这反映出欧盟对俄罗斯天然气仍有相当的依赖。 促使欧盟下此决心的，主要来自两方面的压力。一方面是美国持续推动欧盟全面禁止俄罗斯能源，以在 经济上削弱俄罗斯。 2025年10月20日，欧盟做出了一个影响深远的决定：从2028年1月1日开始，将完全停止从俄罗斯进口天 然气。 这个决定标志着欧盟能源政策的一个重大转变，尽管俄乌冲突已持续近四年，欧盟在石油方面已基本摆 脱对俄依赖，但在天然气，尤其是液化天然气（LNG）上，俄罗斯仍是欧盟最大的供应国。数据显 示，2025年上半年，欧盟购买俄罗斯液化天然气花费了约58亿美元，比前一年还多了11亿美元。 另一方面，欧盟内部也越来越意识到，必须尽快解决能源安全问题。因此，尽管面临挑战，多数成员国 还是认为，彻底摆脱对俄罗斯天然气的依赖是必须走的一步。 当然，如此重大的政策调整并非一蹴而就。欧盟的"禁气"计划被设计成一个分阶段实施的过程。第一阶 段将从2026年1月1日启动。 对于那些已签订的合同，欧盟也给出了一个相对宽松的过渡期：在2025年6月17日前签订的短期合同， 可以执行到2026年6月17日；而长期合同则能延续到2028年1月1日，也就是全面禁令生效前。不过，这 份 ...

Core Insights - The expansion project of the Hormuz gas field in Iraq, the largest non-associated gas field, has been completed ahead of schedule, increasing production by 50% to 750 million standard cubic feet per day [1] - The KM250 project, operated by Crescent Petroleum and Dana Gas, was completed 8 months early and will also produce 7,000 barrels per day of condensate and 460 tons per day of liquefied petroleum gas (LPG) [1] - The project, costing $1.1 billion, has been listed on the Nordic alternative bond market and received funding support from the U.S. International Development Finance Corporation (DFC), Sharjah Bank, and Pearl Petroleum through $350 million in priority guaranteed bonds [1] Company and Industry Summary - The Hormuz gas field is located in the Kurdistan region of Iraq, and its completion will enhance power generation capacity and industrial development in the area, supporting the Kurdistan Regional Government's 24-hour electricity supply plan [1] - The current condensate production will increase to 15,200 barrels per day, while LPG production will rise to 1,070 tons per day following the project's completion [1] - Crescent Petroleum and Dana Gas each hold a 35% stake in the Hormuz gas field, indicating significant investment and operational involvement in the region's energy sector [1]

Core Viewpoint - Jiufeng Energy announced its plan to invest in the second phase of the Xinjiang Qinghua coal-to-natural gas demonstration project, in collaboration with Xinjiang Qinghua and Henan Silk Road, with a total investment of 23.033 billion yuan [1] Investment Details - The total investment for the project is 23.033 billion yuan, with Jiufeng Energy contributing no more than 3.455 billion yuan, which will grant it a 50% stake in the second phase, corresponding to an annual production of 2 billion cubic meters of natural gas [1] - The project is located in the Yili Kazakh Autonomous Prefecture of Xinjiang and has completed energy-saving assessments and is actively conducting environmental impact evaluations and safety reviews [1] Resource Consumption - The second phase is expected to consume 11.796 million tons of raw coal annually, primarily sourced from the Yining No. 2 and No. 7 mines, with an estimated annual water usage of approximately 22.316 million cubic meters [1] - Relevant water extraction permits have been obtained for the project [1] Infrastructure Development - Xinjiang Qinghua has completed a 43-kilometer gas pipeline from the coal-to-gas base to the national pipeline network, allowing the coal-to-natural gas to be fed into the main pipeline of the West-to-East Gas Transmission project [1] Strategic Implications - The implementation of this project will address Jiufeng Energy's shortfall in equity gas resources, creating a diversified upstream resource pool consisting of "equity gas + long-term contract gas + spot gas" [1] - The future core resources will be a combination of equity gas and long-term contract gas, significantly enhancing cost advantages and self-control capabilities [1]

Core Viewpoint - The A-share market experienced a collective decline, with major indices opening lower, indicating a bearish sentiment in the market [1] Market Performance - The Shanghai Composite Index fell by 0.52% - The Shenzhen Component Index decreased by 0.7% - The ChiNext Index dropped by 0.73% [1] Sector Performance - Sectors that saw gains included oil and gas extraction, natural gas, energy equipment, and engineering machinery - Sectors that faced declines included gold and jewelry, cultivated diamonds, semiconductors, and non-ferrous metals [1] Notable Stock Movements - Gold stocks opened significantly lower, with specific companies such as: - Xiaocheng Technology (300139) down over 9% - Hunan Silver (002716) down over 9% - Zhaojin Gold (000506) down over 9% - Shengda Resources (000603) down over 9% [1]

