Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals
Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…
China Presses Iran to Rein in Houthi Attacks in Red Sea
Chinese officials have asked their Iranian counterparts to help rein in attacks on ships in the Red Sea by the Iran-backed Houthis, or risk harming business relations with Beijing, four Iranian sources and a diplomat familiar with the matter said.The discussions about the attacks and trade between China and Iran took place at several recent meetings in Beijing and Tehran, the Iranian sources said, declining to provide details about when they took place or who attended."Basically, China says: 'If our interests are harmed in any way, it will impact our business with Tehran.
Oil Slips on Mideast Rift Worries
Group of Arab states cuts all ties with Qatar; tankers going to/from Qatar barred from Fujairah port. Oil prices slipped further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market. Benchmark Brent crude oil was 10 cents a barrel lower at $49.37 by 1110 GMT, down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018. U.S. light crude was down 10 cents at $47.30. Leading Arab powers including Saudi Arabia, Egypt and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.
Aschmann to Take CEO Helm at BSM
Rajaish Bajpaee will hand over CEO responsibility of Bernhard Schulte Shipmanagement (BSM) to his current deputy, Capt. Norbert Aschmann, through planned succession at the end of December 2014 after more than 27 at the Schulte Group. Bajpaee will then take up the position of Chairman in a nonexecutive capacity, with effect from January 1, 2015, where he will support the continued success of BSM. Bajpaee joined the Eurasia Group of Companies in 1987, commencing as Deputy General Manager before being promoted to the position of President & CEO.
Oil Producers Hope DC Talks Ease Export Ban
Recent meetings between U.S. oil producers and Commerce Department officials have fueled industry hopes that the Obama administration may soon begin to ease a longstanding ban on oil exports. Although it would require an act of Congress to end the four-decade export ban, some analysts and executives believe the White House may be getting ready to open up the taps a bit, allowing some export of a super-light form of oil known as condensate, which falls into a regulatory gray area. Executives and sources said a number of major shale oil producers have quietly stepped up lobbying efforts over the contentious energy issue in recent weeks, meeting with officials from the Commerce Department's Bureau of Industry and Security (BIS), which oversees exports.
LNG Foes go to the Mat in Maryland
Maps of Indian and Japanese ports paper the walls of a Dominion Resources Inc conference room in a small Maryland town, population 1,835, known more for crabbing and bird watching than global trade and the U.S. natural gas revolution. Dominion, an American energy company long focused on U.S. markets, hopes to begin an expansion worth billions of dollars at its Cove Point complex on Chesapeake Bay later this year. As part of the plan, compressors fired by a new power plant would cool gas to -260 degrees F (-162 C) until it becomes the hot global commodity known as liquefied natural gas, or LNG. But if environmentalists, including a group that has led the charge against TransCanada Corp's long-delayed Keystone XL oil pipeline, get their way, Dominion won't soon be shipping anything anywhere.
