Wednesday, May 29, 2024

Borealis News

Cepsa Float Fail Could Jeopardize Other Energy Listings

(Photo: Cepsa)

The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company…

Borealis to Invest in Port of Antwerp

The Austrian petrochemical company Borealis has announced that it is to build a new production plant on its existing site in Kallo, in the Antwerp port area.According to a press release, the propane dehydrogenation (PDH) plant will use the very latest technology in terms of sustainable production and energy efficiency. With this initiative the port…

EU Mergers and Acquisitions

© mybaitshop/Adobe Stock

The following are mergers under review by the European Commission that could be of interest to the global maritime and energy communities. -- Austrian company Borealis, Canada's Nova Chemicals and French oil and gas major Total to set up a joint venture (notified Feb. -- British turnaround specialist Melrose Industries to acquire British engineering company GKN (notified Feb.

Total Targets US Polyethylene Market with $1.7 Bln Investment

French oil and gas major Total said on Monday it had entered a joint venture with Borealis and Nova to build an ethane steam cracker, and a polyethylene unit on the United States Gulf Coast in an investment worth $1.7 billion. Total will hold a 50 percent stake in the venture. "By joining forces with Borealis and Nova, we aim to create a major player in the US polyethylene market…

Subsea 7 Bags Offshore Egypt Contract

Subsea 7 S.A. announced the award of a contract offshore Egypt by Pharaonic Petroleum Company to be executed at water depths of over 900 metres in the Atoll field. The contract scope includes the engineering, procurement, construction and installation of more than 40 kilometers of rigid pipelines and associated structures for the new Atoll field, tying into the existing Taurt field at a water depth of 100 meters.

Three vie for BP's China Petrochemicals Plant

SK Chemicals, Borealis and Ineos to bid. First bidding round to close in the coming days. At least three leading chemical companies are set to vie for BP's stake in Chinese petrochemicals joint venture SECCO which could fetch more than $2 billion, sources close to the process said. Offers for the 50 percent stake, the British oil and gas company's largest investment in China, will be submitted in the coming days, the sources said.

Bidders Emerge for Thyssengas

Thyssengas enterprise value seen at 500-550 mln euros. Macquarie-owned German gas grid Thyssengas is attracting interest from several infrastructure funds and financial investors, two people familiar with the matter said, adding bidders had until after Easter to submit indicative offers. "The level of interest is huge, there's a run on regulated energy infrastructure…

Subsea 7 Wins BP Contract Offshore Egypt

Normand Oceanic (Photo: Subsea 7)

Subsea 7 S.A. announced that it has been awarded a major contract by BP, and partner DEA (Deutsche Erdoel AG), for the development of the Giza, Fayoum and Raven subsea fields offshore Alexandria, Egypt. This is the second phase of the West Nile Delta project, where the field development will be at depths of up to approximately 800 meters. Subsea 7 said it defines a “major contract” as being over $750 million.

Investors Line Up for OMV's Gas Grid Gas Connect Austria

Gas Connect Austria, the pipeline unit of Austrian energy group OMV, has drawn interest from several parties ahead of an auction that could value the asset at up to 750 million euros ($845 million), three people familiar with the deal said. The sales process, which the sources said was organised by Citi, is expected to start in March and comes after…

Subsea 7 Secures Contract Offshore Egypt

Rockwater 2 (Photo: Subsea 7)

Offshore services provider Subsea 7 S.A. announced today it has been awarded a contract from Burullus Gas Company S.A.E. for the platform extension and tie-in on the first phase of the West Nile Delta development of the Taurus and Libra fields by BP, offshore Egypt. Subsea 7 did not specify a precise contract value, but called the award “sizable” in the range of $50 million to $150 million.

EQT attracts offers for Koole Terminals

Swedish buyout group EQT has received offers for its Dutch oil storage group Koole Terminals valuing the business at more than 1 billion euros ($1.1 bln), several people familiar with the deal said. The investor last week collected more than 10 tentative bids, mainly from infrastructure investors, and will now pick several groups to submit final bids, the sources, who declined to be identified, said on Monday.

OMV: No Intention to Sell Stake in Borealis

Austrian energy group OMV does not plan to sell its 36-percent stake in plastics maker Borealis, supervisory board chief Rudolf Kemler said on Friday.   Abu Dhabi's IPIC, which holds around a quarter of OMV, owns the remaining 64 percent in Borealis. Rumours that IPIC wants to exit OMV are not true, Kemler said.     (Reporting by Alexandra Schwarz-Goerlich; writing by Shadia Nasralla; editing by Jason Neely)

Belgium's Mega Wind Farm Starts to Take Shape

Belgium, in the Antwerp port area on the left bank of the Scheldt. In the first phase 15 wind turbines will be erected, enough to supply 35,000 Flemish households with green electricity. The ultimate ambition is to build anything from 40 to 50 turbines. Flemish Energy minister Annemie Turtelboom, Beveren mayor Marc Van de Vijver and Antwerp port alderman…

Fortum Sells Swedish Grid for $6.9b

State-controlled Finnish utility Fortum on Friday said it has agreed to sell its Swedish power distribution business to Canada's Borealis and Swedish pension funds for about 6.6 billion euros ($6.9 billion). The deal completes Fortum's power grid divestments and follows recent sales of its smaller Finnish and Norwegian distribution businesses, from which the company raised in total 2.9 billion euros.

Bidders Line Up for Fortum's $7 bln Swedish Grid

Bidders including Borealis, Macquarie and Cheung Kong Infrastructure Holdings (CKI) are lining up multi-billion dollar bids for Fortum's Swedish power grid ahead of a mid-December deadline, sources familiar with the matter told Reuters. Finland's state-controlled utility Fortum is selling its Swedish power grid, which is seen fetching aroundm$7.4 billion…

Czech Gas Pipeline Firm in Final stage of Revamping Capital Structure

Czech gas pipeline operator Net4Gas is in the final stages of overhauling its capital structure with equity financing, bonds and bank loans, it said. Investors Allianz and Borealis Infrastructure bought into the pipeline company last year, paying German utility RWE some 1.6 billion euros ($2.15 billion), and have taken advantage of favourable debt markets to seek better terms for the company's capital structure.

Preparing for the Next Big Solar Storm: Kemp

The probability of a solar storm striking Earth in the next decade with enough force to do serious damage to electricity networks could be as high as 12 percent, according to solar scientists. One such storm erupted from the surface of the Sun two years ago, on July 23, 2012. If it had been directed at this planet, it would have produced the worst geomagnetic storm in more than four centuries and caused extensive power problems.