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News – eUrOPe 8 Fuel retailers must justify prices The Austrian Competition Authority (BWB) has asked the country’s leading oil companies and petrol station managers to comment on the current price developments. The BWB announced it had decided to take a closer look at recent pricing due to an increasing number of complaints. The authority is expected to await the reply of fuel retailers before deciding about a possible examination. If found guilty firms could face fines amounting to thousands of euros. Irish fuel industry wants change The Irish Petroleum Industry Association (IPIA) has proposed a suite of measures aimed at tackling the problem of illegal diesel washing in Ireland. In a statement, the industry body for Ireland’s fuel industry says that the practice is costing the Exchequer as much as 155 million euros annually in lost fuel duty. “While other jurisdictions have to tackle this sort of fraud, the sheer scale of criminal washing of diesel is a particularly Irish disease”, it said. The IPIA’s recommendations include the introduction of “a strong regulatory regime” to control the sale of rebated fuel, a new marker for off-road diesel that is harder to disguise or remove, the closure of unlicensed filling stations and a “radical overhaul” of the currently “absurd” penalties for offending retailers. Gazprom pledges to boost gas output next winter Gazprom’s Deputy Chief Executive Vitaly Markelov said the company planned to raise gas production after the launch of new fields. This year, Gazprom is set to commission the huge Bovanenkovo field, the biggest gas deposit in the Yamal Arctic region, with reserves of 4.9 trillion cubic metres of natural gas, enough to meet global demand for over a year. Severenergia, a joint venture between Gazprom’s oil arm Gazprom Neft and Russia’s top non-state gas producer Novatek as well as Italy’s Eni and Enel, are also set to launch Samburg field. “Taking into account all these launches, we expect that Gazprom’s output during winter of 2012 / 2013 could reach around 1.644 billion cubic metres a day ... This is almost 2 percent higher than the last winter’s peak”, Markelov said. statoil pilots new fuel station shop format Leading Scandinavian forecourt retailer Statoil is piloting a new highway store format in Norway. Billed as a ‘test lab’, the site combines a modern interior design with an extensive food menu and contemporary seating area. Following a recent public offering, Statoil Fuel & Retail now operates as a standalone business concentrating on downstream operations. Statoil Fuel & Retail CEO Jacob Schram said that the ‘test lab’ LATesT News, eveNTs, jOBs ONLINe – www.PeTrOLPLAzA.COM site offers more seating, a children’s play area, better toilet facilities and a much broader menu, including sushi and breakfast products. “It’s very different to what you usually see in a fuel station”, he says. Statoil Fuel & Retail operates 2 300 sites in eight European markets. It has benefited from economic stability in its Scandinavian heartland and has a foothold in larger markets in Central Eastern Europe. Petrol’s 2011 net income rises to 48 percent Petrol Group d.d. said profit last year surged as Slovenia’s biggest energy company sold more oil products after it consolidated its units in the Balkans. Net income advanced 48 percent to 52.3 million euros (US $ 68 million) while revenue gained 17 percent to 3.3 billion euros. The main driver was the rise of sales of fuel”, said Aleksander Salkic, a Petrol (PETG) spokesman. “We have also Chechnya woos Azerbaijan with oil Republic of Chechnya has invited Azerbaijan to tap its oil deposits. “Rosneft’s license to produce oil in Chechnya has expired. In this connection, we invite Azerbaijan to explore new deposits”, said Chechnya Finance Minister Ali Isayev. According to media reports, Chechen leader Ramzan Kadyrov has been annoyed by Rosneft’s slow response to a request to build a refinery with an annual capacity of 1 million tonnes, which would give him more independence consolidated our units in Montenegro, Croatia and bought new companies in Slovenia.” Petrol, which plans to increase the number of fuel stations to 527 by 2016, is benefiting from the acquisitions in the Balkans, where it has been expanding in the last decade having signed an MOU with Russia’s OAO Gazprom Neft (SIBN) to cooperate in the supply and distribution of oil products in that region. from Moscow. A Rosneft spokesman declined to comment. according to Russia’s Energy Ministry, Rosneft’s Chechnya subsidiary, Grozneftegaz, produced over 800 000 tonnes of oil last year, accounting for around 7 percent of the parent company’s total output. Grozneftegaz’a proven reserves stand at 60 million tonnes of oil and 3 billion cubic metres of gas under Petroleum Resources Management System classification. russia’s oil producers actively acquiring During 2011 many industry players faced difficulties in the domestic market, some produced less oil, some failed to upgrade refineries in time, others did not get the tax incentives for field development and last spring’s “gasoline crisis” has drawn sharp criticism from government officials. This year, both problems and priorities will largely remain the same. However Rosneft got top marks on production, processing and sales according to the company’s head Edward Khudainatov referring to their 2011 results. In the Q4 2011 the company produced a record of 2 622 000 BOE / day and as a result has overtaken ExxonMobil as the world’s leading oil producer. Oil and gas condensate production for the year grew to 122.5 million tons (+2.5 percent on 2010), natural gas production – to 12.8 billion cubic metres (+3.6 percent). LUKOIL secures loan for Uzbek gas project Russia’s LUKOIL has signed a deal with a consortium of banks for a loan of up to US $ 500 million to develop the Kandym- Khauzak-Shady-Kungrad gas project in Uzbekistan. The loan will be used to finance development of the Kandym fields and to increase production in the Khauzak-Shady area. The banking consortium which will provide the financing includes the Asian Development Bank, the Islamic Develop- ment Bank, Credit Agricole, BNP Paribas and the Korean Development Bank. The company estimates the project’s recoverable reserves at 330 billion cubic metres of gas and is working with an expected production rate of 11 billion cubic metres per year of gas. LUKOIL holds a 90 percent stake in Khauzak-Shady-Kandym, with the remaining 10 percent controlled by state-owned Uzbekneftegaz.
