March 2022 | ISSUE No. 366 | USRCC Business Newsletter
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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.
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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!
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Baker Hughes Announces Major Turbomachinery Order for Venture Global LNG’s Plaquemines LNG Project
Bakerhughes.com, March 9, 2022: Baker Hughes (NASDAQ: BKR) has been awarded a contract and granted notice to proceed by Venture Global LNG to provide a liquefied natural gas (LNG) system for the first phase of the Plaquemines LNG project in Louisiana. The highly-efficient liquefaction train system (LTS) supplied by Baker Hughes is modularized, helping to lower construction and operational costs with a “plug and play” approach that enables faster installation. Baker Hughes manufactures, tests and transports the pre-assembled and fully integrated modular turbomachinery units for Venture Global LNG at its state-of-the-art manufacturing and assembly facilities in Italy. Read more...
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Shell Announces Intent to Withdraw from Russian Oil and Gas
Shell.com, March 8, 2022: Shell plc (Shell) today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance. As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels and lubricants operations in Russia. Read more...
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API Statement on US Ban of Russian Crude Oil and Refined Products
Api.org, March 8, 2022: American Petroleum Institute (API) President and CEO Mike Sommers issued the following statement following an announcement from the White House to ban imports of Russian crude oil and refined products into the United States. “We support the US government and our allies in their collective efforts against Russia’s unprovoked invasion of Ukraine, and our industry is prepared to comply with the import ban in response to this aggression. The industry has already taken significant and meaningful steps to unwind relationships, both with respect to assets in Russia, as well as imports of Russian crude oil and refined products. We share the goal of reducing reliance on foreign energy sources and urge policymakers to advance American energy leadership and expand domestic production to counter Russia’s influence in global energy markets.” Read more...
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Driving Up Renewable Fuel Technology
Sulzer.com, March 8, 2022: Sulzer Chemtech will provide a BioFlux® technology package to support the creation of the Sabah Maju Jaya Renewable Energy Industrial Complex (SMJREIC) in Malaysia. This new state-of-the-art facility will produce sustainable fuels with limited greenhouse gases emissions by using locally-sourced, renewable feedstock. By leveraging Sulzer Chemtech’s leading expertise in innovative licensed technologies, the new plant located at Sapangar Bay, Kota Kinabalu, will deliver an annual production capacity of 250’000 tonnes. Read more...
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Russia Says it Could Seize Assets Western Companies Leave Behind
Cnn.com/business, March 10, 2022: Russia said it could seize the assets of Western companies that have suspended operations in the country. Dozens of American, European and Japanese companies from almost every sector of the economy have abandoned joint ventures, factories, stores and offices in the last two weeks in response to Russia's invasion of Ukraine and the ensuring sanctions. Read more...
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U.S. Treasury Guidance on President Biden’s Executive Order
Home.treasury.gov, March 8, 2022: Following President Biden’s announcement today banning the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice -- the U.S. Treasury released one General License and several Frequently Asked Questions to aid in the wind-down of deliveries of existing purchases that have already been contracted for. Read more...
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Coca-Cola, PepsiCo Pull Back From Russia as Ukraine Crisis Deepens
Wsj.com, March 8, 2022: Some of America’s best-known brands took steps to pull back from Russia on Tuesday, when Coca-Cola Co. said it would suspend operations in the country and McDonald’s Corp. said it was temporarily closing its restaurants. PepsiCo Inc., too, said it was halting sales of its big soda brands there, such as Pepsi-Cola and 7UP, but would continue to sell potato chips and daily essentials such as milk, cheese and baby formula. Read more...
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Dmitry Pumpyansky Resigned from the Beneficiaries of TMK and the Board of Directors of the Company
Akm.ru/eng, March 10, 2022: Pipe Metallurgical Company (TMK) informs that Dmitry Pumpyansky has withdrawn from the beneficiaries of PJSC TMK, as well as from the Board of Directors of the company since March 9, 2022. Alexander Pumpyansky also resigned from the Board of Directors of TMK. Currently, all TMK enterprises continue to operate normally, ensure the continuity of the production process and the fulfillment of all obligations to their customers and partners. Read more...
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250 Companies Have Pulled Out of Russia Since Invasion
Themoscowtimes.com, March 8, 2022: Some 250 companies have left Russia or cut operations in the country since President Vladimir Putin moved to invade Ukraine on Feb. 24, according to the Yale School of Management. Firms that have invested billions of dollars in the Russian market over the last three decades have headed for the exit door en masse following Russia’s attack on its pro-European neighbor. Read more...
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Oil Prices Could Hit $240 This Summer
Rigzone.com, March 10, 2022: Oil prices could hit $240 per barrel this summer in the worst-case scenario if Western countries roll out sanctions on Russia’s oil exports en masse. That’s according to Rystad Energy’s head of oil markets, Bjørnar Tonhaugen, who made the statement in an extraordinary market note sent to Rigzone on Wednesday. Read more...
