RIYADH: Germany intends to pursue gas and renewable energy projects in Senegal to reduce dependence on Russia. Also, Siemens Energy AG has offered a significant amount to acquire the struggling Siemens Gamesa Renewable Energy SA. In addition, Italy’s Eni SpA has pledged to invest a massive amount in the UK due to governmental pressure. Meanwhile, Denmark’s Topsoe is set to build Europe’s largest electrolyzer plant.
Looking at the bigger picture:
· Germany plans to boost gas and renewable energy-related projects with Senegal to curb the surge in energy and food prices as a result of the Russia-Ukraine war, Reuters reported, citing Chancellor Olaf Scholz. This comes as the West African country — with its billions of cubic meters of gas reserves — is anticipated to be a major gas producer in the region. The European country is already in talks with Senegalese authorities regarding gas extraction and liquefied natural gas, Scholz disclosed.
Through a micro-lens:
· German energy company Siemens Energy AG is offering as much as 4.04 billion euros ($4.27 billion) to fully acquire Spanish-German wind engineering company Siemens Gamesa Renewable Energy SA, Bloomberg reported. The figure reflects the equivalent of 18.05 euros per Siemens Gamesa share. This comes as Siemens Energy already owns 67 percent which currently holds a market value amounting to 11.4 billion euros, according to data compiled by Bloomberg News.
· Italian multinational oil and gas company Eni SpA is planning to spend more than 2.5 billion euros ($2.4 billion) in the UK over the span of the coming four years, Bloomberg reported, citing reports by the Financial Times. This comes as the government has urged energy firms to raise investments in order to curb windfall tax. While 80 percent of expenditure is expected to be for carbon capture and renewable energy projects, the remaining 20 percent will be utilized in oil and gas production.
· Danish chemical industry company Topsoe has announced that it intends to construct Europe’s largest electrolyzer-making plant, Reuters reported. The machines are set to produce green hydrogen in line with the clean energy shift that the European country is pursuing.