Page 9 - AfrOil Week 09 2023

AfrOil PERFORMANCE AfrOil

However, he did state that Eni expected to These initiatives can be expected to benefit
replace all of its Russian gas deliveries with Afri- both Italy and the broader European energy
can shipments by 2025. market, he added. “In 2022, Eni was not only
Prior to the outbreak of war in Ukraine in engaged in progressing its sustainable energy
late February of last year, Eni was importing transition goals, but also in ensuring the secu-
about 40% of Italy’s gas from Russia, he noted. rity and stability of energy supplies to Italy and
(According to previous reports, Russian gas Europe, building up a diversified geographic
deliveries to Italy amounted to 29bn cubic mix of energy sources,” he commented. ™.
metres per year. As such, if Descalzi’s statement
that Eni has replaced half of its Russian volumes
is accurate, the Italian major has secured the
equivalent of around 14.5 bcm per year from
other suppliers.)
The CEO pointed out that his company had
expended a great deal of effort over the last 12
months to expand the scope of its relationships
with existing gas suppliers such as Algeria and
to initiate deliveries from new suppliers such as
Mozambique. “During the year, we were able to
finalise agreements and activities to fully replace
Russian gas by 2025, leveraging our strong rela-
tionships with producing states and fast-track
development approach to ramp up volumes
from Algeria, Egypt, Mozambique, [Republic
of] Congo and Qatar,” he was quoted as saying
in the press release. Descalzi sees African gas replacing all of Italy’s Russian gas by 2025 (Photo: Eni)

POLICY
Russia to store crude oil in Ghana as

Western sanctions shrink its market

GHANA AS the market for refined fuels from Russia The Russian tanker Theseus arrived in
shrinks due to the Western embargo imposed in Ghana’s territorial waters on Friday, February
response to that country’s invasion of Ukraine, 24. The vessel was carrying about 600,000 bar-
Moscow is looking for new buyers, and report- rels of Russian oil from a port in the Black Sea,
edly is looking to store barrels in Ghana, itself a according to tanker tracking data compiled by
net exporter of crude and fuel. Bloomberg.

Russian crude will be stored in the Tema Oil Refinery (File Photo)

Week 09 02•March•2023 www. NEWSBASE .com P9