NewBase June 02 -2022 Energy News issue - 1519 by Khaled Al Awadi.pdf

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NewBase Energy News 02 June 2022 No. 1519 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E Mubadala Petroleum reaches milestone of 500,000 boed
WAM/Rola Alghoul/Esraa Ismail
Mubadala Petroleum today announced it had reached half a million Barrels of Oil Equivalent a Day
(boed) for the first time in its history. This achievement further establishes the company as a
strategic player in the international energy sector and marks a 22 percent increase in production
from 2021.
The landmark was reached following a number of significant developments in the last twelve
months, including the acquisition of a 22 percent stake in the Eastern Mediterranean's Tamar field,
offshore Israel from Delek Drilling (now NewMed Energy).
As of May this year, the Mubadala Petroleum operated Pegaga field in Malaysia has achieved gas production
of 500 MMscf (Million standard cubic feet) and 16,000 barrels of condensate per day. This is following the
company's announcement of s uccessful gas production at Pegaga in March this year, which is a key
producing field supplying gas to the PETRONAS LNG Complex, in Bintulu, in the Malaysia's state of
Sarawak.
Mubadala Petroleum took the project from discovery to development and into production with the support of
PETRONAS, our partners, and contractors following a successful exploration drilling campaign in 2013-14
and Final Investment Decision (FID) in March 2018.
Not only have both projects made a significant contribution to overall production, but they also complement
Mubadala Petroleum's gas-biased strategy in line with its energy transition goals. This focus has seen the
company reach nearly 70 percent gas in the overall portfolio.

Mansoor Mohamed Al Hamed, CEO of Mubadala Petroleum, commented, "We are extremely proud to have
reached this milestone, which reflects the hard work and deep capabilities of our people. The strategy to
grow our gas weighted portfolio in key markets where we can add significant value and build long-lasting
partnerships is paying off. And as a vital bridge fuel in the energy transition, I am particularly pleased to see
our gas assets making a major contribution to this production achievement."
The company also cited initiatives in digital transformation and a continued focus on world-class HSSE and
operational efficiency, which made an important contribution to production momentum.
Overview ( from www. MubadalaPetroleum.com)
Exploration, development and production activities are the core of Mubadala Petroleum’s business,
although we have also recently expanded across the value chain with the launch of a dedicated
Downstream unit We are active across 11 countries with a primary geographic focus on the Middle
East and North Africa, Russia and Southeast Asia. Working interest production averages
about 430,000 barrels of oil equivalent per day.
Our diverse workforce of over 500 employees comprises of highly experienced teams who combine
significant operational experience with substantial technical expertise plus commercial acumen and
are based in Abu Dhabi and in the countries where we operate.
Our current operating portfolio consists of a number of major projects, including the world class
Dolphin Gas Project in the Middle East, one of the major sources of energy for Abu Dhabi; enhanced
oil recovery operations in Oman; the giant Zohr gas project in Egypt and the Gazpromneft-Vostok
joint venture to develop oil fields in Russia.
We carry out exploration, development and production activities in Thailand, Indonesia and
Malaysia, where we operate the majority of our assets. Southeast Asia continues to be the core
region of our operated activities where we have developed an excellent track record of safe and
efficient operations.
Mubadala reports strongest annual profit in
20-year history. Assets under management
climbed more than 16 per cent to $284bn at
the end of 2021

Oman crude oil futures begin trading on Dubai Financial Market
The National + NewBase
Oman crude oil futures began trading on the Dubai Financial Market (DFM) on Wednesday
01/06/202
The new futures monthly contract from DFM tracks the performance of DME’s (Dubai Mercantile
Exchange) Oman crude oil futures, making it accessible to a large number of investors, the DFM
said in a statement on Wednesday.
The crude oil futures are traded in US dollars and are cash-settled daily, according to their
closing price.
The Dubai Financial
Market on Wednesday
said it began trading Oman
crude oil futures contracts
providing a new
opportunity for investors.
“The launch of Micro DME
Oman Crude Oil Futures ...
brings in an entirely new
asset class to the market
enabling our investors, in
particular retail investors,
to participate in the
opportunities of one of the
key economic sectors in
the region,” said Hamed
Ali, chief executive of DFM
and Nasdaq Dubai. The
move by the Dubai bourse comes as the emirate seeks to boost liquidity on the stock market and
attract more listings.
Last year, Dubai revealed plans to list 10 state-owned companies as part of its strategy to increase
the size of its capital market and attract foreign investment.
Currently dominated by financial services and real estate companies, the government aims to
further diversify the sectors on the DFM. Dubai approved a market maker fund worth Dh2 billion
($544 million) last year to encourage listings from sectors including energy, logistics and retail.
In April, the Dubai Electricity and Water Authority became the first public entity to list on the DFM,
raising Dh22.41bn in an oversubscribed share sale. The Oman crude oil contracts will be supported
by three market makers, xCube, Al Ramz Capital and BHM Capital.
They will be offered by several DFM trading members, including International Securities, BHM
Capital Financial Services, Al Ramz Capital, Mena Corp Financial Services, Al Dar Shares and
Bonds, Sico Financial Brokerage, EFG Hermes and Arqaam Securities, according to the statement.
"The new contracts are also the first outcome of the collaboration agreement between DFM and
DME to develop new investment opportunities and offer retail investors the opportunity to be directly
involved in the biggest and most relevant asset class in the region," DFM said.
Image courtesy: ONA

