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EU backs Spanish LNG on July 1 went according to the plan and
without any problems, I am sure that our
bunkering projects cooperation will be smooth,” Näkki added. Montenegro’s Jugopetrol H1

Two Spanish LNG bunkering projects net profit drops
have received financial backing to the tune Hill to offer engineer services
of €27mn ($31.7mn) from the European Montenegrin oil products distributor
Commission. for Cyprus LNG import Jugopetrol [MNG:JGPK] recorded a net
The funds have been secured through profit of €120,855 ($142,500) in the first
the Connecting Europe Facility (CEF) terminal half of 2020, down from €235,196 in the like
mechanism, which promotes more period of last year, it said.
sustainable and efficient transport. Natural Gas Infrastructure Company The company’s revenue went down
Specifically, the European Commission of Cyprus (ETYFA) has selected Hill 41.1% on the year to €40.1mn in the
will support a number of initiatives, International to spearhead an international first half, while operating costs declined
including the development of two new consortium and offer owner’s engineer 40.5% to €40.2mn, Jugopetrol said in an
projects to supply liquefied natural gas services in relation to the Cyprus Liquefied interim financial statement filed with the
(LNG) to ships –bunkering- in Barcelona Natural Gas (LNG) import terminal project. Montenegro Stock Exchange.
and Algeciras, coordinated by Enagás. The project is considered to be the The company booked an operating loss
The partners in these initiatives are largest and most awaited energy project of of €126,436, down from an operating loss of
Enagás, Scale Gas, a company unit, the country and has a budget of €289mn €556,466 in the first half of 2019.
Knutsen, the Port Authorities of Barcelona ($336mn). In 2019, Jugopetrol recorded a net profit
and Bahia de Algeciras. The project will be carried out of €4.3mn, down from €6.8mn in the
These projects are framed within the at Vasilikos Bay in Cyprus with an previous year.
LNGhive2 institutional strategy lead implementation timeframe of 24 months. Greece’s Hellenic Petroleum
by Puertos del Estado, to support the The main components of the project International is the largest shareholder of
development of LNG market as a marine include a former LNG carrier that has a Jugopetrol with a 54.4% stake.
fuel and to guarantee its bunkering in the storage capacity of 136,000 cubic metres.
ports in compliance with EU Directive It will be transformed into floating storage
94/2014 on alternative fuels. and regasification unit (FSRU) in China. Montenegrin exploration
It also includes the construction of a
jetty and a jetty-bourne gas pipeline and drilling delayed
Eesti Gaas begins LNG an onshore gas pipeline and associated he first exploratory drilling, which
infrastructure.
bunkering Finnish port into an FSRU, the vessel will feature a should show whether there is oil
After the LNG carrier is transformed
in the Montenegrin offshore area,
Estonian utility Eesti Gaas provided the regasification modular unit. planned for the summer of this year,
truck-to-ship LNG bunkering operations After the completion, the terminal will has been postponed to 2021 due to the
for ESL Shipping bulk carriers Viikki and be able to receive LNG from LNG carriers coronavirus pandemic, the Hydrocarbons
Haaga in the port of Hanasaari, Helsinki. that range from 120,000m³ to 217,000m³ in Administration announced.
The two sister vessels built in 2018, use size. According to current management
liquefied natural gas as fuel in all engines, estimates, this work is expected to start
which together with hydrodynamic hull in the first quarter of next year, i.e., from
form and other innovative solutions ConocoPhillips to drill January to the end of March, Vijesti writes.
reduce CO2-emissions by more than 50% Montenegro has concluded two
compared to previous vessel generation, offshore mid-Norway concession agreements for oil and gas
Eesti Gaas noted in its statement. exploration and production, one with the
“In addition to new passenger ships, ConocoPhillips has permission from the Eni and Novatek consortium in 2016, and
new cargo ships are also increasingly Norwegian Petroleum Directorate to drill the other with the Greek company Energean
switching to LNG technology. LNG will an exploratory well in the Norwegian Sea, a year later.
replace the diesel fuel used so far as a 27 km southwest of the Aker BP-operated “The coronavirus pandemic has caused
marine fuel, as a result of which we will Skarv field. a decline in business activity in almost all
have cleaner air and the Baltic Sea”, said The semisubmersible Leiv Eiriksson will industries globally, including the oil and
Kalev Reiljan, member of the management drill well 6507/4-1, the first on license 1009, gas industry. The first exploratory drilling
board at Eesti Gaas. after completing current operations on in the Montenegrin submarine, planned
Pasi Nakki, CEO of Elenger Marine, another wildcat well (16/1-33 S) for Spirit for the summer of this year, has been
an Eesti Gaas unit, said the start of Energy in PL 780. postponed for the same reasons,” stated the
cooperation with ESL Shipping expands ConocoPhillips’ sole partner on the Administration.
the company’s LNG bunkering portfolio. license, which covers parts of blocks 6507/4
“The first bunkering of M/S Viikki and 6506/6, is PGNiG Upstream Norway.

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