Fuels

Within the frameworks of the 4th summit in Thessaloniki, Prime Minister Boyko Borissov met with the US Ambassador to Greece Geoffrey Pyatt.

Prime Minister Boyko Borissov has met with U.S. Ambassador to Greece Geoffrey Pyatt on the sidelines of the 4th Thessaloniki Summit, the government press office reported.

The European Investment Bank said on Thursday it would stop funding fossil fuel projects at the end of 2021, a landmark decision that potentially deals a blow to billions of dollars of gas projects in the pipeline.

The bank's new energy lending policy, which it said was approved with "overwhelming" support, will bar most fossil fuel projects, including traditional use of natural gas.

Worldwide demand for natural gas is growing, and there is currently no shortage of supply. Moreover, as alternative energy sources become more affordable, the price pressure and competition are likely to remain fierce. In fact, the natural gas price forecast for the next three years shows a flat trend with no significant upside potential.

Cyprus signed a 25-year concession on Thursday with a three-member consortium for the exploitation of a gas reservoir southeast of the island first discovered in 2011.

The gradual distancing of Public Power Corporation (PPC) from Public Gas Corporation (DEPA), of which the power giant used to be the main client, will likely be the killing blow for the gas utility's competitiveness, just as the state is getting ready to privatize it.

The imposition of new environmental regulations for the consumption of low-sulfur fuel by oceangoing vessels has seen the liquefied natural gas (LNG) market take center stage in global shipping, with Greek shippers recently overtaking the Japanese as the top owners, after ordering a large number of vessels since 2018, according to a VesselsValue report published on Wednesday.

SNTGN Transgaz SA inaugurated, on Monday, the Jupa Natural Gas Compression Station, which is part of the BRHA project, the Ministry of Economy informs. The value of the execution contract at August 31, without maintenance, for the Jupa STC is of 103.56 million lei. The value of the two compression units installed at the Jupa STC is of 12.6 million euro.

Romania is the largest natural gas producer in Easter Europe, with an average natural gas production in recent years of about 11 billion cubic meters, the Oil and Gas Employers' Federation (FPPG) stated. "Today, 13 September, we are celebrating the Day of the Romanian Gas Worker.

By the end of 2020, the first stations for charging cars with hydrogen should be built in Bulgaria, and by 2030 their number could reach 50. This is envisaged in a special ordinance draft, announced the press centre of the Ministry of Regional Development and Public Works (MRDPW).