Oman: OIA invests in US Crusoe Energy gas flaring solutions
Trade Araia + NEwBAse
Oman Investment Authority (OIA) has announced its investment in US-based Crusoe Energy, a
provider of low-cost solutions to natural gas flaring, in a move to diversify its investments across
different countries and sectors.
OIA aims to achieve optimal benefit for Oman in terms of return on investment, attracting direct
foreign investments, and attracting modern and advanced technologies worldwide to be utilized
locally, reported Oman News Agency (ONA).
This investment highlights OIA’s pioneering efforts in attracting such advanced technologies to the
region. Crusoe’s Digital Flare Mitigation technology will serve various sectors in the region including
oil and gas, power generation, and ICT.
This investment embodies OIA’s efforts to localize modern technologies in promising economic
sectors. Through its partnership with OIA, Crusoe targets the expansion of its operations in the
Middle East, which is home to some of the biggest oil and gas producers globally. This expansion
is set to enhance the company’s profitability in a new promising market. In addition, it aims to realize
environmental objectives, which is a vital aspect of this initiative, especially when Oman is one of
the top 10 countries in gas flaring in the world, according to a World Bank report published in 2020.
Crusoe's Digital Flare Mitigation technology specifically targets oil and gas companies and fields.
The company utilizes gas flaring emissions that negatively contribute to global warming by

mitigating the flare of CO2e by around 63%. This includes a 98% reduction of methane because
Crusoe’s generators have a combustion efficiency of 99.9% vs an average of 93% for flares.
This technology processes gas flaring emissions in an environment-friendly and cost-effective
manner; it generates enough power to operate energy-intensive computing applications in oil and
gas fields far from main power grids. This includes powering data centres for high-performance
cloud computing to operate applications such as graphical rendering, artificial intelligence research,
machine learning, computational biology, therapeutic drug discovery and simulation.
Ismail Ibrahim Al Harthy, Senior Manager of Technology Investment at OIA said that the OIA is
playing a pioneering role in bringing this technology to the region, which is home to some of the
biggest oil and gas producer globally. The aim is to benefit the energy sector in the region from this
environment-friendly technology.
Chase Lochmiller, CEO and co-founder of Crusoe Energy Systems said that flaring is a global
problem with a global impact. He added that the company is excited to expand its Digital Flare
Mitigation technology to the Middle East to help solve the region’s long standing flaring challenges
and empower a new generation of digital technology in the region. OIA, he added, stands out as a
great partner that takes a long-term view in tackling big problems.
Meanwhile, OIA signed an MoU with Crusoe Energy during a workshop exploring the potential of
localizing this technology in Oman. The event was attended by representatives from OIA and
Crusoe, as well as government officials and representatives from companies working in fields that
can benefit from technology.

India Record renewables output helps ease coal shortage in May
Reuters + NewBase
Record green energy output reduced Indian dependence on coal in May, despite 23.5% growth in
power demand, contributing to a rise in utilities' coal inventories, a Reuters analysis of government
data showed.
Surging supply from renewables will go some way towards mitigating India's coal shortage amid
extraordinarily rapid growth in demand, which has forced the country to reopen mines and return to
importing the fuel.
The share of renewable energy sources in power output rose to 14.1% in May from 10.2% in April.
Coal made room for it, dropping to 72.4% of Indian generation from 76.8%. Coal's share was still
higher than 70.9% in May 2021, however.
Power shortages, driven entirely by demand and not declines in supply, narrowed to 0.4% of
requirements in May. This compared with 1.8% in April, an analysis of daily load despatch data from
federal grid regulator POSOCO showed.
Demand in the financial year to March 2023 is expected to grow at the fastest pace in at least 38
years.
Utilities' coal inventories at the end of April were at their lowest levels in years, but they rose 6.3%
in May to 23.3 million tonnes, helped by renewables stepping up to carry more of the national
electricity load.
Climate activists have blamed a delay in installation of renewable energy capacity for the April power
shortfalls, the worst electricity crisis in more than six years. India, the world's third-largest
greenhouse gas emitter, is 37% short of its target for end-2022 green electricity capacity.
Solar Power Plant Telangana II in state of Telangana, India.

