Black Sea Oil & Gas Projects, the Total Amount of Financing for Each of the Projects Has Not Been Disclosed
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The Effects of Establishing an FSRU Terminal at the Gulf of Saros in Turkey for Balkan Countries
NOVEMBER 2019 B.’ Energy Notes BEN. 30 The Effects of Establishing an FSRU Terminal at the Gulf of Saros in Turkey for Balkan Countries Bihter Gülsoy [email protected] Selin Güngör [email protected] Berna Var [email protected] 1 Sude Yılmaz [email protected] THE EFFECTS OF ESTABLİSHİNG AN FSRU TERMİNAL AT THE GULF OF SAROS İN TURKEY FOR BALKAN COUNTRİES BİHTER GÜLSOY SELİN GÜNGÖR BERNA VAR AND SUDE YILMAZ B.’ Energy Notes BEN. 30 http://berument.bilkent.edu.tr/BEN Bilkent University Faculty of Economic, Administrative and Social Sciences Bilkent 06800, Ankara-Turkey NOVEMBER 2019 2 Central and Eastern European (CEE) countries are almost exclusively dependent on Russian natural gas for their consumption and most of them are seeking new alternatives to strengthen their energy security. New supply alternatives could be the solution to the dominance of the Russian gas. While the reason for the monopolistic status of Russia is providing the lowest prices to Europe, this benefit can be nullified by natural gas interruptions from Russia to these countries. The increasing number of new energy suppliers in the region may lead to an increase in the supply of natural gas, however, this may not eventually further decline in natural gas prices but may help to boost European natural gas supply security. Thus, new energy projects to provide alternatives such as the project in the Gulf of Saros in Turkey can provide an alternative to Russian gas for Balkan countries in the case of a need arises. The unique location Turkey has enables it to become not only a transit country but also with its developing new natural gas supply mechanisms. -
W O R K I N G P a P E R Natural Gas Import and Export
W ORKING P APER Working Paper No26 July 2019 NATURAL GAS IMPORT AND EXPORT ROUTES IN SOUTH-EAST EUROPE AND TURKEY Gina Cohen Lecturer & Consultant on Natural Gas ΙΕΝΕ Working Paper No26 NATURAL GAS IMPORT AND EXPORT ROUTES IN SOUTH-EAST EUROPE AND TURKEY Author Gina Cohen, Lecturer & Consultant on Natural Gas Institute of Energy for SE Europe (IENE) 3, Alexandrou Soutsou, 106 71 Athens, Greece tel: 0030 210 3628457, 3640278 fax: 0030 210 3646144 web: www.iene.gr, e-mail: [email protected] Copyright ©2019, Institute of Energy for SE Europe All rights reserved. No part of this study may be reproduced or transmitted in any form or by any means without the prior written permission of the Institute of Energy for South East Europe. Please note that this publication is subject to specific restrictions that limit its use and distribution. [2] ACRONYMS AERS - Energy Agency of the Republic of Serbia AIIB - Asian Infrastructure Investment Bank BCM - Billion cubic meters BOTAS - Boru Hatlari Ile Petroleum Tasima Anonim Sirketi (Petroleum Pipeline Corporation) BRUA - Bulgaria-Romania-Hungary-Austria BRUSKA- Bulgaria-Romania-Hungary-Slovakia-Austria EBRD - European Bank for Reconstruction and Development EITI - Exctractive Industries Transparency Initiative EPDK - Enerji Piyasasi Duzenleme Kurumu (Energy Market Regulatory Authority) EU - European Union FGSZ - Foldgazszallito Zrt. (Hungarian Gas Transmission System Operator) FSRU – Floating Storage and Regasification unit GWh - Gigawatt hour HAG - Hungaria-Austria-Gasleitung (Hungary-Austria Interconnector) -
Could Shale Gas Become a Reliable Energy Source for Europe and Romania?
