EU tightens hydrogen subsidy regulations after China concerns
After local industries expressed concerns about cheap Chinese imports and the EU's climate change policy head, said Monday, that the European Commission is working to tighten rules so that EU funding for projects involving hydrogen benefits European companies. This month, the EU will launch its second round of funding to support green hydrogen projects.
EU tightens hydrogen subsidy regulations after China concerns
After local industries expressed concerns about cheap Chinese imports and the EU's climate change policy head, said Monday, that the European Commission is working to tighten rules so that EU funding for projects involving hydrogen benefits European companies. This month, the EU will launch its second round of funding to support green hydrogen projects.
Aramco reportedly seeks advisers for SABIC Debt Financing
Saudi Aramco is seeking advisers to arrange debt financing needed for the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), banking sources familiar with the matter said on Thursday.The Saudi oil giant could borrow as much as $50 billion from international investors to fund the acquisition, sources previously told…
Barclays Rejects Arctic Drilling
U.K.-based international bank Barclays announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London…
US Energy Investors Eye Cheap Takeovers as Oil Prices Sink
Sinking oil prices are turning distressed US energy companies into takeover targets for opportunistic private investors who are prepared to offer expensive debt in return for ownership stakes, as the sector struggles to access traditional forms of bank financing.A slowing global economy and fears of excess oil supply sent the benchmark…
Unafraid Investors Pour Cash into U.S. Shale
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world's oil production gains through 2025, the International Energy Agency estimates, increases fueled in part by easy access to capital. Rising U.S.
EU Looks Into Rosneft Sale for Possible Sanctions Breach
The European Commission said on Tuesday it is reviewing the details of Glencore's decision to buy a stake in Russian state oil giant Rosneft to check whether it conforms with EU sanctions against Russia. Rosneft has been subject to EU and U.S. sanctions since 2014, following Russia's seizure of the Crimea region of Ukraine, although the…
Glencore's Rosneft Investment
Glencore's decision to acquire a stake in Russian state oil giant Rosneft is not financially risky, Moody's credit ratings agency said, and does not mark any shift from the miner-trader's new policy of limiting its debt levels. Russia said on Wednesday it had sold a 19.5 percent stake in Rosneft to Qatar and Glencore for a total of 10.5 billion euros ($11 billion).
SHI Delivers Gaslog Greece
GasLog Ltd. an international owner, operator and manager of liquefied natural gas ("LNG") carriers, announces the delivery of the GasLog Greece. The GasLog Greece, which has been constructed at Samsung Heavy Industries in South Korea, is a 174,000 cubic meter tri-fuel diesel electric ("TFDE") LNG carrier. This delivery marks the first of GasLog's eight "G-Class" vessels, which will deliver over the next 3 years.
Moody's Warning Highlights Pressure on Russia
Russia needs to adapt its budget to lower oil prices, Finance Minister Anton Siluanov said on Saturday after credit rating agency Moody's Investors Service warned Moscow it might downgrade the country's sovereign debt rating further into junk territory. The agency said on Friday that it placed Russia's Ba1 debt rating on review for downgrade, pending a two-month review of the government's policies.
U.S. Shale Oil Needs $80 to Grow
U.S. oil production growth will stop this month and begin to decline early next year due to low oil prices, the former head of oil firm EOG Resources, Mark Papa, said on Tuesday. Papa, now a partner at U.S. energy investment firm Riverstone Holdings LLC, told an industry conference in London that the U.S. shale oil industry needed oil prices of at least $80 a barrel to resume production growth.
GE to Get Export Financing From Britain
General Electric Co said it had reached an agreement with Britain's export credit agency to access export financing of up to $12 billion, allowing the company to create up to 1,000 jobs in the energy sector. GE said the deal would support orders in a number of international markets including Brazil, Ghana, India and Mozambique. GE has said it will move some U.S.
GE to Move Turbine Jobs to Europe, China
General Electric Co said on Tuesday that it will move 500 U.S. power turbine manufacturing jobs to Europe and China because it can no longer access U.S. Export-Import Bank financing after Congress allowed the agency's charter to lapse in June. GE said that France's COFACE export agency has agreed to support some of the industrial giant's…
'Crunch Time' for Noble Group
Noble to release PwC report on commodity contracts. Noble Group's investment grade credit rating is at stake when Asia's biggest commodities trader, which has been accused of poor accounting practices, releases the findings of an external report later on Monday on how it values some assets. Singapore-listed Noble's shares have lost half…
Teekay LNG Logs Improved 2Q Results
Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. today reported the Partnership's results for the quarter ended June 30, 2015. During the second quarter of 2015, the Partnership generated distributable cash flow(1) of $65.8 million, compared to $61.5 million in the same period of the prior year. The increase in distributable…
ACWA Power Gets $344 mln Loan for Dubai Project
Saudi Arabia's ACWA Power is obtaining a loan of about $344 million from three banks to finance a solar energy project in Dubai, chief executive Paddy Padmanathan said on Sunday. The 27-year amortising loan with an interest rate of 4 percent is being provided by Abu Dhabi's First Gulf Bank and two Saudi banks, National Commercial Bank and Samba Financial Group…
Slumping Oil Won't Derail $500 bln Gulf Infrastructure Plan
Slumping oil prices will not halt a massive ramp-up in Gulf infrastructure spending, as rich nations deploy huge reserves to maintain a breakneck development pace and the rest turn to buoyant funding markets. However, states are being urged to consider the most effective funding mix for these schemes in the longer term, especially against a backdrop of lower oil prices.
Sovcomflot Concludes $319 mi 10-year Loan
OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent. The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre, which will operate on long-term contracts with the Shell Group. The new high-spec Atlanticmax Ice2 (1C) class gas carriers feature a tri-fuel engine…
Gazprom: South Stream Financing Delayed Due to "Cautious" Bank
Financing of the South Stream gas pipeline project has been slightly delayed because foreign banks are cautious over the impact of sanctions, an official at Russian natural gas producer Gazprom said on Wednesday. Russian news agency Interfax said last week that fundraising to begin building the underwater stretch of the pipeline from Russia across the Black Sea had been postponed until the first quarter of 2015.