Electricity demand in May was 23.5% higher than in the same month last year and up 11.9% on
May 2019, the data showed.
Wind energy generation, which typically picks up from May and tapers in August, was 51.1% higher
in May than a year before, while solar power output increased 37.8%, the data showed. Generation
from all renewable sources rose 44.1% from a year before, the fastest pace in at least 30 months.
Analysts say the respite from power cuts in May is temporary and India's power crisis is unlikely to
be resolved soon. India faced its worst power cuts in over six years in April.
"Officials also know very well that monsoons impact mining and transport. Yet, no preemptive action
was taken to resolve this crisis," the Centre for Research on Energy and Clean Air (CREA) said in
a note last month.
"A lower pre-monsoon coal stock at power stations indicates the possibility of another power crisis
in July-August 2022," the CREA said.
Because demand peaks during the daytime, higher generation from solar, India's main renewable
energy source, is particularly important for easing the strain on an ageing fleet of coal-fired power
stations. It also conserves coal for night-time generation and reduces pressure on the rail network.

India expects lower rainfall in coal-producing areas, potentially
easing power crisis…… Reuters - + NewBase
India expects rainfall in the biggest coal-producing areas of its east-central region to be below the
long-term average this year, potentially easing utilities' coal shortages as there could be fewer
disruptions to mining activity due to flooding.
East-central India includes the states of Odisha, Jharkhand, Chhattisgarh and West Bengal, which
together account for nearly half of the country's annual coal output. Coal accounts for nearly 75%
of India's power generation.
India expects overall rainfall during the annual monsoon to be 103% of the long-term average.
Higher rainfall in other parts of the country could increase hydro power generation and irrigation-
driven electricity demand could be lower, easing pressure on thermal power.
India has reversed a policy to cut coal imports to zero, invoked an emergency law to operate
imported coal-based utilities and plans to reopen closed mines to address surging power demand,
which is seen growing at the fastest pace in at least 38 years.
Domestic coal output typically dips during the annual monsoon period between June and September
every year due to mining disruptions, and state-run Indian Railways also faces delays due to water-
clogged tracks and route closures.
State-run Coal India, which produces 80% of India's coal, reported the first fall in production in two
decades in 2019/20, due to the heaviest rainfall in 25 years. The India Meteorological Department
(IMD) expects rainfall in the coal-producing regions of Maharashtra and Madhya Pradesh, which
together make up a quarter of India's output, to be above average, it said on Tuesday.
The intensity of rainfall would be more critical than overall rainfall during a season. Relentless rains
over short periods of time could cause mine flooding, even when overall rainfall during the monsoon
is deficient. Erratic rainfall patterns, which India has attributed to climate change, have impeded
output in the recent past.
Coal accounts for nearly 75% of India's power generation

U.S.A :California drought could reduce hydroelectric generation
to half of normal levels .. U.S. EIA, Short-Term Energy Outlook (STEO) tion and Western Power Markets
As part of a supplement to our Short-Term Energy Outlook, we analyzed how drought conditions
could affect hydroelectric generation in California this summer.
California hydroelectric generation would be 48% less this summer in an alternative case that
assumes drought conditions compared with a case that assumes relatively normal water conditions.
This shortfall would need to be made up from other sources of electric power supply.
During the 2022 water year, which began October 1, 2021, snowpack reached above-normal levels
in December, but dry conditions then persisted through March.
As of April 1, which typically marks the peak of snowpack, California’s snowpack had an equivalent
water content of 6.9 inches, which is about 40% below the median value from 1991 through 2020.
Less snowpack means that, as temperatures warm in the spring, less snow will melt and flow into
California’s reservoirs.
We used reservoir storage data from the California Department of Water Resources and inflow
forecasts from the California-Nevada River Forecasting Center to develop hydroelectric generation
forecasts for six major California hydropower plants:
Trinity, Shasta, Edward C. Hyatt, Colgate, Folsom, and New Melones. These six plants collectively
accounted for 22% of California’s hydroelectric generation in the previous five years (2017–21).
We then used the modeled generation from these plants to estimate California’s overall
hydroelectric generation under the two alternative cases.

