Angola LNG Plant Sells Cargo to Petrobras
Angola's sole liquefied natural gas (LNG) project has sold a cargo loading over May 12 to 13 to Brazil's Petrobras, two industry sources said on Monday.The exact price details could not immediately be confirmed but the cargo is priced off the European benchmark National Balancing Point (NBP) gas price, one of them said.The cargo will be loaded on the vessel 'Sonangol Sambizanga' and will head to Brazil, the source added.(Reporting by Jessica Jaganathan; Editing by Christian Schmollinger)
The Port of Corpus Christi: Energy Port of the Americas
The Port of Corpus Christi lives up to its moniker ‘Energy Port of the Americas,’ as the movement of energy in and out dominates the port’s history and future. John P. LaRue, Executive Director, Port Corpus Christi recently visited Maritime Logistics Professional’s headquarters in New York City to discuss the nearly $50 billion in investment projects driving the port forward. “Let’s just start with what we are and what we are not,” said LaRue. “We are not a container port. Up until a few years ago we were an oil import port (serving) three refineries: Citgo, Valero and Flint Hills Resources.
US LNG Shipments Point to Global Gas Price Convergence
The emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices, Fitch Ratings says. The first shipment of US liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass facility to Europe arrived in Portugal at the end of April. It is unclear how many more shipments will arrive in Europe in the near term…
Statoil's LNG Price for Lithuania to Fall by a Third
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), the price will go down to around 16-20 euros per megawatt-hour (MWh) under the new deal with Statoil, from around 27-30 euros currently.
Singapore Eyes LNG Trading Hub Status
Singapore looks to pull ahead in the race to become Asia’s main gas hub by establishing a domestic gas trading market. Rising liquefied natural gas (LNG) supply and demand within Asia has prompted Singapore to to become a centre for energy trading. Singapore, already a global oil trading hub, is aiming to take advantage from increasing numbers of buyers especially in China, but also India and other parts of Asia. Announcing the decicion, Singapore’s trade and industry minister…
Yara Reports Strong 3Q Results
Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara reports a strong third-quarter result with record deliveries, reflecting both organic growth and the Bunge acquisition in Brazil," said Torgeir Kvidal, Acting Chief Executive Officer of Yara. "Our European production plants performed well, with both higher production and improved margins as natural gas cost has declined," said Torgeir Kvidal.
Russian Gas Discounts Undermine Italy's Quest For New Routes
U.S. As Europe looks to wriggle free of Russia's energy grip, state-backed exporter Gazprom is working to convince Italy to stay the course with offers of cheap gas, potentially locking out rival supply from North Africa, the Caspian Sea and shipped LNG. The race to ring-fence European gas markets from rising competition has led Gazprom to drop its dogged defence of oil-linked gas deals and prompted a spree of price cuts, the latest of which went to Italy's Eni. "Gazprom, dead set on getting its South Stream gas pipeline project (to Europe) off the ground…
Energy Takes Centerstage in U.S., Russia Dispute
President Vladimir Putin warned on Thursday that Russian gas supplies to Europe could be disrupted if Moscow cuts the flow to Ukraine over unpaid bills, drawing a U.S. accusation that it is using energy "as a tool of coercion". In a letter to the leaders of 18 European countries, Putin made clear that his patience would run out over Kiev's $2.2 billion gas debt to Russia unless a solution could be brokered urgently. Russia has nearly doubled the gas price it charges Ukraine, whose economy is in crisis, since pro-Moscow President Viktor Yanukovich was overthrown two months ago.
Russia Sacrifices Gazprom Profit for Politics in Ukraine
Russia's top natural gas producer, Gazprom, will eventually lose more than it gains from raising the gas price for Ukraine by 80 percent, analysts said on Friday, predicting Kiev would cut purchases and fail to pay in full. Gazprom on Thursday announced a price rise for Ukraine to $485 per 1,000 cubic metres, the second increase in three days. The $485 price is the highest of any Gazprom customer and compares with around $370 on average for clients in the European Union. Ukrainian Prime Minister Arseny Yatseniuk said the increase…
TOTE Goes Gas
Last month U.S. ship owner Tote Inc. shocked the maritime community in ordering the world’s first LNG-powered containerships; in one fell swoop energizing the U.S. shipbuilding sector. On the occasion of this historic contract, top executives from TOTE, NASSCO and MAN spoke to Maritime Reporter & Engineering News to weigh in on the deal’s significance. In recent decades, particularly in the large commercial ship niche, it is fair to say that the U.S. has not been a world force.
Chicken and Egg
LNG bunkering logistics dampen owner’s LNG power enthusiasm. When sail gave way to steam, the British Royal Navy dominated global maritime trade routes. It had the power and outreach to build a global chain of coaling stations for its warships. The availability of steam coal at strategic points gave commercial shipowners the confidence to order coal-powered steamships and the transition from sail to steam was very quick. Unfortunately for backers of LNG power for ships, there is no Navy today with the sort of scope and reach enjoyed by the British in their heyday.