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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


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


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


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.


Global Ship Lease Postpones IPO

Global Ship Lease, Inc. (GSL) announced that, based on unfavorable market conditions, it has decided to postpone its proposed initial public offering (IPO). The company will continue to monitor the financial markets going forward. GSL's registration statement on Form F-1 for the IPO remains on file with the United States Securities and Exchange Commission. The registration statement relating to these securities has not yet become effective


First Class Navigation Corporation Corrects Ownership Information

On January 9, 2008, First Class Navigation Corporation, a Marshall Islands corporation, filed a registration statement on Form F-1 with the United States Securities and Exchange Commission. On January 11, 2008, it was reported that First Class Navigation's filing with the SEC and inaccurately stated that Elmira Shipping & Trading was the sponsor of First Class Navigation. Although Dimitris Souravlas and Georgios Souravlas are


Wall St Stabilizes After 6 Days of Gains, Energy Sector Advances

  U.S. stocks ended little changed on Monday in a quiet session, as investors saw little reason to continue buying on Wall Street after a winning streak of six days of the S & P 500, although the activity mergers and acquisitions boosted the energy sector. * The S & P 500 halted its longest streak profit since mid-April, after hitting session highs on Friday, with the Dow Jones. Investors await catalyst to continue the progress


Macquarie to Control IMTT

Macquarie Infrastructure Co LLC said it would buy the 50 percent stake in liquids storage provider International-Matex Tank Terminals (IMTT) that it does not control for $1.03 billion in cash and stock. Macquarie, which owns half of IMTT since 2006, said it expects the deal to add to its free cash flow this year given "a number of opportunities" to implement better expense controls and processes at the liquids storage provider.


Sea Harvest Invests R125m in Trawler

Atlantic Peace Table Bay 2 low res.jpg

This year Sea Harvest celebrated 50 years since its inception and  it launched its new vessel on Quay 6 at the V&A Waterfront in Cape Town. Fred Robertson, the Chairman of Sea Harvest and majority shareholder Brimstone Investment Corporation was present at the vessel christening ceremony


Kenya Yet to Decide oil Refinery's Fate

Only Refinery

  Kenya is yet to decide whether to turn east Africa's only oil refinery into an oil storage facility or pay for its upgrade after buying the remaining 50 percent stake from India's Essar Energy, the energy minister said on Friday. Fuel distributors have long complained about the poor


Ocean Rig Partners Files for IPO

  DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, today announced that Ocean Rig’s wholly-owned subsidiary, Ocean Rig Partners LP  filed a Registration Statement on Form F-1 with the Securities and Exchange


Euronav Postpones Public Offering

Euronav Filikon (Photo: Euronav)

Citing “unfavorable current capital market conditions,” Euronav NV announced today that it is postponing its contemplated initial public offering of ordinary shares in the United States and related offer to exchange the company’s outstanding unregistered ordinary shares in


3rd Conference on Ship Recycling Bring out Revealing Facts

Presentation at the 3rd Conference on Ship Recycling

  A realistic picture at the grass root level of the ship breaking industry in India, Bangladesh and Pakistan unfolded at the’ 3rd Ship Annual conference on Ship Recycling on the Indian Sub-continent’ held on 18th September 2014 at Taj-President Mumbai


BP, Pavilion Ink Long-Term LNG Deals

Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply


G E Shipping Acquires a Supramax Bulk Carrier & Sells "Jag Prachi"

Jag Prachi

  The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a 2006-built Supramax Bulk Carrier of about 52,454 dwt. The company had contracted to buy the ship earlier this month. Earlier yesterday the company reported having delivered its 1991 built General Purpose Product


Swissco Holdings: Establishment of $300mi Multicurrency MTN Program

  The Board of Directors of Swissco Holdings Limited (the “Issuer”) is pleased to announce the establishment of a S$300,000,000 Multicurrency Medium Term Note Program (the “Program”) and in connection therewith, the Issuer has appointed Oversea-Chinese Banking


GasLog Closes First Option Vessels Dropdown

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  GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea, to GasLog Partners LP for an aggregate price of $328 million (the “Transaction”)


Mitsubishi Engines Running Strong after 11 Years

Photo courtesy of Laborde Products

As proof of its commitment to providing the right products and the right service, engines Laborde Products supplied over a decade ago are still going strong. When Laborde sales representative Kyle Bordelon was traveling down Louisiana Highway 1, he came across a very familiar vessel in the bayou


Neves Contends Drives Bullish Bets on Brazil Companies

http://www.eleicoes2014.com.br/aecio-neves/

U.S. options market bulls rushed to some of the biggest Brazilian companies on Monday, a day after pro-business Brazilian presidential candidate Aecio Neves' surprisingly strong showing in the first-round election vote. Brazilian financial markets rallied after the centrist senator's strong


Rio Tinto rejects Glencore Merger

Glencore approached Rio Tinto about a merger in July. A tie-up would have created the world's biggest miner. No further talks with Glencore after rejecting bid-Rio. Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August


Economy, Demand Data Drives Oil Down

World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S


Warning Sign: High-Yield Bonds Drive Energy Sector Growth

Energy companies have become a larger presence in the US high-yield bond market this year, relying on debt to fund capex as they expand exploration and production activity, but months of heavy issuance and weaker oil prices are taking their toll.


EU Approves Klesch Refinery Purchase

Regulator sees no competition concerns; Klesch announced purchase in July. EU regulators cleared U.S. entrepreneur Gary Klesch's purchase of the Milford Haven oil refinery on the coast of Wales, the European Commission said in a statement on Friday.






 
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