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Russia Will Have to Shut in Oil Production as Crude Becomes Too Toxic to Touch
Oilprice.com, March 10, 2022: Russia will have to shut in some of its oil production as it will not be able to sell all the volumes displaced from European markets to other regions, with Russian crude production falling and staying depressed for at least the next three years, Standard Chartered said in a note on Thursday. Read more...
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Russian PM Orders to Prepare Third Package of Anti-sanction Measures
Tass.com, March 11, 2022: Russian authorities need to promptly prepare a third package of crisis response measures against sanctions imposed on the country, Prime Minister Mikhail Mishustin said on Friday. The first crisis response package has already been approved by the legislative assembly and the second one was presented to the State Duma, the lower house of the Russian parliament, earlier this week, Mishustin said. Read more...
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Biden Signs Order Banning Supply of Dollar Bills to Russia
Interfax.com, March 11, 2022: U.S. President Joe Biden has signed an executive order prohibiting the sale or supply by any other means of dollar bills to Russia, the White House said in a statement. In particular, the order prohibits "the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of U.S. dollar-denominated banknotes to the Government of the Russian Federation or any person located in the Russian Federation." Read more...
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Goldman Sachs Becomes First Wall Street Bank to Leave Russia
Intellinews.com, March 10, 2022: Investment bank Goldman Sachs will close operations in Russia following the invasion of Ukraine and subsequent sanctions, the bank told clients in an email statement on March. “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements. We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people,” the statement said. Read more...
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Azernews.az, March 11, 2022: Baku and Tehran will sign certain accords on the energy and industry sectors at the 15th meeting of the Azerbaijan-Iran Intergovernmental Joint Economic Commission, Trend has reported. Iranian Minister of Roads and Urban Development Rostam Ghasemi made the remarks before his visit to Azerbaijan. Read more...
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Kazakhstan and Azerbaijan to Intensify Cargo Transportation Along Trans-Caspian Route
Astanatimes.com, March 10, 2022: Kazakhstan and Azerbaijan agreed to establish a joint venture to develop the Trans-Caspian international transport route. This was announced during the meeting between the Chair of the Board of Samruk Kazyna Wealth Fund Almassadam Satkaliev and Minister of Economy of Azerbaijan Mikayil Jabbarov on March 9 in Baku. Read more...
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◾ US-Russia Related News in Russian
◾ Новости недели
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Тимченко Покинул Совет Директоров НОВАТЭКа
Kommersant.ru, Март 11, 2022: Бизнесмен Геннадий Тимченко вышел из совета директоров компании НОВАТЭК. В опубликованном сегодня, 11 марта, списке нового состава совета директоров перечислены девять человек, среди которых нет господина Тимченко. Заседание совета проводилось 9 марта. Читать далее...
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Байден: США и Союзники по НАТО Намерены Выйти из Режима Нормальных Торговых Отношений с РФ
Tass.ru, Март 11, 2022: Соединенные Штаты и их союзники по Североатлантическому альянсу намерены выйти из режима нормальных торговых отношений с Россией. Об этом заявил президент США Джо Байден, выступая в пятницу в Белом доме с краткой речью по ситуации вокруг Украины. Читать далее...
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Страны G7 Предупредили о Готовности Вводить Новые Санкции Против России
Interfax.ru, Март 11, 2022: Страны "Большой семерки" готовы вводить дальнейшие санкции на экспорт и импорт ключевых товаров и технологий в Российскую Федерацию и из нее, говорится в заявлении этого неформального объединения. "Мы готовы вводить дальнейшие санкции на экспорт и импорт ключевых товаров и технологий в Российскую Федерацию и из нее, которые направлены на то, чтобы лишить Россию доходов и гарантировать, что наши граждане не будут финансировать войну", - предупредили в G7. Читать далее...
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Андрей Мельниченко Перестал Быть Бенефициаром СУЭК и «Еврохима» из–за Санкций
Vedomosti.ru, Март 10, 2022: Андрей Мельниченко больше не контролирует крупнейшую угольную компанию России СУЭК и производителя удобрений «Еврохим». Бизнесмен вышел из советов директоров и числа бенефициаров этих компаний после того, как Евросоюз включил его в санкционный список. Об этом сообщил «Ведомостям» официальный представитель бизнесмена Алекс Андреев. По его словам, это произошло 9 марта. Кому перешли доли бизнесмена, не уточняется. Читать далее...
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Путин Поддержал Идею о Внешнем Управлении Компаниями, Уходящими из России
1prime.ru, Март 10, 2022: Президент Владимир Путин поддержал идею о введении внешнего управления иностранными компаниями, которые уходят с российского рынка. По его словам, необходимо действовать решительно — легальных рыночных инструментов для этого достаточно. "Нужно тогда, как вот предложил председатель правительства, вводить внешнее управление и передавать потом эти предприятия тем, кто работать хочет", — сказал он на совещании с правительством. Читать далее...
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U.S.-Russia Chamber of Commerce
2900 Wilcrest Drive
Suite 133
Houston, TX 77042
713-429-4680
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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.
Copyright 2017. All Rights Reserved.
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