Could Shale Gas Become a Reliable Energy Source for Europe and Romania? MARIANA PAPATULICĂ Senior Researcher Institute of World Economy, Romanian Academy Calea 13 Septembrie, no. 13, District 5, Bucharest ROMANIA [email protected] PETRE PRISECARU PhD., Senior Researcher Institute of World Economy, Romanian Academy Calea 13 Septembrie, no. 13, District 5, Bucharest ROMANIA [email protected] Abstract: - While shale gas and oil is a success story in USA and Canada where production has considerably increased in the last five years the situation is quite different in Europe where exploration and production activities are quite low and prospects are not encouraging. Even in the Eastern Europe the first results of exploration are disappointing for the American companies, which have the technical expertise for exploring and extraction shale gas. Due to global warming there is now at the world scale a fierce confrontation between environmentalists and lobbyists of producing companies regarding the negative effects of hydraulic fracturing. Shale gas development in Europe depends more on the coal substitution by gas and on the use of CCS technologies. The collapse of crude oil prices may delay many projects in the field of shale gas and oil, especially in Europe. The prospects of oil gas in Romania are linked to the energy security concept, whose implementation requires diversification of energy supply on some levels. The development of shale gas in order to diversify the energy supply cannot compensate the groundwater pollution and other negative effects, like earthquake. The temporary withdrawal of Chevron from Romania will have some positive effects, allowing to our country a necessary time-out to better substantiate public policies in the field and to producing companies some time required for carrying out new technologies, less polluting and harmful. -
Energy 2017 Fifth Edition
Energy 2017 Fifth Edition Contributing Editors: Geoff rey Picton-Turbervill & Julia Derrick CONTENTS Preface Geoffrey Picton-Turbervill & Julia Derrick, Ashurst LLP General chapter Global Energy Security: New Concerns and Enduring Challenges – Karl V. Hopkins & Melissa Boyle Mahle, Dentons 1 Albania Floran Pustina & Jolita Hoxholli, TashkoPustina – Attorneys 9 Algeria Mohamed Chemloul & Amel Chemloul, Chemloul & Associés 23 Australia Graeme Gamble & Chelsea Herman, Herbert Smith Freehills 31 Belgium Wouter Geldhof, Cedric Degreef & Justine Diepart, Stibbe 39 Benin Jeffrey Gouhizoun & Elias Mahoulé Syné Guidi, OTL Conseils 52 Bolivia Enrique Barrios, Guevara & Gutiérrez S.C. 56 Congo – D.R. Pathy Liongo Bootsi & Michel Tshidibi Kankonde, Emery Mukendi Wafwana & Associates SCP 68 Cyprus Michael Damianos, Michael Damianos & Co LLC 73 Ecuador Daniel Pino Arroba, Jaime Arosemena Coronel & Fernanda Guzmán Amador, Coronel & Pérez 83 Germany Matthias Hirschmann & Alexander Koch, Hogan Lovells International LLP 86 Ghana David Addo-Ashong & Johnnie Klutse, Ashong Benjamin & Associates 96 Ivory Coast Gérard Bohui & Franck Hessemans, Hoegah & Etté Law Firm 108 Japan Takahiro Kobayashi & Shigeki Okatani, Mori Hamada & Matsumoto 112 Kenya John Miles, Nikhil Desai & Rubin Mukkam-Owuor, JMiles & Co. 123 Kosovo Erkand Kola, Rudi Metaj & Irina Kotenko, TashkoPustina – Attorneys 132 Mexico Juan Carlos Serra Campillo & Jorge Eduardo Escobedo Montaño, Basham, Ringe y Correa, S.C. 136 Morocco Kamal Habachi & Houda Habachi, Bakouchi & Habachi – HB Law Firm 147 -
EBRD Financing for Gas Projects in the CESEC Region CESEC Gas Plenary & Working Group 13Th February 2020, Brussels
EBRD financing for gas projects in the CESEC region CESEC Gas Plenary & Working Group 13th February 2020, Brussels Mark Lane PUBLIC Introduction to EBRD PUBLIC Overview of EBRD Key Facts Shareholding Structure Established in 1991. 