Page 8 - FSUOGM Week 50 2020

FSUOGM NRG FSUOGM

The NLNG head also called for Nigeria to week striking a deal to sell a network of 285
expand its use of gas at home, in areas ranging filling stations in southern Germany to the
from petrochemicals and power generation to UK’s EG Group for €485mn ($588mn). The
motor transport and home cooking. stations are situated in the states of Bavaria and
In other news over the past week, Kuwait has Baden-Wuerttemberg. OMV also has a refinery
brought on stream its largest crude distillation in Burghausen in Bavaria but the plant is mostly
unit (CDU) at the Mina Abdullah refinery. The focused on petrochemicals rather than motor
unit was launched as part of Kuwait’s Clean Fuels fuels, and there is “only a very limited degree of
Project (CFP), which involves the upgrade of the integration” with its fuel retail business in the
Mina Abdullah and Mina Al Ahmadi refineries area.
to increase their output and create cleaner and EG Group was founded by the UK’s billion-
higher-value products. Meanwhile in the UAE, aire Issa brothers, who are also looking to acquire
state-owned ADNOC launched a second trading British supermarket chain Asda from US retail
arm focused on refined products. giant Walmart.
If you’d like to read more about the key events shaping If you’d like to read more about the key events shaping
the downstream sector of Africa and the Middle East, Europe’s oil and gas sector then please click here for
then please click here for NewsBase’s DMEA Monitor. NewsBase’s EurOil Monitor .

EurOil: EU takes tougher climate action FSUOGM: Nord Stream 2 work resumes
EU leaders agreed on tougher climate goals on Construction of Russia’s embattled Nord Stream
December 11 following some 10 hours of talks, 2 gas pipeline has resumed, the project’s oper-
overcoming opposition from certain members. ator said on December 11, after coming to a
The bloc will now strive towards a 55% reduction halt around a year ago after the US imposed
in greenhouse gas (GHG) emissions by 2030 ver- sanctions.
sus the level in 1990. This compares with a pre- The pipeline under the Baltic Sea from Ger-
vious aim of 40%. many to Russia is understood is be around 94%
The deeper cut will require major changes in complete. Germany’s Authority of Waterways
the energy and transport sectors, the European and Shipping Management published a notice
Commission has said, as well as the mass retrofit to seafarers on December 11 that building work
of buildings to make them energy-efficient and in German waters had resumed. It warned other
able to charge electric vehicles (EVs). Invest- ships to avoid the area until “around December
ment will be most significant in countries that 31”, noting that “anchoring or fishing is not per-
currently have a higher reliance on fossil fuels. mitted in the area of the planned pipelines.”
While wealthier states such as France and The Nord Stream 2 operating company, a
Germany that already boast significant clean 100%-owned subsidiary of Russian state gas
energy capacity supported tougher action, supplier Gazprom, confirmed in a statement
coal-dependent countries in Europe’s east such that “the pipelay vessel Fortuna will lay a 2.6-km
as Poland and the Czech Republic initially came section of the pipeline in the German Exclusive
out against the proposal. In exchange for its Economic Zone in water depths of less than 30
support, Poland secured a pledge for EU fund- metres.”
ing to help it transition towards clean energy. Nord Stream 2 will pump up to 55bn cubic
The country currently generates some 80% of metres per year of Siberian gas to Gazprom’s
its power by burning coal, and its renewables European customers. Russian authorities have
sector has stagnated in recent years because of said they expect the pipeline to be up and run-
unfavourable policies. ning by early 2021.
It was also agreed that the goal would be col- In other news, Russian LNG exporter
lective, meaning not all individual countries will Novatek has secured a bump in its environmen-
have to achieve such a significant reduction. tal, social and governance (ESG) score, which
In news elsewhere, Austria’s OMV is push- should make the company more attractive
ing ahead with its divestment programme, this among increasingly climate-conscious investors.

European Commission
President Ursula von
der Leyen has said
the new EU emissions
target “puts us on a
clear path towards
climate neutrality in
2050.”

P8 www. NEWSBASE .com Week 50 16•December•2020