Naftogaz Group said Tuesday it had asked Gazprom to pay a $1.37 billion arbitration award won by the Ukrainian company in Zurich. “The amount includes the principal debt for gas transit services under the 2019 agreement, as well as delay interest and full compensation for legal expenses incurred by Naftogaz”, Naftogaz said in an online statement. The state-owned integrated oil and gas company said it had won the award June 10. “Should Gazprom fail to comply voluntarily, Naftogaz plans to initiate asset recovery measures targeting the Russian company’s holdings abroad”. Gazprom has yet to respond to Rigzone’s request for comment. Naftogaz added it continues to pursue enforcement of a separate arbitration award of over $5 billion against the Russian government over what the company said was the “illegal expropriation” of its assets in Crimea when Moscow annexed the peninsula in 2014. Naftogaz won the compensation before the Permanent Court of Arbitration in The Hague in 2023. In October 2024 Naftogaz said a Finnish court had granted its motion to freeze certain Russian-owned assets in Finland including real estate in enforcement of the 2023 award. The freeze order by the Helsinki District Court involved tens of millions of dollars, Naftogaz said then. In April 2025 Naftogaz said a French court allowed it to seize Russian assets in French territory pursuant to the 2023 ruling. Announcing the Paris Judicial Court’s grant of a leave to enforce, or exequatur, Naftogaz also said the Dutch Supreme Court had earlier “dismissed the cassation appeal of the Russian Federation to overturn the tribunal’s partial award on jurisdiction and merits”. Naftogaz said it had “registered mortgages” on several Russian state-owned assets in France valued over EUR 120 million ($139.15 million), in enforcement of the French decision. “Naftogaz had been the leading player in the natural gas industry

OMV Petrom S.A. has acquired a 50 percent stake in the Gabare solar project from Enery Element, a large-scale project in Byala Slatina, near Sofia, Bulgaria. The company said in a media release that it had acquired the shares Enery held in Dunav Solar Plant EOOD, the developer of the Gabare project. The project has a design capacity of approximately 400 megawatts (MW) with an option to add a battery energy storage system. Once operational, the production of the photovoltaic (PV) park could cover the annual electricity consumption of approximately 150,000 Bulgarian households based on average consumption. The transaction is expected to close in the second half of 2025, after the fulfillment of certain conditions, OMV Petrom said. “By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence in this neighboring market and are supporting the region’s energy transition. We believe that natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability”, Franck Neel, OMV Petrom Executive Board Member responsible for the Gas & Power division, said. “The investment framework also includes the acquisition by OMV Petrom of 50 percent of the electricity production from the project, through a power purchasing agreement (PPA) further reinforcing our commitment to securing low-carbon and reliable energy”, he added. “By securing a 50 percent long-term PPA with OMV Petrom as part of the investment framework, we are not only ensuring long-term revenue stability for the project but also setting a benchmark for how industrial players can actively participate in the energy transition in the region,” Richard König, Chief Executive Officer of Enery, noted. The Gabare solar park will feature solar tracking systems that follow the sun’s movement to maximize electricity generation. The development of a battery-based energy storage system

Milan-headquartered Saipem SpA. has secured an engineering, procurement, and construction (EPC) contract for the expansion of the Porto Marghera biorefinery from Enilive, Eni SpA’s unit dedicated to biorefining, biomethane production and smart mobility solutions. The contract is valued at EUR 155 million ($180 million) and is part of the recently renewed collaboration agreement on biorefining between the two companies, Saipem said in a media release. Under the extended collaboration agreement, signed in March, the two companies will focus on the construction of new biorefineries, the conversion of traditional refineries into biorefineries, and the development of new initiatives by Eni in the field of industrial transformation, according to Eni. Saipem said the contract follows Eni’s assignment of the contract to Saipem for the start of preliminary detailed engineering activities, procurement services, and the purchase of critical equipment for the same project, also communicated last March. The project involves increasing the capacity of the plant near Venice from the current 400,000 to 600,000 tons per year and enabling the production of sustainable aviation fuel (SAF) starting 2027, Saipem said. Eni has also selected Saipem, as part of the collaboration agreement, to convert the Livorno refinery into a biorefinery with a capacity of 500,000 tons of biogenic charge. The Livorno plant will be built in such a way as to allow, with appropriate technical modifications, a possible subsequent upgrading to produce SAF, Eni said in March. It noted that in both the Livorno and Venice projects, Saipem also carried out all the engineering activities preparatory to the executive phase, such as feasibility studies and front-end engineering design. The total value of both contracts is currently approximately EUR320 million ($372.5 million), according to Eni. Eni, through Enilive, currently has a biorefining capacity of 1.65 million tons per year and aims to increase it to

