Page 8 - EurOil Week 36 2021
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EurOil PIPELINES & TRANSPORT EurOil
Nord Stream 2 completed as last
pipe section welded into place
RUSSIA THE last piece of pipe was welded into place on before the end of the year. Gas price initially fell
September 7, completing the construction of the by €1.9 on the announcement of the completion
But there is still controversial Nord Stream 2 gas pipeline con- of the pipeline but remained at unseasonal highs
uncertainty about when necting Russia’s vast Yamal gas fields directly to of over $650 per thousand cubic metres.
the pipeline will start Germany and bypassing Ukraine, the operating “Afterwards, the required pre-commission-
flowing. company said in a statement. ing activities are carried out with the goal to put
“On September 6, 2021, specialists on the the pipeline into operation before the end of this
lay-barge Fortuna welded the last pipe of the two year. Nord Stream 2 will contribute to meeting
strings of the Nord Stream 2 pipeline. The pipe long-term needs of the European energy market
number 200,858 will be lowered onto the seabed for gas imports, improving supply security and
in German waters. As the next step, the section of reliability, and providing gas under sensible eco-
the pipe coming from the German shore will be nomic conditions,” the operating company said.
connected to the section coming from the Dan- Russian Foreign Minister Sergei Lavrov said
ish waters in a so-called above water tie-in,” the the same day that the Nord Stream 2 gas pipe-
operating company said. line will be completed in the next few days, but
Reports that the completion means gas will remained vague on the start of operations.
begin flowing within days were later corrected The $11bn Nord Stream 2 project is expected
as misleading, as a series of tests and inspections to double the capacity of the existing Nord
still need to be carried out. The operating com- Stream pipeline across the Baltic Sea and allow
pany remains vague on the timing for the com- Russia to bypass Ukraine when piping gas to
mencement of gas flow, but said it would start Europe.
PERFORMANCE
PGNiG posts 87% y/y net
profit drop in Q2
POLAND POLAND’S listed oil and gas exploration and of 712.7% y/y to PLN1.41bn in exploration
production company PGNiG posted a net profit and production in the second quarter. In trade
PGNiG’s stock price of PLN687mn (€152.4mn) in the second quarter, and logistics, Ebitda came in at a negative
was little changed. which represented a fall of 87% y/y, the company PLN220mn.
said in a market filing on September 2. In distribution, Ebitda grew 33.8% y/y to
Revenues jumped 43.3% y/y to PLN10.43bn, PLN542mn, while in generation, the expansion
PGNiG also said. Ebitda came in at PLN1.8bn, a came in at 45.3% y/y to PLN170mn.
fall of 75.2% y/y – an effect of the high base from The results are largely in line with preliminary
last year, when PGNiG received a one-off boost figures released in late July.
in the form of the Russian gas company Gaz- PGNiG’s stock inched up 0.2% to PLN6.23
prom’s returning overpayment for gas supplies during mid-day trading on the Warsaw Stock
as a result of the arbitration dispute resolved in Exchange on September 2. Year-to-date, the
favour of PGNiG. company’s share price has grown 16.22%.
Ebitda results by segment showed a jump PGNiG’s market cap is PLN36bn.
P8 www. NEWSBASE .com Week 36 09•September•2021
