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Russian gas giant Gazprom makes £39m profit in North Sea

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Russian energy giant Gazprom reportedly earned €45 million from its North Sea Sillimanite gas field in the past year, as revealed in financial accounts. The Sillimanite field, situated in UK and Dutch waters, has been operational since 2020 and is a joint venture between Gazprom and German firm Wintershall. While the arrangement is not deemed illegal, criticism has arisen, particularly from UK Liberal Democrat leader Sir Ed Davey, who deems it “totally unacceptable” that gas from UK territory supports “Putin’s illegal war against Ukraine.” The UK government has pledged to escalate economic pressure on Russia, aligning with international sanctions aimed at restricting Russia’s funding for the conflict in Ukraine.

Gazprom International UK, a Gazprom subsidiary, reported a pre-tax profit of €45 million in 2022, with dividends paid to its immediate owner in the Netherlands. Although Gazprom executives, including CEO Alexei Miller, face UK sanctions, Gazprom itself is not directly sanctioned. The company continues to supply reduced gas volumes to continental Europe. Concerns have been raised about Gazprom’s financial activities, given its association with the Russian state, which is accused of financing militias engaged in the Ukraine conflict.

The UK government’s response to Gazprom’s financial activities in the North Sea has been met with criticism. Global Witness, a campaign group, described it as “an indictment of the UK’s approach to Russian oil and gas.” Despite the UK’s condemnation of the war, Gazprom’s subsidiary continues to operate in the North Sea, enriching Putin’s regime. The government spokesperson reiterated the commitment to denying Russia access to goods or technologies aiding its war efforts, vowing to intensify economic pressure until peace is secured in Ukraine.

Gazprom International UK’s financial disclosures reveal a total tax bill of €29 million, distributed between the UK and Dutch governments. This includes windfall taxes imposed in response to the surge in energy prices following the conflict in Ukraine. The company ceased its gas sale agreement with Wintershall, replacing it with a deal with the Swiss-based trading company Gunvor.

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One dead after ships collide in North Sea – officials

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According to German authorities, a collision between two cargo ships off the North Sea coast of Germany has resulted in one fatality, with four others reported missing. The incident, involving the British-flagged Verity and the Bahamian Polesie, occurred at approximately 5:00 local time (3:00 GMT) on Tuesday morning.

The Verity, traveling from Bremen, Germany to Immingham, UK, is believed to have sunk, while the Polesie remains afloat. The collision occurred near Heligoland, part of the state of Schleswig-Holstein.

Rescue efforts involving the German Maritime Search and Rescue Service, a German navy helicopter, water police boat, and a nearby cruise ship are underway.

The cause of the collision remains unknown, and German Transport Minister Volker Wissing has expressed gratitude to the rescue teams for their efforts in locating the missing crew members.

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Deadly Fire Engulfs Ship Carrying 3,000 Cars off Dutch Coast: Ameland Rescue Underway

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Cargo ship carrying nearly 3,000 cars catches fire off Dutch island of Ameland, resulting in one fatality and 22 injuries.

A major salvage operation is underway in a designated World Heritage site in the North Sea. The fire was possibly triggered by one of the 25 electric vehicles on board. The ship’s crew attempted to control the flames but had to evacuate.

The ship, operated by K-Line and owned by a subsidiary of Imabari Shipbuilding, is currently stationary but may be listing. Emergency crews are focused on extinguishing the fire and preventing the vessel from sinking.

Concerns are also raised about the risks of transporting electric vehicles at sea following this incident and a previous one involving a cargo ship carrying luxury cars that caught fire and sank off the Azores last year.

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