10月20日，由石化四建第二工程公司承建的国信如东LNG接收站项目码头控制室主体顺利封顶，比原 计划提前14天完成封顶任务，标志着项目建设取得阶段性成果，为后续安装工程顺利推进奠定基础。 据介绍，石化四建第二工程公司在承担该工程施工中，克服了施工中的多种困难，参建员工为保障施工 安全与工程质量，工程项目团队从编制了专项作业方案做起，尤其针对大型设备安装、码头控制室施工 等关键环节，做到精心组织、精心策划，对每一个施工作业环节，做到精细认真，在大型设备就位后， 码头控制室施工作业人员立即精细认真。各个施工关键环节，衔接紧密、有序推进。国信如东LNG接 收站项目码头控制室主体顺利封顶，提前完成封顶任务，得到有关部门的好评。 （中国化工报曲照贵 通讯员郭健兵） ...

Group 1 - The company, Shaanxi Natural Gas (002267.SZ), responded to investor inquiries regarding the impact of heavy rainfall on its pipeline infrastructure, indicating that some water damage occurred to water protection facilities on gas transmission lines [2] - Despite the water damage, the company stated that there was no significant impact on overall natural gas transmission operations [2]

Core Insights - U.S.-based energy company EQT Corp exceeded Wall Street profit estimates for the third quarter, driven by increased natural gas prices and higher sales volumes [1] Company Performance - EQT Corp reported a profit that surpassed analysts' expectations, indicating strong financial performance in the third quarter [1] - The company's success is attributed to favorable market conditions, particularly the rise in natural gas prices [1] - Increased sales volumes contributed significantly to the overall profit growth for EQT Corp [1] Industry Context - The performance of EQT Corp reflects broader trends in the energy sector, particularly in natural gas markets [1] - Higher natural gas prices are influencing profitability for companies within the energy industry [1]

Core Insights - The National Energy Administration held a meeting on October 17 to discuss natural gas supply and heating for the 2025-2026 winter season, emphasizing the importance of ensuring energy supply for the public during winter [1][2] - The meeting highlighted a generally relaxed international natural gas market, stable domestic market operations, sufficient resource supply, and a slowdown in natural gas consumption growth, with prices remaining stable or decreasing [1] Group 1: Energy Supply and Market Conditions - The international natural gas market is currently characterized by a relaxed fundamental outlook, while the domestic market is stable with ample resource supply [1] - Natural gas consumption growth has slowed, and prices are stable or declining, indicating a favorable supply and price situation for the upcoming heating season [1] Group 2: Strategic Planning and Risk Management - The meeting emphasized the need for a bottom-line thinking approach, considering external uncertainties and extreme weather events, to ensure effective emergency plans and work arrangements [1] - Specific tasks were outlined to enhance heating and residential gas supply in northern regions, improve gas-electricity coordination, and strengthen safety operations and risk management [1] Group 3: Role of State-Owned Enterprises - Major state-owned enterprises, including the National Pipeline Group, China National Petroleum Corporation, Sinopec, and China National Offshore Oil Corporation, have proactively prepared for the heating season [2]

Group 1 - The stock price of Xinjiang Xintai Natural Gas Co., Ltd. (603393) closed at 30.5 yuan on October 21, 2025, with no change in price and a turnover rate of 2.82% [1] - The trading volume was 119,300 shares, with a total transaction value of 363 million yuan [1] - On the same day, the net outflow of main funds was 2.6754 million yuan, accounting for 0.74% of the total transaction value [1][3] Group 2 - The company announced that its subsidiary, Yamei Dalu Coalbed Methane Co., Ltd., received a government subsidy of 109,270,780.67 yuan related to the Mabi block on October 20, 2025 [1] - This subsidy is part of the 2024 clean energy development special fund settlement and will positively impact the company's profit for the year 2025 after deducting 9% VAT [1][3] - The final accounting treatment and financial data impact will be subject to the annual audit results by the accountant [1]

会议提出，天然气是新型能源体系不可或缺的组成部分，要深化改革、规划引领，增供应、强设施、促 消费，推动"十五五"天然气行业发展行稳致远。 （文章来源：期货日报网） 国家能源局官网21日消息，国家能源局近日组织召开2025—2026年度采暖季天然气保暖保供工作会议。 会议指出，今年以来国际天然气市场基本面整体宽松，国内天然气市场稳定运行，资源供应充足，天然 气消费增速放缓，气价稳中有降，天然气保供稳价形势持续向好。 会议强调，各方要坚持底线思维、居安思危，充分考虑外部环境和国际市场不确定性以及近年来极端气 候频发形势，进一步做细做实各项工作和应急预案，切实保障群众温暖过冬。会议围绕加强北方地区采 暖和民生用气保障、加强气电协同联动服务能源电力保供、加强安全运营和保供风险点排查处置、回应 社会关切提升天然气市场竞争力、强化企业间互济互保等方面细化了采暖季工作安排和任务要求。 ...