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OIL AND OIL DERIVATES

Fossil fuel support level untenable for climate goals – BNEF

Date: 21.07.2021 Author: Laurence Walker, Montel
Fossil fuel support level untenable for climate goals – BNEFPhoto: Roman Peklaj

G20 member countries’ support for fossil fuels is still at levels untenable to achieve Paris Agreement goals, a new report by Bloomberg NEF and Bloomberg Philanthropies showed on Tuesday.

MEPs agree to phase out fossil fuel subsidies by 2025

Date: 09.07.2021 Author: Siobhan Hall, Montel
MEPs agree to phase out fossil fuel subsidies by 2025Photo: Roman Peklaj

Members of the European Parliament have called for the EU to phase out direct and indirect fossil fuel subsidies at all levels by 2025 as part of an environmental action programme to 2030.

Oil demand to return to pre-pandemic level late 2022 – IEA

Date: 11.06.2021 Author: Jeff Coelho, Montel
Oil demand to return to pre-pandemic level late 2022 – IEAPhoto: Victor Habbick via FreeDigitalPhotos

Global oil demand will return to pre-pandemic levels above 100m bbl/day by the end of 2022, although the recovery will be “uneven” across regions, sectors and products, the International Energy

MOL Group to acquire 92.25% stake in OMV Slovenia

Date: 08.06.2021 Author: Valerija Hozjan
MOL Group to acquire 92.25% stake in OMV SloveniaPhoto: Martina Budal

The Hungarian MOL Group has signed an agreement with the Austrian energy company OMV to acquire a 92.25% stake in OMV Slovenia, at an agreed overall purchase price of EUR 301m, said OMV on Tuesday.

Global power sector investment to hit record USD 820bn – IEA

Date: 02.06.2021 Author: Jeff Coelho, Montel
Global power sector investment to hit record USD 820bn – IEAPhoto: Roman Peklaj

Global power sector investment is set to increase by around 5% in 2021 to more than USD 820bn – a record high – after staying flat in the previous year due to the Covid-19 pandemic, the

Kazakh-Romanian fund starts building 80 MW gas plant

Date: 27.05.2021 Author: Tanja Srnovršnik
Kazakh-Romanian fund starts building 80 MW gas plantPhoto: www.rompetrol.com

The Kazakh-Romanian Energy Investment Fund (KREIF) has started construction of an 80 MW gas cogeneration plant at the Petromidia refinery in Romania, said one of the fund’s owners on Thursday.

Slovenian Petrol’s Q1 earnings rise by 27% on higher oil prices

Date: 24.05.2021 Author: Tanja Srnovršnik
Slovenian Petrol’s Q1 earnings rise by 27% on higher oil pricesPhoto: Petrol

The net profit of the Slovenian energy group Petrol rose 27% in the first quarter (Q1) of 2021, mainly due to bigger margins caused by higher oil prices, said Petrol on Friday.

CO2 plunges 8% to 2-week low

Date: 19.05.2021 Author: Laurence Walker, Montel
CO2 plunges 8% to 2-week lowPhoto: Ana Vučina Vršnak

European carbon prices slumped to two-week lows in Wednesday trading, plunging more than 8%, as profit-taking from recent record highs persisted and amid sliding gas prices.

OMV Petrom sells assets in Kazakhstan to focus on Black Sea

Date: 19.05.2021 Author: Tanja Srnovršnik
OMV Petrom sells assets in Kazakhstan to focus on Black SeaPhoto: OMV Petrom

The Romanian oil and gas company OMV Petrom has divested its two oil and gas production assets in Kazakhstan in order to focus on the Black Sea, said the company on Monday.

Mazarine Energy plans to use Romanian oil wells for geothermal projects

Date: 18.05.2021 Author: Tanja Srnovršnik
Mazarine Energy plans to use Romanian oil wells for geothermal projectsPhoto: Tanja S. Volarič

US oil and gas company Mazarine Energy plans to stop oil production at three of its fields in Romania and use them for geothermal projects, said the company’s country manager, Spencer Coca.

World set to fall well short of achieving net zero – IEA

Date: 18.05.2021 Author: Robin Newbold, Montel
World set to fall well short of achieving net zero – IEAPhoto: Roman Peklaj

Climate pledges by governments to date, even if realised, would fall well short of what is required to bring global carbon emissions to net zero by 2050, the International Energy Agency (IEA) said on

Serbian NIS turns a profit in Q1 due to higher oil prices

Date: 12.05.2021 Author: Tanja Srnovršnik
Serbian NIS turns a profit in Q1 due to higher oil pricesPhoto: Arhiv NIS

Higher oil prices and a slight recovery in demand helped the Serbian oil and gas company NIS to turn a profit in the first quarter of this year, after generating a loss the previous year.



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