Page 9 - LatAmOil Week 50 2020

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In exchange for its support, Poland secured or fishing is not permitted in the area of the
a pledge for EU funding to help it transition planned pipelines. ”
towards clean energy. The Nord Stream 2 operating company, a
The country currently generates some 80% 100%-owned subsidiary of Russian state gas
of its power by burning coal, and its renewables supplier Gazprom, confirmed in a statement
sector has stagnated in recent years because of that “the pipelay vessel Fortuna will lay a 2.6-km
unfavourable policies. It was also agreed that the section of the pipeline in the German Exclusive
goal would be collective, meaning not all indi- Economic Zone in water depths of less than 30
vidual countries will have to achieve such a sig- metres.” Nord Stream 2 will pump up to 55bn
nificant reduction. cubic metres per year of Siberian gas to Gaz-
In news elsewhere, Austria’s OMV is push- prom’s European customers. Russian authorities
ing ahead with its divestment programme, this have said they expect the pipeline to be up and
week striking a deal to sell a network of 285 fill- running by early 2021.
ing stations in southern Germany to the UK’s EG In other news, Russian LNG exporter
Group for €485mn ($588mn). The stations are Novatek has secured a bump in its environmen-
in the states of Bavaria and Baden-Wuerttem- tal, social and governance (ESG) score, which
berg. OMV also has a refinery in Burghausen in should make the company more attractive
Bavaria but the plant is mostly focused on petro- among increasingly climate-conscious investors. Russian
chemicals rather than motor fuels, and there is US financial firm MSCI upgraded Novatek’s ESG authorities have
“only a very limited degree of integration” with rating from BBB to A, making it the only Russian
its fuel retail business in the area. company to achieve such a high rating. said they expect
EG Group was founded by the UK’s billion- In a move that should make its green creden-
aire Issa brothers, who are also looking to acquire tials even more convincing, the company is also Nord Stream 2
British supermarket chain Asda from US retail reportedly working with Germany’s Siemens on
giant Walmart. a plan to produce and use hydrogen at its Yamal to be up and
LNG plant. running by
If you’d like to read more about the key events shaping Third and finally for this week, the consor-
Europe’s oil and gas sector then please click here for tium developing the giant Karachaganak field early 2021
NewsBase’s EurOil Monitor. in Kazakhstan has finally paid $1.3bn to settle a
long-running dispute with the government over
FSU: Nord Stream 2 work resumes profit-sharing. The agreement paves the way for
Construction work on Russia’s embattled Nord the project’s investors to push ahead with a $1bn
Stream 2 gas pipeline has resumed, the project’s expansion project.
operator said on December 11, after coming to
a halt around a year ago after the US imposed If you’d like to read more about the key events shaping
sanctions. the former Soviet Union’s oil and gas sector then please
The pipeline under the Baltic Sea from Ger- click here for NewsBase’s FSU Monitor .
many to Russia is understood is be around 94%
complete. Germany’s Authority of Waterways GLNG: some projects moving forward
and Shipping Management published a notice Certain LNG projects were reported to be mov-
to seafarers on December 11 that building work ing forward in recent days, including a small-
in German waters had resumed. scale US LNG export terminal proposed for New
It warned other ships to avoid the area until Jersey, which cleared another regulatory hurdle
“around December 31”, noting that “anchoring last week.

Week 50 17•December•2020 www. NEWSBASE .com P9