Fuels

Natural gas in Europe has fallen to 70 euros per megawatt-hour, approaching levels not seen in the last two months. This is happening against the background of increasing flows of liquefied natural gas, higher wind energy production, and increasing use of gas from storage facilities in Germany.

Turkey's natural gas storage capacity will be increased from 4.7 billion cubic meters to 11 billion cubic meters by 2023, Energy and Natural Resources Minister Fatih Dönmez told parliament members on Dec. 7.

Work on the Nord Stream 2 pipeline was completed in September, but no gas will flow through it in the coming months. Germany stopped the procedure for its certification and as soon as it became known, energy prices increased by 18%. As Le Monde predicts, gas and electricity prices will remain high in the near future.

Italian multinational oilfield services company Saipem will transport and install pipelines for Turkey's Sakarya Gas Field located in Blacksea.

The company was awarded two new offshore contracts for transportation and installation activities for a total amount of over $600 million, Saipem announced on Nov. 15.

190 countries and international organizations have committed to giving up coal, it became clear at the International Climate Conference in Glasgow.

Behind the cause are large coal users such as Poland, Vietnam and Chile.

China is increasing its daily coal production by more than a million tons in the context of electricity shortages and at a time when leaders from around the world are negotiating in Glasgow on an agreement on how to save our planet from global warming, AFP reported.

Fuel prices will rise by another 10 cents by the end of the year, traders predict. The upward trend in prices is due to more expensive oil on international markets.

While fossil-generated gas accounts for only 20 percent of Europe's electricity, gas-fired power plants are increasing the price of electricity, thanks to higher demand, low renewable energy supplies and the global increase in coal prices.

The market test phase for the project of FSRU (Floating Storage and Regasification Unit), of DIORIGA GAS A.E., of the Motor Oil group, begins.

Turkey is in a good position in terms of energy supplies compared to European countries amid the energy crisis that has exposed low stocks and skyrocketing energy prices, according to Turkey's Minister of Energy and Natural Resources Fatih Dönmez on Oct. 13.