Maryland Cove Point LNG Export Plant of Berkshire Hathaway shut down for maintenance
According to a notice sent to customers, U.S. energy company Berkshire Hathaway Energy closed its Cove Point LNG export plant in Maryland during the annual autumn maintenance period of about three weeks. According to data from the financial firm LSEG, the amount of natural gases flowing into the plant has dropped to almost zero since August 1, when it averaged around 0.7 billion cubic feet per day (bcfd). Since mid-October 2023, when it was returned to service from its previous autumn maintenance outage, the plant has averaged around 0.8 billion cubic feet per day (bcfd) of LNG. A billion cubic feet of gas is enough to power about five million U.S. households for one day. U.S.
Brookfield raises $2.4 Billion for Climate Fund backed by UAE
Brookfield Asset Management announced on Monday that it had raised $2.4 billion to support the Catalytic Transition Fund, which is supported by the United Arab Emirates. The fund aims at scaling up climate finance for emerging markets. CTF was launched last December at the COP28 Climate Talks in Dubai, and was anchored with a commitment of $1 billion from ALTERRA - a $30 billion UAE climate fund. ALTERRA was announced at the climate summit last year and aims to attract $250 Billion in investment by the end the decade. The Abu Dhabi-based alternative investments manager Lunate founded it.
Petrobras Nears Terms Over TAG Pipeline Sale
Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale.The sale of TAG, which operates natural gas pipelines in Brazil’s north and northeast, could fetch Petrobras as much as US$7bn, in one of the company’s largest-ever asset sales, three sources familiar with the process said. A new multibillion dollar syndicated loan is expected to finance the acquisition…
Teekay Offshore Partners Appoints Interim CFO
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. announced that Tim Cowan join as Interim Chief Financial Officer of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries while the company conducts a search for a permanent CFO.Cowan holds the position of Senior Vice President, Energy, at Brookfield Asset Management. Brookfield became a co-sponsor of the Partnership in September 2017, when it made a significant investment in the Teekay Offshore Group in order to…
Clean Energy Investment Rose to $333.5 Bln in 2017
New clean energy investment worldwide rose by 3 percent last year to $333.5 billion from a year earlier, driven by a surge in solar photovoltaic (PV) installations, research showed on Tuesday. The figure is below 2015's record amount of $360.3 billion, Bloomberg New Energy Finance (BNEF) said in an annual report. Solar investment totalled $160.8 billion in 2017, up 18 percent from the previous year even though technology costs have fallen. Just over half of that was spent in China, the research showed. "The 2017 total is all the more remarkable when you consider that capital costs for the leading technology – solar – continue to fall sharply.
Brookfield Business Partners to Buy Westinghouse for $4.6 bln
An affiliate of Canada's Brookfield Asset Management said on Thursday it would acquire Westinghouse Electric Co LLC, the bankrupt nuclear services company owned by Toshiba Corp, for $4.6 billion. Brookfield Business Partners LP and institutional partners will buy the Pittsburgh-based business using $1 billion of equity and $3 billion of long-term debt financing, according to a statement. The deal is expected to close in the third quarter. Westinghouse has said it is aiming to exit bankruptcy as soon as March, which would allow Toshiba to book tax benefits in the current fiscal year.
