Sunday, March 25, 2018

Finance News

Inercom Says Up to CEZ to Decide on Bulgarian State Stake

© Zsolnai Gergely / Adobe Stock

Bulgaria's solar energy producer Inercom said on Friday it will be up to Czech utility CEZ to decide whether to start talks between the companies and the Bulgarian state over a potential Bulgarian government involvement in the sale of CEZ's Bulgarian assets. CEZ has signed a contract with…

German Minister Welcomes RWE's Stronger Position in Renewables

Germany's acting Finance Minister Peter Altmaier said on Monday that it was fundamentally positive that RWE would become a much stronger player in renewables after a planned carve up of Innogy with rival E.ON. "That is a decision of both involved companies. The companies have recognised that the energy switch (from nuclear power) is pushing ahead…

Construction Begins on Saudi Aramco's Shipyard Joint Venture

Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said.

Trafigura to Boost Urals Crude Liftings

File Image (CREDIT: AdobeStock / (c) Jose Gill)

Oil trader Trafigura will regain its position as the largest buyer of seaborne crude from Russia's Rosneft, trading sources told Reuters on Friday, expanding their partnership as Rosneft reduces its dealings with Vitol and Glencore. Three trading sources told Reuters that Trafigura would…

China's CEFC Investigation Hits $9 billion Russian Oil Deal

Chinese conglomerate CEFC had already started paying for a stake in Russian oil giant Rosneft when the economic crime police took its chairman Ye Jianming away, halting the $9.1 billion deal in its tracks, according to three sources close to the matter. The fate of the deal, one of the largest Chinese investments in Russia…

Start of Golar's FLNG in Cameroon May Draw More Africa Clients

Golar LNG said on Monday it had started production at its floating LNG (FLNG) platform in Cameroon, the world's second working example of the nascent technology and a milestone likely to boost its Fortuna project in Equatorial Guinea. As the cost of land-based LNG plants more than tripled in the decade to 2013…

Golar Receives Financing Commitment for GoFLNG Hilli

Golar LNG Limited has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd (CSSCL) in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli, the company announced today. The financing structure…

Golar Acquires Financing for GoFLNG

Golar LNG

Golar LNG Limited announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli. The financing structure…

Dorian LPG Lands Debt Financing for Newbuilding Program

Photo of corvettte dock stage  by Dorian LPG

Dorian LPG Ltd. a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), today announced that is has received commitments for up to $761 million of debt financing for its VLGC newbuilding program. ABN AMRO Capital (USA), LLC ("ABN AMRO") is acting as Global Coordinator, and Citibank…

Front Vanguard Contract Terminated

VLCC Front Vanguard Photo Ship Finance

Frontline Ltd. ("Frontline" or the "Company") has agreed with Ship Finance International Limited ("Ship Finance") to terminate the long term charter for the 1998 built VLCC Front Vanguard. Ship Finance has simultaneously sold the vessel to an unrelated third party. We expect the vessel to…

Utile Maritime Legislation Enacted in Marshall Islands

'Financing Charters' may now be treated as 'Preferred Mortgages' — The Republic of the Marshall Islands passes Maritime Amendment Act (No. 1), 2013. The Republic of the Marshall Islands’ Nitijela has passed the Maritime Amendment Act (No. 1), 2013 – a legislative initiative of key significance to the international marine finance community.

Polarcus Halts Repayments as it Seeks Restructuring

Courtesy Polarcus Limited

Polarcus Limited decided to formally address its long term financing structure with the aim of restructuring the Company's balance sheet and halt all payments of interest and amortization to all of its finance providers. In line with the Company's "2015 Agenda" earlier communicated, the Company…

Citigroup to Cut Coal Financing

Press release - Citigroup has released a new policy to cut its lending to the global coal mining industry. This is the second major bank to cut financing for coal mining this year after Bank of America announced a similar policy in May, following years of campaigning by Rainforest Action Network (RAN) and allied groups.

Two US Solar Financing Startups Combine

Two solar financing startups backed by Kleiner Perkins Caufield & Byers - Kilowatt Financial and Clean Power Finance - said on Wednesday they will combine to create a larger company that will offer loans, leases and other products to help U.S. consumers go solar. Terms of the deal, which…

Lundin Petroleum to Report Q2 Foreign Exchange Loss

Lundin Petroleum AB will recognise a net foreign exchange loss of approximately MUSD 64 and expense capitalised financing fees of MUSD 22 (pre-tax) for the second quarter of 2016.

India Cuts Excise Duty On Petrol and Diesel

India on Tuesday cut excise duty on petrol and diesel by two rupees a litre to protect retail consumers from higher global crude oil prices, the government said. The new excise duty will be effective from Oct. 4, the Finance Ministry said in a message on Twitter. The finance ministry had earlier ruled out lowering excise duties on petroleum products…

Citi Builds Commodity Trade Finance as Others Retreat

Citigroup plans to double its commodities trade finance team within the next three years as it seeks to benefit from a retreat by some rival banks, the head of the business said. Citigroup is one of the biggest players in trade finance but has been relatively small in the specific area of commodities trading.

PDVSA Inks $1.45 Bln in Financing to Boost Oil Output

Venezuelan state oil company PDVSA on Friday signed financing deals totaling nearly $1.45 billion with a local firm and India's ONGC Videsh Limited to raise production at joint venture operations. DP Delta Finance, led by the owner of local oil producer Delta Petroleum, will provide $1.13…

Case Study: $1.55 Billion FPSO Financing

FPSO Cidade de Saquarema (Photo: SBM Offshore)

The $1.55 billion financing of the Cidade de Saquarema floating production, storage and offtake (FPSO) vessel had a difficult genesis and complex logistics. SBM Offshore and its co-sponsors overcame these challenges to achieve cost effective financing with the world’s first FPSO deal backed by four export credit agencies.

Mexico Has Started Oil Hedging Program

Mexico has started its oil hedging program for 2015, Finance Minister Luis Videgaray told Reuters on Wednesday, but gave no further details. "It is a gradual process and we have started to execute it," Videgaray said. The annual hedging deals, the biggest known sovereign hedging program in the world, typically occurs around August and September each year.