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Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets. The government has pledged to support sanctions-hit companies irrespective of their shareholder structure, using National Wealth Fund as one of the options. Under the plan, NWF may buy bonds issued by some of such firms. The Economy Ministry received Novatek's request for support in the amount of 100 billion to 150 billion roubles ($2.6-3.9 billion) - in line with the figures provided by Finance Ministry on Friday. "We will give our conclusion on the strategic importance of this project in October and by the end of the year I think we can move toward granting the NWF funds," Deputy Economy Minister Nikolai Podguzov said on Saturday. Podguzov added that Novatek's bonds that the NWF could buy would likely carry an interest equal to an annual inflation rate plus 1 percentage point and have a maturity of around 20 years. Novatek leads the $27 billion Yamal LNG project in Russian Arctic, which is expected to more than double Russia's share on the global liquefied natural gas market. France's Total and China's CNPC co-own the project


COSCO Mulls Hanjin Port Asset Purchase

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China's COSCO Shipping Co Ltd may consider buying the port assets of troubled South Korean firm Hanjin Shipping Co Ltd, Chinese online finance magazine Caixin reported on Wednesday. But COSCO Shipping has no plans to buy the world's seventh-largest container carrier's ships, Caixin cited the Chinese firm's Chairman Xu Lirong as saying. Hanjin Shipping collapsed last month. Earlier on Wednesday, a South Korean court said it has not yet decided whether a sale of the company is necessary


Petroecuador Tenders to Buy High Octane Naphtha

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State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23, according to documents seen by Reuters on Thursday.   The big imports by Ecuador's oil company come as it prepares to completely halt its largest refinery, Esmeraldas, from October to November for a major renovation.   The company previously launched a similar tender earlier this month to buy 14 cargoes of


Colombia's Ecopetrol Offers To Buy ULSD & Gasoline

  Colombia's state-run Ecopetrol launched a tender to buy a 68,000-70,000 barrel cargo of ultra low-sulfur diesel (ULSD) and a 91,000-95,000 barrel cargo combining ULSD and gasoline, according to a document seen by Reuters on Wednesday. The shutdown of a key pipeline in Colombia since March has affected the oil company and other producers in the Andean country. Exports of medium Vasconia crude have declined in recent weeks, according to traders.


Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday. Hyundai agreed a contract in May to build five tankers and deliver them to Bahri in 2017. The deal included an option to buy five more, which Bahri is now taking up according to the latest announcement.


Prices Ease Though Argentine Demand Limits Losses

Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu), down 5 cents from the previous week. Traders said prices were supported by Argentina's tender to buy 19 LNG cargoes for May to August delivery, following a large purchase earlier in the week


Frontline Buys Two Tankers

Norwegian shipping firm Frontline is to buy two 1993 tankers from Wilh. Wilhelmsen for a total of $90 million in shares and cash. It will reportedly pay Wilhelmsen 2.96 million Frontline shares and $62 million in cash for the two VLCCs, Tartar and Tarim. Wilhelmsen would book a loss of $15 million from the sale, Frontline said. The vessels are scheduled to be delivered during May/June.


American Superconductor Announces Filing of Amendment to Public Offering

American Superconductor Corporation announced has filed an amendment to the registration statement it filed with the Securities and Exchange Commission on August 29, 2003 for its proposed public offering of 4,000,000 shares of its common stock. The offering will include an option for the underwriters to purchase up to an additional 600,000 shares to cover over-allotments, if any. The lead underwriter for the offering will be


PetroChina May Buy Overseas


LNG Price Gains Face Ceiling as New Supply Emerges

Asian spot liquefied natural gas (LNG) prices rose this week on the back of rallying gas benchmarks in Europe and a production outage in Angola.   The price of LNG for December delivery was $7.20 per million British thermal units (mmBtu), up around 25 cents from a week earlier, buoyed by gains in British month-ahead gas prices.   UK December gas rose as much as 10 percent this week.   Further LNG spot gains may be capped as prices close the gap with long-term


