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俄罗斯能源业在东方寻找新伙伴

发布日期:2017-10-17 浏览数:201 次

For an industry that is supposed to be struggling to find cash and partners due to crippling western sanctions, Russia’s energy sector is showing few signs of feeling abandoned.

因为严厉西方制裁而本该很难找到资金和合作伙伴的俄罗斯能源行业,并没有表现出多少感觉被抛弃的迹象。
Six years after Rosneft marked a new high watermark in US-Russian corporate relations by agreeing a co-operation deal with ExxonMobil, the Kremlin-controlled oil company has found alternate support from the east. CEFC China Energy agreed last month to pay $9.1bn for a 14.16 per cent stake in Rosneft — and it is not the only Russian company to find new friends in China.
6年前,俄罗斯石油公司(Rosneft)与埃克森美孚(ExxonMobil)达成一项合作协议,曾把美俄企业合作推到一个新高度。如今,这家俄罗斯政府控制的石油公司已在东方找到了替代性的支持。不久前,中国华信能源(CEFC China Energy,简称“华信”)同意支付91亿美元,收购俄罗斯石油公司14.16%的股权。俄罗斯石油公司并非第一家在中国找到新朋友的俄罗斯公司。
Chinese companies are snapping up stakes and signing joint venture agreements across Russia’s energy sector. And they have competition — Saudi Arabia’s new-found political friendship with Russia has started yielding corporate agreements, too.
中国企业正在收购俄罗斯能源行业各家公司的股权,与它们签订组建合资企业的协议。并且它们面临竞争——沙特与俄罗斯最新建立的政治友谊,也开始结出公司合作协议的果实。
Hit by US and EU sanctions after its 2014 invasion of Crimea, Moscow has turned to Beijing for friendship and finance. Assistance was both necessary and geopolitically expedient: New York and London are not the only places with banks, went the message. Then when oil prices fell to historic lows two years later, cutting a deal with Saudi — the world’s other crude-exporting superpower — to reduce production helped reverse the slide and ease struggling fiscal budget calculations.
在2014年入侵克里米亚之后遭到欧美制裁冲击的俄罗斯,已转向中国寻求友谊和资金。寻求帮助不但必要,而且也有地缘政治上的意义:其中传达出的意思是,并非只有纽约和伦敦有银行。接着,当油价在两年后降至历史低点时,俄罗斯与世界上另一个原油出口超级大国沙特达成一项减产协议,帮助逆转了油价下跌,并缓解了财政预算紧张担忧。
But while sanctions may have prompted the agreements, business realities help explain Chinese and Saudi corporate partnerships. For Chinese energy companies, Russia offers both vast resource supply and handy proximity. For Saudi Aramco, the Kingdom’s state-owned hydrocarbon giant, Russia offers potential partners struggling with the same existential business quandaries — how to extract more for less, and tackle the threat of alternative energy sources.
尽管也许是制裁催生了这些协议,但俄罗斯企业与中国和沙特企业达成合作关系部分是出于商业现实因素。对中国能源企业而言,俄罗斯不但提供了巨大的资源供应,而且其距离中国很近。对沙特国有油气巨头沙特阿美(Saudi Aramco)而言,俄罗斯提供了潜在合作伙伴,这些合作伙伴与之处于同样的生死攸关的商业困境——如何以更低成本开采更多资源,如何应对替代能源的威胁。
China needs energy and power to fuel its growth, and shares a 4,200km border with Russia. For the Russians, having a major customer in the east makes good business sense: oil and gas from fields in the far east would need to be pumped across as many as 11 time zones and 7,000km worth of frozen tundra, forests and mountains to reach Europe. China is next door and, as a bonus, has cash to invest in capex-heavy drilling projects.
中国需要能源和电力来推动自身增长,中俄之间的边界线长达4200公里。对俄罗斯而言,在东方拥有一个大客户具有重要商业意义:远东地区的油气需要跨越11个时区和7000公里的冻原、森林以及高山才能运抵欧洲。中国则是俄罗斯的邻国,而且还有一个好处——中国拥有资金,可以投资于资本性支出消耗很大的钻井工程。