We expect California’s hydro share of the generation mix for June through September 2022 in the
drought scenario would be 8% of California’s total electricity generation, compared with 15% under
normal water conditions.
In drought conditions, we expect California would import more electricity from other markets and
use more in-state natural gas-fired generation.
As a result of more natural gas use in the drought case, we expect wholesale electricity prices in
western U.S. electricity markets would be 5% higher and energy-related carbon dioxide emissions
in California would be 6% higher than the case with normal water supply conditions.

NewBase June 02 -2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil prices fall as investors await OPEC+ policy, eye Saudis
Reuters + NewBase
Summary
 OPEC+ to stick to output hike plan - sources
 OPEC experts didn't discuss suspending Russia from quotas
 Saudi to raise oil production if Russian output falls under sanctions - FT
 Russian Foreign Minister Lavrov visits Saudi Arabia
Oil prices fell on Thursday as investors cashed in on a recent rally ahead of a key producers meeting
later in the day, with some speculation that Saudi Arabia may boost oil production in response to
urging by the United States.
Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the
previous day. U.S. West Texas Intermediate (WTI) crude dropped $2.21, or 1.9%, to $113.05 a
barrel, after a 0.5% rise on Wednesday.
Oil price special
coverage

The benchmarks have marched higher for several weeks as Russian exports have been squeezed
by EU and U.S. sanctions against Moscow over its invasion of Ukraine, actions that Russia calls a
"special operation".
While China's gradual emergence from strict COVID-19 lockdowns has helped support prices,
speculation that Saudi Arabia may step up production weighed on the market, said Tsuyoshi Ueno,
senior economist at NLI Research Institute.
"Investors unwound long positions to wait and see whether Saudi Arabia would raise production
more quickly to respond to calls from the United States for it to do so, and whether the increase
would affect the global supply-demand balance," he said.
Saudi Arabia is prepared to raise its oil production if Russia's output falls substantially because of
the Western sanctions imposed on it, the Financial Times reported on Wednesday, citing
sources. Production increases scheduled for September would be brought forward to July and
August, the paper said.
Still, others expect OPEC+ - a grouping of the Organization of the Petroleum Exporting Countries (OPEC)
and associated allied producers, including Russia - will keep its production policy unchanged. Five OPEC+
sources said on Wednesday that OPEC was set to stick to its modest monthly increases in oil output,
despite seeing tighter global markets.
"We expect no surprise from OPEC+ as the group is unlikely to change their policy when Russian
Foreign Minister Sergei Lavrov is visiting Saudi Arabia," said Kazuhiko Saito, chief analyst at
Fujitomi Securities Co Ltd.
Saito predicted the market, which was dented by profit-taking, would regain ground after the
meeting, because of lingering tightness in global supply and strong demand for fuel in the United
States and Europe.
The Wall Street Journal reported on Tuesday that some OPEC members were considering
suspending Russia from the agreed production plan, to allow other producers to pump significantly
more crude, as sought by the United States and European nations.
But two OPEC+ sources told Reuters a technical meeting on Wednesday had not discussed the
idea. Six other OPEC+ delegates said the idea was not being discussed by the group. An OPEC+
technical committee trimmed its forecast for the 2022 oil market surplus by about 500,000 bpd to
1.4 million bpd, two OPEC+ sources said.

