Page 18 - EurOil Week 20 2022

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importing Russian oil until the end of 2024, is no longer importing the commodity from generation advanced technology, and carrying
but Budapest wants a five-year period to Russia, which cut off supplies after Warsaw a crew of 200 is expected to pursue its first
wean itself off Russian oil and will need a new refused to pay for them in roubles in late drilling task in the Eastern Mediterranean, the
pipeline with Croatia, which has access to the April. news agency said, adding that it was currently
sea, as well as guarantees for the financing of Poland has long said that it will discontinue called Cobalt Explorer but would be renamed.
the project. buying Russian gas after the long-term supply
Among other things, the countries also contract with Gazprom expires at the end of
want help securing new sources of oil and 2022. UAE to back Greek energy
converting their refineries. Warsaw will rely on imports from Qatar
European Commission President Ursula and the US, as well as on the Baltic Pipe, a investment
von der Leyen said on May 10 that some new gas link from Norway via Denmark to
progress had been made in the latest talks Poland, which is expected to start flowing gas Greece and the UAE have agreed to spend
with Hungarian Prime Minister Viktor Orbán. in October. €4bn ($4.2bn) in the former’s energy sector, in
According to Karoblis, the list of “Due to recent events, including the order to capitalise on the country’s potential
individuals subject to sanctions should be suspension of gas supplies under the Yamal as a gateway for natural gas arriving in Europe
expanded in the future to include those contract [with Gazprom], the effects of from the Middle East.
responsible for the deportation of Ukrainians. our operations in Norway have gained The agreement was reached following
Kyiv says Ukrainians are being deported special significance,” PGNiG CEO Iwona a meeting between Greek Prime Minister
en masse from occupied areas to Russia, sent Waksmundzka-Olejniczak said in a statement. Kyriakos Mitsotakis and UAE Crown Prince
to special camps, stripped of their documents Poland also launched, or will soon launch, Sheikh Mohammed bin Zayed al-Nahyan in
and forbidden to leave so as to prevent them gas grid connectors with Lithuania and Abu Dhabi on May 9. Mitsotakis’ office said in
from giving evidence about war crimes Slovakia to ensure security of gas flows. a statement that the two sides discussed ways
committed by the Russian forces. Gas is expected to play a major role in of strengthening bilateral ties, as well as the
Poland’s strategy of reducing carbon footprint impact of Russia’s invasion of Ukraine.
of its power sector, alongside renewables and The joint investments would be made
Estonia’s Alexela will build nuclear power. through Greece’s Hellenic Development Bank
and the UAE’s Mubadala Investment Co, the

quay and procure floating Net profit of North statement read.
“Due to its geographical position, Greece
LNG terminal has the potential to become a gate for
natural gas from the Middle East to Europe,”
The Estonian Ministry of Economic Affairs Macedonia’s Makpetrol Mitsotakis said. “We would like to explore the
and Communications, Elering, the country’s jumps over fourfold in 1Q22 possibilities for further strategic co-operation
gas market operator, and Alexela, a private and the participation of funds from the UAE
company, have reached an agreement for North Macedonia’s fuel retailer Makpetrol in this direction.”
moving forward with an LNG terminal said on May 11 that its consolidated net profit Greece already handles natural gas
project, ERR.ee, an Estonian news website, jumped by 345% y/y to MKD175mn (€2.8mn) arriving in Europe from a number of supplies.
reported on May 12. in the first quarter of 2022. Its 7bn cubic metre per year Revithoussa
Taavi Veskimagi, head of transmission Makpetrol total sales revenues went up by LNG terminal receives gas from a number
system operator Elering, says that Alexela will 78% y/y to MKD7.1bn in the first quarter of of exporters, including Qatar, and a final
construct the mooring quay and is prepared to the year, the company said in a bourse filing. investment decision (FID) was taken
procure the floating terminal. Sales revenues from domestic market were earlier this year on the 5.5 bcm per year
“Infortar [investment holding company] higher by 75% y/y to MKD6.8bn. Alexandroupolis LNG project, due to start up
and Alexela have proposed constructing the Operating expenses increased also by 75% in 2023. Three more projects with a combined
quay and procuring the terminal. That is y/y to MKD6.9bn, while operating profit capacity of 13.2 bcm per year are also at the
precisely what we have been trying to achieve. jumped 290% to MKD199mn. planning phase.
Two months ago, the private partners were Greece could also receive gas supplies from
not prepared to take that risk without state Israel and Cyprus if the proposed EastMed
guarantees. We are glad they are prepared Turkey to receive fourth pipeline project is realised. While Washington
now, and it is the best possible result in terms dropped its support for the project last year,
of use of public funds. Basically, we do not drillship next week its prospects have brightened considerably
have to pledge public funds as the private in light of Europe’s push to end Russian gas
partners are prepared to take risks. We are Turkey’s fourth drill ship is expected to imports in the wake of Moscow’s invasion of
very glad the market failure has been removed arrive at Tasucu Port in Mersin, on the Ukraine.
and the private sector is willing to solve the Mediterranean coast, on May 19, state-run Mitsotakis also said the EU and the
problem,” he said. news service Anadolu Agency has reported, UAE could co-operate more in the field
citing international shipping data. of renewable energy. Greece is aspiring to
The drill ship fleet of Turkey is closely expand the share of renewables in its energy
PGNiG plans to increase gas watched by regional rivals Greece and Cyprus, mix to 35% by 2030, up from 23% now. This
among others, given persistent rows over
plan will involve the construction of 2 GW of
production to 3 bcm in 2022 maritime territorial, and thus hydrocarbon offshore wind power generation, at a projected
cost of €6bn.
drilling, rights.
State-controlled Polish oil and gas company The vessel, which set sail from Okpo Port The two countries signed nine agreements
PGNiG is planning to increase gas production in South Korea on March 7, has a tower height in total on May 9, on technology, energy and
by 25% to 3bn cubic metres (bcm) in 2022 by of 104 metres. Turkey’s other drilling and health, and other sectors.
boosting output from its Norwegian deposits, exploration ships are the Fatih, Kanuni and
the company said on May 11. Yavuz.
Poland is keen to produce more gas, as it The new ship, equipped with seventh-

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