IMO 2020: Shell, HES to Resurrect Refinery
Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent from 3.5 percent from…
Sonatrach Shortlists 4 Firms for Trading Joint Venture
Algeria's Sonatrach has shortlisted four firms, with only one to be selected, to set up a trading joint venture, the company's chief executive Abdelmoumene Ould Kaddour told reporters."Of the 14 international firms interested in a trade JV with Sonatrach, we have shortlisted four," Ould Kaddour said without giving the names of the firms.Ould Kaddour also said he is heading to…
BSOG to Go Ahead with Midia Offshore Project
Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated 10 billion cubic meters of gas some 120 kilometers offshore in the Black Sea.Black…
Offshore Terminal Plan Slowed by U.S. Shutdown
The U.S. government shutdown has delayed Enterprise Products Partners LP's plan to build a major U.S. crude export terminal off Houston, blocking the pipeline operator from filing paperwork with U.S. regulators, an executive said on Wednesday.Enterprise plans to file a 10,000-page permit application with the U.S. Maritime Administration and the U.S. Coast Guard as soon as the U.S. government reopens.
Greece Approves Two Consortia for Hellenic Petroleum Bids
Greece on Monday approved two consortia to submit final bids for a 50.1 percent stake in its biggest oil refiner Hellenic Petroleum, its privatisations agency said.The consortia are: Glencore Energy with a unit of U.S.-based Carlyle Group; and Vitol Holding with Algeria-based Sonatrach.Glencore and Vitol had already been shortlisted last summer.(Reuters, Reporting by Angeliki Koutantou Editing by Karolina Tagaris)
US Oil Export Boom Sparks Battle to Build Texas Ports
Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.Commodities…
Neptune Energy Names Lumens CFO
Private equity backed oil and gas producer Neptune Energy on Monday named former Louis Dreyfus executive Armand Lumens as its chief financial officer.
Carlyle Group Acquires EnerMech from Lime Rock Partners
Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP)…
Neptune Energy Reports $70 mln H1 Profit
Private equity-backed oil and gas producer Neptune Energy on Thursday reported a profit of $70 million and a cash pile of over $500 million in the first quarterly results it has published, adding that it was on the lookout for more assets.Several private equity-backed players have entered the British oil and gas sector since the downturn of 2014 and investors are expecting some…
Neptune Energy Buys VNG's O&G Assets off Norway, Denmark
Private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG, the companies said on Thursday.Headed by former Centrica boss Sam Laidlaw and backed by the Carlyle Group and CVC Capital partners, Neptune seeks to become a leading independent exploration and production (E&P) firm, it added.The transaction follows a deal by Neptune last year to buy the oil and gas unit of France's Engie for $3.9 bi
Varo Energy Cancels Plans for IPO on Euronext
Varo Energy BV said on Tuesday it had decided not to proceed with plans for a flotation on the Euronext stock exchange in Amsterdam, citing poor market conditions. In a statement, the company said there was "considerable institutional investor interest" in an offering, but shareholders Carlyle Group, Reggeborgh and Vitol had decided not to proceed. Varo produces and supplies oil products for cooking…
Biofuel Credits Continue Free Fall in Wake of Refiner Settlement
Renewable fuel credits for 2018 continued their sharp decline on Tuesday after the U.S. Environmental Protection Agency granted a bankrupt Philadelphia refiner significant relief from its biofuel obligations. Prices for renewable fuel (D6) credits for 2018 traded at 35 cents on Tuesday morning, traders said, down from 38.5 cents on Monday and roughly 40 percent lower than just two weeks ago.
Shell, Varo End Germany Refinery Sale Negotiations
Royal Dutch Shell and Varo Energy have ended talks on Varo's potential acquisition of Shell's 37.5 percent stake in the 220,000 barrels per day PCK refinery in Schwedt, Germany, Varo said. The two companies announced last December that they had entered advanced talks on the stake sale, but the negotiations have been "discontinued", a spokeswoman for Varo told Reuters. The spokeswoman would not provide details about why the talks had ended.
Blackstone to Buy EagleClaw Midstream
EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas' Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion. Private-equity funds, including Blackstone, Carlyle Group , and CVC Partners, have built up significant firepower in recent years to invest in the oil and gas industry…
ConocoPhillips sells San Juan basin Assets
ConocoPhillips, the largest U.S. independent oil producer, said on Thursday it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion. ConocoPhillips has been selling assets to reduce its exposure to profit-sapping natural gas assets and shore up its balance sheet. The assets, which span New Mexico and Southwestern Colorado…
Philadelphia Energy Solutions Taps its COO to Lead Company
Philadelphia Energy Solutions has tapped chief operating officer Gregory Gatta as its next chief executive officer, the refining company said on Wednesday. Gatta, an investment professional who worked at various private equity firms like Basso Capital Management and Pegasus Capital Advisors, will replace current CEO Phil Rinaldi, who recently announced he was retiring in March.
Shell to sell $3B in North Sea Assets
Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments…
Shell, Varo Mull German Refinery Stake Sale
Royal Dutch Shell and Varo Energy are in advanced talks on the sale of Shell's 37.5 percent stake in the 220,000 barrels per day refinery in Schwedt, Germany, they said on Thursday. The companies did not disclose the value of the deal. Varo Energy, a joint venture between the world's biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.
Philadelphia Energy CEO Rinaldi to Retire in March
Philadelphia Energy Solutions Chief Executive Officer Phil Rinaldi plans to retire effective March 2017, according to a memo sent to employees on Tuesday and obtained by Reuters. Rinaldi has helmed the privately-held company since 2010, when The Carlyle Group and Sunoco formed a joint venture to buy the largest East Coast refinery, which was on the brink of closure. "We took the company off life support with help from The Carlyle Group," Rinaldi said in the memo.
Vitol-Carlyle to Buy Inter Oil BV
Varo Energy, a joint venture between the world's top oil trader Vitol and private equity firm Carlyle Group, says it has signed an agreement to acquire 100 percent of the shares in Inter Oil B.V., the holding company of retail and wholesale businesses operating under the brand names "Brand Oil" and "Amigo" in the Netherlands. Together with its existing retail service station network…