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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.


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


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


Connaughton Leads Delegation of U.S. Maritime Officials in Tokyo

Maritime Administrator Sean T. Connaughton

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


Golar LNG Signs Newbuilding Contract with DSME

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


Crowley Video Explains LNG Benefits to Caribbean Industry

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:


Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger than the previous five years following a slowdown in 2009 through to 2012 as a result of the global recession.  


Wärtsilä to Begin Building LNG Terminal in January

Tornio Manga LNG terminal (Image: Wärtsilä)

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland. Wärtsilä will commence construction on the site near the port of Tornio in January 2015


EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior official at EGAS confirmed that there was a tender for multiple LNG cargoes during Egypt's 2015/16 financial year


Wärtsilä to Proceed with first LNG Terminal

  Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland. Wärtsilä will commence construction on the site near the port of Tornio in January 2015


Cheniere to Sell LNG from Corpus Christi to Portugal

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  Cheniere Energy, Inc announced today that its subsidiary, Corpus Christi Liquefaction, LLC  has entered into a liquefied natural gas ("LNG") sale and purchase agreement ("SPA") with EDP Energias de Portugal S.A


USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine Fuels: Emission Control Area and Liquefied Natural Gas Conference in San Pedro, California on December 4, 2014. Representing the U.S


Sovcomflot Names New LNG Carrier

SCF Melampus (Photo: Sovcomflot)

Russia’s largest shipping company is continuing to develop its potential in the LNG transportation segment by entering into a new long-term agreement with Royal Dutch Shell.   On December 16, a naming ceremony was held for the LNG carrier SCF Melampus


MARAD Considers Deepwater O&G Exports

A U.S. agency is considering how the country could export crude oil and natural gas from deepwater ports as the domestic drilling boom adds pressure for Washington to relax trade restrictions and approve shipments of fuel.   The U.S. Maritime Administration, or MARAD


Container for LNG Hybrid Barge Reaches Hamburg

The first container with LNG in Hamburg. Aksel Skjervheim, Shell Gasnor; Dirk Lehmann, Becker Marine Systems; and Max Kommorowski, Becker Marine Systems (Photo: Becker Marine Systems)

In the coming year, the HUMMEL (bumblebee) LNG Hybrid Barge will enable Becker Marine Systems to supply low-emission power to cruise ships lying at port in Hamburg. The first container with liquefied natural gas (LNG) fuel has now arrived in the Hanseatic City.  


Braemar Named Engineers for Brownsville LNG Project

Sheila McClain (Photo: Braemar)

Braemar Engineering, the marine and LNG technical consultancy arm of the Braemar Shipping Services PLC group, has been appointed as Owner’s Engineers by Texas LNG Brownsville LLC (Texas LNG) for the proposed Brownsville LNG project.  


NASSCO Licenses LNG Containment Tech to Braemar

Image: Braemar

General Dynamics NASSCO and Braemar LNG BV announce LNG containment technology licensing agreement   General Dynamics NASSCO and Braemar LNG BV, a wholly owned subsidiary of Braemar Shipping Services PLC, have signed a technology licensing agreement for Braemar to use NASSCO’s


USMRC, ClassNK Ink Joint Research Deal

Left: Mr. Koichi Fujiwara, Class NK Vice President, and on the right is Mr. Brian T. Holden, President of USMRC.

The United States Maritime Resource Center (USMRC) in Middletown, Rhode Island and ClassNK have announced the signing of a Memorandum of Understanding (MOU) laying out a framework for future technical cooperation to carry out joint research and development activities for the maritime industry.


Egypt to Tender for Second LNG Terminal

Egypt will launch a tender for a second liquefied natural gas (LNG) import terminal in the coming weeks, which could help address the country's ongoing energy crisis, a source at the state gas board said on Tuesday. High consumption, along with foreign firms' reluctance to invest in the sector


ABS Releases Guide for LNG Fuel Ready Vessels

Christopher J. Wiernicki

Notation reflects increased demand for review and approval of machinery elements on vessels designed for conversion to LNG fuel.   ABS has published the ABS Guide for LNG Fuel Ready Vessels to support members and clients in preparing newbuildings for future conversion to gas propulsion.


Maritime Professional Q4 Edition Available

Cover MP Q4 2014 web.jpg

The Q4 edition of Maritime Professional -- with Buckley McAllister, fifth generation leader of McAllister Towing profiled -- is now available for download at: http://digitalmagazines.marinelink.com/nwm/MaritimeProfessional/201411/ In addition to the McAllister profile






 
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