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 Egyptian Natural Gas Holding Company (EGAS) signed an initial agreement with Russian company Rosneft to supply oil products and liquefied natural gas (LNG) shipments. The document defines key terms of the future cooperation between the companies in the area of LNG supplies. The implementation of the terms of the signed document will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies.
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
The Alaska LNG project marks another significant milestone with today’s announcement by the United States Department of Energy that it has conditionally authorized the Alaska LNG Project LLC to export liquefied natural gas to non-Free Trade Agreement countries. The application to export up to 20 million metric tons per year of liquefied natural gas from Alaska for a 30-year period was submitted to the U.S. Department of Energy last July
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.
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.
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
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 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.
Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to maintain its role as the world's top bunkering hub. The move to issue bunker supplier licences to the gas sector complements the
Mitsui O.S.K. Lines, Ltd. today took part in a naming ceremony for the newbuilding liquefied natural gas carrier LNG FUKUROKUJU, which is co-owned by MOL and Kansai Electric Power Co., Inc. at Sakaide Works of Kawasaki Heavy Industries, Ltd.
British Columbia's finance minister Michael de Jong said that the construction of Petroliam Nasional Bhd’s (Petronas) $36 billion liquefied natural gas (LNG) export terminal project in Canada is expected to start in September.
A Jensen Maritime-designed, liquefied natural gas (LNG)-bunkering articulated tug-barge (ATB) has been granted approval in principle (AIP) by classification society American Bureau of Shipping (ABS). The designation establishes that Jensen’s vessel concept
Asian liquefied natural gas (LNG) spot prices for September delivery were higher on Friday supported by nearby demand from new importers including Jordan and Pakistan, traders said. The price of Asian spot cargoes rose to $8.10 per million British thermal units (mmBtu), from $7
The first Wärtsilä low-speed two-stroke dual-fuel (DF) engine destined for a commercial application has reportedly completed its Factory Acceptance Test (FAT) at a Chinese licensee of Winterthur Gas & Diesel (WinGD), the Switzerland-based designer
On July 17, 2015, Excelerate Energy L.P. completed the first Ship-to-Ship (STS) transfer of LNG at the Engro Elengy LNG Terminal located in Port Qasim, Pakistan. Excelerate’s floating storage and regasification unit (FSRU), EXQUISITE, received 130
Liquefied Natural Gas Ltd informed that its 100% owned project company, Magnolia LNG, LLC signed a legally binding agreement with Meridian LNG Holdings Corp for firm capacity rights for up to 2 million tonnes per annum (mtpa) at Magnolia LNG
The Port of Shanghai is aiming to reduce energy consumption per handling capacity unit by 7 percent in 2017 compared to 2010, the city’s transport commission said. It is aiming to cut carbon dioxide emissions by 9 percent compared with 2010
Keppel Shipyard has signed its third contract with Golar Gandria for vessel conversion works. The $684 million contract to convert a liquefied natural gas (LNG) carrier to a floating liquefaction facility (FLNG) with the subsidiary of United Kingdom-based Golar LNG will become
Excelerate Energy L.P. completed the first ship-to-ship (STS) transfer of liquefied natural gas (LNG) at the Engro Elengy LNG Terminal located in Port Qasim, Pakistan on July 17, 2015. Excelerate's floating storage and regasification unit (FSRU) Exquisite received 130
Golar LNG Limited has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd (CSSCL) in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli, the company announced today.
Croatia's power utility HEP and gas transmission system operator Plinacro on Tuesday invited investors to express interest in building a liquefied natural gas (LNG) terminal in the northern Adriatic, part of the country's drive for energy independence.
Golar LNG Limited announced today that it has received an underwritten financing commitment for its first GoFLNG project from CSSC (Hong Kong) Shipping Co. Ltd ("CSSCL") in relation to a conversion financing and sale and leaseback transaction for the GoFLNG Hilli.
DNV GL has completed the LNGreen joint industry project, which saw stalwarts of the industry joining forces to develop the state-of-the-art next-generation LNG carrier. The LNGreen joint industry project brought together experts from DNV GL and industry specialists from GTT