PDVSA Insists it's Still Working with BSM
Venezuela's state-run oil company PDVSA said on Thursday it has not halted business with maritime firm Bernhard Schulte Shipmanagement (BSM), even after the German firm said it would remove the crews that have been operating 10 of 15 PDVSA vessels over unpaid fees and return the tankers.On Tuesday, PDVSA's maritime arm PDV Marina declared an emergency due to lack of staff to immediately receive the 10 vessels BSM proposed to return to Venezuelan ports due to unpaid bills of at…
BAM International Begins Kitimat Wharf Contract
The Hague-based BAM International, together with JJM Construction (Canada) and Manson Construction (USA), has received the full order to build the new Rio Tinto BC Works Terminal A on behalf of LNG Canada.The mobilisation and construction works being carried out by BAM and its partners for the Rio Tinto Terminal A expansion have started. BAM expects to complete this project in Autumn 2020.The project is valued at CAD 135 million, with BAM’s share amounting to 50% and JJM and Manson covering the other 50%.
Singapore Petroleum Builds New Oil Storage, Distribution Center
Singapore Petroleum Company, a subsidiary of PetroChina International, said in a statement on Friday it completed a new oil products storage and distribution terminal on Jurong Island, an artificial island off Singapore's southwest coast.The terminal "will allow us to develop our marketing network and to serve the growing needs of our customers in Singapore," Xia Hongwei, managing director of PetroChina International (Singapore) said in the statement.The terminal comprises 10 storage tanks with a total capacity of 50,000 cubic meters for gasoline and gasoil.The terminal is connected via pipeli
Build It and They Will Buy: The New World of LNG Canada
The first major liquefied natural gas (LNG) project to be approved globally in five years will be built in Canada, but its underlying philosophy appears to be more closely allied to the Australian concept of "she'll be right, mate."The LNG Canada project was given the green light on Tuesday by Royal Dutch Shell, which is leading the $31 billion venture along with partners Petronas, Mitsubishi, PetroChina and Korea Gas.What makes the first export plant on Canada's west coast different…
Unipec Suspends US Oil Imports as Trade Spat Intensifies
China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.The sources declined to be identified as they are not authorised to speak to the media.It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of U.S. crude until at least October.Unipec and Sinopec, Asia's largest refiner and biggest buyer of U.S.
Supertanker Hauling Saudi Crude U-turns After Recent Attack
A supertanker carrying Saudi Arabian crude has turned around near the Bab El-Mandeb strait, days after the world's top exporter said it was suspending all oil shipments through the strait following an attack by Yemen's Iran-aligned Houthi movement on two other ships.The Khuzama, a Very Large Crude Carrier (VLCC) transporting about 2 million barrels of oil, has made a U-turn and is now sailing east - ClipperData and Reuters vessel tracking data.Yemen, where a Saudi-led coalition has been battling the Houthis in a three-year war, borders the strait, which connects the Gulf of Aden to the Red Sea
Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia. For its latest voyage…
US Oil Exports to India Soar Ahead of Iran Sanctions
U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…
Petronas Buys Stake in Canadian LNG Export Project
Malaysia's state-owned oil and gas company Petroliam Nasional Bhd said on Thursday it is buying a 25 percent stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.The company, known as Petronas, scrapped plans to build a $36 billion ($28 billion) LNG export terminal in British Columbia last year over concerns of a glut in the market that led to depressed fuel prices.But surprisingly strong demand from China, South Korea and India has erased those concerns…
Asian LNG Spot Prices Jump on Chinese, Japanese Demand
Asian LNG spot prices jumped this week on strong demand from core importing countries including China and Japan. Spot prices <LNG-AS> for February delivery leapt 70 cents to $11.20 per million British thermal units (mmBtu). Malaysia's Petronas sold a January cargo to Japanese trading giant JERA an estimated $11 per mmBtu, trade sources said. JERA is contracted to take 5.2 million tonnes per year of LNG from Chevron's Wheatstone export project which has been offline for the past four weeks as part of the plant's complex start up procedure.