Asian Spot LNG Prices Slip on Weak Demand

© Altin Osmanaj / Adobe Stock

 Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders.   The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the


S.Korean Utilities to Lift 1.5 mln Tons of U.S. Coal

File Image (CREDIT: AdobeStock)

South Korean utilities jointly bought a total of 1.5 million tonnes of coal from the United States to arrive from the third quarter, a spokesman at one of the utilities said on Tuesday.   The purchase comes as South Korea, the world's fourth-largest coal importer


Cabotage Rules Changes Proposed

Dennis Bryant

On January 18, 2017, the U.S. Customs and Border Protection (CBP) proposed in its Customs Bulletin & Decisions newsletter a significant change to the U.S. cabotage rules. For many years, use of non-coastwise-qualified vessels in the transportation of pipeline repair material; anodes; pipeline


Russia Ramping Up Arctic LNG Production

Photo: Total

Russia may produce more than 70 million tonnes of liquefied natural gas (LNG) per year in its remote Arctic regions, the head of gas producer Novatek said on Wednesday.   "The Gydan and Yamal peninsulas have a vast resource base that allows the production of over 70 million tonnes (of


GAIL, Gunvor Sign Time-Swap for U.S. LNG

File Image: CREDIT MISC

State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies.  


Italy's 15-Cargo LNG Buy Tender Attracts Competitive Bids

© Anatoly Kolodey / Adobe Stock

A tender to supply Italy with about 15 liquefied natural gas (LNG) cargoes between April and September attracted highly competitive winning bids from traders including Gunvor, Trafigura, MET and Uniper, trade sources said.   Companies offered to supply the shipments at only a slight premium


HMM, Korea Shipping Company Pact for Sale and Leaseback for Ten Boxships

Photo: Hyundai Merchant Marine Co Ltd

 Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position.  


Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys

Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in


Entire Saga Fleet Globally BWT Compliant

All of Sagas advanced open hatch carriers are now globally BWT compliant (Photo courtesy of Optimarin)

Saga Shipholding has completed the installation of Optimarin Ballast Systems (OBS) throughout its entire fleet of 32 advanced open hatch cargo vessels. In doing so, Saga has become the world’s first shipowner to fit ballast water treatment (BWT) systems that are USCG compliant throughout a


Russia Plans Sovcomflot Privatization in First Half

File photo: Sovcomflot

Russia plans to reduce its holdings in the state shipping company Sovcomflot in the first half of this year, Economy Minister Maxim Oreshkin told reporters on Tuesday.   He said the sale would be split between new and existing shares so the company can raise funds for its own development.


Meyer's Group Orders Tugs for New Panama Canal Locks

Image: Damen

The Meyer's Group has ordered two Damen ASD 2913 Tugs to operate in the newly expanded Panama Canal.   At an official signing ceremony at the Panama Maritime XIII World Conference, Michel Mittelmeyer, Chief Executive Officer said the Meyer’s Group was awarded a contract last year to


Total Seeking to Buy Stake in Iranian LNG Project

Photo: Total

 French oil giant Total held talks with Iranian officials about several projects in the country in 2016, notably a 10 million tonnes per year liquefied natural gas project (LNG), Reuters reported.  It has signed an agreement with Iranian authorities for a 50 per cent stake  in


GE Shipping Buys New Vessel

Photo: The Great Eastern Shipping Co. Ltd

 The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a Supramax Dry Bulk Carrier of about 52,450 dwt.    The 2006 built vessel is expected to join the Company’s fleet in Q1 FY18.  


Borr Drilling Scoops up Transocean Rigs for $1.4 Bln

   Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean's fleet of shallow-water drilling rigs for $1.35 billion.   The rig market deal is Borr's biggest since it was set up last year by Tor Olav Troeim and other executives who


CFE Extends 2-Cargo LNG Tender Close by One Day

Mexico's state-run power utility CFE has extended the close of a buy tender seeking two liquefied natural gas (LNG) cargoes in April by one day to Wednesday, trade sources said. The deliveries are due to arrive at Mexico's Altamira terminal on the Atlantic coast






 
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