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Lng Price

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 to Asia, adding to a previous contract as the state-owned firm seeks to become a global supplier. Pavilion Energy said in a statement on Wednesday its wholly owned subsidiary Pavilion Gas Pte Ltd had struck a deal with BP under which the British company will supply it with 0.4 million tonnes per year (tpy) of LNG for 20 years from 2019. It did not say how much Pavilion would pay for the LNG. Pavilion has also purchased 0.4 million tpy of LNG from Sempra Energy's Cameron LNG project in Louisiana, which will be delivered to Asia according to its production schedule, a company spokeswoman said in an email. The U.S. Energy Department on Sept. 10 gave Sempra the green light to export LNG from the project. Singapore aims to position itself as an LNG trading hub for Asia, with links to producers such as Indonesia, Malaysia and Australia and countries with growing demand such as China, India and Thailand. Temasek Holdings, Singapore's sovereign wealth fund, created Pavilion last year, providing it with a $6.9 billion war chest. Pavilion has already used the funds to buy a stake in a gas field in Tanzania and start an LNG shipping joint venture.


Awilco LNG Reports Loss

Photo: Awilco LNG

 Oslo-based LNG shipping company, Awilco LNG, reported a first quarter freight income of US$8.9 million, down from $12.1 million in the same quarter the previous year.    The pure play LNG transportation provider  said that an oversupply of shipping in the carrier market, limited growth in trade and a reduced ton-mile ratio have combined to keep the LNG spot market at “unsustainable levels” for more than one year


Wikborg Rein & Co: Oil Prices Won't Impact Dual-Fuel LNG Carriers

   Joe McGladdery (Photo courtesy of Wikborg Rein & Co)

Joe McGladdery, a partner with the London law offices of Wikborg Rein & Co, says that, while falling oil prices have exerted pressure on the LNG charter markets, the new generation of low-speed, dual-fuel LNG carriers now in service and on order remain an attractive option for owners and operators. “As a result of the oil price collapse, energy companies are reducing capital budgets to protect against falling revenues


Statoil's LNG Price for Lithuania to Fall by a Third

Photo: Klaipeda LNG Terminal

 Liquefied natural gas (LNG) price from Norwegian company Statoil ASA for Lithuania is set to fall by more than one-third and the Klaipeda LNG terminal's maintenance costs are to decline by around 23% after Lithuania's gas trade company Litgas completed talks with the Norwegian supplier on a revision of their long-term gas purchase contract, reports LETA/BNS.   According to Dalius Misiunas, CEO of the state energy group Lietuvos Energija (Lithuanian Energy)


India to Import LNG from Australia

Piyush Goyal. Photo: Official Facebook Page of Piyush Goyal

 India may contract long-term supplies of liquefied natural gas (LNG) from Australia if price is comparable to Indian coal which remains the fuel of choice for power generation companies in New Delhi.    Power Minister Piyush Goyal, who is currently on a visit to Australia for energy dialogue, conveyed India’s willingness to buy Australian LNG during a roundtable in Brisbane.   Goyal stated that additionally


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


Korea Gas to Offer 20 to 40 LNG Cargoes

Kogas looking to offload up to 40 LNG cargoes; seeking to turn down output in Q3, arrange time-swaps. Fuel oversupply pushing down spot prices. Korea Gas Corp. is looking to sell 20 to 40 cargoes of liquefied natural gas (LNG) this summer after misjudging the scale of its demand and committing to buy excessive supply, traders said. State-run Kogas, faced with an over-supply it is unable to absorb, is seeking to offload cargoes through a combination of time-swap deals and reducing offtake


LNG Shipping Rates Nosedive

LNG Ship (Source: Shell)

 With LNG prices down as slowing demand combines with rising output, the cost to ship super-chilled natural gas has also tumbled to the lowest level in more than four years and is forecast to fall further, reports Bloomberg    According to Andrew Buckland, a London-based analyst at Wood Mackenzie Ltd rates to transport liquefied natural gas have declined to about $50,000 per day and will probably go lower before recovering. In 2012 it was more than $140,000 a day.  


