Page 15 - EurOil Week 48 2021

EurOil NEWS IN BRIEF EurOil

a big difficulty for the country given the ongoing linking Egypt and Israel, the latter’s energy group. Prosecutors allege that contracts
collapse of the Turkish lira. minister reportedly said. Both countries between Petrotel and its shareholder Lukoil
Turkey’s overall import expenditure, includ- are discussing the construction of a new Europe were drawn up in favour of the latter.
ing energy and other items, totalled $22.23bn in $200mn onshore pipeline that would The defendants were previously acquitted
October, with energy accounting for 24.4% of connect Israel and Egypt via North Sinai. twice after being sued for the bad faith use of
overall imports. The pipeline could allow Egypt to import the company’s capital and money laundering.
The country’s crude oil imports increased by an additional 3-5bn cubic metres of gas per
1.76% y/y in October. Turkey imported 2.89mn year.
tonnes of crude oil last month, up from 2.84mn The MoU signed between Greece and Morawiecki: New German
tonnes a year ago. Egypt will see the two countries work more
closely on LNG marketing and natural govt should not let Nord
gas exploration and production activities
MOL signs new revolving in the EastMed as well as potentially set Stream 2 become Putin’s
up a new subsea pipeline linking the two
credit agreement countries, the Greek energy ministry said weapon
in a press release. The agreement will also
Hungarian oil and gas company MOL lay the foundation for Greek companies The new German government should do
on Monday said its unit MOL Group to sign agreements with Egypt’s state gas “everything possible” to make sure that
Finance signed a €575mn revolving credit company EGAS as well as Greek importer Russia does not turn Nord Stream 2 into a
agreement on November 29. DEPA. geopolitical pressure tool, Poland’s Prime
At the same time, the company The Egypt-Greece pipeline would be Minister Mateusz Morawiecki told German
cancelled a €615m revolving credit facility in addition to the planned link between newswire DPA on November 28.
it concluded on June 29, 2016. Cyprus’ Aphrodite natural gas field Poland is one of the most vocal opponents
The transaction was coordinated by and Egypt, which would allow Cyprus of Nord Stream 2, which is about to start
BNP Paribas and UniCredit, while OTP to export its gas to Europe via Egypt’s pumping 55bn cubic metres of gas annually
Bank will act as facility agent. The new liquefaction facilities. The pipeline is straight to Germany as soon as the German
five-year facility, with two, one-year currently expected to come on stream in energy regulator certifies its use.
extension options, can be drawn in euros 2024/2025. . Poland and its ally Ukraine worry that
or US dollars. MOL said conditions of the once gas starts flowing through Nord Stream 2
agreement, with an initial margin of 60bp, – which connects Russia to Germany directly
were “highly competitive”. Romania reopens lawsuit via the Baltic Sea – Moscow will stop sending
The agreement “further enhances the commodity through Ukraine, ridding it
the financial profile of MOL Group against Lukoil of transit revenues and of gas itself, waging an
via maturity profile optimisation”, the energy war on Kyiv.
company said. The lawsuit against the management of the That would only add to the tension in the
MOL also said a €555mn revolving Petrotel Lukoil refinery in Romania, as well region. Russia and Ukraine are in a conflict
credit facility agreement signed by MOL as against the company that manages the over Moscow’s takeover of Crimea in 2014
Group Finance SA Bertrange, Zurich refinery and the parent company, Lukoil and there is a simmering war in Ukraine’s
Branch, the predecessor of MOL Group Europe Holdings (Netherlands), will start eastern regions of Donbas, Donetsk, and
Finance on July 9, 2018, was modified. from scratch after the Ploieşti Court of Appeal Luhansk.
Following the changes,€35mn will scrapped on November 25 the sentences given Russia has been amassing troops near
mature on July 9, 2023, €50mn a year by lower courts. The decision is final, News. Ukraine’s borders recently, which spurred
later on the same day and the largest ro reported. speculation of an incoming invasion.
chunk, €470mn on July 9, 2025. Romanian prosecutors announced The Kremlin has denied any intention of
MOL’s net debt to Ebidta fell from 1.6 in August that they had completed their attacking Ukraine, instead accusing the West
in 2020 to 1.3 in the first nine months of investigations into alleged fraud at the local of war “hysteria”.
2021. Lukoil refinery and indicted the Russian- Despite the conflict, Ukraine has recently
owned Petrotel refinery, its Russian director- asked Russia’s gas behemoth Gazprom to
general and five other officials. Prosecutors extend the current gas transit deal that expires
Egypt partners with Greece, estimated the losses to the state at RON7.6bn in 2024 for another 15 years and offered to cut
transit fees in half.
(€1.76bn), and seized shares and bank
Israel to boost gas exports accounts of companies belonging to the blackmail Ukraine and Moldova. It is also a
“Nord Stream 2 is becoming a tool to
Lukoil Group worth €2bn.
Egypt’s ambitions to become a regional gas Prosecutors have brought charges against tool for the manipulation of energy prices,”
hub received a boost last week after the Petrotel Lukoi Ploiesti and former members Morawiecki told DPA.
Madbouly government signed agreements of its top management — Andrey Iurevici “I would expect the new German
with Greece and Israel that could help it Bogdanov, Andrei Rata, Dorel Dutu, Alexey government to do everything possible not to
expand exports to Europe. A number of Vointsev, Olga Kuzina and Dan Danulescu. allow Nord Stream 2 to be an instrument in
memoranda of understanding (MoUs) Some of the accusations concern transfer the arsenal of President [Vladimir] Putin,” the
were inked during the East Mediterranean pricing practices between 2011-2014, when PM said.
Gas Forum in Cairo that could see Egypt the refinery’s managers concluded contracts Poland wants the European Commission
import more natural gas from Israel to be for the purchase of crude oil and for the sale to probe Gazprom, Russia’s state-controlled
used as feedstock for re-exporting liquefied of petroleum products at prices that were gas exporter and Nord Stream 2’s owner, for
natural gas (LNG) shipments to Greece not favourable to the company, prosecutors undue influence on the European energy
from the Idku and Damietta LNG plants. concluded. market.
The increased Israeli supplies could Separately, there are allegations related Russia has been accused of fuelling the rise
be channelled through a new pipeline to financial contracts with firms within the in gas prices in the EU by not meeting the

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