MISC to Spend $4B Capex in 5 Years
MISC Bhd, the shipping arm of Petroliam Nasional Bhd or Petronas, which is optimistic of delivering better earnings in its financial year 2018, is setting aside a bigger capital expenditure (capex) totalling RM15.68 billion (US$4 billion) over the next five years to grow its four core businesses, reports Bernama. The core segments are liquefied natural gas (LNG) shipping; petroleum and product shipping; offshore business; and marine and heavy engineering. President and Chief Executive Officer Yee Yang Chien said US$500 million would be set aside for potential FPSO and shuttle tanker contracts yet to be secured this year. “However, that amount (US$500 million) can be increased if we bag more contracts this year.
BW Group Grabs Control of Tanker Firm DHT from Fredriksen's Frontline
Shipping tycoons Sohmen Pao, Fredriksen battle over DHT; Sohmen Pao's BW Group becomes top DHT owner with 33.5 percent to surpass Frontline as DHT's top shareholder. The move likely ends Frontline's ambitions to take over DHT, as DHT had twice rejected Frontline's advances. Privately-owned shipping firm BW Group became the top shareholder in tanker firm DHT Holdings on Thursday, in a surprise move that will probably end Frontline's ambitions to take full control of DHT. BW Group…
Oil Rises on Record Indian Imports, Hopes of Output Caps
Oil prices edged up on Wednesday, supported by record Indian crude imports and talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market. Global benchmark oil futures, the Brent and U.S. West Texas Intermediate (WTI) contracts, have both risen more than 10 percent since the end of September on prospects major crude producers would freeze or cut production to stem an oversupply in the market. However, doubts remain as to the intentions of major suppliers such as Saudi Arabia and Iran and the effectiveness of any agreement in reining in output from record highs. Brent crude futures were up 26 cents at $52.67 a barrel by 1115 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents to $51.02 a barrel.
