Qatar to Maintain Dominance in Global LNG Market
Qatar will maintain its dominance over the global liquefied natural gas market despite increased supply from Australia and the United States, the weekly report by Qatar National Bank (QNB) said. A report in The Penisula quoting QNB said that Qatar currently accounts for 30.1 percent of the global market. The country captured nearly 70 percent of the new African demand, more than compensating for the lower cargoes to Japan. Amidst these market shifts, Qatar maintained its position as the world's largest and most cost-efficient producer…
German Banks Step up Efforts to Offload Toxic Shipping Debt
Top national lenders Deutsche Bank and Commerzbank are stepping up efforts to offload distressed shipping loans, finance sources said, as the German banking system grapples with $100 billion in toxic debt from the sector. While the shipping sector is showing signs of recovery after a near-decade long downturn, it is still struggling with an excess of ships and sluggish growth in global trade, which has led to some shipping companies going to the wall. German banks, once global leaders in ship financing, have written off billions of euros in loans to shipping companies, while other European lenders - facing capital pressure from regulators - have quit the business.
Gulf Bidders Emerge for UASC-linked Shipping Unit
Gulf-based bidders have emerged for the part-owned subsidiary of United Arab Shipping Company (UASC) whose sale is key to finalising the merger between UASC and German container shipping line Hapag Lloyd , sources close to the matter said. Last week, sources told Reuters that Hapag Lloyd was close to completing the 7-8 billion-euro merger after UASC shareholders agreed terms to repay outstanding debt. A sale of United Arab Chemical Carriers (UACC) - in which UASC holds the biggest stake - is also part of the terms of the Hapag Lloyd merger deal.
UASC Places Huge Containership Order
United Arab Shipping Company (UASC) closed a $1.3 biillion (USD) multi-tranche syndicated loan facility for the partial financing of seven 14,000 TEU container ships and five 18,000 TEU container ships. The facility is part of a larger $1.7 billion debt financing related to UASC’s announced $2.3 billion capital expenditure program for 17 newbuilding container vessels including, in total, 11 14,000 TEU and six 18,000 TEU vessels. Deutsche Bank AG, London Branch (DB) acted as Global Coordinator to UASC for the entire $1.7 billion debt financing. The 17 vessels include 10 vessels for which shipbuilding contracts were signed in August 2013 with the remaining seven vessels being option vessels. The process of option vessels is still continuing.
Delfin Taps China for US FLNG, but Final Investment Decision 'Challenging'
Delfin Midstream, developing the first floating facility to export U.S. natural gas, has sealed a preliminary 15-year sales deal with city gas distributor China Gas Holdings, Delfin founder and Chief Executive Officer Frederick Jones said. But industry veteran Jones told Reuters in an interview that Delfin is also tapping unnamed Chinese banks to fund its ambitious $8 billion as the current global supply overhang in liquefied natural gas (LNG), with bumper exports also expected from Australia and Qatar, makes Delfin’s target of a final investment decision (FID) in 2018 challenging.
Qatar Engineering Developments Assisted by TAMUQ
Texas A&M University at Qatar is actively engaged in solving engineering problems for major industries and companies in the country through path-breaking research, development, and technical services, according to a news report in 'Gulf Times'. In the relatively short period since the university arrived in Qatar, excellent collaboration and partnership have been established with many companies and government organisations, including British Petroleum, Chevron Qatar, ConocoPhillips Qatar, GDF Suez Qatar, Maersk Oil, National Instruments, Qatar Fertiliser Company, Qatar National Research Fund, Qatar Petrochemical Company, Qatar Petroleum, Qatar Shell, Qatar Science & Technology Park, Qatar Telecom, RasGas and Schlumberger.
Hapag Lloyd-UASC Merger Hits Snags
A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Hapag Lloyd Chief Executive Rolf Habben Jansen told a news conference this week he had underestimated the complexity of the 7 billion to 8 billion euro ($7.6-$8.7 bln) deal, which will create one of the world's largest shipping lines. Two finance sources…
Maersk Oil Supports Development of Qatar's Future Engineers
The three day programme includes a series of workshops, seminars and panel sessions allowing experts, researchers and leaders of the oil and gas industry to network and to share technical and industrial information with high school students, university students and young engineers. "Education, training and development of Qatari nationals are key priorities within Maersk Oil Qatar , and this latest initiative is another way in which we are contributing to the long-term sustainable development and continued growth of Qatar," explained Sheikh Faisal Al Thani, Deputy Managing Director of Maersk Oil Qatar. "Opportunities like the Young Members Activities Programme provide an ideal platform for young Qatari engineers and professionals to continue developing their skills and knowledge…
New Euronav $500M Credit Facility for FSO Project
The credit facility consists of a USD 180 million term loan to finance the acquisition of TI Asia (2002) and TI Africa (2002) by joint venture companies owned equally by Euronav and OSG and USD 320 million term loan to finance the conversion of the ships into FSO (Floating Storage Offloading) service vessels, which are scheduled to deliver to Maersk Oil Qatar on the Al Shaheen field offshore Qatar and start operation respectively on July and September 2009. The credit facilities have 8 year maturity as from the date of deliveries of each of the 2 vessels on site. Borrowings under this facility bear interest at a rate based on LIBOR plus an attractive margin.
