Petrobras Seals $1 bln Financing Deal
Brazilian state-controlled oil company Petroleo Brasileiro said on Friday it had secured $1 billion in financing from a banking syndicate headed by Standard Chartered PLC, to which it repaid $500 million of debt ahead of schedule. The syndicate includes China Construciton Bank, ABN AMRO Bank, Industrial and Commercial Bank of China, Banco Latinoamericano de Exportações and Commerzbank. The loan will be guaranteed by Petrobras's P-56 platform and will be used to help pay down other debts, the company said. Reporting by Alexandra Alper
Trump Signs 43 Billion Dollar LNG Deal with China
On his visit to China, President Trump reaffirmed his commitment to form agreements that reduce the trade deficit with China by signing a deal to help the LNG industry in Alaska with three Chinese companies. The deal, which could be potentially worth $43 billion, involves Sinopec, the largest oil company in China, the sovereign wealth fund and one of China's largest bank. will work together to create 12,000 jobs in Alaska. The deal has the potential to reduce the US-China trade deficit by $10 billion a year.
Port Corpus Christi to benefit from LNG partnership with China
Port Corpus Christi officials are confident that the agreement signed between Cheniere Energy of Houston and China National Petroleum Corporation (CNPC) will bring increased traffic to the port, according to the San Antonio Business Journal. Officials from Cheniere accompanies President Trump on his tour to China and signed a Memorandum of Understanding with the Chinese company. CNPC is the largest gas and oil supplier and producer in China and is also one of the largest providers of oilfied services.
LNG Over-Supply Narrative Still Valid?: Russell
Liquefied natural gas (LNG) is supposed to be a deeply over-supplied market, but it doesn't appear to be behaving as such in the major consuming region of Asia with strongly rising prices amid robust demand growth. In fact LNG currently looks much more like an under-supplied market, where spot buyers are forced to bid more for increasingly difficult to source cargoes ahead of the peak winter demand period in the northern hemisphere. It may well…
Vietnam, Australia Call for South China Sea 'Restraint'
Vietnam and Australia called on Wednesday for "self-restraint" in the South China Sea and warned against the unilateral use of force, an obvious reference to China's increasingly aggressive presence that has stirred concerns across the disputed region. Vietnamese Prime Minister Nguyen Tan Dung met Australian counterpart Tony Abbott in Canberra, where they will sign a deal on issues including security and climate change. Vietnam and other wary…
China's Navy holds Missile Combat Resupply Drill
China's navy held its first drill simulating the resupply of missiles in a combat environment in the Yellow Sea, the Defence Ministry said on Thursday, the latest sign of the country's growing military prowess. The live-fire exercises, involving ships, aircraft and land-based forces, featured the firing of missiles, torpedoes and shells, some of which were new models, the ministry said in a statement on its website. They were fired to intercept surface…
Saudi Aramco Signs $4.5 bln Oil, Gas Deals
Saudi Aramco on Thursday signed agreements worth $4.5 billion with firms from Europe, the United States, China and the United Arab Emirates for oil and gas projects in the kingdom. The companies are Spain's Tecnicas Reunidas, Italy's Saipem , China Petroleum Pipeline, U.S. McDermott, Jacobs Engineering and National Petroleum Construction of Abu Dhabi. The signing took place at the company's headquarters in Dhahran. Reporting by Reem Shamseddine
Delfin Taps China for US FLNG, but Final Investment Decision 'Challenging'
Delfin Midstream, developing the first floating facility to export U.S. natural gas, has sealed a preliminary 15-year sales deal with city gas distributor China Gas Holdings, Delfin founder and Chief Executive Officer Frederick Jones said. But industry veteran Jones told Reuters in an interview that Delfin is also tapping unnamed Chinese banks to fund its ambitious $8 billion as the current global supply overhang in liquefied natural gas (LNG)…
Philippines: South China Sea not on APEC Agenda
Energy ministers from the Asia-Pacific Economic Cooperation (APEC) group will discuss climate change and business opportunities at a meeting in the Philippines next month but not the South China Sea. China claims most of the potentially energy-rich South China Sea, through which $5 trillion in ship-borne trade passes every year. The Philippines, Vietnam, Malaysia, Taiwan and Brunei also have overlapping claims. The Philippines has filed a case…
China: No Military Force to Settle Oil Rig Spat
A Chinese official said on Friday that China will never send military forces to the scene of an increasingly ugly spat with Vietnam over an oil rig in the South China Sea, and accused Hanoi of trying to force an international lawsuit. China claims about 90 percent of the South China Sea, but parts of the potentially energy-rich waters are also subject to claims by the Philippines, Vietnam, Malaysia, Brunei and Taiwan. China is also involved in a territorial dispute in the East China Sea with Japan.