Petrobras Says Injunction Blocking Sale of Gas Unit NTS Overturned
Brazil's state-controlled oil company Petroleo Brasileiro SA said on Thursday that an injunction blocking the sale of its gas pipeline unit Nova Transportadora do Sudeste SA (NTS) to a group led by Canada's Brookfield Asset Management Inc has been overturned. Petrobras, as the company is known, said in a securities filing that it plans to continue with NTS divestiture. The group led by Brookfield agreed to pay $5.2 billion for the unit in September. (Reporting by Tatiana Bautzer; Editing by Daniel Flynn)
Brazil Court Suspends Sale of Petrobras Unit to Brookfield
A Brazilian federal court suspended on Friday the $5.2 billion sale of state-controlled Petróleo Brasileiro SA's natural gas pipeline unit to a group of investors led by Canada's Brookfield Asset Management Inc . In a document seen by Reuters, the Sergipe state-based court ruled the transaction, which was to be closed within weeks, be halted because of discrepancies with the way Petrobras proceeded with the sale. (Reporting by Marta Nogueira; Writing by Guillermo Parra-Bernal; Editing by David Gregorio)
Peru Says It Will Nix Key Odebrecht Contract If Won through Bribes
Peruvian President Pedro Pablo Kuczynski said he will terminate a $5 billion natural gas pipeline contract if it is found to have been won with bribes, even if corruption-plagued Brazilian builder Odebrecht exits the project. In a videotaped interview with financial daily Gestion posted online on Tuesday, Kuczynski said some of the $29 million in bribes that Odebrecht recently acknowledged distributing in Peru may have been used to win the pipeline contract in 2014, which would trigger "termination of the contract" if true. Kuczynski said he would apply a clause in the contract for the pipeline…
Odebrecht in Talks to Sell Peru Pipeline to Brookfield
Brazilian construction conglomerate Odebrecht SA is in advanced talks on selling its majority stake in a $5 billion natural gas pipeline in Peru to Canada's Brookfield Asset Management Inc, Peru's finance minister said in a television interview. The two companies and the government of Peruvian President Pedro Pablo Kuczynski reached a preliminary deal on Friday, Alfredo Thorne told local journalist Jaime Althaus in an interview on Canal N late on Tuesday. Brookfield and Thorne did not immediately respond to requests for comment. Odebrecht said it was "still early" to comment. (Reporting By Marco Aquino)
Brookfield Asset Proposes Stake in TerraForm Power
Brookfield Asset Management Inc proposed on Friday to take a 50-60 percent stake in bankrupt solar company SunEdison Inc unit TerraForm Power Inc , a week after it expressed interest in buying the unit. The cash offer of $13 for class A and class B shares of TerraForm Power is nearly in line with the class A stock's Thursday close of $13.01. The asset manager, which in June expressed interest in buying SunEdison's stake in TerraForm, said last week that it had met with the companies and their advisers to discuss options for a deal. One option included Brookfield replacing SunEdison as the sponsor of yieldcos TerraForm Power and TerraForm Global Inc…
Petrobras to sell Liquigás unit to Ultrapar
Brazil's Petrobras said on Friday it is in advanced talks with local conglomerate Ultrapar Participações SA to sell its gas distribution unit Liquigás Distribuidora SA. Petróleo Brasileiro SA, as the state-controlled oil company is formally known, said in a securities filing that the transaction has yet to be approved by the boards of both companies and antitrust bodies. Ultrapar said in a separate filing that the negotiation is for the acquisition of all Liquigás shares. No financial details were disclosed. A source with direct knowledge of the talks…
Petrobras: Pipeline Sale to Brookfield Won't Affect Gas Contracts
Brazil's state-owned Petrobras said on Friday that its agreement to sell a 90 percent stake in its NTS pipeline system unit for $5.2 billion to a group led by Canada's Brookfield Asset Management Inc would not affect existing natural gas contracts. Petroleo Brasileiro SA, as the company is formally known, has gas supply contracts with its NTS unit, and they expire between 2025 and 2031. Its Transpetro shipping and pipeline company has a management and maintenance contract with NTS,said Rodrigo Costa, Petrobras' general manager for natural gas. (Reporting by Jeb Blount)
Brookfield-led Group to Buy Petrobras Natgas Pipeline stake
A consortium including Brookfield Infrastructure said it agreed to buy a 90 percent stake in the operator of a natural gas transmission system in Brazil from Petróleo Brasileiro SA (Petrobras) for about $5.2 billion. Brookfield-managed entities will hold a controlling interest in the consortium, which also includes China's CIC Capital Corp and Singapore's GIC Private Ltd, which are clients of Brookfield Asset Management. Brookfield Infrastructure's investment will be a minimum of about 20 percent of the deal, while Brookfield Asset Management has agreed to participate initially for a roughly 30 percent interest in the consortium.
