Page 13 - FSUOGM Week 09 2022

FSUOGM NEWS IN BRIEF FSUOGM

of gas to Germany. has announced its results for 2021, saying Poland praises suspension
The company behind the construction, it considerably picked up its performance
Nord Stream 2 AG, is a wholly-owned during the year. The improvement was of Nord Stream 2 but wants
subsidiary of Russia’s state-owned driven by strict financial discipline, focus
corporation Gazprom. on priority investments, and the recovery of to go tougher on Russia
Gazprom provides Germany with more the market, according to the company.
than half of its gas, leading to Moscow using The company made RSD21bn (€0.18bn) Germany’s suspending the certification
the pipeline as geopolitical leverage. net profit, compared to the RSD7.6bn loss process of Nord Stream 2 is good news, but
“Through his actions, President in 2020 due to the coronavirus (COVID-19) Poland anticipates going much further in
Putin has provided the world with an pandemic. Ebitda reached RSD53.2bn, punishing Russia for invading Ukraine’s
overwhelming incentive to move away 3.4 times more than the previous year. eastern regions of Donetsk and Luhansk,
from Russian gas and to other forms of Investments amounted to RSD20.2bn and Polish Prime Minister Mateusz Morawiecki
energy,” the US President said in an official NIS paid RSD217.8bn in taxes and fees, said on February 22.
statement. 21% higher year on year, said NIS in a press Poland and other eastern member states
release. of the EU – which emerged from Moscow's
The average Brent oil price grew by 70% domination at the turn of the 1980s and
Bulgaria hopes to complete in 2021, reaching $70.7 per barrel. 1990s – have long called on Germany and
In 2021, the company produced 1.194mn
the EU to recognise Nord Stream 2 as a
gas link with Greece by May tonnes of oil and gas. NIS put into operation project that is predominantly geopolitical,
not economic, in nature.
over 40 new exploration and production
Bulgaria hopes to complete the gas link wells in Serbia and Romania. The Pancevo “From the very beginning of the Nord
with Greece by May and to start receiving refinery increased its processing volume Stream 2 project, Poland was categorically
more natural gas from Azerbaijan via this by 9% to 3.945 million tonnes of oil, the against placing Germany's gas interests
pipeline, Dnevnik news outlet reported on highest level since 2009. Sales of petroleum over the security of the whole of Europe,”
February 23. products soared to 4.031mn tonnes, 14% Morawiecki said in a Facebook post.
Sofia is rushing to complete the more y/y. “Today, all the inhabitants of the EU feel
project amid expectations that Russia While boosting retail and export, NIS the effects of the continent's dependence on
may reduce or completely halted its continued developing its filling station Russian energy supplies,” the PM added.
supplies to Bulgaria. The government has network, the company said. In 2021, NIS For years, Poland has said that Nord
been exploring options for other sources put into operation ten new filling stations Stream 2 will serve Moscow to circumvent
of deliveries to ensure households and in Serbia, including its first location on the Ukraine when supplying Germany and
companies still receive gas in the worst case new Milos Veliki highway. Western Europe. That would facilitate
scenario. The company continued the construction applying economic and, by extension,
Meanwhile, ICGB, the project company of the Pancevo thermal power plant, which political pressure on Kyiv in retaliation for
that will operate the link, said it has filed will be put in operation in 2022. its pro-Western stance.
documents to get permits in Bulgaria and At the end of 2021, NIS, the Serbian "We have long appealed to our German
Greece. The procedure could last up to six Ministry of Economy and HIP Petrohemija partners to stop this harmful and dangerous
months. signed a strategic partnership agreement. project," Morawiecki also said.
ICGB said that the interconnector NIS has undertaken to increase its stake Poland is not free from dependency on
should become operational by July this year. in HIP Petrohemija to 90%, contribute Russian energy supplies, however. Nearly
The interconnector was supposed to €150mn to Petrohemija’s capital, 90% of oil demand and some 60% of gas
become operational at the end of 2021, but and construct a new 140,000 tonne demand in Poland is covered by Russian
the construction has already delayed once polypropylene plant within the next six imports. There are plans to end the gas
due to the coronavirus pandemic until years, said the company. dependency by the end of 2022, once
end-June 2022. Due to the conflict between “It has been a challenging year, but the Baltic Pipe, a gas link from Norway,
Russia and Ukraine, the authorities in Sofia we managed to keep NIS stable and becomes operational.
are hoping to have the pipeline ready as diversify our portfolio by venturing into Poland has also let the world’s biggest
soon as possible. petrochemistry. The fulfilment of the oil company, Saudi Aramco, onto the
The interconnector will have a length strategic partnership agreement with HIP market by selling it assets of Lotos Group in
of 182 km, of which 151 km will be on Petrohemija and the Serbian government January. The transaction could help Poland
Bulgarian territory. Its capacity is planned will remain our top priority for the turn to the Saudis for oil at the expense of
to be 3bn cubic metres. Bulgaria and Greece next several years. We also plan to keep Russia.
signed a delayed final investment decision modernising all areas of our business and Meanwhile, the spokesman of the Polish
on building the interconnector in December will invest about RSD25bn in development government, Piotr Muller, told the state
2015. projects this year. We will keep following newswire PAP that "Polish diplomacy is
The interconnector is part of the Vertical the business model we have selected during working to make sure that sanctions against
Gas Corridor (Greece – Bulgaria – Romania the crisis period, as the market is still Russia go as far as possible."
– Hungary), providing access to natural gas unstable. Our priorities are maintaining Muller's words suggest that Poland
from the Southern Gas Corridor and LNG financial discipline, implementing our key is not happy with the sanctions package
to Southeast and Central Europe as well as investment projects, helping our employees announced by the EU, targeting "banks that
Ukraine. develop professionally, and contributing to are financing Russian military and other
the well-being of the community,” said Kirill operations in those territories" and "the
Tyurdenev, NIS CEO. ability of the Russian state and government
NIS profit in 2021 at RSD21bn to access the EU’s capital and financial
markets and services, to limit the financing
The Naftna industrija Srbije (NIS) group of escalatory and aggressive policies."

Week 09 02•March•2022 www. NEWSBASE .com P13