Global: These charts show how Russia’s invasion of Ukraine has
changed global oil flows…. CNBC-Pippa Stevens@PIPPASTEVENS13
KEY POINTS
 Russia’s invasion of Ukraine has altered the global oil trade.
 EU leaders agreed to ban the majority of Russian crude imports, but even prior to the official
action imports to Northwest Europe were down.
 More Russian oil is now heading to nations including India and China.
This is the first forceable decoupling of a G20 economy from the advanced industrial world, says
Eurasia Group’s Bremmer
European Union leaders reached an agreement this week to ban the majority of Russian crude oil
and petroleum product imports, but nations were already shunning the country’s oil, altering global
flows for the commodity that powers the world.
Russian oil exports had already been hurt by some EU members acting preemptively in anticipation
of potential measures, in addition to bans from countries including the United States, according to
commodity data firm Kpler.
The amount of Russian crude oil that’s “on the water” surged to nearly 80 million barrels this month,
the firm noted, up from less than 30 million barrels prior to the Ukraine invasion.
“The rise in the volume of crude on the
water is because more barrels are
heading further afield —specifically to
India and China,” said Matt Smith, lead
oil analyst for the Americas at Kpler.
“Prior to the invasion of Ukraine, a lot
more Russian crude was moving to
nearby destinations in Northwest
Europe instead,” he added.
Russia’s invasion of Ukraine at the end
of February has sent energy markets
reeling. Russia is the largest oil and
products exporter in the world, and
Europe is especially dependent on
Russian fuel.
EU leaders had been debating a sixth
round of sanctions for weeks, but a
possible oil embargo became a sticking
point. Hungary was among the nations
that did not agree to a blanket ban.
Prime Minister Viktor Orban, an ally of Russian President Vladimir Putin, said a ban on Russian
energy would be an “atomic bomb” for Hungary’s economy.
Monday’s agreement among the bloc’s leaders targets Russian seaborne crude, leaving room for
countries, including Hungary, to continue importing supplies via pipeline.

In March, oil prices surged to the highest level since 2008 as buyers fretted over energy availability,
given the market’s already tight conditions. Demand has rebounded in the wake of the pandemic,
while producers have kept output in check, which means prices were already rising prior to the
invasion.
“Russia’s invasion of Ukraine has sparked an unraveling of how the global market historically
sourced barrels,” RBC said Tuesday in a note to clients.
The International Energy Agency said in March that 3 million barrels per day of Russian oil output
was at risk. Those estimates have since been revised lower, but data collected prior to the EU
agreeing to ban Russian oil show that exports of Russian fuel into Northwest Europe had already
fallen off a cliff.

But Russian oil is still finding a buyer, at least for now, as the country’s Urals crude trades at a
discount to international benchmark Brent crude.
More oil than ever is heading to India and China, according to data from Kpler.
Wolfe Research echoed this point, saying that while Russian oil production has declined since the
start of the war, exports have remained “surprisingly resilient.”
The firm said that Russia has rerouted exports to places including India, which shows up in vessel
traffic through the Suez Canal. Analysts led by Sam Margolin noted that traffic through the key
waterway is up 47% in May as compared with this time last year.
“Rerouting Black Sea tankers down Suez as opposed to Europe is a longer route and therefore
inflationary to oil prices, and these ‘last resort’ trade patterns can portend bigger supply problems
in the future because the market is clearly down to its last options to clear,” the firm said.

NewBase Special Coverage
The Energy world –June -02 -2022
CLEAN ENERGY
Russia hits back at the EU’s partial oil embargo, says it will find
other importers for its crude
CNBC Sam Meredith@SMEREDITH19 + NewBase
KEY POINTS
 The European Union on Monday agreed to ban most Russian oil imports by the end of the
year as part of new measures designed to punish the Kremlin over its invasion of Ukraine.
 Responding to the measures, Mikhail Ulyanov, Russia’s permanent representative to
international organizations in Vienna, said the oil ban reflects negatively on the bloc.
 “As she rightly said yesterday, #Russia will find other importers,” Ulyanov said via Twitter,
referring specifically to European Commission President Ursula von der Leyen.
The European Union on Monday decided to ban most Russian oil imports by the end of the year as
part of new measures designed to punish the Kremlin over its unprovoked invasion of Ukraine.
The move was hailed by EU foreign policy chief Josep Borrell as a “landmark decision to cripple
[Russian President Vladimir] Putin’s war machine.” It covers Russian oil brought into the bloc by
sea, with an exemption carved out for
imports delivered by pipeline
following opposition from Hungary.
The EU’s long-delayed sixth
package of sanctions against Russia
required approval from all 27
member states and has yet to be
formally ratified. Responding to the
measures, Mikhail Ulyanov, Russia’s
permanent representative to
international organizations in
Vienna, said the oil ban reflects
negatively on the bloc.
“As she rightly said yesterday,
#Russia will find other importers,”
Ulyanov said via Twitter, referring
specifically to European
Commission President Ursula von
der Leyen. The commission is the
executive body of the EU.
“Noteworthy that now she
contradicts her own yesterday’s
statement. Very quick change of the
mindset indicates that the #EU is not
in a good shape,” he added.