Oversupplied Japanese LNG Players to Sell off Excess Volumes

© akiyoko / Adobe Stock

Asian spot LNG prices extended losses this week as oversupplied Japanese utilities sought to offload cargoes and as key European gas benchmarks softened.   Asian prices for LNG delivery in March fell 25 cents to about $7.75 per million British thermal units (mmBtu), traders said, ranging from $8/mmBtu to about $7.60/mmBtu.   Prices tailed off even more sharply into April, currently trading at around the $7/mmBtu mark, they said.  


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.   It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its U.S. gas unattractive.  


Sovcomflot Launches LNG-Powered Ships

Photo: PAO Sovcomflot

Russia’s biggest tanker operator will launch four new vessels in 2018 that will run on liquefied natural gas (LNG), Bloomberg reported.   Sovcomflot’s Aframax ships, capable of carrying 600,000 barrels of oil through the Baltic Sea to the port of Rotterdam


Petronas Targets New Markets for LNG

Photo :Petronas

Malaysian oil company Petronas is looking to tap new markets to sell liquefied natural gas, including as fuel for ships, the head of its upstream operations told Reuters on Monday. State-owned Petroliam Nasional Berhad, known as Petronas, also sees significant growth potential for LNG in India


Egypt Weans Itself off Foreign Gas

Egypt seeking to defer up to 25 LNG cargoes this year-trade; talks with trade houses and producers ongoing.   Egypt is holding talks with its liquefied natural gas (LNG) suppliers to defer contracted shipments this year and aims to cut back on purchases in 2018


Dynagas Closes USD 480mln Term Loan B

Photo: Dynagas

 Dynagas LNG Partners, an international owner and operator of liquefied natural gas (LNG) carriers, announced  the closing of a USD 480 million Senior Secured Term Loan B facility (the "Term Loan B") by its wholly-owned subsidiary, Arctic LNG Carriers Ltd.  


FLNG Production Bows out as US Exports Roil Market

File photo : Shell

Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices.  


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


Shell Shelves Prince Rupert LNG

Photo: Prince Rupert LNG

 Royal Dutch Shell PLC has officially shelved its plans to build the Prince Rupert LNG project, which had been planned for Ridley Island in British Columbia. However, it  is still considering the potential of its other West Coast LNG option.  


ICE to Offer First US Gulf Coast LNG Futures Contract

With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it would begin trading the first-ever U.S. liquefied natural gas futures contract in May.


Top LNG Buyers Form Alliance to Push for Flexible Contracts

© akiyoko / Adobe Stock

The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers.   Korea Gas Corp (KOGAS) said on Thursday it had signed a memorandum of understanding in mid-March with


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


Thailand Boosts LNG Imports

Image: PTT LNG

 Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported.   Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year.  


May LNG Cargo Prices Fall on Waning Demand

File Image: a typical LNG carrier at sea (CREDIT: MISC)

Asian spot LNG prices edged lower this week amid thin trade for May cargoes and as focus shifts towards June supplies.   Spot prices for May delivery of LNG in Asia fell by 35 cents to $5.40 per million British thermal units (mmBtu), as interest for May cargoes weaken because most end-users


South Korean Tender Stirs LNG Market

© Oleksandr Prykhodko / Adobe Stock

Asian spot LNG prices jumped this week, buoyed by hopes Korea Gas Corp's new tender would match past buying sprees and by emerging demand from China and Japan.   Spot prices for June delivery rose to $5.70 per million British thermal units (mmBtu), a 20 cent jump over last week


Baltic Exchange Chief Outlines Growth Plan

Newly appointed Baltic Exchange Chief Executive Mark Jackson has set out the Exchange’s vision of the near-future in a wide-ranging speech in Singapore during the concurrent MPA Singapore Maritime and Singapore Iron Ore Weeks. “The recent acquisition of the Baltic Exchange by the


Australia Plans to Limit LNG Exports

© Carabay / Adobe Stock

Australia's conservative government unveiled a radical plan on Thursday to restrict exports of liquefied natural gas (LNG) at times when domestic shortages push up local prices, aiming to ease soaring energy costs for local manufacturers.  






 
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