Page 14 - FSUOGM Week 34 2019

FSUOGM
NEWS IN BRIEF
FSUOGM
RUSSIA
RussNeft shareholders approve dividend policy
Shareholders at Russian mid-sized oil company RussNe have approved a dividend policy, under which the company will pay $60-$110mn in dividends on preferred shares depending on oil prices, the company said in a statement on August 26.
If the price of Brent exceeds $65 per barrel, the company may pay $70mn. If it rises above $70 per barrel, it may pay up to $80mn. It will pay a maximum of $110mn if the oil price reaches beyond $85 per barrel.
August 26 2019
Nord Stream 2 now 75% finished
Russia’s 55bn cubic metre per year Nord Stream 2 pipeline under the Baltic Sea is now 75% complete, with 1,855 km of its two 1,200- km strings in place, the project’s Russian
operator reported on August 26.
All pipes are in place in German and
Finnish waters, and construction is currently taking place o shore Russia, Nord Stream 2, a Swiss-based subsidiary of Russia’s Gazprom, said in a statement.
e pipeline’s Swedish section is also nearing nish, according to a statement by the company earlier this month. Work is yet to start on its section o Denmark, however, as Danish regulators have not yet issued Nord Stream 2 a construction permit.
Nord Stream 2 is due online at the end of 2019.
August 26 2019
Output at Egypt’s Zohr gas
field 5 months ahead of
schedule
Natural gas production from the Zohr eld, the largest in Egypt’s o shore Mediterranean, hit 2.7bn cubic feet per day (bcfd) about ve months ahead of schedule, paving the way to raise output to 3.2 bcfd by the year end, Italy’s
ENI said in a press release.
e strides made at the Zohr eld, along
with others, have moved Egypt from an energy de cit to surplus position over the past six months, saving precious foreign exchange reserves as well as helping to narrow the current account de cit.
is remarkable result has been achieved following the completion of all eight
onshore treatment production units and
the production start-up of two wells in the southern culmination of the Zohr eld, as well as the start-up on August 18 of the second 216km long pipeline connecting the o shore subsea production facilities to the onshore treatment plant.
e Zohr eld is located within the o shore Shorouk Block. In the Block, Eni holds a 50% stake, Rosne 30%, BP 10% and Mubadala Petroleum 10% of the contractor’s share. e project is executed by Petrobel, the operating company jointly held by Eni and the state corporation Egyptian General Petroleum Corporation (EGPC).
bne IntelliNews, August 26 2019
Ryazan refinery cuts oil supplies
Russia’s Rosne has limited the intake of oil at its Ryazan re nery in order to cut re ning, a Transne spokesperson told reporters on August 28.
“ e Ryazan re nery has cut its August intake plan, says it needs to reduce re ning,” he said.
Pumping of oil into Transne ’s pipeline system is otherwise going ahead as planned. e weather in the Baltic ports is adequate for transshipment for exports, he said.
August 28 2019
EASTERN EUROPE
Ukrtransgaz cuts losses by 47% in H1
Ukraine’s state-owned gas transmission system operator, Ukrtransgaz reported a loss of UAH9.421mn (US$374,444) in the rst half, which was 47.4% less than a year earlier.
Net revenues from products sales in the six months shrank by 2.1%, to UAH26.58bn, while its gross loss dropped by almost 68.8%, to UAH2.304bn. Cost of sales at Ukrtransgaz was estimated at UAH28.88bn.
Naftogaz, August 28 2019
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Week 34 28•August•2019