SunEdison's Yieldcos Exploring Strategic Options, Including Sale
TerraForm Global Inc and TerraForm Power Inc, the "yieldcos" of bankrupt solar company SunEdison Inc, said on Monday they were exploring strategic alternatives, including a sale of their entire business. TerraForm Power's shares were up 3.4 percent at $13.49 in early trading, while TerraForm Global was up 7.4 percent at $3.65. The two companies said on Monday they are also considering replacing SunEdison with a new sponsor, by negotiating new sponsorship arrangements or by assuming SunEdison's existing sponsorship agreements. Yieldcos are publicly traded subsidiaries that hold renewable energy assets, including assets bought from their parents or sponsors.
Brookfield Group to Buy Petrobras Pipeline Unit for $5.2 bln
Brazil's Petroleo Brasileiro SA agreed to sell 90 percent of its natural gas pipeline unit to a group of investors led by Canada's Brookfield Asset Management Inc for $5.2 billion, a source with direct knowledge of the deal said on Tuesday. The investor group includes British Columbia's pension fund and Chinese and Singaporean sovereign wealth funds CIC and GIC. The agreement will be submitted to the Petrobras board and the transaction is expected to close in late September, the source said. Petrobras declined to comment and Brookfield didn't immediately comment. (Reporting by Tatiana Bautzer)
Angela Braly Elected to ExxonMobil Board
Exxon Mobil Corporation shareholders have elected Angela Braly to its board of directors. Including Braly, the ExxonMobil board now stands at 14 directors, 12 of whom are non-employee directors. Braly is the former chairman, president and chief executive officer of health insurance company WellPoint, now known as Anthem. Braly served as chairman of WellPoint from 2010 to 2012 and president and CEO of the company from 2007 to 2012. Prior to that, she held various senior executive positions at WellPoint including general counsel and chief public affairs officer.
Petrobras Gas Line Sale Could Fetch $6 bln
Canada's Brookfield and CPPIB, France's Engie may bid. China's CNPC shows interest in pipeline company. Brazil's state-led oil company Petrobras is expected to fetch as much as $6 billion from the sale of a natural gas pipeline unit in Brazil's industrialized Southeast, the Valor Economico daily newspaper reported on Thursday. Bids of between $5 billion and $6 billion for Nova Transportadora do Sudeste are expected by a Tuesday deadline from Canadian, French and Chinese companies, the paper said, without citing the source for its information. Potential bidders include Canada's Brookfield Asset Management…
Colombia Sells Isagen Controlling Stake to Brookfield
The Colombian government sold its 57.6 percent controlling stake in power generator Isagen to Canada's Brookfield Asset Management for $1.99 billion, finance minister Mauricio Cardenas said on Wednesday. The stake, sold at the minimum price of 6.49 trillion Colombian pesos, is the largest privatization in the country in nearly a decade. "The buyer is Brookfield Colombia Investment, part of the Canadian investment fund Brookfield Asset Management," Cardenas said. The government plans to use proceeds to fund highways, bridges and tunnels across the country, its so-called 4G infrastructure projects.
Apache Exits Australia E&P Business with $2.1b Sale
U.S. oil and gas company Apache Corp said it would exit its exploration and production business in Australia by selling its unit there to a consortium of private equity funds for $2.1 billion in cash. The sale of Apache Energy Ltd to a consortium of funds managed by Macquarie Capital Group Ltd and Brookfield Asset Management Inc has an effective date of Oct. 1, 2014, Apache said. (Reporting by Sneha Banerjee in Bengaluru; Editing by Savio D'Souza)
