Page 14 - EurOil Week 29 2022

EurOil EurOil

more than 90% of gas imports. Budapest to acquire 417 Lotos petrol stations, for MOL will start dividend
signed a 15-year contract in October that a consideration of $610m, after the EC
guarantees an annual supply of 4.5bcm. required Polish energy company PKN Orlen payments next week
Finding substitutes would be difficult as to divest assets as a condition for approval
there are no guarantees that LNG supplies of its acquisition of Grupa Lotos. At the Hungarian oil and giant MOL will start
could reach the country for technical same time, MOL agreed to sell 185 of its paying HUF302.6 per share dividend from
reasons. Landlocked countries like Austria, own petrol stations to PKN Orlen for a total July 28, the company announced on July 19.
Hungary and Slovakia have less scope to consideration of $259mn. The board proposed a HUF100 per share
access international LNG supply options. MOL became the third-biggest player dividend and a special dividend of about
A full Russian gas shut-off would lead in Poland’s retail vehicle fuel market, while HUF200 per share at the April 28 AGM.
to a direct economic loss of about 4% in PKN Orlen will be the fourth-biggest in Total dividend payout will reach HUF242bn
the baseline over the next 12 months in the Hungary with a 7% share of the retail (€602mn).
three CEE countries (Hungary, Slovakia market. The board did not propose a dividend
and Slovakia), which would be further The company operates its service on 2019 earnings, because of the pandemic,
exacerbated by trade spillovers. stations under five brands across the region, while it generated “record high” Ebitda and
The IMF, using different models, said including the recently acquired 120 OMV free cash flow in 2021, supported by “very
the loss of output for Hungary could be Slovenija and the 95 new Lukoil service strong” macro conditions.
between 2.5-6.5%, the highest among EU stations in Slovakia and Hungary. High oil and gas prices and relatively
countries. Greater gas sharing between EU MOL’s retail network rose to 2,390 and cheap Russian oil have boosted MOL’s
members could significantly reduce the now it operates in ten countries profits in Q1. MOL reported Clean CCS
potential impacts. That transaction, which included ones Ebitda of $833mn in Q1 2022, down by
Budapest threatened to veto the EU’s operated by Normbenz Magyarorszag under 6% from the previous quarter, but up from
sixth round of sanctions against Russia in the Lukoil brand as well as Slovnaft stations $644mn.
May that banned the import of oil and oil in Slovakia, was also cleared by the EC on MOL shares traded between HUF2,268-
products from Russia. After a month of Monday.. 3,170.
haggling, pipeline delivery was exempted. MCC, a government-friendly
For similar reasons, Hungary has interdisciplinary educational institution,
rejected the idea of banning Russian gas, Shell, Vitol seek operations will be eligible for around HUF24bn in
saying it would paralyse its economy. dividends, as last year the state transferred
The IMF report notes that Europe lacks a licences in Bulgaria 10% of its stakes.
comprehensive plan if Russia were to stop
deliveries overnight. The completion of the Greece-Bulgaria gas
Over the past weeks, there has been interconnector and its expected start of Istanbul-listed Tupras selects
widespread speculation Gazprom won’t operations in mid-August have opened the
restart gas deliveries through the Nord door to more international gas companies, Nasdaq-listed Honeywell for
Stream 1 pipeline after the completion of with Shell and Vitol already applying for
scheduled maintenance by July 21.. operations licences in Bulgaria, the chairman biofuel production
of the state energy and water regulation body
KEVR Stanislav Todorov said on July 14. Tupras (TUPRS), a unit of Koc Holding
Deutsche Bank extends €925mn RAE provided their formal decision on the (KCHOL), is to licence Honeywell UOP
Meanwhile, KEVG and its Greek peer
Ecofining technology to produce biofuels
3-year loan to Turkey’s Botas certification of ICGB, the company running from feedstocks such as used cooking oil
the interconnector.
and waste animal fat at its refinery in Izmir,
Deutsche Bank (Frankfurt/DBK) has ICGB is now the second natural gas according to a statement by Honeywell
extended a €925mn three-year loan to operator in Bulgaria along with the state- (Nasdaq/HON).
Turkey’s government-run natural gas owned Bulgartransgaz. The plant is to convert 8,300 barrels/
importer Botas under a guarantee provided “The start of the interconnector makes day of waste feeds and feedstocks to SAF
by Turkey’s Ministry of Treasury and more energy independent not only Bulgaria (sustainable aviation fuel), renewable diesel,
Finance, according to a statement from but also Greece and the whole Europe. With and other products.
Deutsche. this decision the energy regulators of Greece The Ecofining process was developed in
Botas will use the loan to buy liquefied and Bulgaria guarantee the interconnector gas conjunction with Eni SpA (Milan/ENI).
natural gas (LNG) from a list of pre-agreed link IGB will secure free access to commercial Tupras is the largest industrial enterprise
companies in the US, Singapore, France, entities from different countries and they in Turkey. It operates four oil refineries in
Germany, Italy, Spain, Switzerland, the UK, will be able to supply natural gas to Bulgaria,” Izmir, Izmit, Kirikkale and Batman with
Algeria and Qatar.... Todorov said during the ceremony in Sofia. a combined annual crude oil processing
He added that this step also secures natural capacity of 30mn tonnes (Chart: Tupras
gas supplies for Bulgaria during the coming refineries).
EC clears MOL acquisition of winter despite Gazprom’s decision to stop
supplies at the end of April.
Lotos petrol stations in Poland documentation that would allow the
Bulgaria hopes that the whole

The European Commission has cleared interconnector to start operations will be
Hungarian oil and gas company MOL’s completed within weeks so that it begins work
acquisition of Lotos petrol stations in in mid-August..”
Poland.
MOL signed an agreement in January

P14 www. NEWSBASE .com Week 29 25•July•2022