9% The EBRD is owned by 69 countries from five continents, as well as the European 9% Union and the European Investment 10% 64% Bank. 8% Capital base of €30 billion The EBRD has a triple-A rating from all three main rating agencies (S&P, Moody’s EU27 countries EBRD region Includes European Community and Excluding EU, and Fitch) European Investment Bank (EIB) Russia at 4% each at 3%. Among other EU countries: France, Germany, Italy, Invested €140 billion in 5,777 projects, and the UK each holds 8.6% since inception USA Japan Other 79% private sector share As at December 2018 PUBLIC 3 Overview of EBRD Where we operate PUBLIC 4 EBRD portfolio of projects • In 2019, number of projects in portfolio exceeds 2,000 for the first time • €8.6bn in South-Eastern Europe PUBLIC EBRD Annual Bank Investment (ABI) - 2019 • Record level of Annual Bank Investment in 2019 €10bn ABI 452 projects • €1.7bn in South-Eastern Europe PUBLIC Green Economy Transition ABI • In 2015, EBRD set a target of increasing green financing from 25% to 40% of its annual investment by 2020. • In 2019, Green investments of €4.6 billion accounted for 46% of total financing. • To date, the EBRD has signed €34 billion in green investments, financed over 1,900 Green projects that are expected to reduce carbon emissions by 102 million tonnes annually. -
Energy Partner EP #2/2019
DIGITAL ERA OF ENERGY 6 GAS MARKETS IN EASTERN EUROPE 8 EU NEW HYBRID ENERGY SYSTEM 24 The next five years can become extremely dynamic “Gazprom’s” positions on the markets of Eastern New paradigm of the future EU energy system could for the European energy market. The “Clean Energy European countries will remain high owing to the be the use of excess electricity generated from the for All Europeans” will launch powerful mechanisms traditional partners of a Russian company. Under sun and wind to produce hydrogen gas with its further of decarbonization, push changes in the principles of certain scenarios, “Gazprom” may increase its presence transportation via gas transportation system and functioning of the energy market from centralized to in these markets. accumulation in the European system of underground distributed generation, and cause the emergence of a gas storage facilities. new active and mass player — the prosumer. ENERGY CORPORATE MAGAZINE CEPCONSULTPARTNER S.R.O. | # 2 DECEMBER 2019 -FEBRUARY 2020 | THE MAIN TOPIC THE THE NEXT FIVE YEARS CAN BECOME DIGITAL EXTREMELY DYNAMIC FOR THE ERA OF EUROPEAN ENERGY ENERGY MARKET. AS AN OPPORTUNITY AND A CHALLENGE |EDITORIAL COMMENT| |EDITORIAL COMMENT| On November 15th, 2018 at the Morava of the consulting agency into the Slovak Marian Meško, the Honorary Consul conference hall of Austria Trend consulting services market, to present of Lithuania in the Slovak Republic, Hotel,Bratislava, our commercial the groundwork on the main directions noted the prospects of increasing project presented its portfolio of of the company’s competitive services, interest of the business and government consulting services for the business as well as to establish business contacts of Slovakia in consulting services in community of Slovakia and other in the informal atmosphere of the project management in energy, energy European countries in cooperation reception. -
The Caspian Legal Status and Riparian Producers' Outlook on the European Commission's Strategy Towards the Fourth/Southern G
THE CASPIAN LEGAL STATUS AND RIPARIAN PRODUCERS’ OUTLOOK ON THE EUROPEAN COMMISSION’S STRATEGY TOWARDS THE FOURTH/SOUTHERN GAS CORRIDOR Mariana Liakopoulou TABLE OF CONTENTS INTRODUCTION ................................................................................................................................... 2 1. SOUTHERN GAS CORRIDOR: EMERGENCE AND REGULATORY FRAMING OF AN EU-CONCEIVED IDEA ......................................................................................................................... 3 1.1 Conceptualization and significance of energy security ............................................... 3 1.2 First institutional steps ......................................................................................................... 4 1.3 The 2006 transit crisis ........................................................................................................... 5 1.4 The 2009 transit crisis ........................................................................................................... 6 1.5 The near-crisis of 2014 .......................................................................................................... 7 2. SOUTHERN GAS CORRIDOR TODAY: EVALUATION OF THE FUTURE DEVELOPMENT AND EXPLOITATION OF THE PIPELINE TRANSPORT SYSTEM ............. 9 2.1 Present state of affairs .......................................................................................................... 9 2.1.1 Shah Deniz 1 and South Caucasus Pipeline .............................................................. -
View Annual Report
