28704 members and growing – the largest networking group in the maritime industry!

LoginJoin

Wednesday, October 16, 2019

Stateowned Oil News

© Kpics / Adobe Stock

Bangladesh Shelves LNG Projects as Others Ramp Up

Bangladesh has put aside two smaller liquefied natural gas (LNG) projects with trading houses Gunvor and Vitol to focus on two larger LNG import terminals, one of which is already in use while the second will start up in March.Bangladesh has turned to LNG to offset falling domestic gas output to feed industrial demand and electricity generation in a nation of 160 million people where a third have no power supply.It aims to import 17 million tonnes a year of LNG by 2025, which in today's terms would make it a top five importer.

Stena Conqueror (Photo: Stena Bulk)

Stena Bulk Charters Out MR Tanker Pair to Petrobras

Stena Bulk said it has signed a contract with Brazil's state-owned oil company to charter out a pair of MR product tankers for transporting refined products along the Brazilian coast. The two-year deal includes the option to extend the charters for another 11 months.The 47,000 dwt tankers, Stena Conqueror and Stena Conquest, were built in 2003 and 2004 respectively.“We have a long-standing, highly-valued relationship with Petrobras when it comes to both Suezmax and MR tankers and we are committed to continue to provide them with safe and efficient deliveries.

(Photo: Stena Bulk)

Stena Bulk Grows Sonangol Suezmax Pool

Over the last six months, Stena Bulk has expanded its fleet in the Sonangol Suezmax pool with the addition of six Suezmax tankers: SKS Skeena, Istanbul, Almi Galaxy, Almi Voyager and Almi Sky. The TC in fleet consists of modern tonnage of varying length and with different options.“In what has generally speaking been a stable low market, we have recently seen opportunities to utilize our business model in the current market,” said Erik Hånell, president and CEO, Stena Bulk. “With our successful commercial management…

© nicolagiordano / Adobe Stock

Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions

South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran's nuclear ambitions in exchange for removing joint U.S.-Europe sanctions…

© Anatoly Kolodey / Adobe Stock

Bangladesh Finalizes LNG Deal with Oman Trading International

Bangladesh has finalized a 10-year deal to import 1 million tonnes of liquefied natural gas (LNG) annually from Oman Trading International, two energy officials with direct knowledge of the matter told Reuters.The deal with Oman Trading is Bangladesh's second LNG import agreement after Qatari producer RasGas, which has since merged with sister company Qatargas, to cover the country's domestic natural gas shortfall.The LNG will be priced at 11.9 percent of the three-month average price of Brent plus a $0.40 per million British thermal unit (mmBtu) constant…

Canada's First LNG Export Terminal Seen as One-off

Woodfibre LNG, Canada's first liquefied natural gas export project, will be a "nice-to-have" fillip for the country's gas producers but does not signal the start of a west coast LNG boom, industry watchers said on Monday. Privately held Woodfibre LNG Ltd said on Friday it will start building its C$1.6 billion ($1.2 billion) project in Squamish, British Columbia, next year after its Singaporean parent company authorized the funds last week. It is the first of more than a dozen LNG projects proposed for British Columbia to get the final go-ahead…

Image: Great Eastern Shipping Company Ltd

India Shipping Fleet Bullish on New Rules

A new rule is being proposed by central government India, under which importers will have to give half of their freight business to local shipping firms. The government  is proposing a law for importers to sign 5-year contracts with local shipping firms. Country's state-owned firms may have to give half of their freight business to local shippers. This is done to help rescue the industry battered by the global commodities downturn. The new rules will boost Indian shipping fleet, but may dent foreign shippers, according to market sources.

Image: Shipping Corporation of India

India: Negative Outlook on Shipping Sector

India Ratings and Research (Ind-Ra) has maintained a negative-to-stable outlook for the shipping sector for the current financial year. The agency expects the performance of dry bulk and container operators to continue to be affected by weak global trade growth and persistent overcapacity, while the offshore segment will face the negative impact of lower crude oil prices. The agency, however, believes that the tanker segment, which accounts for a majority of the Indian fleet will remain an exception due to its better demand-supply situation.

CNH President Juan Carlos Zepeda Photo Mexican Energy Forum

Mexico Lifts Bidding Limits for First Batch of Oil Tenders

Mexico's oil regulator voted on Friday to relax rules on bidding terms and contracts that form the first step in a historic sector opening that kicks off this summer with the public auction of 14 shallow water fields. The July auction will mark the first of five packages of oil fields up for grabs, part of a so-called Round One tender that follows a major energy reform approved by Congress last year. The constitutional reform ended the decades-long monopoly enjoyed by state-owned oil company Pemex and aims to reverse a decade-long slide in Mexican crude output.