Pakistan LNG Import Project Consortium Folds -Hoegh LNG
A consortium behind a liquefied natural gas (LNG) import project in Pakistan, including oil giant Exxon Mobil, France's Total and Qatar Petroleum, has been dissolved, shipping company Hoegh LNG said on Thursday. Hoegh LNG was due to supply the project's ship-based import terminal, a floating storage and regasification unit (FSRU), where LNG brought in by tanker is converted back to gas to feed into Pakistan's grid. The other six members of the consortium were Japan's Mitsubishi and Turkish developer Global Energy Infrastructure (GEI). "The consortium has spent considerable time and resources on finding [the project's] final form and structure.
Qatar Onslaught of LNG Supply to Shake-up the Market
Gas giant Qatar is the world’s top supplier of liquefied natural gas (LNG), but in the coming five years it could be surpassed by Australia, a shift which could weigh on its dominance in Asia, reports Reuters. Asia accounts for almost three quarters of the global market and has paid the highest prices. And Qatar is becoming commercially sharper, using traders and tenders to grab new customers, and fighting to hold on to its share in the prized Asian market. According to Noel Tomnay…
Nakilat Damen Shipyards Qatar JV is 5
On 23 November 2015, Nakilat Damen Shipyards Qatar celebrated its first 5 years of operation. With 40 vessels delivered or under construction, the yard has proven its capability to support Qatar’s national strategy for economic diversification. Damen Chief Commercial Officer Arnout Damen. NDSQ was established in 2010 as a joint venture between Qatar Gas Transport Company Ltd. (Nakilat) and Damen Shipyards Group. Located in the northeastern corner of Qatar, the yard is ideally positioned in the middle of the Arabian Gulf and able to build ships up to 170 metres in length in steel…
Mwani Qatar, Milaha Team-up to Manage Hamad Port
HE Minister of Transport and Communications Jassim Saif Ahmed Al Sulaiti, Chairman of Qatar Ports Management Company (Mwani Qatar) and Sheikh Ali bin Jassim bin Mohammad Al-Thani, Chairman of Qatar Navigation (Milaha), today witnessed the signing of an agreement between Mwani Qatar and Milaha to establish a new company, QTerminals, to manage Hamad Port. As per the agreement, the new company will be co-owned by Mwani Qatar; 51%, and Milaha; 49%, and will manage operations at Hamad Port as an independent company with its own board of directors, executives and staff.
Qatargas starts operations at Laffan Refinery 2
Qatargas, the world's largest LNG producer, announced the commercial start-up of Laffan Refinery 2, marking a major milestone in the expansion of refining capacity in the State of Qatar. The project will refine 146,000 barrels per day of condensate from the North Field, the largest non-associated natural gas reserve in the world. Laffan Refinery 2 produces low Sulfur Euro-V specifications products such as Naphtha, Jet-A1, Ultra low Sulfur Diesel (ULSD), Propane and Butane for local and international markets.
Keppel Delivers Project to Qatar Ahead of Schedule
Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), will deliver its first jackup drilling rig ahead of time to Qatar’s national drilling company, Gulf Drilling International Ltd (GDI). Built to Keppel’s proprietary KFELS B Class design, the first rig will be named Al-Khor, after one of Qatar’s historical cities which has contributed to the development of Liquefied Natural Gas (LNG) in the country in recent years. Lim Boon Heng, Minister, Prime Minister’s Office of the Republic of Singapore and Mr S Al-Shirrawi, Chairman of the Board of Directors of GDI and Finance Director of Qatar Petroleum graced the occasion of its inauguration ceremony at Keppel FELS in Singapore today.
Qatar Shipping Secures Ship Financing
Proceeds from the facility will be utilized by Qatar Shipping to fund the ongoing construction of 19 harbor assistance vessels. The vessels will be deployed in Mesaieed Port on a 20-year, QR1.8bn contract, signed with Qatar Petroleum in 2011. The financing was arranged by Milaha Capital, another wholly-owned Milaha subsidiary, which provides corporate finance advisory services to the group as part of its mandate. The financing agreement was signed by Milaha's President & CEO Khalifa bin Ali Al-Hetmi and Mr. Abdulla Mubarak Al Khalifa, General Manager Corporate Banking from QNB Group. Also in attendance were senior executives from Milaha, its subsidiaries and QNB. Speaking on the occasion, Mr.
