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He added that a meeting of the EU’s during the year. The improvement was Black Sea Oil and Gas
energy ministers will be held soon to driven by strict financial discipline, focus on
discuss all possible risks concerning the priority investments, and the recovery of the confirms start of offshore
supplies and their possible delay. market, according to the company.
Nikolov also said that no sharp rise The company made RSD21bn (€0.18bn) production in Romania in Q2
in inflation is expected as Bulgaria is net profit, compared to the RSD7.6bn loss
producing all electricity it needs. Prices in 2020 due to the coronavirus (COVID-19) Black Sea Oil and Gas (BSOG), the vehicle
would rise, but not at shocking levels, he pandemic. Ebitda reached RSD53.2bn, controlled by the US fund Carlyle, has
explained. 3.4 times more than the previous year. expressed confidence that it will stick to its
Investments amounted to RSD20.2bn and plans and start natural gas production at its
NIS paid RSD217.8bn in taxes and fees, offshore platform located in Romania’s Black
Bulgaria hopes to complete 21% higher year on year, said NIS in a press Sea territory, Ziarul Financiar daily reported.
The statement came at a moment when
release.
gas link with Greece by May in 2021, reaching $70.7 per barrel. the Romanian authorities are expected
The average Brent oil price grew by 70%
to revise the Offshore Law in line with
Bulgaria hopes to complete the gas link In 2021, the company produced 1.194mn investors’ expectations.
with Greece by May and to start receiving tonnes of oil and gas. NIS put into operation OMV Petrom’s management recently
more natural gas from Azerbaijan via this over 40 new exploration and production expressed disappointment with the delay and
pipeline, Dnevnik news outlet reported on wells in Serbia and Romania. The Pancevo said that the investment decision in their
February 23. refinery increased its processing volume by case was subsequently deferred to 2023.
Sofia is rushing to complete the project 9% to 3.945 million tonnes of oil, the highest Romania’s offshore gas tax that has
amid expectations that Russia may reduce or level since 2009. Sales of petroleum products held up big projects in the Black Sea is set
completely halted its supplies to Bulgaria. soared to 4.031mn tonnes, 14% more y/y. to be revised by the first half of this year
The government has been exploring options While boosting retail and export, NIS after repeated delays, paving the way for
for other sources of deliveries to ensure continued developing its filling station investment, Energy Minister Virgil Popescu
households and companies still receive gas in network, the company said. In 2021, NIS said in a Reuters interview on February 14.
the worst case scenario. put into operation ten new filling stations in “We strongly believe that through the
Meanwhile, ICGB, the project company Serbia, including its first location on the new constructive cooperation of all parties
that will operate the link, said it has filed Milos Veliki highway. involved in the construction of the MGD
documents to get permits in Bulgaria and The company continued the construction project, gas production will begin in the
Greece. The procedure could last up to six of the Pancevo thermal power plant, which second quarter of 2022,” said Mark Beacom,
months. will be put in operation in 2022. CEO of BSOG quoted by Ziarul Financiar.
ICGB said that the interconnector should At the end of 2021, NIS, the Serbian BSOG is the company behind the first
become operational by July this year. Ministry of Economy and HIP Petrohemija project for the exploration and exploitation
The interconnector was supposed to signed a strategic partnership agreement. of hydrocarbons in the Black Sea launched in
become operational at the end of 2021, but NIS has undertaken to increase its stake in Romania after 1989.
the construction has already delayed once HIP Petrohemija to 90%, contribute €150mn Its MGD project consists of five
due to the coronavirus pandemic until to Petrohemija’s capital, and construct a new production wells (one submarine well at the
end-June 2022. Due to the conflict between 140,000 tonne polypropylene plant within Doina field and four production wells at the
Russia and Ukraine, the authorities in Sofia the next six years, said the company. Ana field) and one submarine production
are hoping to have the pipeline ready as soon “It has been a challenging year, but we complex on the Doina field. A submarine
as possible. managed to keep NIS stable and diversify our pipeline of over 120 km ensures the transport
The interconnector will have a length portfolio by venturing into petrochemistry. of gas from the Ana platform to the shore,
of 182 km, of which 151 km will be on The fulfilment of the strategic partnership to the new gas treatment plant in Corbu
Bulgarian territory. Its capacity is planned agreement with HIP Petrohemija and the commune, Constanţa county.
to be 3bn cubic metres. Bulgaria and Greece Serbian government will remain our top In total, BSOG has invested $600mn in
signed a delayed final investment decision priority for the next several years. We the Black Sea Midia perimeter, according to
on building the interconnector in December also plan to keep modernising all areas the latest information available.
2015. of our business and will invest about
The interconnector is part of the Vertical RSD25bn in development projects this
Gas Corridor (Greece – Bulgaria – Romania year. We will keep following the business Hungarian PM discusses
– Hungary), providing access to natural gas model we have selected during the crisis
from the Southern Gas Corridor and LNG period, as the market is still unstable. energy issues and V4 co-
to Southeast and Central Europe as well as Our priorities are maintaining financial
Ukraine.” discipline, implementing our key investment operation in talks with MOL,
projects, helping our employees develop
professionally, and contributing to the PKN Orlen leaders
NIS profit in 2021 at RSD21bn well-being of the community,” said Kirill Prime Minister Viktor Orban met with the
Tyurdenev, NIS CEO.
The Naftna industrija Srbije (NIS) group heads of Hungarian oil and gas company
has announced its results for 2021, saying MOL and MOL’s Polish peer PKN Orlen at
it considerably picked up its performance his office in the Castle District on February

Week 09 04•March•2022 www. NEWSBASE .com P13