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The loan, with a duration of 10 years, will go to plans mirror those of other climate-conscious oil
the project’s developer Access LNG, a joint ven- and gas companies in Europe such as BP, which
ture between Helios Investment Partners and is likewise seeking to pour billions into clean
Gasfin Development. The pair reached financial energy in the coming years at the expense of its
close on the scheme on November 16. traditionally core oil and gas business.
According to Gasfin, the terminal will deliver The company aims to invest a total of €18.3bn
250mn cubic feet per day (2.58bn cubic metres ($21.8bn) in 2021-2025, of which €5.5bn will be
per year) of gas. This gas will be used as fuel spent on growing its low-carbon business.
at thermal power plants (TPPs), providing a It also announced a new organisational struc-
cleaner and less costly option than crude oil and ture, in which low-carbon energy will be one of
heavy fuel oil. four main segments. The others are industrial,
Helios partner Ogbemi Ofuya suggested consisting of refining, trading and wholesale and
Access LNG could provide additional LNG gas trading; customer, which includes mobility,
projects in sub-Saharan Africa. The current retail and energy solutions; and upstream. Repsol has
low price of gas, he said, means “there is a great The plan is to expand Repsol’s renewable unveiled its
opportunity for Access to support markets energy generation capacity by 500 MW each year
switching to natural gas as a clean, cheap transi- between 2020 and 2025, up to 7.5 GW, and then 2021-2025
tion fuel as we push developments to support a double it to 15 GW by 2030. Achieving these tar-
greener, more efficient energy economy.” gets will require €1.4bn in annual investments strategic plan,
In other news, Germany’s Uniper revealed by 2025, or eight times more than Repsol spent
last week that it had teamed up with UAE-based on renewables last year. But the company also announcing it
Neutral Fuels to provide maritime biofuels in expects to generate eight times more in EBITDA would cut back
Fujairah, a major hub for bunkering in the Gulf from the business in five years’ time, or €331mn.
region. The pair will blend very low sulphur fuel Repsol will still invest more in upstream on upstream
oil (VLSFO) supplied by Uniper’s marine fuel activities than in renewables during the period,
unit Uniper Energy DMCC (UED) with Neutral projecting its total exploration and production investment to
Fuels’ biofuel. This will create a fuel that com- spend at €8bn. But this only represents €1.6bn
plies with International Maritime Organisation in annual investment, compared with €2.4bn in plough more
(IMO) standards. 2019 and €2.6bn per year in its earlier 2018-2020 money into
The announcement comes as the IMO looks strategic plan.
to strengthen requirements for vessel energy Instead of targeting growth, Repsol’s focus renewables
efficiency and impose tougher carbon intensity will also move to maintaining oil and gas output.
reduction requirements. These new rules will It projects average production at 650,000 barrels
likely spur more shipowners to seek out biofuels. of oil equivalent per day (boepd) over the period,
which is the same as its forecast for 2020.
If you’d like to read more about the key events shaping Italian gas grid operator Snam also
the downstream sector of Africa and the Middle East, announced a new strategy this week, similarly
then please click here for NewsBase’s DMEA Monitor. setting clean energy as a cornerstone of its invest-
ment plans. The main focus will be hydrogen
European climate goals production and transportation.
Spanish energy firm Repsol has unveiled its
2021-2025 strategic plan, announcing it would If you’d like to read more about the key events shaping
cut back on upstream investment in order to Europe’s oil and gas sector then please click here for
plough more money into renewables. Repsol’s NewsBase’s EurOil Monitor.

P8 www. NEWSBASE .com Week 48 03•December•2020