Saudi Aramco, Petronas tap Banks for Jumbo Financing
Saudi Aramco and Malaysia's Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.The two state energy companies borrowed $8 billion from a large consortium of international banks in March for a refinery and petrochemical joint venture in the southern Malaysian state of Johor.The project, Refinery and Petrochemical Integrated Development (RAPID)…
Papua New Guinea LNG Export Plant Offers Cargo for September
Exxon Mobil's Papua New Guinea liquefied natural gas (LNG) export plant has offered a cargo for delivery in September, two industry sources said on Tuesday.The cargo is to be delivered into Japan, Taiwan, South Korea or China, and the tender closes on Wednesday with bids to remain valid until Thursday, one of the sources said.This is expected to provide some relief to the spot market at a time when spot demand from Japan and South Korea has been firm due to warm temperature, traders said.(Reporting by Jessica Jaganathan; Editing by Tom Hogue)
North Sea Oil Market Sounds Alarm on Oversupply
The North Sea physical oil market is letting off a distress signal - crude is once again being stored on ships – as production increases from major exporters threaten a fragile balance between global supply and demand.Reuters data shows nearly 7 million barrels of North Sea crude held on ships that have been static for at least two weeks, unable to find immediate buyers, up from virtually nothing a few weeks ago."Over the past two weeks, North Sea floating storage has trended higher…
Innogy Sells Stake in $2.6 Bln Offshore Wind Project
German energy group Innogy will sell a 41 percent stake in its 2 billion pound ($2.6 billion) offshore wind farm Triton Knoll to Japan's Electric Power Development Co and Kansai Electric Power Co, it said on Monday.The move helps Innogy secure funding for the project, which will result in one of Europe's largest offshore wind farms, and gives the Japanese firms a stake in a regulated energy infrastructure asset on the continent.Electric Power Development Co…
Mitsubishi to Acquire 25% Take in Bangladesh LNG Terminal
Japan’s Mitsubishi Corp has agreed to take a 25% interest in Summit's Bangladesh LNG import terminal project - which will be the country's second such terminal.The other 75% of the Summit LNG terminal will remain with Summit Corp.Mitsubishi is planning to help in the development of an offshore receiving facility in the country. It will also develop a liquefied natural gas (LNG) receiving terminal that uses a floating storage and regasification unit (FSRU) in Bangladesh.Under the project…
New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch
New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned, the actual commissioning of plants has been a moving target in the past.Yet the process not only kicks off a new era for the global industry as the United States turns into a significant exporter. It…
Oil Rises as U.S. Sanctions on Iran Squeeze Supply
Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel,…
LNG Shipping Rates Spike With no Respite Seen Through 2019
The price of shipping liquefied natural gas (LNG) has spiked in September and is likely to remain high next year, buoyed by rising production from new plants and concerns that demand for LNG vessels will outpace supply.The rate for vessels shipping LNG from the Atlantic Basin to Asia has jumped to $90,000 to $95,000 a day this week from $75,000 a day at the end of August, brokers and traders said.Rates, which broadly hovered around $30,000 to $40,000 a day from 2015 to 2017…
Green Energy on the Rise in Thailand
BCPG Public Company is looking at ways in which innovation in technology and energy management are encouraging consumers to generate reusable energy and sell it on the retail market, Bundit Sapianchai told Oxford Business Group’s online broadcasting channel, Global Platform. Diversifying into more types of renewable energy and seeking innovative products and services is central to the company’s strategy of fulfilling consumer needs. In the wide-range interview…
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement, which outlines a shift from fossil fuels this century.Equinor, formerly Statoil, is betting on offshore wind…
En+ Considers Move to Russia's New Offshore Zone
En+ Group, hit by U.S. sanctions against Russia in April, said on Thursday it was investigating the possibility of re-domiciling from Britain's Jersey to one of Russia's new offshore zones.London-listed En+ Group, which manages the energy and aluminium businesses of Oleg Deripaska, was one of eight companies with ties to the Russian tycoon to be placed on a U.S. Treasury blacklist in April. The sanctions were related to Moscow's alleged meddling in the 2016 U.S.
