Page 15 - EurOil Week 45 2022

EurOil POLICY EurOil

Serbia to have sufficient oil after new EU

sanctions on Russia enter force

SERBIA SERBIA will have enough of all types of oil prod- which will maintain the security of supply to the
ucts after new EU sanctions on Russia enter force Pancevo refinery. A significant amount of oil that
Serbia will have enough on December 5, Minister of Mining and Energy we import is not from the territories of countries
of all types of oil after Dubravka Djedovic said after a meeting with under sanctions. The most important thing is
the EU embargo on officials from oil company NIS on November 8. that, regardless of the energy crisis that the whole
Russian supply comes Serbia has not joined Western sanctions on of Europe is struggling with, citizens can count
into force in December. Russia, but it imports Russian oil via Croatia, on an uninterrupted supply of all oil derivatives,”
and this will be affected by the sanctions. NIS is said Djedovic.
majority owned by Russia’s Gazprom. The general director of NIS, Kiril Tjurdenjev,
Djedovic said that the most important thing said the company has enough oil to provide the
is to ensure the safe supply of the domestic mar- Pancevo refinery even after December 5.
ket with oil derivatives, as well as sufficient quan- “The refinery will continue to operate at
tities of crude oil for the smooth operation of the maximum capacity, and there will be enough
refinery in Pancevo, a ministry statement said. oil and oil derivatives,” Tjurdenjev said. “In
“After December 5, when the eighth package the coming year, we are planning investments
of EU sanctions against the Russian Federation in renewable energy sources as well as the
enters into force, the smooth delivery of all types continuation of our socially responsible pro-
of oil available on the free market is ensured, jects,” he added. ™
ENERGY TRANSITION

Equinor to double renewables

investments this year

NORWAY NORWAY’S Equinor is on track to double the in northwest Europe, for an undisclosed sum.
share of renewables in its investment portfolio BeGreen has already developed 700 MW of solar
Norway will expand this year, its CEO Anders Opedal told Reuters capacity and has a project pipeline in the early
renewables investments last week, despite pulling out several costly off- to medium stages of maturity of over 6 GW in
from 11 to 20% of the shore wind deals. Denmark, Sweden and Poland.
total. Speaking on the sidelines of the COP27 UN Oil and gas companies have ramped up
climate summit in Egypt, Opedal estimates that investments in renewables significantly in
about 20% of the company’s overall investments recent years, as part of long-term plans to shift
this year would be in renewable energy, versus their businesses towards low-carbon energy. But
11% in 2021 The company did not provide the renewable projects still do not generate the same
underlying figures, but it has previously said it double-digit returns that investments in hydro-
projects it will spend $23bn gross on renewables carbons can. For its part, Equinor is targeting
development between 2021 and 2026. 4-8% returns for its investments in renewables.
As of last year, Equinor had 0.7 GW of The oil and gas industry was largely sidelined
renewable capacity up and running, and it plans at the previous UN climate summit, COP26, held
to enlarge this to 12-16 GW by the end of the in Glasgow in November last year. But Opedal
decade. Two-thirds of the capacity in 2023 is said there was a change in attitudes towards
expected to be offshore wind. It is expanding producers at COP27, noting greater interest in a
investments despite a slump in profits from dialogue. Since the last summit, oil and gas prices
renewables, on the back of rising costs and have soared, prompting many governments to
increased competition. push for more investment in supply.
“When we have seen very high prices for “I was supposed to come to COP last year,
access to new areas, we have had capital disci- but I couldn’t find the right atmosphere for a
pline, because this is not about reaching a giga- discussion about energy realities,” the Equinor
watt ambition, this is about creating a profitable CEO said. “Unfortunately, the energy crisis and
renewable business,” Opedal said. the war in Ukraine have created a bigger under-
Earlier this month Equinor snapped up standing for the trilemma of energy security,
Denmark’s BeGreen, a leading solar developer decarbonisation and affordability.” ™

Week 45 14•November•2022 www. NEWSBASE .com P15