Dynagas Announces TC for LNG Carrier Pair
Dynagas LNG Partners has announced that a Partnership has entered into a new three year charter agreement with Statoil ASA (Statoil) for the employment of the Arctic Aurora, its 2013-built, 155,000 cubic meter, tri-fuel diesel engine, ice class liquefied natural gas (LNG) carrier. The Arctic Aurora is currently, and has been since 2013, on charter to Statoil. The Extended Charter is expected to commence in the third quarter of 2018 in direct continuation of the Current Charter…
Restrata, Agility Partnership in Training at REP, Iraq
Restrata, a global leader in consultancy and training services, has partnered with leading logistics provider Agility to offer specialised training for oil and gas sector employees at the Rumaila Energy Park (REP) in southern Iraq. The REP's new training centre will offer a wide range of courses related to health and safety and oil and gas industry operations. All training courses meet international standards, are accredited, and include transportation, catering and security services.
Unipec, Largest Dirty Tanker in Spot Charterer
China’s Unipec remained the top spot charterer of dirty tankers and VLCCs in the first half of 2016, according to Poten & Partners. In stock of the spot market activity in the dirty tanker market nothing (much) has changed between 2015 and 2016. The top seven charterers are exactly the same as last year. Unipec is still on top and even expanded its lead slightly (from 13.4% of the total in 2015 to 13.8% in 2016 YTD). Not surprisingly, the leading charterers hail from China (Unipec, Petrochina), India (IOC, Reliance), complemented by the super-majors and the leading traders.
China Equipments to Yamal LNG
The first shipment of a ‘core kit’ for Russia’s Yamal LNG project has set sail for northern Russia from the Chinese port of Qingdao. China's first batch of two air cooled condensing modules of LNG project are the biggest and heaviest kits being used for the project. They are set to arrive at the construction site in late June, says China Central Television. Yamal is a liquefied natural gas project located deep in the Russian Arctic. It is expected to start operating next year. 85 percent of the liquefied natural gas will be transported to the Asia Pacific market.
Egypt Picks 7 Winners in Tender for 55 LNG Cargoes
Seven companies reportedly met with Egyptian Natural Gas Holding Co. (EGAS) to discuss an liquified natural gas (LNG) tender, including: Vitol, Noble Group, Trafigura, EDF Trading, PetroChina, Shell and Gas Natural, reports Reuters. EGAS will buy 55 LNG cargoes from November this year to December 2016 through a tender it has agreed to with those seven different companies. Originally, only 45 LNG cargoes were to be delivered. The cargoes are expected to meet much of Egypt's near-term energy needs as the government tries to cope with an energy shortage.
China Ocean Shipbuilding Acquires Jiangxi Gas
China Ocean Shipbuilding Industry Group (COSIG) with its unit, China Ocean LNG has bought a 47% stake in Jiangxi Petrochina Kunlun Gas (Jiangxi Gas) for a total of ($6.2m), according to a stock market statement. The Chinese yard noted the benefits of investing in Jiangxi Gas, which has state-owned enterprise Petrochina Kunlun (51% stake), as a controlling shareholder and which has good connections in the natural gas related industries, as part of the strategic transformation of the group’s business.
New Chairmen at Three Chinese Oil Firms
China has appointed new chairmen for the country's top three energy groups, according to company statements on Monday, in a top-down reshuffle of the industry which faces the challenges of spending cuts, low oil prices and easing demand. Earlier on Monday the state-owned Sinopec Group said its chairman, Fu Chengyu, has retired. Sinopec Group is the majority owner of Sinopec Corp , Asia's largest oil refiner. Fu, the industry's most recognized executive, will be succeeded by Wang Yupu…
Gazprom holds First Investor Day in Asia
Gazprom held the 10th annual Investor Day for the first time in the Asia-Pacific Region – in Hong Kong (February 3) and Singapore (February 5). Taking part in the events were Andrey Kruglov and Alexander Medvedev, Deputy Chairmen of the Gazprom Management Committee; Dmitry Lyugai and Vsevolod Cherepanov, Members of the Gazprom Management Committee as well as heads of the Company’s specialized structural units and subsidiaries. The events were met with great interest by the investment community.
