Friday, November 24, 2017

Finance News

Judge Rules in Favor of Creditors in Dana Gas Islamic Bond Case

A London High Court judge on Friday ruled in favour of creditors in a case over whether energy company Dana Gas must repay $700 million of Islamic bonds, a copy of the ruling seen by Reuters showed. The case is being closely watched by the global Islamic finance industry because some investors…

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…

Ecopetrol to Invest up to $4 bln in 2018

Colombia's state-run oil company Ecopetrol said on Wednesday it would invest between $3.5 billion and $4 billion during 2018, the majority in production and exploration projects. The company, the Andean nation's largest, said in a filing to the financial regulator it expected to produce between 715,000 and 725,000 barrels per day next year.

Britain to Hike Levy on Diesel Autos

Britain will increase the amount of taxation paid by those driving diesel cars that do not meet more stringent emissions standards, finance minister Philip Hammond said on Wednesday. Vehicle Excise Duty (VED) is paid by British drivers with one rate applying in the first year dependent on…

Britain to Offer North Sea tax Relief

File Image: a typical offshore North Sea installation (Credit: Craig International)

Britain will introduce next year tax changes to oil and gas companies operating in the North Sea, finance minister Philip Hammond said on Wednesday, in an effort to spur new investment. Presenting Britain's budget for next year, Hammond said that starting November 2018, tax history for oil…

Port Corpus Christi to benefit from LNG partnership with China

 ©Trong Nguyen/Adobe Stock

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…

ADNOC to Raise $2.25 Bln Pre-IPO Loan for Distribution Unit

Abu Dhabi National Oil Company (ADNOC) plans to raise a $2.25 billion loan for its distribution unit prior to selling a stake of up to 20 percent in the unit in an initial public offering (IPO), sources familiar with the matter said. The loan is the latest of a number of fundraisings that state-owned ADNOC…

Redfern Joins RCG

Simon Redfern (Photo: RCGP)

The Renewables Consulting Group (RCG) announced the ongoing growth of its expert services team with the addition of Simon Redfern to the firm’s London office as Director. Redfern has a proven and well-respected track record in managing large, multi-disciplinary, geographically diverse teams across the full offshore wind asset lifecycle including development…

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…

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…

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…

Indian Oil Corp Starts Crude Oil Trading Through Singapore Subsidiary

India's top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company's head of finance AK Sharma said. IOCL Singapore Pvt Ltd has bought the parcel from Total for Dec. 8-17 loading, he said.

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…

Fitch Lowers Noble Group Rating

Fitch Ratings cut commodity trader Noble Group's debt rating on Friday to two notches above default, citing the company's commencement of discussions on a debt restructuring. The agency lowered the rating by a notch to 'CC', which according to its rating criteria defines a situation where "default of some kind appears probable".

Deal for Floating LNG Powerplant in China

As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with  Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges. Wison…

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.