Stena Superior (Photo: Stena Bulk)

Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading. The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and, finally, on June 3, it will be Singapore’s turn. The Stena Sonangol Suezmax pool, established in 2005, consists of some 25 Suezmax tankers, although there are plans to expand the fleet to about 30 tankers in the near future. The pool is operated as a 50/50 joint venture by Stena Bulk and the Angolan state-owned oil company Sonangol.

Mexico says Energy Price Hikes over for 2015

Mexico's government said on Friday that its latest "gasolinazo," or gasoline price spike, will be the only increase this year. The fuel price hike in the world's 10th biggest crude producer comes as slumping international oil prices have led to dramatically shrinking gasoline and diesel costs in countries where market forces determine prices, such as the United States. The finance ministry's announcement that prices would remain stable in 2015 follows government-set fuel and power price hikes announced quietly on Thursday…

Pemex Loses $4.4B in Q3

Mexico's state-owned oil company Pemex reported a sharply deeper third quarter loss, nearly 50 percent larger compared to the same period last year, the company said on Friday in a filing with the Mexican stock exchange. Pemex said its quarterly loss totaled 59.65 billion pesos ($4.44 billion) during the July to September period, compared with a year earlier loss of 39.2 billion pesos ($2.98 billion). The company reported third-quarter revenues of 406.5 billion pesos for the quarter, down 0.7 percent compared with same period last year. ($1 = 13.4235 Mexican pesos at end-Sept.)

Iran Sanction Proposal Targets Oil Companies, Tanker Fleet

A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program, as the prospect of an attack from Israel grows beyond rhetoric. In turn, the pressure is rising to force Iran to back down. The Senate Banking Committee unanimously adopted a measure Feb. 2 to compel the administration to investigate links between Iran’s crude-oil supply chain and its powerful Islamic Revolutionary Guard Corps…

BRAZIL: U.S. Find New Opportunities

While the U.S. economy may be in the doldrums, smart U.S. companies are looking increasingly to exports to help their bottom lines. A major market for U.S. exports is Brazil. This article examines new market opportunities in the oil and gas, shipbuilding and port infrastructure in Brazil, and identifies certain financing sources available to U.S. companies seeking to participate in these markets. Brazil’s growth in recent years has been amazing. Over the past 5 years, real GDP growth in Brazil has averaged 4.3% annually (as compared to 1.3% annually in the U.S.), reaching 7.5% in 2010.

Pekka Paasivaara, a member of the GL Executive Board

Oil & Gas Firms: Key Role in Asia

International oil companies remain vital to the growth of Asian oil and gas industry. Asia still requires the injection of profit-driven innovation from international oil companies, sector leaders claim. Asia needs international oil companies to continue to play a large and essential role in the oil and gas industry’s research and development activity, despite the growth of national oil companies, a group of the region’s oil and gas industry leaders has stated. The comments were…

Oil Markets Adjust to Japan’s Disaster

Singapore, 16 March  — The 11 March earthquake and tsunami in Japan, and the continuing nuclear crisis that they triggered, will have significant repercussions in global energy markets, according to international energy price reporting agency Argus. Japan will rely more on oil for power generation at least until the end of this year, altering regional balances for some grades of crude and providing a large boost in demand for low-sulphur fuel oil (LSFO). And it will seek additional LNG supplies.

New Leader for Vinashin

According to an AFP report, Vietnam has named a new chairman to take over Vietnam Shipbuilding Industry Group (Vinashin), after the last head was arrested for driving the company into massive debt. Prime Minister Nguyen Tan Dung reportedly appointed Nguyen Ngoc Su, formerly deputy head of state-owned oil and gas firm PetroVietnam, to head the shipbuilder. He replaces Pham Thanh Binh, who was suspended in July and later arrested due to the group's debts,. (Source: AFP)

Financing Offshore Ventures in Today’s Economic Climate

Regardless of today’s economic and financial reality, wealth creation and oil prosperity go hand in hand. While the medium to long term prospects are good, it is a major challenge for the offshore and maritime communities to secure the financing that is required to respond to immediate market opportunities, and also re-finance the completion of existing projects, such as offshore supply vessel new-builds. The funding necessary to invest in leading-edge research & development, introduce alternative & renewable ocean energy sources…