Page 14 - FSUOGM Week 22 2021

FSUOGM NEWS IN BRIEF FSUOGM

countries in the past two decades, with 90% Russian oil giant Lukoil The Romanian-Kazakh Energy Investment
of those in the U.S. and European Union, Fund (KREIF) said on Thursday it launched
risk consultancy Verisk Maplecroft said. commissions 20 MW solar the construction of a cogeneration plant on
"In the West, energy investments will the Petromidia platform, an investment that
peak on fears and concerns over regulations park will amount to some $148mn.
and court rulings. Then, we will see peak The estimated deadline for the
dividends," said the Aramco executive. Russian oil and gas provider Lukoil has commissioning of the new plant is the
Aramco pays the highest annual dividend of switched on its second solar park, in Russia’s end of July 2023, the fund, set up by
$75 billion. southern Volgograd region. KazMunayGas International (KMGI) and
Over the past five years, the IEA has The 20 MW facility was built at an Romania's government, said in a press
been predicting a large oil shortage and an oil refinery, with PV modules provided release.
oil price spike due to a lack of investments by Russia-based Hevel Solar. “The PV The new unit for combined production
following the 2014-2017 oil price crash. plant comprises 60,000 polycrystalline of electricity and heat will use natural
An oil price rally, coupled with the modules with a power output of 330 [W] gas as the main fuel, the mix of necessary
declining strength of oil majors, would and 335 W [each],” a spokesperson from resources being provided in proportion
mean a large wealth transfer from the the manufacturer told pv magazine. “This of 25% of the technological process of the
West to countries such as Russia and Saudi project will supply its capacity to the refinery and 75% of the national network.
Arabia until demand starts declining not wholesale electricity and capacity market at The new plant will generate
only in the West but in Asia too. a special price under a 15-year contract.” approximately 80 MW of electricity - of
"The same oil and gas will still be The facility is located on an area of an which about 60-70 MW will fully cover the
produced. Just with lower ESG standards," oil refinery comprising 17 unused sites and electricity needs of the Petromidia platform,
said an executive from a Middle Eastern with a total area of 50 hectares. technological steam of up to 180 tonnes per
producer, who previously worked for an Lukoil commissioned its first, 10 MW hour, plus the necessary hot water for the
oil major, referring to environmental, solar park in Russia in 2018. That plant is heating system of Navodari - up to 20 MWt
social and governance performance located at Lukoil’s Volgograd Refinery on per hour.
measurements. plots of land not involved in the production The surplus generated by the new plant
cycle. will be sold on the Romanian market and
The oil giant also operates two 9 MW will provide additional revenue for the
Gazprom gas exports to solar power stations at its own refineries investment vehicle, Rompetrol Energy.
The project will generate about $11
in Romania, and a 1.3 MW PV plant in
non-CIS countries up 27% Bulgaria. The project in Bulgaria was million in taxes paid to the state each year.
granted a 12-year FIT while the plant in
In August, the fund announced that it
this year Ploiesti, southern Romania, was built under has signed an engineering, procurement
the country's green certificate scheme.
and construction contract with Turkey's
Russia's Gazprom (GAZP.MM) on June Calik Enerji for the construction of the
1 said its natural gas exports outside the plant.
former Soviet Union for Jan. 1 to May 31 KMG International, formerly Rompetrol
had increased 27.2% year on year to 84.2 EASTERN EUROPE Group, is fully owned by Kazakh state-
billion cubic metres. owned energy company KazMunaiGaz
Gazprom said its gas output for the KMGI-Romania fund starts Group. Its main asset is Romania-based
period had risen to 221.9 bcm, up 16.2% Rompetrol Rafinare, which operates the
year on year. construction of $148mn Petromidia Navodari and Vega refineries.

cogeneration plant

P14 www. NEWSBASE .com Week 22 02•June•2021