Russia and Greece sign new oil supply agreement
Russian state-owned oil giant Rosneft is to begin supplying Greece’s Hellenic Petroleum with oil, following a deal inked on Friday.
Russian President Vladimir Putin travelled to Greece late last week to discuss energy and fortify the historically-positive diplomatic relations between the two nations amid ongoing tensions with the West.
The Rosneft-Hellenic deal was signed in the presence of both Putin and Greek Prime Minister Alexis Tsipras, and will reportedly lay the groundwork for direct contracts on supplies of oil and oil products to Greek refineries.
In July 2015, Russian Energy Minister Alexander Novak said that Russia was prepared to: “support Greece’s economic recovery through increased cooperation in the energy sector.”
Some outlets reported that Putin’s trip to Greece would also reaffirm Russian interest in bidding for companies that Greece has vowed to privatise as part of its debt agreement with the European Union and the International Monetary Fund (IMF).
Putin told a news conference on Friday: “Greece can affect the relationships with the European Union. But we don’t expect from Greece the Labors of Hercules in the courtyard of European bureaucracy.”
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Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.