OAO Sovcomflot’s 9M/Q3 2014 Results
OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014. n.a. Commenting on the results, Sergey Frank, President and CEO of OAO Sovcomflot, said, “Sovcomflot has performed strongly in the first nine months of 2014, with revenue and profits significantly ahead of the comparable period last year. These financial results reflect an improved freight rate environment over the period, especially within the crude oil segment of the tanker market.
LNGL Extends Gladstone Lease
* LNGL has signed a non-binding memorandum of intent (MOI) for gas supply with Tri-Star Petroleum Company (Tri-Star). Liquefied Natural Gas Limited yesterday announced that its 100% owned subsidiary, Gladstone LNG Pty Ltd has agreed to a Variation to the Agreement for Lease with the Gladstone Ports Corporation until 31 March 2016 in two phases. The first phase is an extension of the term from 1 November 2014 to 31 March 2015, with the Company paying an Option Fee of $500,000 and the second phase…
China Investigates Corruption Inspector
China is investigating a corruption inspector for corruption, China's Central Commission for Discipline Inspection (CCDI) said on Monday, as an anti-graft campaign intensifies. Since President Xi Jinping's appointment last year, the government has cracked down on official corruption and extravagance in China, where the common and public flaunting of personal and often illicit wealth has led to widespread criticism of the ruling Communist Party. The ruling Communist Party's anti-corruption watchdog said in a one-line statement on its website that Cao Lixin…
PetroChina Overseas Operations Chief Under Investigation
PetroChina's overseas operations chief Bo Qiliang is under official investigation after being removed from his post, a company source with knowledge of the matter told Reuters. Earlier on Friday, PetroChina said in a filing with the Shanghai Stock Exchange that Bo had left his post due to a change in job role, but did not give a reason. Bo will be replaced by Lu Gongxun, the former head of PetroChina in Kazakhstan. PetroChina spokesman Mao Zefeng reiterated the stock exchange statement but declined further comment when asked by Reuters.
Confirmation Arrow Energy to Acquire Bow Energy
Australia’s Arrow Energy Holdings Pty Ltd confirmed that it has entered into a Scheme Implementation Agreement with coal seam gas company Bow Energy Ltd under which Arrow has agreed to acquire all of the shares in Bow for a cash consideration of A$1.52 per Bow share. The offer values Bow at A$535 million. Bow Board members have unanimously recommended shareholders vote in favour of the offer, in the absence of a superior proposal and subject to an independent expert concluding that the offer is in the best interests of Bow shareholders.
ExxonMobil Expands MobilGard Supply in Shanghai
ExxonMobil Marine Lubricants completed the first bulk delivery of Mobilgard 570 cylinder oil in the Port of Shanghai in May. The bulk delivery of Mobilgard 570 was made by Hai Gong You 30, the first double-hulled marine lubricants-delivery barge to operate in Shanghai. Built and owned by China Marine Bunker PetroChina Co. Ltd (Chimbusco), the IMO-compliant barge is 278 deadweight tonnes. It is equipped with state-of-the-art flow meter technology and a 1.5 metric ton crane to ensure accurate and efficient deliveries. The barge is on charter to ExxonMobil for two years.
Proposed Canadian LNG Export Terminal Gets License
The federal government approves a 25-year export licence for shipping LNG from Kitimat, a West Coast terminal proposed by a Shell consortium . The licence awarded to LNG Canada, a consortium of Shell, Korea Gas Corp., Mitsubishi Corp., and PetroChina International, will allow the export of up to 24 million tonnes of LNG per year, the largest of three export licences awarded to date, according to The Canadian Press. The LNG Canada terminal is one of five proposed for the B.C. coast, and the project has yet to undergo an environmental assessment. Plans to make the B.C.
China LNG Contracts for GDF Suez
GDF sign significant agreements with Chinese partners for an LNG carrier charter, gas storage and regasification facilities. An agreement with the China National Offshore Oil Corporation (CNOOC) schedules the sub-chartering of the GDF SUEZ Cape Ann LNG carrier from October 2013 for a period of up to five years and a FSRU will be permanently moored in Tianjin and will become the first floating LNG import terminal in China. This delivery follows the signing in 2011 of a cooperation agreement on LNG floating storage and regasification units between GDF SUEZ and CNOOC.