Vattenfall Launches Maiden Green Bond
Swedish energy company Vattenfall has issued a EUR500mln green bond, its first such issuance, with the proceeds earmarked for a number of projects, including renewables.The bond with a tenor of seven years is offering investors the chance to “support the transformation of the energy system”.The proceeds from the…
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…
Shell Sells its Danish Upstream Assets for $1.9 Bln
Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group.
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn.
Wison Delivers FLNG Barge
Wison Offshore & Marine (“Wison”) has announced that the company has completed the final delivery for the world’s first barge-based floating natural gas liquefaction and storage facility (Caribbean FLNG). Prior to the delivery, the contracts for project financing provided by Bank of China, Deutsche Bank and supported…
Oman Oil Closes $2 Billion Loan Financing
Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said. The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget, which has been hit by low oil prices. Oman Oil has signed a revolving credit facility (RCF) of $1.15 billion…
Oil Rebounds Slightly After Disappointing OPEC Meeting
OPEC, other producers extend production cut to March 2018; output controls could be extended to 2019. Oil prices edged back up on Friday after a 5 percent fall in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. At Thursday's meeting in Vienna…
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months…
Elliott Presses BHP to Shed Petroleum
BHP petroleum business has value of more than $20 billion. Activist investor Elliott Management raised the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant's petroleum business. Elliott, which has built up a 4.1 percent stake in BHP's London-listed arm and is urging changes to boost shareholder value…
Deutsche, Morgan Stanley Bullish on European Energy
Two big brokers have given a thumbs up to the European oil & gas sector on attractive valuations. The sector, the second-worst performers in the region so far this year, as stocks were hit by weakness in crude oil prices and have failed to keep up with their subsequent recovery. Oil and gas stocks are down 1.3 percent, compared with a 5.2 percent gain for the broader market.
BB Energy buys Morgan Stanley's Aussie Diesel Terminal
BB Energy has bought Morgan Stanley's diesel terminal in Australia as the oil trader expands outside its core European and Middle East markets, the trading company said on Tuesday. The U.S. bank and its peers JPMorgan Chase & Co, Deutsche Bank and Goldman Sachs have been selling their physical commodity interests after the U.S.
Shell Reluctant to Part with California Refinery amid Asset Sale
Royal Dutch Shell is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process say. The company is in the midst of a massive asset sale, shedding properties from Thailand…
Citi Sees Oil Majors Carving out Modest Role in Hedging
Citigroup said investment banks will remain the main players in hedging energy products even though oil majors are carving out a role in the sector as some banks cut their exposure. Citi, Goldman Sachs and JP Morgan are the top three banks active in commodities trading, while peers such as Barclays and Deutsche…
Oil and Trump: Russians Full of Optimism in Davos
What a difference a year makes. Twelve months ago, the mood of the Russian delegation at the World Economic Forum in Davos was distinctly gloomy, with oil prices near 12-year lows below $30 per barrel and Western sanctions depressing their economy and financial markets. Since then, however, Russian stock and bond markets have risen about 50 percent…
Shell Retains Deutsche Bank for CA Refinery Sale
Royal Dutch Shell plc has retained Deutsche Bank to sell its Martinez, California refinery, according to three people familiar with the matter. Shell is in the midst of a three-year, $30 billion divestment plan following the company's purchase of BG Group earlier this year. A Shell spokesman said the company would not comment on "rumor or speculation." Deutsche Bank declined to comment.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day…
Former Deutsche Banker Jailed for Carbon Trading Fraud
A former Deutsche Bank employee was sentenced to three years in jail on Monday for his part in a scheme trading carbon emission permits to fraudulently collect 220 million euros ($248 million)in sales tax. The case stems from an investigation into so-called carousel trades in the European Union's carbon market in 2009 and 2010…
Petrobras Tests Investor Sentiment with $6.75 Bln Bond Sale
State-controlled Petróleo Brasileiro SA raised $6.75 billion on Tuesday through a sale of five- and 10-year dollar-denominated bonds, in a closely watched return to global capital markets after the suspension of Brazilian President Dilma Rousseff. The bond sale is the first by any Brazilian company since last June…
Ithaca Energy Completes RBL Redetermination
Ithaca Energy Inc. announced having successfully completed its planned semi-annual reserves based lending (“RBL”) facilities review and continues to maintain in excess of $100 million of funding headroom ahead of planned first hydrocarbons from the Greater Stella Area in the third quarter of 2016. The Company commenced…
Brent Oil Set for Biggest Monthly Gain
Brent crude was heading for its biggest monthly rise in seven years on Friday, touching 2016 highs as a weak dollar and falling U.S. production tempered concerns about an excess of physical oil. A looming rise in Middle East output capped gains, but investor sentiment held the optimism that has helped lift oil futures nearly 80 percent higher than January lows.
