Page 17 - FSUOGM Week 27 2021

FSUOGM NEWS IN BRIEF FSUOGM

the hydrogen fuel to Western Europe. cautious increase in OPEC+ oil production Meanwhile, the cost of a barrel of Brent
Bloomberg.com reported on June 26 that quotas amid rising economic activity, but Dated oil, produced in the North Sea grew
progress on the talks ahead of offering the its own production plans for 2021 remained by 77 cents compared to the previous price
proposal is uncertain, with sources claiming unchanged so far, S&P Global Platts and reached $78.39 per barrel.
various degrees of success. reported on June 30, citing energy minister
The European Investment Bank (EIB) Nurlan Nogayev.
and Ukraine’s energy ministry discussed The minister’s comments came a day At Least One Dead,
the development of green hydrogen energy prior to OPEC+'s scheduled meeting to
in Ukraine on June 23. The head of the EIB determine August production quotas and Five injured in blast at
Representation in Ukraine, Jean-Eric de whether to further raise output volumes
Zagon, said that working on green hydrogen amid improved global demand. Romania's largest refinery
projects with the energy ministry was of "We believe in a cautious increase
interest to the EIB. of oil output because we see that global At least one person was killed and five
“The Americans’ plan of pushing for the [coronavirus] vaccination is paying off and were injured in an explosion that occurred
development of green hydrogen exports businesses are opening up," Nogayev said at at Romania's Black Sea crude oil refinery
from Ukraine should be welcomed. It will a press conference. Petromidia on July 2, authorities said.
be hard for any German interest to openly "We'll deliberate whether it will be from The cause of the blast has yet to be
fight against the further introduction of August or from September-October," he determined, officials said.
a more ecological fuel, especially if the added. The refinery is owned by Rompetrol
Green Party wins the German elections Kazakhstan's own capacity stands Rafinare, part of Kazakhstan's
in September. EIB support means that at 90mn tonnes of oil and condensate, KazMunayGas (KMG) International Group.
financing should be relatively easy to according to Nogayev, which "can be Rescue teams and firemen are working
come by. However, a variety of interests achieved once OPEC+ gives its approval." to isolate and put down the fire, said Silviu
could work against the deal, ranging So far, Kazakhstan’s output plans for 2021 Cosa, the prefect of Constanta county where
from pro-gas to pro-Russian to those stand at 85.3mn tonnes. Petromidia is located, adding that the fire
seeing that Germany should build its own poses no risk of causing further blasts.
hydrogen production capacity. Behind Prime Minister Florin Citu wrote on
all that, though, is the possibility that Azeri oil prices grow his Facebook page that he has instructed
complacency will set in once the proposed government officials to assess whether the
solution is adopted. Policy and regulatory The price of Azeri LT CIF Augusta, evacuation of locals and tourists is needed.
changes might rile vested interests that produced at the Azeri-Chirag-Deepwater Built during communism, Romania's
the government would sooner not disturb, Gunashli (ACG) field, rose by 86 cents largest refinery is located just several
or they could just drag on. If the deal is on July 5 compared to the previous price, kilometers north of the Black Sea port of
worked out, it will be vital to securing settling at $78.35 per barrel, Trend reports Constanta and in the immediate vicinity of
environmental and political interests, but referring to the source from the country's Mamaia, the country's largest sea resort.
it won’t guarantee that the work afterward oil and gas market. Environment Minister Barna Tancos told
will be done,” an analyst at the Kyiv-based The price of Azeri LT FOB Ceyhan the media that while the explosion does
Concorde Capital brokerage said in a amounted to $77.71 per barrel on July 5, not pose an immediate danger due to the
research note. increasing by 85 cents compared to the direction of the wind, which carried the
previous price. black smoke away toward the sea, the risk of
Azerbaijan has been producing Azeri LT a major environmental accident is still high.
since 1997 and exporting it via the Baku- In 2019, KMG said that it had invested
CENTRAL ASIA & SOUTH Tbilisi-Ceyhan (BTC) and Baku-Supsa some $1 billion in the modernization
Western Export Pipeline, as well as by rail of Petromidia and in the increase of its
CAUCASUS to the Georgian port of Batumi. refining capacity from 3.5 million to over 5
Azerbaijan also sells its URALS oil from million tons of crude annually.
Kazakhstan expresses the Russian Black Sea port of Novorossiysk,
delivering it through the Baku-Novorossiysk
support for cautious boost pipeline.
The price of URALS with shipment from
in OPEC+ oil output the port stood at $74.42 per barrel on July 5,
having risen by 91 cents as compared to the
Kazakhstan has expressed support for a previous price.

Week 27 07•July•2021 www. NEWSBASE .com P17