Over the past 18 months, Chinese companies have spent more than $14bn on Russian energy projects. China now owns stakes in Russia’s largest oil company, petrochemical group and gold producer. By next month, CEFC will add a $500m investment in energy-to-aluminium business EN+ as part of the company’s $1.5bn listing in the London. “The Chinese think long-term, they think very strategically,” said a person involved in one of the investments. “They want access to the resources, but they are also thinking about partnerships that will last decades.”
过去一年半里,中国企业已在俄罗斯能源项目上投入了逾140亿美元。目前,中国拥有俄罗斯最大石油公司、石化集团和黄金生产商的股权。到下个月,中国华信能源将对业务涵盖能源和铝业的EN+再投资5亿美元,这是EN+在伦敦上市融资15亿美元计划的一部分。“中国公司着眼于长远,他们非常有战略头脑,”一位参与这些投资项目之一的人士说,“他们想获得资源,但他们也在考虑将延续数十年之久的合作关系。”
In Riyadh, energy executives share the same fears as their opposite numbers in Moscow. A future world of $50-a-barrel crude prices means drilling, pumping and refining must become more efficient and less expensive. It is no surprise that one of dozens of corporate agreements signed during King Salman bin Abdulaziz’s state visit to Moscow last week was for Aramco and Gazprom Neft, the oil arm of Moscow-controlled gas monopoly Gazprom, to collaborate on research and development.
在利雅得,能源公司高官们有着跟莫斯科同行们相同的担心。原油价格为每桶50美元的未来世界,意味着钻井、泵送和精炼必须提高效率,降低成本。难怪在上周沙特国王萨勒曼?本?阿卜杜勒-阿齐兹(Salman bin Abdulaziz)对俄罗斯进行国事访问期间签订的数十份公司协议之中,有一份是沙特阿美与国有天然气垄断企业俄罗斯天然气工业股份公司(Gazprom)的石油业务子公司Gazprom Neft达成的研发合作协议。
“This is just the beginning,” said Ibrahim Al-Omar, governor of the Saudi Arabian General Investment Authority. “We are [in Russia] to meet people, to shake hands, to find all the ways in which companies from our two countries can work together,” he said. “There is vast potential.”
“这仅仅是开始,”沙特投资总局(SAGIA)局长易卜拉欣?阿尔-奥马尔(Ibrahim Al-Omar)说。“我们(在俄罗斯)会见各路人马,握手,寻找一切能让两国企业达成合作的途径,”他说,“这里存在巨大潜力。”
Three years ago, western sanctions imperilled the Arctic LNG project in Russia’s northern Yamal peninsula owned by Russia’s Novatek and France’s Total. Chinese finance came to the rescue with a $12bn package. Today, Russian officials are keen for Saudi companies to play their part in a second iteration of the project, Nord Stream 2. The gas pipeline to Europe is being built by Gazprom, but five EU energy companies have agreed to finance half of its cost.
三年前,西方制裁殃及由俄罗斯诺瓦泰克(Novatek)和法国道达尔(Total)共同拥有的、位于俄罗斯北部亚马尔(Yamal)半岛的北极液化天然气(LNG)项目。中国提供的120亿美元一揽子融资拯救了该项目。如今,俄罗斯官员很希望沙特企业参与北溪-2(Nord Stream 2)项目。目前,Gazprom正在修建这条通往欧洲的天然气管道,但五家欧盟能源企业已同意承担项目总成本的一半。

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Gazprom appears unflustered by the prospect. “In addition to Europe, the Asia-Pacific Region also exists, and certain funds can be borrowed from there,” said chairman Viktor Zubkov last month. US and European energy companies have long been Russia’s go-to partners and financiers for major energy projects. But that relationship may well be coming to an end.

Gazprom似乎对前景很镇定。“除了欧洲,还有亚太地区,我们可以从那里借来一定数额的资金,”Gazprom董事长维克托?祖布科夫(Viktor Zubkov)上月说。长期以来,欧美能源公司一直是俄罗斯在大型能源项目中的可靠合作伙伴和资金提供方。但这种关系很可能正走向终结。