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S&P affirms BBB- rating on related markets” in Poland and the region. project, called H2H Saltend, during 2023
with production starting by 2026.
The Commission is expected to issue a
Slovenia’s Petrol decision on the merger on July 22. project could cost.
Equinor did not say how much the
Standard & Poor’s rating agency affirmed its
BBB- long-term and A-3 short-term credit Bankers Petroleum
rating on Slovenian energy company Petrol Aker Solutions secures
with stable outlook, the company said on June Albania’s operations almost
26. maintenance and
Petrol did not provide more details about back to normal
the rating published on June 24, but S&P modifications work for Aker
said in a short notice that the stable outlook The largest oil company in Albania,
reflects the agency’s view of Petrol’s broadly Chinese-owned Bankers Petroleum, BP
stable profitability and leverage headroom has resumed oil production after it was
to weather the current economic slowdown. suspended for almost a month due to the Aker Solutions has signed a two-year contract
Under its base-case scenario, the rating coronavirus (COVID-19) epidemic, local extension for maintenance and modifications
agency projects adjusted Ebitda of about media reported on June 24. for Aker BP’s Ula, Skarv, Valhall and Tambar
€150mn for Petrol in 2020. Currently almost 95% of wells in the fields offshore Norway.
Petrol’s main business activity is trading main oil field Patos Marinza have been put Work under the contract will start
in oil derivatives, gas and other energy back in operation. from December 1 2020 and follows the
products. In energy trading Petrol generates The average daily production is about existing contract with Aker BP where Aker
more than 80% of all sales revenue, and 2,050 tonnes gradually approaching the Solutions and Aker BP work under a joint
it also has a leading market share in the level before the pandemic, Albanian Daily modification alliance model.
Slovenian market. News reported. “We are delighted to continue to provide
“We plan the production level to reach maintenance and modifications work for
about 60,000 tonnes of crude oil this Aker BP,” said Linda Aase, executive vice
PKN Orlen expects European month,” deputy general director Luntao president, brownfield projects at Aker
Solutions. “Work under the new alliance has
Chen was cited as saying.
Commission’s green light for 40,000 tonnes of crude oil in June. proved to be efficient and the alliance has
The company’s export will total about
continued to improve deliveries and develop
Lotos takeover% Petroleum Albania sold 9,000 tonnes of new ways of working.”
On the domestic market, Bankers
The total value of the contract is
Poland’s state-controlled refiner PKN crude oil to Fier refinery in May and plans estimated at about NOK1.7bn. The contract
Orlen is reportedly expecting to get the to sell 10,000 tonnes of oil in June. will be booked as order intake in the second
European Commission’s nod to its planned quarter of 2020.
takeover of smaller rival Lotos, Reuters
reported on June 26. Equinor to construct AKER SOLUTIONS (NORWAY)
Earlier this month, Orlen offered to
sell Lotos’s stake in the latter’s JV with hydrogen/CCS project in Gasum opened a new
BP, Lotos – Air BP Polska (LABP), and
other concessions to get the European the UK shipping fuel station at Ports
Commission to agree to the takeover of
Lotos. Equinor intends to build in the UK a of Stockholm
Since then, Orlen has also made plant to produce hydrogen from natural
“minor changes to the package after rivals gas in combination with carbon capture Gasum’s new bunkering station for liquefied
and customers provided feedback to the and storage, the Norwegian oil firm said gas was taken into use in mid-June. The
Commission,” a person “familiar with the on July 1. station is located at Port of Nynäshamn,
matter” told Reuters. The plant, which Equinor said was the Sweden on the premises of Ports of
Poland has long said it would like to largest of such kind in the world, aims to Stockholm. The new station includes new
merge PKN Orlen with Lotos in order to reduce CO2 emissions by nearly 900,000 bunkering solutions enabling ships to
create a strong company with international tonnes per year by replacing gas with bunker environmentally friendly fuel faster
importance. Orlen is looking to buy at hydrogen at the Saltend Chemicals Park than ever.
least a 53% stake in Lotos. The Polish state near the city of Hull in north-east England. After a year of construction, the new
controls both companies with a 27.52% “With our partners, we plan to bunkering station is finally ready to serve
stake in Orlen and 53.19% stake in Lotos. transform the UK’s largest industrial existing and new customers. It enables
In August, the European Commission cluster into its greenest cluster,” the bunkering at high speed from two trucks
opened an investigation into the proposed company said in a statement. at the same time. The station set-up and
merger over concerns that it “may reduce Equinor and partners expect to make the specialized trucks now being used
competition in the supply of fuels and the final investment decision on the allows bunkering to take place at the same

P18 www. NEWSBASE .com Week 26 02•July•2020