Oil Steadies but Outlook for Demand Grows Gloomy
Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand, while crude was also swept lower by broader selling of industrial commodities such as copper.China and the United States have implemented several…
MHI Vestas to Supply Turbines for Triton Knoll Offshore Wind Farm
MHI Vestas will supply 90 of its 9.5 megawatt (MW) turbines for the Triton Knoll windfarm off the coast of Britain, project developer Innogy said on Friday.Triton Knoll is 59 percent owned by Germany's Innogy, 25 percent owned by Japan's J-Power and 16 percent by Japan's Kansai Electric Power.Once built it is expected to have a capacity of around 860 MW, enough to power around 800,000 homes.Reporting By Susanna Twidale
Hoegh LNG to Supply FLNG Terminal to Australian Import Project
Norway's Hoegh LNG has won a tender to supply a floating LNG import terminal for a consortium aiming to import liquefied natural gas to Australia's east coast from 2020 in a push to boost local supply.Australian Industrial Energy, a consortium that includes Japan's JERA and Marubeni Corp, said on Monday it signed an agreement giving it the right to lease one of Hoegh LNG's floating storage and regasification units (FSRU), to be docked at Port Kembla.The project needs approvals from the state of New South Wales, which is evaluating the proposal on a fast track as "
Bangladesh Shelves LNG Projects as Others Ramp Up
Bangladesh has put aside two smaller liquefied natural gas (LNG) projects with trading houses Gunvor and Vitol to focus on two larger LNG import terminals, one of which is already in use while the second will start up in March.Bangladesh has turned to LNG to offset falling domestic gas output to feed industrial demand and electricity generation in a nation of 160 million people where a third have no power supply.It aims to import 17 million tonnes a year of LNG by 2025, which in today's terms would make it a top five importer.
O&G Output at Russia's Pacific Sakhalin Island Seen Down in 2019
Production of oil and natural gas at the Russian Pacific island of Sakhalin is expected to decline next year, the local government said in an emailed response to a Reuters query.Sakhalin, which is also famous for producing seafood, derives most most of its oil and natural gas from two offshore projects - Sakhalin-1, led by ExxonMobil, and Sakhalin-2, led by Russia's Gazprom.Sakhalin-1 shareholders also include Russia's Rosneft , Japan's Sodeco and India's ONGC.
NYK Line and Partners Set Up Second LNG Bunkering Project
NYK Line has signed a memorandum of understanding with Kyushu Electric Power, Saibu Gas, and The Chugoku Electric Power for joint discussions on the commercialization of a new business to supply liquefied natural gas (LNG) as a marine fuel to ships in the Setouchi and Kyushu areas of western Japan.This is the second LNG bunkering project NYK Line is engaged in after investing in an LNG bunkering vessel with "K" Line, Chubu Electric, and Toyota Tsusho Corporation."The demand for LNG as a marine fuel…
Russia's Novatek Signs LNG Agreement with Japan's JOGMEC
Russia's Novatek said on Monday it had signed a framework agreement with Japan Oil, Gas and Metals National Corp (JOGMEC) to cooperate on Novatek's liquefied natural gas (LNG) projects in the north of Russia."The parties agreed to explore opportunities to cooperate on Novatek's projects in the Yamal and Gydan peninsulas, including the Arctic LNG 2 project, on developing a regular transport link via the Northern Sea Route for LNG deliveries to the Japanese and Asia-Pacific markets," the statement said.Novatek controls the Yamal LNG project, in which France's Total
Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday, China announced retaliatory tariffs on $60 billion worth of U.S.
Petronas Delivers First LNG Cargo to Hokkaido Electric
Malaysian state-owned oilcompany Petroliam Nasional Bhd (Petronas) through its subsidiary, Malaysia LNG (MLNG) delivered its first liquefied natural gas (LNG) cargo to Japan's Hokkaido Electric Power on August 1st, 2018.This delivery marks the beginning of MLNG's supply to Hokkaido Electric via a 10-year Sale and Purchase Agreement (SPA) signed on 2 March 2017.Hokkaido Electric will be utilising the cargo for the commissioning of its LNG tank at Ishikari Terminal.