The EU’s von der Leyen welcomed the bloc’s agreement on oil sanctions against Russia. She said
the policy would effectively cut around 90% of oil imports from Russia to the bloc by the end of the
year, and soon return to the issue of the remaining 10% of pipeline oil.
Roughly 36% of the EU’s oil imports come
from Russia, a country that plays an
outsized role in global oil markets.
To be sure, Russia is the world’s third-
largest oil producer, behind the U.S. and
Saudi Arabia, and the world’s largest
exporter of crude to global markets. It is
also a major producer and exporter of
natural gas.
Ukrainian officials have repeatedly insisted
the EU impose a total embargo on Russian
oil and gas, with energy-importing countries
continuing to top up Putin’s war chest on a
daily basis.
Estonia’s prime minister, Kaja Kallas, on
Tuesday called for the EU to go even further
and discuss the prospect of a Russian gas
embargo in the next round of sanctions.
Austria’s chancellor, Karl Nehammer, abruptly rejected this idea, however, saying it will not be a
topic for discussion in the next set of measures.
The split comes as Russia’s state-owned energy giant Gazprom fully cut off supplies to Dutch gas
trader GasTerrra, and as Denmark’s Orsted warned it too was facing a halt to supplies.
‘As good as could be achieved’
Oil prices jumped on Tuesday afternoon.
International benchmark Brent crude futures rose 1.5% to $123.48 a barrel, while U.S. West Texas
Intermediate futures climbed 3% to $118.56.

European Council President Charles Michel said the compromise on oil sanctions reaffirmed the
bloc’s unity in response to the Kremlin’s onslaught. It had been thought that a failure to secure any
type of deal would likely have been heralded as a victory for Putin.
“I think it is as good as could be achieved,” Adi Imsirovic, senior research fellow at The Oxford
Institute for Energy Studies, told CNBC’s “Squawk Box Europe” on Tuesday.
Imsirovic said the EU’s decision paves the way for the bloc, together with the U.S., to ratchet up the
pressure on other energy-importing countries, such as India, to impose similar measures on
Russian oil.
“Before it was impossible because it is very hard to ask India, for example, to drop their imports if
Europe itself is not doing it. So, I think this is very important from the political point of view,” he said.
India, the world’s third-largest oil importer, has seen its crude imports from Russia climb steadily
since Russia invaded Ukraine in late February, according to Reuters, citing Refinitiv Eikon data.
Asia’s third-largest economy has dismissed criticism of its continued purchases of Russian energy
in the wake of the Kremlin’s war in Ukraine, saying a sudden halt to Russian oil imports would
ultimately hurt its consumers.

Separately, China has been seen quietly ramping up purchases of oil from Russia at discounted
prices, Reuters reported, citing shipping data and unnamed oil traders. It appears to show the
world’s biggest importer of crude moving to fill the vacuum left by Western buyers severing ties with
Russia over the humanitarian crisis in Ukraine.
What else was proposed?
Alongside the EU’s oil sanctions, the bloc agreed on measures to cut Russia’s largest bank,
Sberbank, from the SWIFT messaging system and to ban three more state-owned broadcasters.
There is also a ban on insurance and reinsurance of Russian ships by EU companies, von der
Leyen said.
“The other point I think that has not been mentioned very much, I think this package is almost
certainly going to include a shipping insurance ban. I haven’t seen the details of that yet but almost
certainly that will be included,” Imsirovic said.
He estimated that approximately 95% of shipping insurance for Russian oil was carried out in
Europe, primarily in London. “So, that would actually not only affect the Russian exports to Europe
now, it would affect Russian exports everywhere else.”
The five previous rounds of measures have included restricted access to capital markets, freezing
Russia’s central bank assets, excluding Russian financial institutions from SWIFT, and banning
imports of Russian coal and other commodities, among others.

NewBase Energy News 02 June 2022 - Issue No. 1519 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the GCC
area via many leading Energy Services companies. Khaled is the Founder of the
NewBase Energy news articles issues, Khaled is an international consultant, advisor,
ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste
management, waste-to-energy, renewable energy, environment protection and
sustainable development. His geographical areas of focus include Middle East, Africa
and Asia. Khaled has successfully accomplished a wide range of projects in the areas
of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas compressor
stations. Executed projects in the designing & constructing of gas pipelines, gas
metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted
& finalized many contracts/agreements in products sale, transportation, operation & maintenance
agreements. Along with many MOUs & JVs for organizations & governments authorities. Currently dealing
for biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in
numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is
the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over 1400
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waste management, plant Automation IA and environmental sustainability in different parts of the world.
Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
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