Page 8 - AfrOil Week 50 2020
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AfrOil                                              NRG                                                AfrOil

                         Meanwhile in the UAE, state-owned ADNOC  stations are situated in the states of Bavaria and
                         launched a second trading arm focused on  Baden-Wuerttemberg. OMV also has a refinery
                         refined products.                    in Burghausen in Bavaria but the plant is mostly
                                                              focused on petrochemicals rather than motor
                         If you’d like to read more about the key events shaping   fuels, and there is “only a very limited degree of
                         the downstream sector of Africa and the Middle East,   integration” with its fuel retail business in the
                         then please click here for NewsBase’s DMEA Monitor.  area.
                                                                EG Group was founded by the UK’s billion-
                         EurOil: EU takes tougher climate action EU  aire Issa brothers, who are also looking to acquire
                         leaders agreed on tougher climate goals on   British supermarket chain Asda from US retail
                         December 11 following some 10 hours of talks,  giant Walmart.
                         overcoming opposition from certain members.
                         The bloc will now strive towards a 55% reduction   If you’d like to read more about the key events shaping
                         in greenhouse gas (GHG) emissions by 2030 ver-  Europe’s oil and gas sector then please click here for
                         sus the level in 1990. This compares with a pre-  NewsBase’s EurOil Monitor.
                         vious aim of 40%.
                           The deeper cut will require major changes in  FSU: Nord Stream 2 work resumes
                         the energy and transport sectors, the European  Construction work on Russia’s embattled Nord
                         Commission has said, as well as the mass retrofit  Stream 2 gas pipeline has resumed, the project’s
                         of buildings to make them energy-efficient and  operator said on December 11, after coming to
                         able to charge electric vehicles (EVs).  a halt around a year ago after the US imposed  The EU will now
                           Investment will be most significant in coun-  sanctions.
                         tries that currently have a higher reliance on fos-  The pipeline under the Baltic Sea from Ger-  strive to make a
                         sil fuels.                           many to Russia is understood is be around 94%   55% reduction in
                           While wealthier states such as France and  complete. Germany’s Authority of Waterways
                         Germany that already boast significant clean  and Shipping Management published a notice   GHG emissions
                         energy capacity supported tougher action,  to seafarers on December 11 that building work
                         coal-dependent countries in Europe’s east such  in German waters had resumed.  by 2030
                         as Poland and the Czech Republic initially came   It warned other ships to avoid the area until
                         out against the proposal. In exchange for its  “around December 31”, noting that “anchoring
                         support, Poland secured a pledge for EU fund-  or fishing is not permitted in the area of the
                         ing to help it transition towards clean energy.  planned pipelines.”
                         The country currently generates some 80% of   The Nord Stream 2 operating company, a
                         its power by burning coal, and its renewables  100%-owned subsidiary of Russian state gas
                         sector has stagnated in recent years because of  supplier Gazprom, confirmed in a statement
                         unfavourable policies.               that “the pipelay vessel Fortuna will lay a 2.6-km
                           It was also agreed that the goal would be col-  section of the pipeline in the German Exclusive
                         lective, meaning not all individual countries will  Economic Zone in water depths of less than 30
                         have to achieve such a significant reduction.  metres.”
                           In news elsewhere, Austria’s OMV is push-  Nord Stream 2 will pump up to 55bn cubic
                         ing ahead with its divestment programme, this  metres per year of Siberian gas to Gazprom’s
                         week striking a deal to sell a network of 285  European customers. Russian authorities have
                         filling stations in southern Germany to the  said they expect the pipeline to be up and run-
                         UK’s EG Group for €485mn ($588mn). The  ning by early 2021.

       P8                                       www. NEWSBASE .com                      Week 50   16•December•2020
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