When BG Group Plc announced last week it was shifting the headquarters of its oil and liquefied natural gas (LNG) trading operation to Singapore from Britain, it said the aim was to get closer to its customers. Analysts and consultants agreed that the growing importance of Japanese and Korean utilities in the LNG market meant the move would have clear logistical and commercial benefits. But they also said another motivation was likely at play: tax. "Tax is always a factor," said Bob Piller, a Swiss-based energy trading consultant who previously worked for commodities giant Vitol. "Singapore has already attracted some people from Geneva," he added. While Britain's centre-right government is in the process of cutting its corporate income tax rate to 20 percent, from 28 percent in 2010, Singapore offers firms tax holidays in return for establishing operations there, corporate filings show. BG's tax savings could be significant because its trading operation is one of Britain's biggest taxpayers. In 2012, the last year for which the group's largest LNG trading subsidiary, BG Gas Marketing Limited, published accounts, it reported a tax charge of $384 million. That's more than was paid by eight of the 10 biggest publicly-traded companies in Britain, other than BG, which published their UK tax payments in their annual reports.
Several years ago many people in the marine industry either did not know about LNG or did not think that it would amount to anything worth more than a passing interest. At that time there were just four LNG import terminals in the and even they were underutilized. Today there are eight LNG import terminals in operation with two more slated for their first “cool down” shipments this year or early next year
The Board of Golar LNG Ltd. has confirmed that it has now signed a newbuilding contract with the Korean shipbuilder DSME for one 145,000 m3 LNG newbuilding for delivery in end of 2005 / alternatively beginning of 2006. Included in the contract is an option for up to two more newbuildings with delivery in 2006/2007 to be declared at a later stage. Chairman John Fredriksen says in a comment: "The strong market recovery in the drybulk
ABS granted engineering company GTT approval in principle (AIP) for a 32,000 m capacity LNG carrier design. "While a few membrane LNG carriers in the 20,000 m capacity range were built in the 1990s, this is the first new design to be introduced since that time," said ABS Vice President, LNG, Patrick Janssens. The reason for this innovation, Janssens says, is the development of new markets that have led to a keen interest in smaller LNG carrier designs.
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. Prices for April delivery dropped to around $18.10 per million British thermal units (mmBtu) from $19.60 per mmBtu last week. Petrobras, a major Atlantic Basin LNG buyer in recent weeks
Terminal in Coos Bay, Oregon authorized to export Liquefied Natural Gas to non-free trade agreement countries The U.S. Energy Department announced that it has conditionally authorized Jordan Cove Energy Project, L.P. (Jordan Cove) to export domestically produced liquefied natural gas (LNG) to countries that do not have a Free Trade Agreement (FTA) with the United States, from the Jordan Cove LNG Terminal in Coos Bay, Oregon
The gas and power division of Royal Dutch/Shell ordered two additional liquefied natural gas (LNG) carriers to support its growing global LNG business. Shell International Gas Limited ordered a membrane-type carrier from South Korea's Daewoo Shipbuilding & Marine Engineering and a moss spherical tank carrier from Japan's Mitsubishi Heavy Industries. Shell did not disclose the price for the orders, but industry sources said the market level for a typical LNG carrier was around $175 million.
On July 24 and 25, Maritime Administrator Sean T. Connaughton led a delegation of U.S. maritime officials in meetings in Tokyo with Japanese counterparts to discuss issues of mutual interest and challenges facing the maritime industry, both around the world and in the bilateral trade. The talks reflected the major concern of both countries about the impact on the shipping sector of the rapidly expanding consumption of liquefied natural gas (LNG) around the world
In this short video, Crowley's Greg Buffington, vice president of company subsidiary Carib Energy, explains the benefits of switching to reliable, safe, U.S.-exported LNG fuel for industrial and commercial consumers in the Caribbean. Those who can benefit from adopting this affordable and eco-friendly power source include resorts and hotels, manufacturing companies, bottling plants and other industrial and commercial organizations. The following questions are addressed on the video:
Terntank proclaims its options on two sister ships to the two LNG powered product tankers ordered in the autumn of 2013. The oil company NEOT also confirmed that they are taking in two of these on time charter. Terntank Rederi AS now has four LNG powered 15,000 dwt product tankers on order at the Chinese shipyard Avic Dingheng Shipbuilding Co., Ltd. The ships will be delivered at three-month intervals so that the first one will be delivered in the spring of 2016 and the fourth in the
Teekay LNG Partners L.P. has announced that it has agreed to sell 2,800,000 common units, which represent limited partner interests, in a public offering. Teekay LNG has granted the underwriters a 30-day option to purchase up to an additional 420,000 common units
It would be possible for barges to fill up with LNG at a permanent bunkering station in the port of Antwerp by the beginning of 2016. Truck-to-ship bunkering is already possible, but by setting up a bunkering station the port of Antwerp aims to make LNG permanently available.