Annual Report 2016 Annual Report 2016 Contents OMV Petrom Group – at a glance Company 2 Highligths 12 Statement of the Chief Executive Officer 14 OMV Petrom objectives and strategy 20 Sustainability / non-financial statement 26 OMV Petrom shares 29 Business environment Business segments 32 Upstream 38 Downstream Oil 41 Downstream Gas Report of the governing bodies 44 Report of the Supervisory Board 49 Consolidated Directors’ report 60 Corporate governance report 71 Corporate governance statement 83 Declaration of the management 84 Abbreviations and definitions Consolidated financial statements and notes 88 Independent auditor‘s report 97 Consolidated statement of financial position 99 Consolidated income statement 100 Consolidated statement of comprehensive income 101 Consolidated statement of changes in equity 102 Consolidated statement of cash flows 104 Notes to the consolidated financial statements 185 Consolidated report on payments to governments OMV Petrom Group in figures 2016 Note: In this report, “the Company”, “OMV Petrom”, “OMV Petrom Group” and “the Group” are sometimes used for convenience where references are made to OMV Petrom S.A. and its subsidiaries in general. The financials presented in the report are audited and represent OMV Petrom Group’s consolidated results prepared according to IFRS; all the figures refer to OMV Petrom Group unless otherwise stated. Figures may not add up due to rounding differences. OMV Petrom Group – at a glance 2014 2015 2016 Sales (RON mn) 1 21,541 18,145 16,247 EBITD (RON mn) 8,145 6,231 -
Visegrad 4 States and Russian Gas Dilemma: Between Politics and Commercial Interests of Energy Companies
Visegrad 4 States and Russian Gas Dilemma: Between Politics and Commercial Interests of Energy Companies By Ivan Smirnov Submitted to Central European University Department of Political Science In partial fulfillment of the requirements for the degree of Masters of Arts in Political Science Supervisor: Professor Inna Melnykovska Vienna, Austria CEU eTD Collection (2021) Abstract: The presented thesis is aimed at considering drivers that influence energy policy outcome of decreasing or sustaining the energy dependence of Visegrad 4 states on Russian natural gas supply. The theoretical part provides the overview of the factors that influence the sustaining or decreasing the energy dependence of states that import Russian gas. The empirical part of this thesis provides the analysis of the structural and organizational power of energy companies in Hungary, Slovakia, Czech Republic, and Poland, along with the role that governments of the foregoing countries play in gas trade with Russia. The evidence provided indicates that the Czech and Slovakian gas companies were able to significantly influence the states’ energy policies and, driven by commercial interests, to diversify the gas supply and reduce the energy dependence on Russia, although in the Slovakian case the power of companies decreased to almost zero after the main energy company was re-nationalized in 2014. The analysis of Poland and Hungary reveals the opposite trend, with governments were the key decision-makers on the energy dependence diversification and preservation, respectively, which indicates about the absence of structural power of energy companies in those two afore-mentioned states. CEU eTD Collection ii Table of Contents Abbreviations ............................................................................................................................ v Introduction ............................................................................................................................. -
The Burden of Belonging: Romanian and Bulgarian Foreign Policy in the New Era
Journal of Balkan and Near Eastern Studies, Volume 11, Number 3, September 2009 The burden of belonging: Romanian and Bulgarian foreign policy in the new era RONALD H. LINDEN In the world there are only two tragedies. One is not getting what one wants, and the other is getting it. Oscar Wilde Introduction For all states, joining an international organization extracts a price. There are expectations, demands, conditions, more or less explicitly spelled out, that will apply to those wanting to become part of an ongoing international enterprise. This applies even to powerful countries and is one of the reasons why realist notions of foreign policy have typically included injunctions against alliance membership.1 For smaller