупаемость министерство предлагает за счет бюджета компенсировать производителям временные потери при продаже водорода на экспорт, субсидировать капитальные и операционные затраты таких проектов и дать им дополнительные налоговые льготы. Читать далее...
ЦБ Подготовил Законопроекты о Запрете Выпуска и Оборота Криптовалют в России

Vedomosti.ru, Февраль 18, 2022: Банк России подготовил два законопроекта, запрещающих выпуск и обращение частной цифровой валюты на территории России, а также предполагающих административное наказание за нарушение запрета в виде штрафов в размере до 1 млн руб. Документы есть в распоряжении «Ведомостей». Читать далее...
Корпорация МСП Масштабирует "Зонтичный" Механизм Поддержки Малого Бизнеса

Ria.ru, Февраль 14, 2022: Корпорация МСП (КМСП) в 2022 году масштабирует "зонтичный" механизм поддержки малого и среднего бизнеса на всю свою гарантийную деятельность – в его рамках будет выдаваться порядка 80% поручительств, сообщает пресс-служба корпорации. Читать далее...
Чистый Приток в Инвестирующие в Россию Фонды Вырос за Неделю

1prime.ru, Февраль 18, 2022: Чистый приток в инвестирующие в российские активы и облигации фонды (с учетом фондов, ориентированных не только на РФ) за неделю по 16 февраля составил 110 миллионов долларов против оттока в 60 миллионов долларов неделей ранее, говорится в обзоре компании BCS Global Markets. Читать далее...
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U.S.-Russia Chamber of Commerce
2900 Wilcrest Drive
Suite 133
Houston, TX 77042

The U.S.-Russia Chamber of Commerce (USRCC) is a 501(c)(6) not for profit corporation with its headquarters in Houston, Texas, and offices in the Midwest and the Northeast. The USRCC was established in 2009 to promote trade and investment between the Russian Federation and the U.S.A.  
The information contained in this newsletter is provided for general information purposes only and does not constitute legal or other professional advice on any subject matter. USRCC does not accept any responsibility for any loss that may arise from reliance on information contained in this newsletter. The views and opinions expressed in this publication are those of the authors. They do not reflect the opinions or views of the USRCC or its members. Links within this newsletter lead to other websites, including those operated and maintained by third parties. The linked sites are not part of the USRCC newsletter. USRCC includes these links solely as a convenience to the newsletter subscribers, and the presence of such links does not imply a responsibility for the linked site and its operator. USRCC cannot certify the accuracy of the material provided by the original source.

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