Page 14 - Euroil Week 34 2019

EurOil
EurOil
PGNiG said. It has been sold to US investment rm Energy Resources of Ukraine (ERU). Once regasi ed, the shipment will be sent to Ukraine.
PGNiG started selling gas to ERU in Ukraine in August 2016.
August 29 2019
Awilco LNG suffers increased loss
Norwegian LNG shipping rm Awilco LNG has reported a widened loss of $8.6mn for the second quarter, versus $6.5mn a year earlier.
Freight income fell to $2.7mn from $6.4mn because of weak spot market rates and a collision involving its WilForce LNG tanker o Singapore in May 30. Owing to the time required to repair its hull damage, the remainder of the vessel’s 9-12-month charter contract was scrapped.
Awilco’s ebitda went to a loss of $0.2mn from a positive $1.9mn in the second quarter of 2018. Its eet utilisation rate slumped to 56% from 90% in January to March.
August 29 2019
Romania to boost gas reserves ahead of possible end of imports through Ukraine
Romania’s energy market regulator ANRE has dra ed new regulations requiring natural gas producers and suppliers to build up higher reserves ahead of the cold season, quoting risks of “reduced” transfer of natural gas through Ukraine and limited capacities of the interconnectors with other states (Hungary and Bulgaria), according to a statement published on August 27 and quoted by Hotnews.ro.
e country has already accumulated reserves in line with current regulations, which is 10% more than the reserves carried over the last cold season.
But ANRE wants enough reserves to cover country’s consumption over the winter period, to achieve self-su ciency. However, even if the reserves are large enough, the pumping capacity during cold periods is limited and the supply to a category of consumers might be discontinued since imports through Hungary or Bulgaria are unlikely if supplies become scarce across the
whole region.
e contract between Ukraine and Russia
expires at the end of this year and it hasn’t been renewed due to the political tensions between the two countries. Discontinuing gas transfer through Ukraine would diminish deliveries of Russian gas throughout the whole Central and Southeast Europe region.
e new regulations have been published by ANRE for public consultations by September 6.
e natural gas resources might not be enough for all consumers during the winter season, ANRE has warned. e reserves provisioned under the revised regulations should be large enough to cover local consumption over the winter period until the end of March.
bne IntelliNews, August 29 2019
Bulgaria to guarantee
€110mn EIB loan for gas link
construction
Bulgaria’s government decided on August 28 to issue a state guarantee for a loan of up to BGN215mn (€110mn) from the European Investment Bank (EIB), which will be used for the construction of a gas interconnection with Greece.
e €220mn Gas Interconnector Greece- Bulgaria (ICGB) was o cially launched a er the project company developing the link picked Greece’s J&P AVAX to execute the project in May, but was put on hold in June a er a disquali ed bidder – Toplivo-2 – led an appeal against the selection of Greek Corinth Pipeworks to deliver the pipes for the project for €58.2mn.
e 25-year EIB loan will be taken out by state-owned Bulgarian Energy Holding (BEH) and will have a three-year utilisation period.
In November 2018, the European Commission said that a state guarantee for the EIB loan will not be in breach of EU state aid rules.
e interconnector will have a length
of 182 km, of which 151 km will be on Bulgarian territory. Its capacity is planned to be 3bn cubic metres. Bulgaria and Greece signed a delayed nal investment decision on building the interconnector in December 2015.
J&P AVAX, which has o ered to build the link for €144.85mn, was supposed to complete the construction within 18 months of the signing of the contract.
e European Commission has said it will provide €33mn for the project.
bne IntelliNews, August 29 2019
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Week 34 29•August•2019