INA sees Croatian investment improving Croatian refiner INA-Indusrtija Nafte d.d. majority owned by MOL Nyrt. sees Croatia’ investment environment improving said INA Chairman Zoltan Aldott. The Croatian government, which has a 44.84 percent stake in INA, is also interested in raising the company’s market share and strengthening its position in the south-eastern European region. The firm plans to re-invest all of its 2011 profits of 1.9 billion kuna (US $ 333 million) this year into developing its gas station network and its refineries in Sisak and Rijeka, as well as international and Croatian production. “INA is one of the few European companies that believes in the future of refineries”, Aldott said, adding the firm will start an investment program of about US $ 450 million at the refineries. Alimentation Couche-Tard bid for statoil Statoil ASA’s Board of Directors has decided to pre-accept, subject to certain conditions, a cash offer from Alimentation Couche-Tard for the shares in the listed energy and retail company Statoil Fuel & Retail ASA at a con- sideration of NOK 53 per share (adjusted for any dividends and other distributions after 31st December 2011). The proceeds for Statoil’s 54 percent stake in the company are estimated to NOK 8.6 billion (US $ 1.5 billion), assuming successful closing of the transaction. The offer delivers a premium of 53 percent to the current trading price. The parties expect to complete the transaction during the second quarter of 2012. As a result of the transaction, Statoil Fuel & Retail will no longer be consolidated in Statoil ASA’s accounts. LUKOIL buys in Belgium & Netherlands LUKOIL has signed a deal with Dutch Verolma Groep to acquire 59 gas stations in Belgium and the Netherlands, but did not disclose financial details. LUKOIL already has 168 gas stations in Belgium and in 2009 it bought a 45 percent stake in the Zeeland oil refinery in the Netherlands in which French oil major TOTAL holds the other 55 percent. “Entering the Dutch market fits with LUKOIL’s gas station expansion strategy”, Bulat Subaev, Managing Director of LUKOIL Belgium, said in a statement. Els Ruysen, LU- KOIL Spokeswoman in Belgium, said the deal was due to be completed in the second quarter once cleared by the anti-competition authorities. russia wastes enough energy to power Britain The world’s top oil and gas producer may be watching its energy riches blow away in the wind. Russia, in 2008, was wasting enough energy to power Britain for a whole year. It was then that President Dmitry Medvedev set a target to reduce energy intensity by 40 percent before 2020. Russian companies were 10 to 20 times less energy efficient than their foreign rivals, he said. Not enough has changed since Soviet times, critics say and wide-open windows remain a typical way of cooling overheated housing blocks. Even today around one-fifth of Russian boilers date back to the era of cosmonaut Yuri Gagarin’s space flight in 1961, or earlier. “We are two and half times less energy efficient than other comparative modern countries in Europe”, said Vasily Belov, head of the energy efficiency cluster at the Skolkovo Foundation. Friesacher builds budget station in slovenia Free Energy Trading (FE) Boss Markus Friesacher has said his enterprise has started constructing new no-frill service stations in Slovenia. The company currently manages 30 low-cost petrol stations across Austria. Customers pay by credit or bank card at the stations which do not offer any extra services like a shop, car wash facilities or toilets. “We invest a third less in our stations than our rivals do”, said Friesacher. He said that regular petrol stations situated near FE service stations were usually lowering their prices. Asked for his secret of success, the businessman said he was trying to underbid them by 1.5 to 2.5 eurocents per litre regardless of the general price levels. latest news, events, jobs online – www.PetrolPlaza.com News – eUrOPe YPF expropriation is unjustified & damaging Spanish Prime Minister Mariano Rajoy has said that Argentina’s decision to nationalize Spanish-controlled oil company YPF SA has no economic justification and damages the understanding between the two countries. “This regrettable decision has no economic justification or any reason”, Rajoy said at the World Economic Forum’s Latin America event in the Mexican Pacific resort of Puerto Vallarta. Argentine President Cristina Kirchner asked her country’s Congress to put 51 percent of YP, Argentina’s biggest oil company, in state hands, ousting flagship Spanish energy firm Repsol YPF SA as the majority shareholder. The Spanish prime minister said the decision by the Kirchner government, which accuses YPF of not producing enough from its concessions, sets a serious precedent and is negative for everyone. Rajoy said the “good understanding” with Argentina is broken following the expropriation. OMv predicts energy price jumps in europe OMV AG Chief Gerhard Roiss has claimed that psychological aspects often matter more regarding the price of oil than fundamental grounds. Roiss called the increase of car fuel prices a “delicate topic”. He said the price for mineral oil might rather drop in the future than rise further. But Roiss also stressed that he was not aware of trustworthy indicators for the development of oil prices in the coming years. He said that the price for energy products and services like car petrol and household heating could be twice as high as these days. The former OMV deputy chief – who has headed the Viennese company since 2011 – identified renewable energy sources as key factor for spiralling expenses. Hungarian government keeps excise tax Hungarian Economy Minister György Matolcsy has said that the government does not intend to lower the excise tax on petrol. Opposition MPs have urged the cabinet on numerous occasions to reduce the tax on fuel, the highest in the region. Matolcsy argued that lowering the excise tax would not significantly reduce prices at petrol stations and would cost the budget tens of billions of forints. Matolcsy also cited an EU directive that sets a minimum level of excise tax on fuel. High fuel prices are not a specifically Hungarian phenomenon, he said. 9
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