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Gas Debts News

21 Jan 2016

Stuck at Sea, BP's LNG Shipment Highlights Egypt's Payment Struggle

BP's diversion of a tanker of liquefied natural gas (LNG) away from Egypt due to payment issues is the first sign that the country's currency crisis could be jeopardising its energy supplies, traders said. Earlier this month the tanker British Sapphire was diverted to Brazil rather than discharging in Egypt, with the delivery of the LNG cargo for Egypt delayed up until October, traders said. BP declined to comment. Egypt's state-owned EGAS was not available to comment. Egypt has been struggling to pay for U.S. dollar-priced oil products and LNG due to an acute foreign currency crisis, worsened by the Russian airliner disaster in October, which hit tourism revenue.

21 Sep 2014

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised. Despite holding the world's ninth largest gas reserves, Nigeria only produces a tenth of the amount of electricity as South Africa for a population three times the size, and in an effort to end decades of debilitating power shortages President Goodluck Jonathan handed ownership of the moribund state electricity company to private buyers last November. But some companies have already run into financial difficulties linked to debts left by the state power company and regulated prices that remain too low to be profitable.

02 Jun 2014

Russia, Ukraine Examine Gas Plan To Avoid Winter Supply Crisis

Russia and Ukraine agreed on Monday to examine a payment plan to settle Kiev's multi-billion gas debts and fix a price for supplies until June 2015, offering the promise of averting an energy crisis over the crucial winter period. The argument over prices for natural gas has added to tensions as the two countries have squared off over Moscow's seizure of Ukraine's Crimea peninsula and over a pro-Russian rebel uprising in eastern Ukraine. Russia's Gazprom had been threatening to cut off Ukraine's gas on Tuesday, with potential knock-on effects for the European Union because much of the gas it receives from Russia is pumped via Ukraine. But the immediate threat of a supply disruption was avoided after Kiev paid a first instalment, prompting Gazprom on Monday to grant it a week's grace.

01 Jun 2014

Ukraine To Pay Gas Arrears If It Gets Contract First

Ukraine is prepared to pay arrears to Russia for gas once it has a contract with Moscow and will take the country to court if it refuses to sign, Ukrainian Prime Minister Arseny Yatseniuk was quoted as saying by a German newspaper on Saturday. Ukraine told Russia on Friday a $786 million partial payment on a bill that Russia says could exceed $5 billion by next week was on its way to Moscow. That averted an immediate threat that Russia would stop supplying the former Soviet republic with gas if it fails to make advance payments. In an interview with Germany's Frankfurter Allgemeine Zeitung, Yatseniuk said Ukraine's only demand was to get a "fair contract" and gas should not be used as a "political weapon".

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