RIYADH: On a macro level, Iran has finally agreed to carry its gas to Oman after almost two decades. Russia has officially stopped gas flow to Finland after it has decided to join NATO. On a micro level, nuclear electric power generation firms are either delaying or terminating work on nuclear power plants due to several reasons including the Russia-Ukraine war, the COVID-19 pandemic, and the supply chain crisis.
Looking through the bigger picture:
· After almost 20 years of delay, Iran’s oil minister Javad Owji has finally agreed to revive a pipeline project which aims to channel Iranian gas to Oman, Reuters reported, citing the Iranian state news agency. Oman plans to utilize the gas from Iran in energy-intensive industries as well as liquified natural gas export plants.
· Russia stopped natural gas flows to Finland on Saturday after the latter announced that it will be joining the intergovernmental military alliance the North Atlantic Treaty Organization, Bloomberg reported, citing a filing by Finnish importer Gasum Oy. This makes Finland the third European country to lose gas flows from Russia after refusing to pay for the fuel in rubles.
Through a micro lens:
· American nuclear electric power generation company Entergy Corp has announced that it had halted an 800 MW nuclear power station, also known as Palisades, located in Michigan, Reuters reported. This comes in spite of President Biden’s administration’s scheme to keep such plants running as they are known to generate electricity free of carbon emissions.
· French nuclear electric power generation corporation Electricite de France SA’s nuclear power plant located in Southwest England is projected to cost an additional 3 billion pounds ($3.7 billion) amid delays as a result of the Russia-Ukraine war, the COVID-19 pandemic, and supply chain constraints, Bloomberg reported. Also referred to as Hinkley Point C, the nuclear plant project is expected to range between £25 billion and £26 billion, up from a previous estimate ranging between £22 to £23 billion pounds.