Oil plunged for the second straight day as US President Donald Trump signaled he wants to keep oil flowing out of Iran after brokering a fragile ceasefire between Tehran and Israel. West Texas Intermediate crude plunged by nearly 15% over two sessions to settle near $64 a barrel, while Brent was just above $67. Prices have slumped amid the significant deescalation of a conflict that has rocked the energy-rich Middle East. Trump said in a social media post that China can continue buying Iranian oil and that he hopes the country will also be purchasing “plenty” from the US. Crude fell further as both sides made deescalatory remarks. The move is a stark departure from an earlier US strategy of squeezing Iranian energy exports to apply pressure at the negotiating table, a move many investors thought might be contingent on upholding the ceasefire or assurances on nuclear intentions, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. Crude has declined sharply this week — including a 7% rout on Monday — despite the arrival of a long-feared clash that saw America bomb Iran’s nuclear sites and the Islamic Republic retaliate against US bases in Qatar. While prices spiked in the wake of Israel and America’s initial attacks, the conflict hasn’t had any significant impact on oil flows from the Persian Gulf, and exports from Iran have surged. Trump cheered crude’s slide earlier on Tuesday, saying “I love it.” Furthermore, the shale boom of the early 2000s has helped to greatly reduce US reliance on Middle Eastern oil, blunting the impact of a conflict in the region on energy prices. The initial price surge has instead presented a major opportunity for domestic producers to lock in higher prices, with swap dealer positions in US crude futures climbing to

Angolan President Joao Lourenco called on US companies to expand their investments in Africa beyond traditional oil and mineral extraction to industries such as automobiles, shipbuilding, tourism, cement and steel. “American companies operating in Angola are already benefiting from a favorable business climate,” he said on Monday at the opening of the US-Africa Business Summit in Luanda, the capital. “Now we want to see broader engagement.” The event was held as US trade rival China seeks to extend its influence on the continent by offering to remove levies on imports from almost all African countries, while America threatens reciprocal tariffs after a 90-day pause ends on July 9. The US has also cut aid to the continent and banned travel from certain African nations.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

WASHINGTON—The Department of Energy (DOE) today issued an emergency order authorized by Section 202(c) of the Federal Power Act to address potential grid shortfall issues in the Southeast U.S. The order, issued amid surging power demand, will help mitigate the risk of blackouts brought on by high temperatures across the Southeast region.  “As electricity demand reaches its peak, Americans should not be forced to wonder if their power grid can support their homes and businesses. Under President Trump’s leadership, the Department of Energy will use all tools available to maintain a reliable, affordable, and secure energy system for the American people,” said U.S. Secretary of Energy Chris Wright. “This order ensures Duke Energy Carolinas can supply its customers with consistent and reliable power throughout peak summer demand.”  The Order authorizes Duke Energy Carolina to utilize specific electric generating units located within the Duke Energy Carolina area to operate at their maximum generation output levels due to ongoing extreme weather conditions and to preserve the reliability of bulk electric power system.  Orders such as this, issued by the Office of Cybersecurity, Energy Security, and Emergency Response (CESER), are in accordance with President Trump’s Executive Order: Declaring a National Energy Emergency and will ensure the availability of generation needed to meet high electricity demand and minimize the risk of blackouts. The order is in effect from June 24 – June 25, 2025.  Background:  FPA Section 202(c) gives DOE the ability to support energy companies to serve their customers during times of emergencies when they would otherwise not be capable of supplying Americans with reliable, consistent power by providing a waiver of federal, state, or local environmental laws and regulations.   The waivers have limitations to ensure public safety and interest are prioritized. ###