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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.


Alaska LNG Gets Conditional Approval to Export

GASLINE Logo PMS

  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


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.  


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


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.


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


UASC Behemoth Calls at Felixtowe

18,800 teu Barzan, has made its maiden call at the Port of Felixstowe

  United Arab Shipping Company's (UASC) newest vessel, the 18,800 teu Barzan, has made its maiden call at the Port of Felixstowe, the Port of Britain. The biggest container ship in the UASC fleet, the mega-ship arrived at the UK's largest container port from Port Kelang in Malaysia


Cheniere’s Maiden LNG Spot Deal At $7.20/MMBtu

Image: Sabine Pass LNG terminal

 Cheniere concluded its maiden LNG spot trade earlier this week at for late-July delivery to an Asian buyer, reports Platts quoting a source with direct knowledge of the deal.   Sources told Platts that the maiden trade was completed at $7


ICS: U.S. Approach to LNG 'Protectionist'

The International Chamber of Shipping Represents the Worlds shipowners at IMO Photo ICS

According to the Internatinal Chamber of Shipping, the United States Congress signaled last week its intention to approve major free trade deals with Asia and Europe. ICS voices serious concern about the potentially protectionist approach being taken by the U.S


Tanker Converted to LNG-electric Propulsion

Photo: Bergen Tankers

Bergen Tankers’ 95-meter-long chemical and product tanker Bergen Viking has returned to service following its conversion from diesel-electric to liquefied natural gas (LNG)-electric propulsion.    Delivered in 2007, the Rolls-Royce powered vessel supplies diesel and petrol along


Oil’s Downward Spiral Stalls LNG’s Ascent

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As industry embraces gas, emissions regulations loom large and bunker logistics options develop, LNG’s fortunes nevertheless get a boost.   For every gleeful consumer at the pump, and stockpiling tanker anchored offshore, there’s a corresponding trail of businesses that are


Anadarko in Talks with Jera for Mozambique LNG Deal

Anadarko Petroleum  is in talks with newly formed Japanese joint-venture vehicle Jera, set to become the world's biggest buyer of liquefied natural gas (LNG), to sell long-term supply from its Mozambique export scheme.   The U.S. oil major's gas finds in Area 1 of Mozambique's Rovuma


GTT Receives Order for FSRU

GTT receives order from Hyundai Heavy Industries for a FSRU addressed to Höegh LNG   GTT, a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), has announced a new order for a Floating Storage & Regasification Unit


Boskalis Secures Dredging Work in Africa

Royal Boskalis Westminster N.V. has been awarded three dredging-related contracts on the African subcontinent with a combined value of approximately EUR 75 million.   In Angola, Boskalis has been awarded a contract by Angola LNG Ltd. for dredging activities related to maintaining the access


Harvey Gulf Acquires Shipbuilding Assets

Gulf Coast Shipyard (Photo: HGIM)

Harvey Gulf continues growth despite industry downturn; new affiliate Harvey Shipyard Group acquires Gulf Coast Shipyard Group   Harvey Gulf International Marine (HGIM) is launching a new affiliate, Harvey Shipyard Group, to manage its shipbuilding assets, the company announced today


China Ocean Shipbuilding Acquires Jiangxi Gas

Photo: China Cosco Holdings

 China Ocean Shipbuilding Industry Group (COSIG) with its unit, China Ocean LNG has bought a 47% stake in Jiangxi Petrochina Kunlun Gas (Jiangxi Gas) for a total of ($6.2m), according to a stock market statement.   The Chinese yard noted the benefits of investing in Jiangxi Gas


Gasum, Anthony Veder Pact for a New LNG Carrier

Artist impression of Anthony Veder’s 18,000 cbm Ice Class 1A Super. Pic:  Anthony Veder

 Finnish natural gas importer Gasum and Dutch gas tanker ship-owner Anthony Veder have signed an agreement for a long term time charter of a new ICE Class 1A Super LNG carrier.    The companies have agreed on a long term timecharter for a state of the art 18,000 cbm LNG carrier


BAM Completes LNG Terminal in Aqaba, Jordan

The Aqaba New Liquefied Natural Gas (LNG) Terminal by BAM International. Pic by Aqaba Development Corporation (ADC).

 BAM International has completed its €65 million project to construct the Aqaba LNG terminal for Aqaba Development Corp. (ADC).    The operating company of Royal BAM Group handed over the project on 23 June, two months ahead of schedule.  


Global LNG Prices Hold, Supported by Middle East Demand

Asian liquefied natural gas (LNG) spot prices for August delivery were firm on Friday, underpinned by steady demand from the Middle East and the potential for stronger European demand after production cuts at the region's largest gas field.  


US Backs Study into Panama Canal LNG Terminal

The U.S. Trade and Development Agency informs it has awarded a grant to the Panama Canal Authority (ACP) to support the planning of a liquefied natural gas (LNG) import terminal.   The Panama Canal is expected to handle significant LNG tanker traffic upon completion of the canal expansion


Panama Canal Plans LNG Terminal

USTDA is supporting a study on an LNG Terminal with the Panama Canal Authority.  Photo Credit: USTDA

 The Panama Canal Authority (ACP), which administers the canal, is looking at building a Liquefied Natural Gas (LNG) import terminal near the Canal.   The ACP has been awarded a US Trade and Development Agency grant to help fund a feasibility study for the project






 
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