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Lng Trading

BG's Singapore Move Seen Cutting Big UK Tax Bill

BG Groups Methane Kari Elin delivers the first consignment of LNG to Singapores SLNG terminal. (Photo courtesy BG Group)

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.


The Marine Industry and LNG

Moran LNG photos 044.jpg

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


LNG Spot Prices Drop; Demand Dips from Brazil, Japan

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


New LNG Carrier Bunkers in Russia

LNG carrier Pskov: Photo GM&T

Gazprom Marketing & Trading’s (GM&T) says that its newly delivered LNG carrier “Pskov” has received bunkers (Heavy Fuel Oil and Marine Gas Oil) at the port of Nakhodka in the Primorskiy Region of Russia. This marks the first time a GM&T time-chartered LNG vessel bunkered in a Russian port. Bunkers were provided by another Gazprom subsidiary – GazpromNeft Marine Bunker.


MOL JV Ink Deal for 2 LNG Vessels

  Mitsui O.S.K. Lines, Ltd.  announced today that through a joint venture ship-owning company with Itochu Corporation charter agreements have been signed with E.ON Global Commodities SE, a wholly owned subsidiary of E.ON SE. The joint venture also signed a deal with Daewoo Shipbuilding & Marine Engineering Co., Ltd.’s shipyard in Korea to build maximum of two new 179,900m3 liquefied natural gas (LNG) carriers to be able to fulfil the contractual requirements to EGC.


LNGL Raises A$174 mi for N. American Projects

Liquefied  Natural  Gas  Limited  announced the placement of 40 million fully paid ordinary shares in the capital of LNGL, which has raised A$174 million before costs (Placement). Use of Proceeds The proceeds of the Placement will be used towards:  Commencement of an Early Works program at the proposed 8 mtpa Magnolia LNG (MLNG) project following receipt of the timeline established in the Federal Energy Regulatory Commission (FERC) Schedule of Environmental


Jordan Cove Approved for LNG Export

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


ABS Grants AIP for Small LNG Carrier Design

Photo: ABS

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.  


Europe Set for LNG Supply Surge

Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows.


US Gives Final Approvals to Freeport for LNG Exports

Proposed liquefaction facilities (Image courtesy of Freeport LNG)

The U.S. Department of Energy gave two final approvals on Friday to Freeport LNG Development LP to export liquefied natural gas, or LNG, from its project in Texas to any country. The planned project in Quintana Island, Texas, would have the capacity to export up to 1.8 billion cubic feet a day of LNG once constructed. With domestic gas production booming, U.S. companies have lined up to ship the nation's abundant shale gas to energy- hungry consumers in Europe and Asia


Construction Starts on Crowley’s 2nd LNG ConRo Ship

Image: Crowley

Construction begins on Crowley’s second Commitment Class, LNG-powered ConRo ship for use in the Puerto Rico trade   Shipbuilder VT Halter Marine, Inc. has officially started the construction of Taíno, the second of two liquefied natural gas (LNG)-powered


Hoegh LNG Bags FSRU Deal in Chile

Photo by Höegh LNG

 Oslo-based Höegh LNG said it has signed an Floating Storage and Regasification Unit (FSRU)contract with Chilean Octopus LNG for the Penco-Lirquén LNG import terminal to be located in Concepción Bay, Chile.   


CNPC Eyes Myanmar for LNG Terminal

Image: China National Petroleum Corporation

 China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in  a terminal in Kyaukphyu in Myanmar  to receive imported Liquefied natural gas (LNG).   China National Petroleum Corporation has proposed developing a terminal in Kyaukphyu


Red Tape, Industrial Relations Could Stifle LNG Potential

Woodside LNG tanker Photo APPEA

  Australia could develop the world’s most technologically advanced LNG industry, according to a report by Accenture. But if industry is to reach its potential and maximise its contribution to the national economy, it must first overcome some significant hurdles.


Gail to Sell LNG Supplies from US to Shell?

Image: GAIL (India) Limited

 GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production, says Reuters and local media reports.    


Petronet LNG appoints new chairman

Image: Petronet LNG

 India’s largest importer of the chilled gas Petronet LNG has appointed Kapil Dev Tripathi, Secretary, Ministry of Petroleum and Natural gas as Chairman and Director on the Board of the company.   The appointment follows the former Chairman and Director of the company Board


British Columbia Signs LNG Deal with Petronas

Agreement between the government of BC and Pacific NorthWest LNG establish signed. Photo: BC Gov News

 B.C. Premier Christy Clark has announced an agreement in principle with Pacific NorthWest LNG, owned in majority by Malaysia's Petronas, for a liquefied natural gas development on the province's northwest coast.    Hailed as “the largest capital investment in B.C


Trafigura Fixes 6 Voyage Charters from Golar LNG

Swiss trader Trafigura has taken up to six liquefied natural gas (LNG) vessels from Norwegian shipping company Golar LNG, likely on a single-voyage basis to transport cargoes, trading and shipping sources said. The vessels are to be put at Trafigura's disposal from now through August or


US to Export LNG to China

Photo: Cheniere Energy, Inc

 Buyers from China are looking at long term liquefied natural gas (LNG) supplies from US firm Cheniere Energy, news agency Reuters quoted a company official as saying.   This would be the first LNG deal between the world's two biggest energy users


Final LNG-proof Tug Delivered to Smit Lamnalco

SL Curtis Island (Photo: Smit Lamnalco)

Smit Lamnalco takes delivery of last Sanmar LNG proof tug of five-vessel series   Towage and marine services provider Smit Lamnalco has taken delivery of the SL Wiggins Island, the fifth and final tug purpose-built at Sanmar Shipyard in Turkey


Indian Prime Minister Visits HHI

Indian Prime Minister Narendra Modi at HHI (Photo: HHI)

Indian prime minister Narendra Modi visited Korean shipbuilder Hyundai Heavy Industries (HHI), seeking increased partnership between the India’s shipbuilding industry and HHI.   HHI is reportedly the only Korean company the prime minister visits during his two-day stay in the country


LNG Drive: Helgoland Leaves Building Dock

MS Helgoland by Cassen Eils

 After almost nine months of construction has MS "Helgoland" the new LNG (Liquefied Natural Gas) ship of Cassen Eils from Cuxhaven, left the building dock of the Fassmer-Werft shipyard.   Helgoland will be the first German flagged marine vessel to operate on LNG as its


Freeport LNG Was Not Advised Against Inviting Chinese Investors

Michael Smith, chief executive Photo Freeport LNG

  The head of Freeport LNG on Friday said that the U.S. Department of Energy did not advise against inviting Chinese investment in the company's Texas export plant, backing down from contradictory claims made on Thursday. Michael Smith, the chief executive of privately-owned Freeport LNG


Dynagas LNG Beats Profit Forecasts, May Add Five More LNG Tankers

Photo credit:  Dynagas LNG Partners LP

 With earnings, adjusted for amortization costs, profits came to 43 cents per share, Greece-based Dynagas LNG Partners LP (DLNG) exceeded Wall Street expectations.   The company is looking into the opportunity of acquiring five LNG carriers currently owned by the parent company Dynagas


LNG Carrier for Osaka Gas Named LNG Mars

The LNG Venus, a sister ship to the LNG Mars

  Mitsui O.S.K. Lines, Ltd. today announced that the naming ceremony for a newbuilding LNG carrier for Osaka Gas Co., Ltd. was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. The vessel was ordered by MOL and Osaka Gas International Transport, Inc






 
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