With the UN referral issue creating uncertainty about India's future relations with Iran, the Petroleum Ministry is fairly assured of the supply of five-million-ton contracted liquefied natural gas (LNG) from Iran. According to the Hindu Business Line, the 5 mt per annum LNG deal was legally binding, which ends speculations that the $20 billion LNG deal with Iran may be in trouble. The ongoing negotiations with Iran are for the additional 2.5 mt per annum. The issue of pricing for the contracted 5 mt LNG was not discussed during the recent high-level meeting between the two countries in Tehran. Negotiations for an additional 2.5 mt per annum would be tough, not just because of the way India votes on the referral issue but also because the new government in Iran has some new ideas about gas exports. Recently, there were reports that Iran had sought an increase in the price, not only for the additional 2.5 mt per annum but also for the contracted 5 mt. These reports said that after having signed a Sale Purchase Agreement (SPA) last June to export five-mt per annum of LNG at a price linked to $31 per barrel crude, the National Iranian Gas Export Company (NIGEC) had now informed India that the price agreed to was no longer valid. (Source: The Hindu Business Line)
Barents NaturGass AS reportedly won a contract to supply liquefied natural gas (LNG) to Torghatten Nord AS for seven new LNG ferries in one of Norway’s busiest waterways, according to a report on www.ngvglobal.com. The contract takes into consideration the full environmental profile of fuel supply and stipulates that trucks delivering fuel to depots must also be LNG-powered. Torghatten Nord signed the largest ferry contract in Norway, to a value of $238m
Hyundai Heavy Industries (HHI) & its affiliated shipyard obtain orders totalling US$1.05 billion to build five liquefied natural gas (LNG) carriers. One of the LNG carriers of 155,000-cubic-metre capacity and worth US$210 million is for Brunei Gas, reports the Oman Daily Observer. HHI's affiliated shipyard, Hyundai Samho Heavy Industries, also won a contract for four 174,000-cubic-metre LNG carriers valued at $840 million from Greece’s Maran Gas
Oman began loading liquefied natural gas (LNG) onto a ship last Thursday for its first exports of the gas. "It is being loaded as we speak, and it is expected to be shipped tomorrow morning," Oman LNG spokesman Julian Barnes said. Barnes said the shipment would go to South Korea, a key customer for Oman's future LNG sales. Oman LNG, a $2.5 billion LNG project in the Gulf Arab state, has a 25-year contract to sell 4.1 million tons a year of LNG to Korea Gas Corp
Teekay LNG Partners L.P. has exercised two of its three existing options with Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of two 173,400 cubic meter liquefied natural gas (LNG) carrier newbuildings for delivery in 2016. These two newbuilding LNG carriers are in addition to the two LNG carriers Teekay LNG ordered from DSME in December 2012, which have since secured time-charter employment commencing upon delivery.
Teekay LNG Partners signs two, 5-year time-charter contracts with Cheniere Marketing to provide Liquefied Natural Gas (LNG) transportation services. The fixed-rate time-charter contracts will be serviced by the two 173,400 cubic meter LNG carrier newbuildings ordered by Teekay LNG in December 2012. The newbuildings are currently under construction by Daewoo Shipbuilding & Marine Engineering of South Korea and are scheduled to be delivered in the first half of 2016.
