Bad Weather Stalls Bangladesh FSRU Hook Up
A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…
For the Global LNG Industry, is the FSRU Honeymoon Over?
A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper fuel than oil and coal.But the young FSRU industry has been beset by more project delays than successes in the past 12 months as fluctuating energy prices…
Indian Fishermen Hail US Supreme Court Decision to Hear World Bank Suit
Farmers and fishermen in western India have welcomed a U.S. Supreme Court decision to hear their lawsuit against a World Bank agency, which financed a power plant they blame for damaging the environment and their livelihoods.The U.S. Supreme Court on Monday agreed to hear an appeal by the villagers of a lower court ruling that the International Finance Corp (IFC) was immune from such lawsuits under federal law.The court must now consider for the first time whether international organisations are immune from such suits under federal law…
Indonesia Seeks Foreign Investors for Port Expansion
Indonesia is seeking US$7 billion in foreign investment to upgrade its ports as part of a five-year plan to improve its ports network, Finance Asia said. The plan involves modernizing existing ports and building new ones in the country, which is Southeast Asia’s largest economy and the largest archipelago in the world. Indonesia’s ports are in need of upgrade, the report said; Indonesia ranks only 53rd on the World Bank logistics performance index, below Thailand and Vietnam. The expansion of Indonesia's ports is extremely important, not just for the connectivity of Indonesia's islands but also to bring down logistical costs and raise competitiveness, says Sarvesh Suri, Indonesia country head for International Finance Corp, the private equity arm of the World Bank.
Mitsubishi Takes Stake in UAE Water Firm Metito
Japan's Mitsubishi Corp and Mitsubishi Heavy Industries have acquired a 38.4 percent stake in water and wastewater project developer Metito Holdings for an undisclosed sum, the United Arab Emirates-based firm said. In addition, the Japan Bank for International Cooperation will provide up to $92 million in funds to Metito to help finance its expansion plans. Japanese firms' global network and expertise will help Metito develop its operations, said Metito chief executive Rami Ghandour. "We have outgrown the region and we need to position ourselves for the next stage of our growth," Ghandour said in a telephone interview. While Metito could look to bid for projects in collaboration with its new stakeholders…
Cash-strapped Trada Maritime Risks Default
Indonesian shipping company PT Trada Maritime Tbk is at risk of defaulting on its debt of around $31 million to the International Finance Corp (IFC), the private sector lending arm of the World Bank. Trada Maritime received a letter dated May 28 from the IFC requiring it to pay a principal amount of $30.57 million as well as interest and other costs of $774,360 within three working days, the company said in a stock exchange filing on Thursday. Trada Maritime also owes $15 million to Bank of Tokyo-Mitsubishi UFJ Ltd. The company had discussed ways to pay off its debt to its creditors and they will have another meeting on June 17, it said.
ADB to Help Fund Petronet Expansion
According to reports, Asian Development Bank has signed an agreement to offer $169 million in local currency debt to India's Petronet LNG Ltd. to help fund its expansion. Earlier this week, International Finance Corp. and other banks offered $300m loans to help Petronet build a liquefied natural gas import-and-regassification terminal in southern India. Petronet LNG has a similar facility in Dahej in the western state of Gujarat. (Source: Reuters)
