Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project to a China’s Silk Road infrastructure fund, reports Reuters. The deal, first discussed in August, was inked as part of a visit by President Vladimir Putin to Beijing to mark 70 years since the end of World War Two in Asia. Following the completion of the deal, Novatek will own 50.1% stake in Yamal LNG, Total and CNPC will hold 20% each, while SRF will have a 9.9% stake in the Arctic LNG project. “We consider Yamal LNG to be one of the most prospective and competitive LNG projects in the world. Such observation supports our interest in becoming its shareholder. We hope our entrance into the project will facilitate an expedited closing of the project’s general external financing, as well as contribute to further development of the Chinese-Russian cooperation in the energy sector,” President of SRF, Wang Yanzhi said. Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson stated “We welcome SRF’s entrance into the Yamal LNG project as another step forward in the mutually beneficial cooperation with our Chinese partners in the development of gas projects in the Russian arctic region”.
Yamal LNG, a J/V between Russia’s Novatek and France’s Total, granted permission to build a liquefied natural gas plant in the Russian Arctic. The joint venture, majority-owned by Novatek with an 80 percent stake, received a positive assessment from the State Expert Commission for the project and permission to build the LNG plant at the port of Sabetta on the Yamal Peninsula, reports Ria Novosti. The Yamal LNG project envisages building the plant in two stages with a capacity
A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project. The prototype vessel will be operated under a long-term time charter between OAO Sovcomflot and JSC Yamal LNG. The steel-cutting ceremony, marking the formal start of a ship’s construction process, took place at the Daewoo Shipbuilding and Marine Engineering Co., Ltd
According to a March 3 report from Bloomberg, Total SA (FP), Europe’s third-biggest oil company, agreed to buy 12% of OAO Novatek and join the Yamal LNG project to snap up reserves as international energy producers rush to explore Russia’s Arctic resources. (Source: Bloomberg)
Deltamarin Ltd. has provided Aker Arctic Technology Inc. with design services for two polar class heavy deck carrier ships intended for carrying heavy project cargos in large modules to Yamal LNG plant construction site on the Russian Yamal peninsula. Aker Arctic, the main contractor for the design of the vessels, has developed the ship concept with its client ZPCM-Red Box Energy Services and provides the basic design for Guangzhou Shipyard International Co. Ltd
China Merchants Energy Shipping, Sinotrans Shipping and Greek shipping firm Dynagas are in talks to form a joint venture to build five vessels to ship liquefied natural gas (LNG) from the Arctic, the firms said. China Merchants said in a stock exchange statement on Tuesday that its board had approved a proposal allowing subsidiary China LNG Shipping to take a 25.5 percent stake in the joint venture, which will pay $1.59 billion for the ships.
Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has named the MSC Oscar, which has claimed the title of the world’s biggest containership. After the christening ceremony the MSC Oscar departed for Busan. The vessel has a capacity of 19,224 containers, and is the equivalent of four football stadiums in length with the nominal capacity of 19,224 TEU. The prestigious title has been taken over from China Shipping’s CSCL Globe, boasting 19,100 teu
For Russian Maritime Register of Shipping (RS), 2014 marked the 101st year of its activities. The classification society said 2014 also marked a landmark year, as the construction of the world's first Arctic LNG carrier began to RS class. The new 300-meter-long ship carrying liquefied natural gas in membrane tanks will be able to operate in ice of about two meters thick. There are more than 150 vessels that are ordered or already under construction to the RS class with the total
Lloyd’s Register North America, Inc. (LR) has teamed with Penn Oak Energy Corp to help companies raise capital and mitigate the technical risks associated with retrofitting ships fuelled by liquid natural gas (LNG), by providing a one-stop-shop solution to the industry. Ships that are fuelled by LNG can reduce operating costs while meeting stricter environmental regulations. LNG-fuelled ships have reduced emissions (nitrogen oxide
The Marine Engineers' Beneficial Association (MEBA) has signed a Memorandum of Understanding with innovative LNG importer Excelerate Energy to utilize U.S.- citizen deck and engineering officers onboard Excelerate's liquefied natural gas (LNG) carriers. The issue of Americans onboard LNG vessels has been the focus of congressional and administrative oversight over the last few years. The House Homeland Security Committee scheduled a hearing on March 21st to
The heavy marine transportation provider BigRoll Shipping announced its first of four MC Class vessels under construction, BigRoll Barentsz, was launched on October 27, 2015 at Cosco Dalian Shipyard. The vessel construction and commissioning remains on schedule for delivery in March 2016.
Russia's Yamal LNG liquefied natural gas project is on track and will be profitable even with low oil and gas prices, Sberbank Chief Executive German Gref said on Tuesday. "This is the most expensive project, (it) will completely change the gas economy of the country
The ceremonial launch of construction of the lead icebreaking support vessel for Gazprom Neft Novy Port was held today at Vyborg Shipyard, a corporate member of the United Shipbuilding Corporation. Guests were greeted by Kirill Voroshilov
LNG shipping freight rates continue to be under pressure from weak Asian demand and a growing fleet. Shipowners are now pinning hopes on a revival in European demand. However, European LNG demand growth will not be sufficient to raise freight rates
A deal to raise financing for the Novatek-led Yamal LNG project in Russia is in its final stages, Chairman of Gazprombank, Andrey Akimov, told Reuters. Gazprombank is a co-lender to Yamal LNG on the Russian side, along with Sberbank
GAC Russia informs it has opened an office to provide ship agency and support services for vessels calling at the newly built port of Sabetta. Sabetta sits on the Ob Bay in the Yamal Peninsula, located within the Northern Sea Route
GAC Russia has opened an office to provide ship agency and support services for vessels calling at the newly built port of Sabetta. Sabetta sits on the Ob Bay in the Yamal Peninsula, strategically located within the Northern Sea Route
Exporting LNG from Yamal in Russia’s high Arctic calls for a special type of LNG carrier never built before. The new series of 15 Arctic-capable LNG carriers to be built in Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) shipyard
Bestobell Marine has secured an order for its cryogenic globe and check valves for the second LNG carrier in the Yamal series of vessels being built at DSME shipyard in South Korea. After winning the contract to supply cryogenic valves to the first vessel that will be owned and
The recently introduced Wärtsilä 31 engine, which has been acknowledged by Guinness World Records as being the world's most efficient four-stroke diesel engine, has been selected to power a new generation icebreaker currently under construction at the PJSC Vyborg Shipyard
Sinotrans Shipping, one of China’s largest shipping companies, is in negotiations to take part in a joint venture to commission the building of five Arctic LNG carriers, says the company's stock market announcement. The company said in a statement that it is in talks with
Ship owners choosing the Northern Sea Route now have additional coverage from Kara Sea to Pacific Ocean. Radio Holland said it is the first provider who expanded its Global Ku-band VSAT network with additional coverage above Northern Europe/Russia
The massive $27 billion Yamal LNG liquefied-natural-gas venture in the Arctic Circle, a centerpiece of President Vladimir Putin’s plan for Russia has been squeezed by U.S. restrictions on OAO Novatek, says a report in the WSJ.
ECM Training Services, LLC, in conjunction with Galway Group, will hold an interactive training seminar entitled "Pursuing ECA Compliance: Is LNG as a Marine Fuel Viable?" September 22-23, 2015, at Minute Maid Park in Houston.
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