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    US deficit grows to US$291 billion in July – Reports

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    Onitsha River Port receives first container barge for 2025 season

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    United States scraps visa dropbox service for Nigerian applicants

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    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

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    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    FG approves 300% increase in electricity tariff

    NERC has no authority over state tariff – Enugu Electricity Regulator

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    • Budgets
    • Economic Data
  • Business
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    • Companies
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    Agro-Industrial giant Presco Plc reports N10.12bn profit in H1 2021

    Why we acquired a 100% Equity stake in Ghana Oil Palm Company – PRESCO

    Release of Oando’s 2019 Annual Financial Statements delayed again

    Result of Oando’s Extraordinary General Meeting over diminution in capital

    Release of Oando’s 2019 Annual Financial Statements delayed again

    ₦500bn Capital raise, 10 billion new shares, Debt to Equity conversion, US$1bn multi-instrument programme, all approved at Oando AGM

    Red Star Express Plc announces 15 Kobo Final Dividend for 2023

    Red Star Express Plc to undergo internal restructuring

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    Oando Plc appoints new Chief Compliance Office and Company Secretary

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    GTCO Board approves interim dividend for H1 2025

    Shoprite to sell stores in Ghana and Malawi

    Shoprite to sell stores in Ghana and Malawi

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

    ADES signs agreement to acquire Shelf Drilling Ltd

    ADES signs agreement to acquire Shelf Drilling Ltd

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    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

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    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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Europe-bound natural gas pipeline explodes in Russia as EU agrees gas price cap

Tuesday, 20 December 2022, 6:46 pm
in News, World
0
Europe-bound natural gas pipeline explodes in Russia as EU agrees gas price cap
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An explosion has ripped through a section of a Europe-bound natural gas pipeline in Russia’s Chuvash Republic, several hundred kilometers east of Moscow. The explosion caused a major fire, and killed at least three people and injured another, local officials said.

Russia Today reported that the incident prompted gas prices in Europe to spike, exceeding US$1,250 per one thousand cubic meters according to data from the ICE Exchange. Intercontinental Exchange (ICE) was founded in 2000 to digitize the energy markets and provide greater price transparency.

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The explosion is coming a day after European Union (EU) countries agreed on a cap for natural gas prices as part of the European effort to end dependence on Russian energy and alleviate the high energy prices.

Under the compromise agreement, expected to come into effect by Feb. 15, natural gas prices will be capped if month-ahead contracts trading on the Dutch Title Transfer Facility (TTF) in Amsterdam exceed 180 euros ($191) per megawatt hour, as well as the global price of LNG by more than 35 euros, for more than three days. Once in effect, the cap would last for at least twenty days unless the prices fall below 180 euros for three days.

The explosion on Tuesday happened along the Urengoy-Pomary-Uzhgorod pipeline, according to local administration’s press service. It added that the operating company had been conducting maintenance work on the conduit before the fire broke out.

The 4,500km pipeline which originates at a gas filed and Siberia serves as a route for transporting natural gas from Western Siberia to Europe via Ukraine. It crosses the border between the two countries in Kursk Region at the town of Sudzha, which remains the only point through which the gas is still flowing to Europe via Ukraine amid fighting between Moscow’s and Kiev’s forces.

While the time to fix the section of the pipeline cut by the explosion was unknow according to Chuvashia’s governor, Oleg Nikolayev in a televised remark, Gazprom stated that the explosion did not affect gas supplies to Europe.

The regional branch of Gazprom said that the volumes of gas transit weren’t affected because gas supplies continued on parallel links.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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