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Russia hit with million-dollar fine after oil protests

An international court has sentenced Russia to pay USD 6 million in fines in a case related to Russia's imprisonment of 30 Greenpeace activists in 2013. The activists were protesting against oil drilling near the Arctic when Russian special forces boarded their ship.

Rosneft finds first oil in the Arctic

Russia's oil company has discovered first oil in the eastern part of the Arctic region. The company is now working to estimate the scope of the new oil field.

Gazprom benefits from EU thirst for gas

When winter struck Europe, Gazprom could warm itself on the continent's gas consumption. The Russian gas company is seemingly unaffected by political criticism from the EU.

Dwindling profits for Sovcomflot in Q1

Russian tanker carrier Sovcomflot – despite a weak market – finished the first three months of 2017 with a profit in the company's perhaps last interim report before an IPO.

Sovcomflot saw profits slide in 2016

Last year's fluctuations in the tanker market were severely testing for the sector, says state-owned Russian tanker carrier Sovcomflot after publishing an annual report showing a setback in profits compared to 2015.

Russia to privatize Sovcomflot

Russian Minister of Finance Maxim Oreshkin says, according to Reuters, that Russia plans to privatize tanker carrier Sovcomflot during the first six months of 2017.

Analysis: Russian oil cap is hidden ace in OPEC deal

Everyone's attention has been directed at OPEC in the wake of last week's oil deal. But the market seems to have overlooked that the perhaps most important element did not come from an OPEC nation, writes analyst agency S&P Global Platts. A major hike in the oil price could be imminent.

Sovcomflot bags financing for two ice class vessels

Tanker carrier Sovcomflot has signed a memorandum of understanding for a large credit facility which will be used to pay for two ice class Panamax vessels. The new ships will service a Russian oil project in the Pechora sea.

Oil price balancing at highest level in a year

The oil price is balancing at its highest level in 12 months. Russian president Vladimir Putin has laid a solid market foundation, but Goldman Sachs questions the likelihood of balance being restored to the market.

Sovcomflot secures credit deals worth USD 1.26 billion

State-owned Russian tanker carrier Sovcomflot has secured new financing for a total of USD 1.26 billion. The money will be used to serve maturing debt and fund the nine tankers which the carrier purchased earlier this year.

Russia rejects higher oil prices

Analysis: Is the oil price war over? No. Russia does not expect a rise in oil prices before late 2017, and Statoil is offering all its 22,000 employees to apply for voluntary resignation.

Sovcomflot takes hit on the bottom line

Sovcomflot lost 23 percent on the bottom line in the first half of 2016 when compared with the same period last year. The Russian carrier's operating result remained unchanged.

Minister: Sovcomflot could be privatized this year

The Russian government is considering a privatization of state-owned tanker carrier Sovcomflot before the end of the year. The sale is part of the Russians' plans to partially or fully divest several companies, including oil major Rosneft, says deputy prime minister Igor Shuvalov.

Media: Putin weighing partial sale of Rosneft

Russia is considering a sale of part of its national oil major Rosneft to China and India, reports Bloomberg News. The sale is estimated to be worth about USD 11 billion and will help president Vladimir Putin restore the country's economy.

SeaIntel: Container volumes in Russia down 28 percent

While the biggest Russian ports in the Baltic Sea, the Black Sea and the Far East have lost large container volumes, the non-Russian ports in the Baltic Sea are showing significant improvement, according to a SeaIntel report.

Low oil price puts an end to Arctic shipping route

The amount of cargo transported through the Northeast Passage during the ice-free period has plummeted in spite of shipowners being able to trim off thousands of kilometers on journeys from Asia to ports in Europe, according to new data.

Maersk Line signs deal with Russian aluminum giant

Maersk Line has signed a declaration of intent with one of the world's largest aluminum producers, Russia's Rusal. As many as 10,000 containers per year could be packed with the otherwise traditional dry bulk commodity.

Modern ships boosted Sovcomflot in first quarter

Russian tanker carrier Sovcomflot is still riding high in the booming tanker market as the carrier delivered an improved operating profit and bottom line in the first three months of the year. Continued fleet modernization contributed to the growth, notes CEO.

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