Thursday, July 9, 2020

Societe Generale News

Saudi Aramco joins oil blockchain platform Vakt

© Siarhei / Adobe Stock

Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.The VAKT platform specializes in post-trade processing.

SGRE Raises $1.6Bln in ‘Green’ Credit

Image: Siemens Gamesa Renewable Energy

Siemens Gamesa Renewable Energy (SGRE) has announced that, in less than a year, it has accumulated €1.48 billion ($1.6Bln) in green guarantee lines.The turbine maker has just completed a deal with Societe Generale to convert a 230 million euro guarantee line to "green”. This is the third green guarantee line that Siemens Gamesa has arranged so far this year, in addition to 1.25 billion…

Oil Majors Join Blockchain Platform

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Oil majors Chevron and Total, along with major Indian refiner Reliance Industries, have joined the blockchain-based platform Vakt, London-based Vakt said on Tuesday.Vakt, already in use by other major trading firms since the end of last year, is the first of many blockchain pilot schemes for commodities trading to go live.The firm was created in 2017 by a consortium that includes oil majors BP and Royal Dutch Shell…

Barclays Rejects Arctic Drilling

Image: NERC

U.K.-based international bank Barclays  announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy  rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London…

Oil Rises 3 percent; Lifted by OPEC Cuts

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Oil prices climbed about 3 percent on Monday, rebounding further from 1-1/2-year lows reached in December on support from OPEC production cuts and steadying equities markets.Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.56 to $49.52 a barrel, a 3.3 percent gain.Oil futures…

Bahrain's Oil Company Targets $1 Bln Through Dual-tranche Bond

Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa, Chairman (Photo: Nogaholding)

Bahrain's state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S.

Oil Stabilizes, Supported by Bullish U.S. Inventory Data

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Oil prices steadied on Thursday, supported by a bullish U.S. inventory report from the previous session even as an escalating trade dispute between the United States and China weighed on demand expectations.Brent crude oil was up 2 cents a barrel at $74.80 by 11:13 a.m. EDT [1513 GMT]. U.S. light crude was 2 cents lower at $67.84 a barrel."The market is trying to balance the worries…

Oil Prices Climb on Global Demand and U.S. Sanctions on Iran

© Ded / Adobe Stock

Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S. light crude rose 10 cents to $73.90."Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S.

The Culture Clash Behind GE's Exit from Baker Hughes

File Image (CREDIT: AdobeStock / © xmentoys)

When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools. Less than a year later, GE is bailing out of the deal…

Oil Steady Near Multi-year Highs as US Drilling Rises

© James Thew / Adobe Stock

Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.Brent crude was up 15 cents at $77.27 a barrel by 1130 GMT. U.S. light crude oil was up 5 cents at $70.75.Both oil futures contracts hit their highest since November 2014…

U.S. Crude Stocks Rise Despite Cushing Drawdown

File Image: AdobeStock_CREDIT Maksym Yemelyanov

U.S. crude stocks rose less than expected last week, but the storage hub of Cushing, Oklahoma, saw yet another drawdown that has halved stocks in the last three months, a trend that may continue until more refiners shut for maintenance. Crude inventories rose by 1.8 million barrels in the week to Feb. 9, short of analysts' expectations for an increase of 2.8 million barrels, the Energy Information Administration said on Wednesday.

Puma Energy Launches $750m 8NC3 Bond at 5%

Puma Energy launches US$750m 8NC3 at 5%. Books greater than US$2.1bn at the tight end of guidance. * Guidance at 5.125% (+/-0.125%) wpir. Size remains USD benchmark. Books over US$1.7bn (2.06pm) * IPTs 5.25% area for USD benchmark 8NC3. Puma Energy Holdings Pte. Ltd. (“Puma Energy”) rated Ba2/BB (Moody’s/Fitch) has mandated Bank of America Merrill Lynch as global coordinator, and Bank of America Merrill Lynch…

BP, Shell to Lead Blockchain-Based Energy Effort

File Image (CREDIT: AdobeStock / (c) Javier Castro)

A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said on Monday. Other members of the consortium include Norwegian oil firm Statoil, trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe Generale. Blockchain technology…

Universal Energy Faces Millions in Claims

Universal Energy entered voluntary liquidation on Oct 3, tightening credit in Singapore's bunker fuel market. Shipping fuel suppliers are filing millions of dollars in claims over unpaid marine fuel bills against now defunct Singapore-based peer Universal Energy, formerly one of the city state's largest bunker suppliers but which has now entered liquidation. Universal Energy, ranked as Singapore's third-largest bunker fuel supplier by volume in 2016…

Vitol Returns for $8 Bln Loan Refinancing

Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank…

Oman Oil Closes $2 Billion Loan Financing

Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said. The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget, which has been hit by low oil prices. Oman Oil has signed a revolving credit facility (RCF) of $1.15 billion, with a five-year maturity…

Noble Group's Lenders in Talks on $2 Bln Credit Line

Noble Group's main banks are in talks to decide whether to give the commodity trader an extension on its credit line or force it into a restructuring or liquidation, the Financial Times newspaper said on Tuesday, citing sources with knowledge of the discussions. Banks including HSBC, Societe Generale, ABN Amro, Citigroup and ING, have appointed legal advisers to consider the case for extending the $2 billion line of credit…

Oil Price Jump Soothes Cyber Nerves

Oil jumps on Saudi-Russia comment on output; worries over cyber attack relegated to background. Oil's strongest run of gains since December cushioned the hit to stock markets on Monday from a successful missile test by North Korea and a cyber attack that locked 200,000 computers in more than 150 countries. Asian shares hit a two-year high overnight and Wall Street was set to open higher, while Europe's major markets were mixed after hitting long-term highs in early trade.

Repsol Markets Corporate Green Bond

In a fresh landmark for Europe's capital markets, Repsol is poised to become the first oil and gas company to sell a Green bond transaction. The Spanish company started marketing a no-grow €500m five-year at 55bp area over mid-swaps on Tuesday morning - only the third investment-grade corporate Green bond in Europe this year. The company is raising the funds to upgrade its renewable energy functions, such as furnaces and turbines, in a bid to reduce its emissions.

U.S. refiners gobble up foreign crude

Global oil producers pumping out crude have found particularly willing buyers lately in the United States, where refiners have reaped short-term benefits from buying foreign crude. Some question whether refiners are being strategic in their buying, piling up a surplus in advance of a potential border tax on imported crude. Analysts suspect it is due more to normal seasonal patterns.