30 Cruise Ships to Reach Qatar Next Year
Qatar's Doha Port expects to receive around 30 cruise ships next year, says Director of Doha Port Management Captain Abdul Aziz Nasser al Yafei. The port had received three cruise ships this year. He also said the new Hamad Port may receive mega cruise ships starting from next year, reports Qatar News Agency (QNA). According to him, Hamad Port is likely to conduct a test run this month to receive commercial vessels. He said the Qatar Ports Management Company (Mwani) plays an important…
Keppel to Make its Mark in Qatar
Keppel FELS, a wholly-owned subsidiary of Keppel Offshore and Marine Ltd, will deliver its first Jack Up Drilling Rig ahead of schedule by the end of this year to Qatar's national drilling company, the Gulf Drilling International (GDI), the company's officials announced in Singapore recently. Built to Keppel's proprietary KFELS B Class design, the first rig has been named Al Khor, after one of Qatar's historical cities which has contributed to the development of Liquefied Natural Gas (LNG) in the country in recent years. The second rig will be delivered in end 2007. Al Khor has been built to GDI's specifications for operations in water depths of up to 300 feet and drilling depth of down to 30,000 feet.
Qatar Shipyard, Nakilat, JV's Get US$160-million Funding
Al Khalij Commercial Bank (al khaliji) QSC has provided financing for the two Nakilat shipyard joint ventures: Nakilat-Keppel Offshore & Marine (N-KOM) and Nakilat Damen Shipyards Qatar (NDSQ) for US $120m and US $40m respectively. Nakilat is a Qatari marine transport company providing the essential transportation link in the State of Qatar’s LNG supply chain. The company says its LNG shipping fleet is the largest in the world, comprising 56 LNG vessels. Nakilat also manages and operates four large LPG carriers.
PetroChina, Qatargas and Shell Sign First Long-Term LNG Deal
Qatargas, Shell and PetroChina signed binding sales and purchase agreements that will lead to the long-term supply of liquefied natural gas (LNG) originating from The State of Qatar to the rapidly growing Chinese market. The agreements were signed in by His Excellency Abdullah bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry of Qatar, Jiang Jiemin, President of National Petroleum Corporation and Chairman of PetroChina Company Ltd and Ms. Linda Cook, Executive Director of Royal Dutch Shell plc. The LNG will be provided from the Qatargas 4 project in and shipped to PetroChina’s LNG receiving terminals upon the start-up of commercial operations of these facilities. The agreements are for 3 million tons per annum of LNG for 25 years.
Qatar Petroleum plans to invest over 40 billion QAR
Qatar Petroleum (QP) announced plans to invest over 40 billion Qatari Riyals (QAR) in the re-development of the existing Bul Hanine offshore oil field located about 120 kilometers to the east of the Qatari coastline. The project, which is currently at the pre-FEED stage, is one of the largest to be managed and executed by QP. It is designed to prolong the field’s life by countering its production decline and doubling its current oil production rate. Commenting on the redevelopment plans, H.E. Dr.
Hapag-UASC Tie-up Nears Completion
German shipping line Hapag Lloyd is close to completing a merger with United Arab Shipping Company (UASC) after UASC's shareholders agreed terms to repay outstanding debts, sources familiar with the talks told Reuters. The deal to create the world's fifth-biggest shipping company, valued at about 7 billion to 8 billion euros ($7.8-$8.9 billion), had been scheduled to complete at the end of last year. It would give Hapag Lloyd access to bigger ships on the major Asia to Europe trade route.
Qatar Petroleum and ConocoPhillips Agree to Develop LNG Project
Qatar Petroleum and ConocoPhillips has signed a Heads of Agreement for the development of Qatargas 3, a large-scale liquefied natural gas (LNG) project located in Qatar servicing the U.S. natural gas market. The signing ceremony took place at the Qatari Embassy in Washington, D.C., and was attended by Qatar's Minister of Energy and Industry and Chairman of Qatar Petroleum H.E. Abdullah Bin Hamad Al Attiyah, U.S. Secretary of Energy Spencer Abraham, and ConocoPhillips President and Chief Executive Officer Jim Mulva. The agreement provides the framework for the necessary project agreements and the completion of key feasibility studies. "We welcome this prospect of a long-term partnership with ConocoPhillips," said H.E. Al Attiyah.