Sino-Danish Focus on Energy Efficient Ships
A delegation from the Chinese Ministry of Industry is visiting Denmark as part of the cooperation between the two Administrations. A Danish-Chinese workshop on energy efficient ship design and marine equipment will be held during the three-day visit. The workshop will be attended by the Danish Maritime Authority, the Chinese Ministry of Industry and other Chinese authorities, as well as shipowners, marine equipment manufacturers, the Technical University of Denmark (DTU) and Danish Maritime.
CNOOC Tenders Offshore Blocks, Some in South China Sea
China National Offshore Oil Company, or CNOOC, has issued a tender inviting foreign firms to bid for 18 blocks off China's northern, eastern and southern coast, according to a company statement. The blocks have a total size of 52,257 square km, including three blocks in the Bohai Bay area, one in East China Sea and 14 in the northern part of the South China Sea, the company said on its website www.cnooc.com.cn. CNOOC said it would offer flexible…
White House Supports Legal action in South China Sea Dispute
The White House said on Thursday it would support the use of legal action by Vietnam against China to resolve a dispute after the deployment of a Chinese oil rig to disputed waters in the South China Sea. Vietnamese Prime Minister Nguyen Tan Dung said, in comments to Reuters, his government was considering various "defense options" against China, including legal action. U.S. support for such a move would likely upset Beijing. "The United States has a national interest in maintenance of peace and stability…
As China Faces Winter Gas Crunch, LNG Prices Soar
In unusual move, LNG spot prices jump above oil-linked prices. China is hoovering up liquefied natural gas (LNG) cargoes worldwide, pushing spot prices for the fuel above those for oil-indexed cargoes, as energy providers scramble to avoid a looming winter supply crunch. China has moved millions of households from burning dirty coal to natural gas this year, pushing up import demand amid an already tightening overall Asian market. Most Asian LNG supplies are delivered under long-term contracts with prices linked to crude oil.
U.S. Crude Exports to Asia Complicate OPEC Strategy
U.S. crude oil is flooding into Asia, and may continue to do so as the arbitrage window that was initially created by Hurricane Harvey remains open, even though the disruption from the costliest storm to hit the Gulf of Mexico has faded. A record amount of U.S. crude is scheduled to arrive in Asia in November, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts. The data show 19.7 million barrels of U.S. oil is due to arrive across Asia in November, equivalent to about 657,000 barrels per day (bpd).
China to Invest in Greek Transport Infrastructure
China wants to invest in Greek airports and railways as well as the busiest port, officials said on Friday, as the country where the euro debt crisis began seeks a role as China's gateway into Europe. Chinese Premier Li Keqiang is on a three-day trip to Greece to boost economic ties between the nations, who have drawn closer since China's Cosco Paficic won a 35-year concession in 2009 to upgrade and run two cargo piers at the Piraeus port. Greece…
U.S. Challenges China's imports of North Korean Coal
China's imports of North Korean coal run counter to global sanctions, a senior U.S. official said on Saturday, adding that a U.S. missile system deployed in South Korea should "motivate" Beijing to pressure Pyongyang over its nuclear programme. North Korea's exports of coal to China provide a lifeline for the country and are also seen by the United States as a crucial area where Beijing has leverage over its neighbour, which has carried out a series of missile and nuclear tests in defiance of international sanctions.
Gazprom Delays Completing China Gas Pipeline Work to 2024
Russian gas giant Gazprom has delayed completion of all the works associated with a gas pipeline to China, known as Power of Siberia, until 2024 from 2022, the company's documents showed on Wednesday. But the firm still aims to start initial deliveries of gas to China via the pipeline in December 2019. Total annual gas supplies through the pipeline are expected to peak at 38 billion cubic metres several years after the launch. Gazprom declined to offer further immediate comment on the delay.
Traders Lose Millions as LPG Glut Routs Market
U.S. propane buyers cancel cargoes as prices sink. Chinese end-users seek to wriggle out of expensive contracts. Traders in the liquefied petroleum gas (LPG) market face a "career-ruining" glut that has led to millions of dollars in losses as Chinese buyers, far from coming to the rescue, are in a stand-off with oil companies to cancel deals. LPG, a historically niche and dislocated market, has ballooned with the advent of U.S. exports due to the shale boom.
Hot Air? U.S. LNG Exporters Keen to Sell to China
U.S. gas exporters and traders are aiming to grab a bigger chunk of the lucrative, growing business of exporting gas to China, the world's third-largest buyer, when they accompany Commerce Secretary Wilbur Ross to China next month. But the talk may all be hot air if the U.S. suppliers can't compete with bargain prices agreed on long-term deals with rivals Australia, Qatar and Malaysia. According to a list seen by Reuters, 10 of the 29 companies travelling with Ross and U.S President Donald Trump are involved in energy and gas.