Technigaz, a wholly-owned subsidiary of Bouygues Offshore, will build a Liquefied Natural Gas (LNG) tank in Palos de Frontera, Spain under a contract awarded by ENAGAS. This contract, for a total amount of EUR 40 million (Bouygues Offshore's share: EUR 28 million) will be performed by a Joint-Venture of Technigaz (70%) and Initec (30%). The customer, ENAGAS, is the only LNG importer in Spain so far. This turnkey contract covers Engineering, Procurement
Chantiers de l´Atlantique, ALSTOM Group, has awarded ABB Marine a contract to supply the electric propulsion system for a new 153,000 cu. M. LNG carrier, owned by Gaz de France. The vessel will be built in France by Chantiers de l´Atlantique and delivered in 2005. The supply of medium voltage power systems to LNG carriers has been a strong growth area for ABB. According to Martinus Brandal, head of ABB´s global Marine business, “In the last three years
El Paso Global LNG, a subsidiary of El Paso Corporation, announced today that the definitive liquefied natural gas (LNG) purchase and sale agreement signed in October 2001 with a consortium of natural gas production companies led by Statoil ASA received final Norwegian and United States government approvals on May 31, 2002. The consortium will develop the Snohvit Project in northern Norway and provide El Paso with an annual delivery of approximately 1
Qatar Gas Transport Company (Nakilat) signed a contract with two South Korean shipbuilders to construct the world's largest liquified natural gas (LNG) carriers at a cost of $2.5bn, according to a report from The Peninsula/Agencies. Nakilat said in a statement that it has ordered three "QMax" LNG carriers with a capacity of 265,000 cubic metres (9.3 million cubic feet) each from Daewoo Shipbuilding and Marine, and another three from Samsung Heavy Industries
SNAME announced its seventh technical meeting for the 2013-2014 season, during which Dr. Panagiotis Zacharioudakis, Senior Researcher at the National Technical University of Athens (NTUA), will speak on the subject of “The Financials of LNG
With its latest offering, Videotel said now provides a more extensive portfolio of training for the LNG sector. Working with experts across the globe – BP Shipping, Shell, Maersk and SIGTTO, among others – the company said it has created a package of training covering the essentials
By Claire Milhench, Reuters New fuel rules for ships entering low sulphur zones around northwest Europe and North America next year could trigger a price spike in European gasoil, whilst refiners will struggle to offload unwanted fuel oil.
Cut Andrea Cogliolo (Eric Haun) Caption Andrea Cogliolo International classification society RINA has been authorized by the Danish Maritime Authority to act on its behalf to carry out plan approval and surveillance during construction on
Sovcomflot, Russia’s largest shipping company, has taken delivery of its latest LNG carrier, the Velikiy Novgorod, from South Korea’s STX Offshore & Shipbuilding. The ship is equipped with a diesel-electric, dual-fuel propulsion system consisting of 2 × MAN 8L51/60DF and 2
Following first steel cutting in late 2012, Shell’s Prelude Floating Liquefied Natural Gas (FLNG) unit continues to take shape in Samsung’s Geoje shipyard in Korea, Douglas Westwood (DW) said in its Monday report. At 488 meters long by 74 meters wide and with an LNG processing
Maps of Indian and Japanese ports paper the walls of a Dominion Resources Inc conference room in a small Maryland town, population 1,835, known more for crabbing and bird watching than global trade and the U.S. natural gas revolution. Dominion, an American energy company long focused on U.S
Mitsui O.S.K. Lines (MOL) inform it has signed a Head of Agreement on joint ownership and 20-year charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd. At the same time, MOL signed a contract with Japan Marine United Corporation to build the new vessel.
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals.
Late last year, an innovative project to design and build the world’s first LNG fuelled escort tugs became a reality when the Borgøy was handed over for sea trials by builder Sanmar in Tulza Bay near Istanbul. For the Christening at the Sanmar Shipyard in Tuzla
Reuters – Gaz Transport & Technigaz (GTT), a subsidiary of GDF Suez, Total and private equity fund Hellman & Friedman, said in a statement it had priced its IPO at 46 euros per share, valuing GTT at approximately 1.7 billion euros.
By Oleg Vukmanovic, Reuters A compressor leak at Angola's new liquefied natural gas (LNG) export plant has delayed loading programs and reduced output at the $10 billion project, which is due to shut for two months from July, a site manager said.
Fireworks marked the first cut of steel in a ceremony last night as construction of TOTE, Inc.’s new Marlin Class, the first liquefied natural gas (LNG)-powered containership in the world, began at the General Dynamics NASSCO shipyard in San Diego, Calif.
Reuters - Singapore plans to build a second terminal for liquefied natural gas (LNG), as it aims to create a regional trading hub for the fuel, Prime Minister Lee Hsien Loong said on Tuesday. The city-state - located strategically on the main shipping route between Europe and Asia - started
Reuters - Finnish gas company Gasum is to acquire 51 percent of Norwegian Skangass's distribution operations from Lyse Corporation as it seeks to improve the efficiency of its liquefied natural gas (LNG) network. Gasum said on Monday that the deal