Page 14 - EurOil Week 47

EurOil PIPELINES & TRANSPORT EurOil

German businesses urge Washington to

reconsider Nord Stream 2 sanctions

GERMANY GERMAN businesses have urged Washington Oliver Hermes, chairman of the German East-
to reconsider new sanctions against companies ern Business Association, said on November 23.
Washington is believed involved in the Nord Stream 2 gas pipeline’s con- “Such an approach is completely out of the ques-
to be drawing up struction, warning they could jeopardise the tion among allies.”
additional sanctions. potential reset in EU-US relations when Presi- The US sanctions are in breach of inter-
dent-elect Joe Biden assumes the presidency in national law, he said, calling on the outgoing
January. administration of US President Donald Trump
The US slapped its first sanctions on the pro- to “respect European sovereignty and again to
ject in December last year, bringing pipelaying co-operate comprehensively with German and
to a halt with just 6% of Nord Stream 2’s offshore European authorities.”
section left to complete. The State Department He added that statements by leading Dem-
expanded the sanctions in late October, threat- ocrats “gives us hope for a fresh start in trans-
ening to apply them to any firm “providing atlantic relations under Joe Biden,” but warned
services or facilities or upgrades or installa- that Trump’s team could undermine that new
tion of equipment” for vessels taking part in beginning through its actions over the next two
construction. months.
Washington is reportedly now drawing up Nord Stream 2 links Russia directly with Ger-
additional sanctions, with House and Senate many and, once finished, will carry up to 55bn
negotiators agreeing to target insurers and tech- cubic metres per year of Russian gas. Russia’s
nical certification companies working on the Gazprom owns the project and financed half
project. These sanctions will be included in a of its €9.5bn ($11.3bn) cost, while the rest was
defence bill that must pass by the end of the year, covered by France’s Engie, Austria’s OMV, Royal
sources told Bloomberg. Dutch Shell, and Germany’s Uniper and Winter-
“We have observed since the summer that the shall Dea. The latter two are both members of the
US administration has tried to use its embassies German Eastern Business Association, as is Gaz-
in the EU to put European companies under prom through its German subsidiary Gazprom
pressure and threaten them with sanctions,” Germania. ™
INVESTMENT

BP sells London HQ for $332mn

UK BP has announced the sale of its London head- According to the Sunday Times, which broke
quarters to Hong Kong investment firm Lifestyle news of BP’s plan to sell the property in August,
International for GBP250mn ($332mn). The the company plans to take a smaller headquar-
deal marks the latest in a string of disposals as ters when it leaves St James’s. It has also sold and
the UK oil major looks to settle debts and shift its leased back on a long-term basis its offices in
attention to clean energy investment. Sunbury and Houston, Texas.
Under the transaction, BP will lease the 1 St “This was a trend that started before COVID
James’s Square property back from Lifestyle for but has been accelerated by COVID,” a source
two years. It was first reported that the company told the newspaper.
was seeking a buyer for the asset in August, with BP is aiming to shed $25bn of assets by 2025,
its value at the time estimated at GBP300mn. as part of plans to scale back its oil and gas busi-
The UK major is joining other employers ness and invest more in renewables and other
that are changing their work styles after many clean energy technologies.™
employees began working at home as a conse-
quence of the coronavirus (COVID-19) pan- The headquarters at 1
demic. CEO Bernard Looney said earlier this St James’s Square that
year that the company would move to a mixture BP is selling.
of home and office working.
BP also has offices in the Canary Wharf
financial area in London and an international
centre in Sunbury. It bought the St James’s Square
property in 2001 for GBP117mn, and currently
employs 500 people there.

P14 www. NEWSBASE .com Week 47 26•November•2020