International classification society Bureau Veritas has published a comprehensive set of guidelines on LNG Bunkering, with the aim of speeding adoption of LNG as a ship’s fuel by kick-starting the LNG bunker chain. Jean-Francois Segretain, Technical Director, Marine and Offshore Division
In another important step forward for the Alaska LNG project, an application to export liquefied natural gas (LNG) was submitted to the U.S. Department of Energy by EXXONMobil. The export application requests authorization to export up to 20 million metric tons per year of LNG for a
Mitsui O.S.K. Lines (MOL) says its joint venture with China Shipping (Group) Company has signed shipbuilding contracts with Daewoo Shipbuilding & Marine Engineering (DSME) in Korea to build three ice class LNG carriers for the [Russian] Yamal LNG project.
Japan's Mitsui OSK Lines Ltd (MOL) said on Wednesday that it will start transporting liquefied natural gas (LNG) through the Arctic Ocean in 2018 using icebreaker LNG tankers. MOL, with its joint venture partner China Shipping, has ordered three icebreaker LNG carriers from South Korea's Daewoo
GTT launches its training center by welcoming delegates for the first course Gaztransport & Technigaz (GTT) announced that its new training center awarded certificates to the first group of delegates to complete a LNG Cargo Operations (SIGTTO management Level) training course.
Australia's North West Shelf liquefied natural gas (LNG) export plant is expected to soon launch a tender to sell three cargoes loading in September, shipping and trading sources with knowledge of the matter said. The project's stakeholders expect a September-loading tender to be issued
Lloyd’s Register (LR) is working with British port to develop operational procedures and technical standards required for safe LNG bunkering operations. LR has commenced a project to identify the technical specifications and develop operating procedures for safe LNG bunkering in
Gaztransport & Technigaz (GTT) announced the notification of two Liquefied Natural Gas Carriers (LNGCs) which will be built by the Korean shipbuilder Hyundai Heavy Industries (HHI). GasLog, a Monaco-based shipping company, has ordered two large-scale LNGCs from the shipbuilder
Liquefied Natural Gas Limited (LNGL) informs that the US Federal Energy Regulatory Commission (FERC) has accepted Kinder Morgan Louisiana Pipeline LLC’s (KMLP) application pursuant&
The conference organizers inform that In a further response to the sinking of the South Korean ferry 'Sewol' in April, safety issues will be centre stage at Interferrys 39th annual conference, which takes place in Vancouver from October 4-8, 2014.
A relatively steady week in the newbuilding market in terms of volume of ordering remarks Clarkson Hellas in their latest S&P Weekly Bulletin, most for LNG carriers. Dry bulk carriers In Dry, Sungdong Shipbuilding have signed contracts with Teh-Hu (Hong Kong) for one firm plus one option 180
BC Ferries has awarded Remontowa Shipbuilding S.A. of Gdansk, Poland contracts totaling $165 million to build three new Intermediate Class LNG-fueled passenger ferries, to be classed by Lloyd’s Register (LR). The new intermediate class vessels will be the first vessels in BC
Royal Dutch Shell has suspended development of a liquefaction unit at Canada's Jumping Pound facility, which was to be used to develop the emerging gas for transport market. Gas liquefaction is increasingly being produced for use in transportation of large road vehicles, in trains