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Bulgaria’s Lukoil Neftochim Essar Oil UK appoints European Investment Bank

Burgas calls tender for Deepak Maheshwari as new and Hydrogen Europe team

green hydrogen production CEO up on hydrogen projects

feasibility study Essar Oil UK Limited, operator of Britain’s The agreement ensures that the EIB will
Stanlow oil refinery, said on Monday it had
provide financing advisory support for
Bulgarian oil refinery Lukoil Neftochim appointed Deepak Maheshwari as its chief hydrogen projects introduced by Hydrogen
Burgas, part of Russia’s Lukoil, said it opened executive officer. Europe.
a public tender for a feasibility study of green Maheshwari succeeds Stein Ivar Bye The parties will cooperate on market
hydrogen production through electrolysis, who left the company in April this year due development initiatives and conduct joint
according to SeeNews. The deadline for to personal reasons, shortly after joining market outreach.
submitting applications for participation in October 2020, a spokesperson for the This will also help develop dedicated EIB
in the tender is August 11 and the deadline company said. financing products for green hydrogen.
for the submission of bids is August 22, Prior to joining Essar Oil UK, Maheshwari Hydrogen technology is seen as playing a
Lukoil Neftochim Burgas said in a tender was CFO and head of strategy at Adani Ports major part in achieving a carbon-neutral EU
information document. and Special Economic Zone Limited, India’s economy by 2050.
In January, Bulgaria’s energy regulator said largest commercial multi-port operator, The European Hydrogen Strategy, which
Lukoil Neftochim Burgas is planning to invest according to the statement. is part of the European Green Deal, wants
339 million levs ($211 million/173 million He was previously CFO of Essar Energy to enable the widespread use of hydrogen by
euro) in an upgrade of its thermal power plant Limited. 2050.
(TPP) by 2024. According to the strategy, green hydrogen
Lukoil Neftochim Burgas was the fifth will be produced on a systemically relevant
largest company in Southeast Europe by SSE to sell its stake in scale between 2030 and 2050. For that to
revenue in 2019, according to the SEE TOP happen, investments in renewable or low-
100 annual ranking published by SeeNews. Scotia Gas Networks for carbon hydrogen will need to increase.
The strategy expects that between €180 and
€470 billion will be required for production
Repsol posts profit due to £1.2bn capacities in the EU by 2050.
Alongside the European Commission,
SSE has agreed to sell its 33.3% stake in the gas
higher oil prices distribution company Scotia Gas Networks Hydrogen Europe is one of the three
participants of the European Joint
(SGN) for £1.2 billion.
Spanish energy giant Repsol posted on July 29 A Canadian consortium made up of Undertaking on Hydrogen, a partnership
a net profit for the second quarter, the latest the independent school teacher pension working to facilitate the market introduction
oil firm to recover from the pandemic thanks organisation Ontario Teachers’ Pension of clean hydrogen technologies in Europe.
to a rebound in crude prices. Plan Board and the infrastructure investor Green, zero-emission hydrogen is very
The company booked a net profit of 587 Brookfield Super-Core Infrastructure Partners costly. In the EU context, the European
million euros ($700 million) in April-June of will take ownership of the share. Investment Bank is a key funding partner.
2021, compared to a loss of 1.9 billion euros in Proceeds from the transaction are Over the past eight years, the EU bank has
the same period last year. predicted to reduce SSE’s net debt in the short provided over €2 billion in advisory and
The second quarter performance this year term and support the firm’s investment plans. financial support to projects that use hydrogen
benefitted from the recovery of benchmark oil In 2005, SSE acquired a 50% share in SGN technologies.
prices which surpassed $76 a barrel at the end for a total of £505 million and 11 years later EIB President Werner Hoyer said:
of June, its highest level since October 2018, sold a 16.7% stake to a subsidiary of the Abu “Green hydrogen presents an opportunity to
Repsol said in a statement. Dhabi Investment Authority (ADIA). decarbonise industrial processes, particularly
“Demand has also increased, thanks in The consortium has also agreed to acquire in sectors where emission reduction is urgent
large part to vaccination rollout,” it added. the 16.7% stake in SGN owned by ADIA. but difficult to achieve. Many European
Repsol said revenues at its petrol stations SGN manages a network that distributes countries are actively supporting the
in Spain jumped by 63% in the second quarter natural and green gas to approximately 5.9 development of hydrogen technologies.
when compared to the same period last year million homes and businesses across Scotland One of the main strengths of the European
as travel picked up following the easing of and the south of England. Investment Bank is that it combines advisory
loockdowns. Gregor Alexander, Finance Director of SSE, and technical support in the initial phases of a
“The global health crisis has continued to said: “We see significant growth opportunities project with attractive forms of financing later
hobble the world economy throughout the in our core networks and renewables on. This model is perfect for the development
first half of the year, though the situation has businesses in the transition to net zero and the and deployment of new breakthrough
improved from the unprecedented scenario of capital we are releasing through our disposals technologies, including those based on the use
2020,” it said. programme will help enable us to maximise of hydrogen.””
Repsol posted a 2020 net loss of 3.3 billion the delivery of our low carbon electricity
euros as oil prices plunged due to a collapse in orientated strategy and ultimately create
demand as economies around the world shut sustainable long-term value for customers,
down due to the pandemic.. shareholders and society.”

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