countries in particular, such as the former communist countries of Central and East Europe, the path to achieving membership in international organizations has been especially challenging. The literature is vast and growing on EU expectations and conditions applied to the East European states since membership became a possibility in the mid-1990s.2 Virtually all of it focuses on these states’ adaptation of their domestic political and economic structures, changes in laws and processes including, for example, the adoption into domestic law of the 80,000-page acquis communautaire of the EU. The foreign policies of these states have been less frequently examined against the backdrop of their new membership in the international organizations Downloaded By: [Linden, Ronald H.] At: 12:24 17 September 2009 1 In his discussion of the ‘Nine Rules’ of diplomacy, Hans Morgenthau wrote, ‘Never allow a weak ally to make decisions for you. -
Summary Report of the WP2
Project: BiG>East (EIE/07/214) Deliverable 2.2 Summary Report of the WP2 Augustin Ofiteru, Mihai Adamescu, Dan Ionescu SC Mangus Sol SRL, Romania With the support of: 1 Introduction This paper presents the results and conclusions of work tasks within WP2 of the BiG>East project in order to implement and develop biogas production in Bulgaria, Croatia, Greece, Latvia, Romania and Slovenia, the participant and also target countries of this project: ¾ Task 2.1. - Biogas installations in Romania ¾ Task 2.2. - Technical review of the utilisation of waste material for biogas production in Romania ¾ Task 2.3. - Estimation of the potential feedstock availability in Eastern Europe ¾ Task 2.4. - Assessment of the agricultural structure ¾ Task 2.5. - Biogas purification and assessment of the natural gas grid ¾ Task 2.7. - Impact of biogas production in Bulgaria, Croatia, Greece, Latvia, Romania and Slovenia All these results and conclusions provide an general overview about the actual state of technical-economical and material availabilities and opportunities for biogas production in the target countries of the BiG>East project, also considering the main ecological aspects. Furthermore, these studies support the key objective of BiG>East, providing the appropriate information for the biogas experts of Western Europe in order to transfer the knowledge from them to farmers, biogas plant operators and decision makers in Bulgaria, Croatia, Greece, Latvia, Romania, and Slovenia. 2 Renewable Energies in Romania With an electricity consumption of 58.49 TWh (2007), Romania has a net excedent of electricity production, based on a huge hydropower system counting for almost 40 % of the total produced energy. -
BBSPA-Monthly-February-2018.Pdf
15th of February 2018 15th of January 2018 – 15th of February 2018 BBSPA Monthly Bulletin Summary Oil and Gas Prices Spot Prices: Between 15 January 2018 and 15 February 2018 US WTI spot crude oil price fluctuated around $63/bbl; Henry Hub spot gas price decreased from $208/1000 cbm to $95/1000 (GCV at 0C). In Europe, at Central European Gas Hub, the average day ahead gas price was $247/1000 cbm (€18/Mwh, ECB average exchange rate). EU: Russian gas price exported to Europe was quoted to be $200/1000 cbm, while US LNG exports were $280/1000 cbm. Romania: The Agency for Mineral Resources of Romania (NAMR) recently launched a public debate about the methodology of calculating the reference price of natural gas. The royalty on gas production uses a formula, according to which the reference price will be based on the day-ahead prices at CEGH in Austria. The methodology was opposed by The Romanian Petroleum Exploration and Production Companies Association (ROPEPCA). According to the association the reference price should follow the prices in the centralized market in Romania, rather than in CEGH in Austria, where the prices are higher and fluctuate in big ranges. The methodology also should not be applied for long-term supply contracts. According to a report of the Court of Auditors, Romania has lost 7 billion RON because of delays in updating the methodology of calculating the reference gas price, NAMR objected the report, but the High Court for Cassation confirmed the views of the Court of Auditors. Currently the reference price in Romania is RON 495 per 1,000 cubic metres or 106 EUR/1000 cbm, while the day-ahead gas price at CEGH in Austria is 198 EUR/1000 cbm (11.2 Mwh for 1000 cbm).