Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply to Asia, adding to a previous contract as the state-owned firm seeks to become a global supplier. Pavilion Energy said in a statement on Wednesday its wholly owned subsidiary Pavilion Gas Pte Ltd had struck a deal with BP under which the British company will supply it with 0.4 million tonnes per year (tpy) of LNG for 20 years from 2019. It did not say how much Pavilion would pay for the LNG. Pavilion has also purchased 0.4 million tpy of LNG from Sempra Energy's Cameron LNG project in Louisiana, which will be delivered to Asia according to its production schedule, a company spokeswoman said in an email. The U.S. Energy Department on Sept. 10 gave Sempra the green light to export LNG from the project. Singapore aims to position itself as an LNG trading hub for Asia, with links to producers such as Indonesia, Malaysia and Australia and countries with growing demand such as China, India and Thailand. Temasek Holdings, Singapore's sovereign wealth fund, created Pavilion last year, providing it with a $6.9 billion war chest. Pavilion has already used the funds to buy a stake in a gas field in Tanzania and start an LNG shipping joint venture.
Kogas looking to offload up to 40 LNG cargoes; seeking to turn down output in Q3, arrange time-swaps. Fuel oversupply pushing down spot prices. Korea Gas Corp. is looking to sell 20 to 40 cargoes of liquefied natural gas (LNG) this summer after misjudging the scale of its demand and committing to buy excessive supply, traders said. State-run Kogas, faced with an over-supply it is unable to absorb, is seeking to offload cargoes through a combination of time-swap deals and reducing offtake
South Korean shipyards are expected to win about 75 percent of an estimated 48 orders for liquefied natural gas (LNG) carriers this year, industry officials said on Wednesday. "There are virtually no rivals to compete with Korean shipbuilders in making LNG carriers in terms of price and quality," said Yoo Jae-won, a spokesman for the Korea Shipbuilders' Association. Surging demand for environmentally friendly LNG was expected to raise the number of LNG carrier orders to around 48 this year
While seemingly miniscule in terms of deadweight tons ordered and delivered per year as compared to the shipbuilding business as a whole, the production of gas tankers, LNG and LPG, are high-value, high prestige orders that are likely to rise significantly in the coming years. Consistently high oil prices have effectively forced the production and processing of gas, and the current trend is towards increased usage of this valuable commodity
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
LNG tankers have avoided a slump in new ship prices because of rising Asian gas demand and limited competition from Chinese shipbuilders According to Bloomberg Business Week, prices for tankers able to hold 160,000 cubic meters of gas have held steady at about $202 million since 2010, based on Clarkson Plc data, bolstering earnings for South Korea-based Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., the biggest makers of the vessels.
California Governor Arnold Schwarzenegger issued his formal disapproval to United States Maritime Administrator Sean T. Connaughton for the licensing of the BHP “Cabrillo Port” LNG deepwater port planned for construction off the coast of Ventura County, California. The Governor did however make it clear that he supports the state’s need for an increased LNG supply. Excerpts from the Governor’s letter follow: While I believe strongly that California needs to expand its access to natural
Golar LNG Limited announces that the Company has entered into firm contracts with Samsung Heavy Industries Co. Ltd for a further two LNG carriers. The two additional vessels, each with a capacity of 160,000cbm have a combined total cost of slightly above $400 million. The first of the carriers is scheduled for delivery in the second quarter of 2014 and the second in early 2015. Subject to declaration deadlines
Teekay LNG Partners L.P. is to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norway-based owner and operator of LNG carriers. The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of South Korea and is expected to deliver in the fourth quarter of 2013, when it will be chartered back to Awilco. As with the first vessel
Wärtsilä says it has signed a turnkey contract to supply a liquefied natural gas (LNG) receiving terminal to be built in Tornio, northern Finland. The contract, valued at approximately EUR 100 million, has been made with Manga LNG Oy, a joint venture between the Finnish companies Outokumpu Group, Ruukki Metals Oy, Gasum Oy and EPV Energy Ltd. The contract is conditional on receipt of investment support and Manga LNG Oy's contracts with other parties, including the gas suppliers.
GasLog Ltd. announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea, to GasLog Partners LP for an aggregate price of $328 million (the “Transaction”)
A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project. The prototype vessel will be operated under a long-term time charter between OAO Sovcomflot and JSC Yamal LNG.
Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announced five AIPs for transportation of liquefied gases other than LNG. As an outcome of the shale gas revolution in the U.S
Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc. today announced that they have agreed to develop, construct
As Tote pioneers the use of natural gas as a marine fuel with two groundbreaking projects, Anthony Chiarello combines the strength and diversity of the Saltchuk group of companies with a forward-thinking, environmentally correct Tote business plan.
When it comes to Arctic operations, the Russians arguably have more hands-on experience and investment than any other nation. With that in mind, Maritime Reporter spoke recently with Georgiy Bedrik, Head of the RS Business Development Division, for his input on RS and matters of the Arctic
DNV GL joins global push to put a price on carbon. Over 1,000 companies and 73 countries now support a price on carbon to start bringing down emissions. Speaking on the sidelines at the UN Climate Summit in New York, DNV GL Group Sustainability Officer Bjørn K
Liquefied Natural Gas Limited has appointed Paul J. Cavicchi as a Non-Executive Director of the Company with effect from 1 October 2014. Based in Houston, Paul brings over 25 years leadership experience in the international energy industry across a range of gas nd power projects
Reported business this week has been focussed on the tanker, container and gas markets, says Clarkson Hellas in their latest S&P Weekly Bulletin. Tankships Whilst under discussion for some months, Knutsen NYK Offshore Tankers have now signed two firm plus two optional 160
The new sulphur directive for shipping traffic within the North European SECA area, which comes into force on January 1, 2015, is good for the environment but has a significant economic impact on Stena Line's business. The whole of the change program that begun in 2013
The increasing use of LNG (Liquefied Natural Gas) as a fuel was given another boost with today’s commissioning of a new type of inland navigation vessel: Sirocco. Owned by Chemgas Barging, this conventional gas tanker is equipped with a main engine capable of running on marine gas
In the stock exchange notice dated 13 November 2013 Höegh LNG Holdings Ltd. informed that LNG Libra, a 126,000 cubic meter LNG carrier, was chartered to Gas Natural until year-end 2014. Gas Natural has today exercised its option to extend the charter period for further 12 months with
Mitsui O.S.K. Lines, Ltd. (MOL) apprise that a contract has been signed with Mitsui & Co., Ltd. to charter two new 155,000m3 LNG carriers that will transport shale gas-derived liquefied natural gas (LNG) from the United States. MOL will manage the new vessels
U.S. federal regulators on Monday approved construction of Dominion Resources Inc's liquefied natural gas export project in Cove Point, Maryland. Cove Point is the fourth U.S. LNG export project to get the green light to begin construction from the Federal Energy Regulatory Commission
President and CEO, Masami Iijima of Mitsui & Co., Ltd. informed that the compnay is currently proceeding with the procurement of eight LNG ships intended to be used for the delivery of LNG mainly to its customers in Japan from the Cameron LNG Export Project in the U.S.A.