Cheniere Delays First LNG Shipment from Sabine Pass Terminal
The Sabine Pass liquefied natural gas (LNG) terminal will ship its first cargo later than initially thought, according to an announcement by Cheniere Energy Partners LP. The Houston-based company now forecasts that its first shipment will not leave its Sabine Pass plant until late February or March 2016, a slip from a planned January departure. Construction of the first liquefaction train at the terminal was completed ahead of schedule, Cheniere said, but the firm said that new instrumentation issues discovered during commissioning will take several weeks to address. "We are now expecting the first cargo in late February or March," said Neal Shear, Interim President and CEO. Despite the delay, the Sabine Pass facility is slated to be the first in the lower 48 states to ship LNG overseas.
U.S. Merchant Bank Buys Aging Newfoundland Refinery
A New York-based commodities merchant bank run by veteran energy traders, Neal Shear and Kaushik Amin, announced on Friday plans to buy the aging Come by Chance refinery in Newfoundland from South Korea's state-run oil company. Korea National Oil Corp said it will sell the 115,000-barrel-per-day refinery to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer. The deal also includes 53 gas stations and convenience stores. SilverRange is a New York-based merchant bank focused on energy and natural resources owned by SilverPeak Partners, a real estate fund with over $12 billion in assets under management, according to its website.
