Delek Looking to Sell Karish & Tanin Royalty Rights
Israeli energy conglomerate Delek Group said on Sunday it was in talks to sell royalty rights to two small natural gas fields and was amending its proposed share offering.Delek said it planned to sign a 300 million shekel ($85 million) deal to sell the rights to its share of royalties from the Karish and Tanin gas fields offshore Israel in the coming days.The group has been hard hit by the drop in energy prices and has been selling assets to raise funds and appease bondholders.Israel's Calcalist news website reported that a deal that would reassure bondholders was close…
Total in 10-Year LNG Bunkering Pact with Pavilion
Temasek-owned Pavilion Energy has signed a 10-year fully-termed agreement to jointly develop an LNG bunker supply chain in the port of Singapore with Total Marine Fuels Global Solutions (TMFGS), a subsidiary of French energy conglomerate Total SA.Global law firm Norton Rose Fulbright has advised on signing the contract.The agreement includes the shared long-term use of 12,000 cu m LNG bunker vessel (LNGBV). In February this year Pavilion chartered an LNGBV newbuilding from Mitsui OSK Lines (MOL)…
Israel's Delek Sells Stake in Infrastructure Unit at $206 mln Value
Israeli energy conglomerate Delek Group said on Monday it was selling 60 percent of its infrastructure unit to Israeli private equity firm Fortissimo Capital at a value of $206 million.The non-binding memorandum signed by the companies would see Delek keeping 40 percent of the shares in Delek Infrastructures.Fortissimo will pay $40 million in cash at the deal's closing, while the rest will be structured as a loan from Delek to Fortissimo.Delek Infrastructures owns 50 percent of IDE Holdings, a company that builds desalination plants globally.The firms said they would work to raise debt of $80-100 million.
Israel's Delek Group Posts Record Q3 Profit
Israeli energy conglomerate Delek Group reported a record profit in the third quarter boosted by the sale of a stake in the Tamar natural gas field. Delek said on Wednesday it earned 1.02 billion shekels ($291 million) for the quarter, up from 85 million a year earlier. Delek sold a 9.25 percent stake in the Tamar project, which alone resulted in a profit of 873 million shekels. Delek, through its subsidiary Delek Drilling, still has a 22 percent share of the Tamar field, which it said it has committed to sell off by the end of 2021. Revenue for the quarter rose to 1.78 billion shekels from 1.55 billion.
CEFC Buys Rosneft Stake as Glencore, Qatar Pull Back
Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil producer Rosneft from a consortium of Glencore and the Qatar Investment Authority in a move that further strengthens the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world's second largest energy consumer, to boost cooperation with the world's top oil producer. The deal comes as…
Aiteo Growing O&G Production in Nigeria
Integrated energy group Aiteo has announced a peak production of 90kpod a year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil bloc OML 29. Aiteo acquired OML 29 in September, 2015 when oil major Shell Petroleum Development Company (SPDC) fully exited the facility. At the time of the divestment, average production was 23Kbpod. But Aiteo, one of the frontline sponsors of the justconcluded 16th Oil and Gas (NOG) Conference held in the country’s capital Abuja, said it has…
Canada Oil Spill Came from Tundra Pipeline
The president of Tundra Energy Marketing Ltd on Wednesday confirmed its pipeline as the source of a leak of some 200,000 liters (52,834 gallons) of crude oil onto aboriginal land in Saskatchewan that was discovered by a member of the community last week. "TEML continues to work closely with the Ocean Man First Nation community and regulatory authorities to complete the cleanup and repairs," Bryan Lankester wrote in an email. The spill was discovered just days before U.S. President Donald Trump signed…
Crews Seek Source of Saskatchewan Oil Spill
The oil spill clean up on an aboriginal reserve in western Canada continued on Tuesday as crews prepared to excavate the site to determine the source of the leak, the provincial government said. A pipeline in the province of Saskatchewan leaked 200,000 liters (52,834 gallons) of oil last week, according to the government, which was notified of the leak on Friday. The breach leaked the oil onto farmland at the Ocean Man First Nation, 140 km (87 miles) southeast of the provincial capital of Regina. No residences are close to the spill site but it is near a cemetery which is considered sacred land by the band.
Intesa Sanpaolo not Aware of any Probe Over Rosneft Deal
Intesa Sanpaolo said on Monday it was not aware of any probe by Italian or European authorities over its potential role in helping funding the acquisition of a 19.5 percent stake in Russian energy giant Rosneft. Qatar's sovereign wealth fund and Glencore have bought 19.5 percent of Rosneft from the Russian state. On Friday the Financial Times said regulators in Rome were examining whether Intesa Sanpaolo's financing of the investment complied with sanctions involving Russia. "To our knowledge this transaction is not currently subject to any investigation by the relevant Italian and European authorities…
Viking Acquires Hook Retrofit leader
Leading marine and fire safety equipment and servicing provider VIKING Life-Saving Equipment A/S has today announced the acquisition of Nadiro A/S, a company owned by maritime and energy conglomerate Maersk Group and SH Group. Established in 2009, Svendborg, Denmark-based Nadiro manufactures high-quality lifeboat and rescue craft systems, developing and promoting its Drop-in-BallTM technology to help ensure crew safety. VIKING has had the status of Preferred Distributor and Service Provider, supplying…
