Page 18 - EurOil Week 08 2023

EurOil NEWS IN BRIEF EurOil

institutions. in Croatia.
Central to Becirovic’s proposal is Production was 92 mboepd in 2022,
the abolition of unconstitutional entity Lithuania’s Epso-G posts €42mn exceeding the 90 mboepd guidance but
regulators and the establishment of a state below 2021 levels.
regulator for the field of natural gas with loss for 2022 Downstream clean CCS Ebidta was up
adequate powers and instruments for their 9% y/y to $384mn, while the consumer
implementation, Sarajevo Times reported. Lithuania’s state-controlled electricity and services unit saw earnings fall 23% y/y to
natural gas transmission group Epso-G $89mn due to the negative effect of fuel
announced that its annual revenue surged price regulations in Croatia and Hungary.
Imports of Russian gas to by 63% last year from 2021 to reach surpassed the upper end of the company’s
MOL’s full-year 2022 clean CCS Ebidta
€590mn, BNS, a Baltic newswire, reported
Czechia dropped to zero in on February 17. revised guidance of $4.1bn-4.4bn in 3Q by
However, the group posted a
7% at $4.7bn, supported by strong upstream
January consolidated net loss of €42mn for 2022 as and downstream contribution driven by
the overall favourable macro environment.
operating costs doubled to €637mn. This
Russian gas imports to Czechia dropped compares to a net profit of €39.8mn in 2021. Adjusted for one-offs, upstream Ebitda
to zero in January, Minister of Industry Ebitda came in negative at minus came to $2.2bn and downstream Ebidta
and Trade Jozef Sikela said on Twitter. €11.3mn last year, versus €79.6mn the to $2.1bn and in the consumer services
Until recently, Czechia has been one of previous year, the group said on February business, it reached $320mn.
the countries most dependent on Russian 15. In a press release, MOL noted that the
energy in the EU. According to Epso-G CEO Mindaugas estimated impact of fuel price regulations
The annual share of Russian gas imports Keizeris, consolidated revenue grew amid and windfall taxes across its core CEE
was up to 97% in the years before the an increase in regional gas flows and the region came to more than $1.6bn in 2022,
Russian invasion of Ukraine last February. volume of regulated activities. compared to a total Ebitda of $4.7bn, at
Czechia stockpiled Russian gas in the “However, the significant increase in current cost of supply. Organic capex
summer and autumn while contracting electricity and gas prices led to an even reached $459mn in 4Q, largely connected
LNG imports through the Netherlands, faster increase in operating costs, resulting to the completion of the Lotos acquisition
Germany, and Belgium. in negative profitability,” the CEO said in a in Poland. For the full-year, organic capex
“Since the ending of imports through press release. reached $1.5bn.
the Nord Stream gas pipeline, Russian gas Last year, revenue from natural gas The company’s net income rose 62%
can be streamed to Czechia only through transmission services more than doubled to HUF852bn (€2.2bn) in 2022, results
Slovakia,” Sikela commented on Twitter. to €98.3mn, and revenue from electricity published ahead of the opening bell on
“From last September until the end of transmission and related activities surged by Friday show. Revenue climbed 71% to
January, only 2.2% of overall imports” have 55% to €420.3mn. HUF9.8 trillion. Basic earnings per share
been streamed through Slovakia, Sikla Other revenue amounted to €71.4mn, from continuing operations came to
elaborated, adding that in January, “not a coming mostly from Lithuania’s physical HUF928, up from HUF673 in 2021.
single cubic metre” came and that Czechia barrier project on the border with Belarus. MOL noted in the report that the test
can “suffice with gas imports through The group’s investments in strategic runs on Arab Light crude were successfully
Germany”. projects totaled €140mn in 2022, including completed at its Slovakian refinery, as the
According to Sikela, imports of gas from €55.9mn by Litgrid, the electricity company is preparing to increase the crude
Norway and Germany have risen by 23% transmission system operator. The group intake of non-Russian oil grades.
between October and January, imports employed a total workforce of almost 1,300 MOL’s Croatian subsidiary reported a
of gas from the Netherlands by 29%, and at the end of last year, BNS said. record net profit of HRK1.90bn (€252mn)
imports from Belgium by 250%. Sikela also in 2022. up 48% y/y as revenues rose 55% to
pointed out that savings have also played HRK36.15bn. Investments jumped 71% to
an important role and contributed to lower MOL reports record profit in 2022 HRK2.7bn, the highest in 10 years, in large
consumption. part due to the $339mn transformational
“From October to January, we have Hungary’s oil and gas giant MOL reported project of the Rijeka oil refinery.
lowered the consumption by nearly 28%” record earnings in 2022 despite the MOL chairman-CEO Zsolt Hernadi
compared to the previous year and “saved unfavourable regulatory environment, the said the war in Ukraine and its impact on
850mn cubic metres of gas.” price cap on fuel and the windfall tax. High supply security, along with unpredictable
Czech Radio noted it is unclear whether oil prices and wide margins due to the macro conditions and regulatory measures,
Sikela expects the imports of Russian gas to access to cheap Russian oil lifted Ebitda to produced “unprecedented challenges” for
stay at zero levels in the upcoming months. historic highs, results published ahead of MOL in 2022. Still, MOL generated “robust”
Karel Havlicek, who now leads the the opening bell on February 17 show. Ebitda, he added, allowing the continued
populist ANO party of billionaire Andrej MOL reported clean CSS Ebitda of pursuit of its 2030 strategy to invest in new,
Babis in parliament , pointed out that $1.7bn (€1.6bn) in 4Q, up 21% y/y but low-carbon, circular economy businesses.
Czechia does not have complete control 26% below the record 3Q. In the 2010s, MOL’s entry onto the waste management
over the gas mix streamed into the country the company’s quarterly Clean CSS Ebitda market with the award of a 35-year
from Germany. “Since the Nord Stream is averaged around $660mn, Portfolio notes. municipal waste management concession
shut, then it is clear the gas mix must be Upstream clean CSS Ebidta rose by was a big step towards its circular economy-
comprised mainly of Norwegian gas and 8% y/y to $492mn y/y and decreased related strategic goals, he added. ™
LNG,” Havlicek was quoted as saying by the q/q, dented by extra royalty payments in
Czech Press Agency. Hungary and the regulated gas price scheme

P18 www. NEWSBASE .com Week 08 23•February•2023