Page 19 - EurOil Week 33

EurOil NEWS IN BRIEF EurOil

Uniper utilises a consortium model for all progressing. Reported EBITDA for the second ENERGY TRANSITION
ssLNG market participants to help transform quarter was negative by $10.1mn ($53.1mn
the trading market space resulting in market positive), primarily reflecting all time low Air BP and Neste to offer
efficiencies and significant cost savings for activity.
traders. Cash flow from operations was negative by increased volume of
Uniper selected Wipro to build the $5.5mn ($19.9mn positive).
blockchain platform to address the complexity Although the market conditions and macro sustainable aviation fuel in
of the European ssLNG market. As a result environment continue to be challenging due
of the implementation, commodity flow to effects of Covid-19 and the parallel oil price Europe
management is simplified in a market collapse, the company remains in constructive
characterized by extensive manual and paper- discussions with clients relating to upcoming Air BP, the international aviation fuel
based transactions and high operational cost. and ongoing contracts on such subjects as products and services supplier and Neste, the
The platform implemented by Wipro temporary suspensions and/or deferral as well world’s largest producer of renewable diesel
involves multiple peer-to-peer trading as commercial and payment terms. Further and sustainable aviation fuels (SAF), have
cycle participants, enables order and supply details are described in the operations section signed an agreement to offer an increased
placement, delivery of goods, validation of the later in this report. volume of sustainable aviation fuel to airport
state of goods and bill settlements. It further The company has also successfully customers in 2020 and 2021. The volume is
helps Uniper streamline trade by reducing implemented further cost and spend saving five times larger than that supplied by the
turnaround time, effort and inefficiencies, initiatives to adapt to the new reality and businesses in 2019. Air BP will make the
enables scalability and brings visibility, protect liquidity. Neste-produced SAF available at selected
transparency and trust in all stages of LNG Prosafe had liquidity reserve of $177.5mn airports in Europe, with deliveries to airports
trade. at the end of Q2 2020 ($241mn). The including Stockholm (ARN) and Oslo (OSL)
Strategically, it paves the way for Uniper forbearance arrangement previously reported expected to begin in the coming weeks.
to become the market maker for low-carbon expired at the end of July. The increased supply of SAF comes in
modern supply of alternative fuels and However, the process and creditor response to rising demand from existing
decentralised energy solutions. discussions remain constructive and lenders and new airline customers, as well as from
WIPRO LIMITED, August 20, 2020 in general maintain their support of the Norway, where there is a mandate requiring
company. 0.5% of all jet fuel sold to be SAF.
Pending conclusions, the company Neste’s SAF is produced from 100%
SERVICES continues to operate on a going concern renewable waste and residue raw materials.
basis to protect and create value through In its neat form and over the lifecycle, it can
Prosafe SE: Second quarter challenging market conditions on the reduce up to 80% of greenhouse gas emissions
assumption that there is justified hope for a
compared to conventional jet fuel. SAF
and first half report 2020 sustainable financial solution. undergoes the same quality tests as regular
fossil jet fuel and can be blended at up to 50%
PROSAFE, August 20, 2020
(Figures in brackets refer to the to fuel aircraft. Currently, SAF offers the only
corresponding period of 2019) viable drop-in alternative to fossil liquid fuels
The process with lenders for a sustainable for powering commercial aircraft.
financial solution is constructive and AIR BP, August 19, 2020

Week 33 20•August•2020 www. NEWSBASE .com P19