Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus
The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus pandemic – and the state government gets most of its revenue from investment earnings that have now evaporated."Alaska is experiencing a perfect storm, a most terrible trifecta, the hat trick from hell," said state Senator Natasha von Imhof, co-chair of the Senate Finance Committee, at a hearing Saturday.
Norway's Labour Calls for Debate on Oil Tax Regime
Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win. Labour's Marianne Marthinsen, a member of parliament's Finance Committee, told daily Aftenposten that Western Europe's top oil producer should look at changing rules that allow oil firms to reclaim costs of "failed exploration campaigns". She later told Reuters that Labour did not have "any intentions of making changes in the oil taxation regime in the next parliament's term"…
DONG Energy Summons Shareholders for May 20 Meeting
Danish majority state-owned utility DONG Energy <IPO-DONG.CO> on Wednesday called for an extraordinary general meeting on May 20 to remove the last obstacles to a potential initial public offering. The company said it will seek shareholder approval to amend its articles of association. "The amendments include a number of changes that are relevant in relation to the potential listing of the company's shares on Nasdaq Copenhagen," DONG Energy said on its website. In September, DONG announced its plans to pursue an IPO of its shares within 18 months. This month the Danish parliament's finance committee gave the government official backing to list DONG.
AADE Lafayette Chapter Announced Board Members
The Lafayette Chapter of the American Association of Drilling Engineers (AADE) has announced its 2014-2015 board members. Members from oil and gas companies volunteer to serve as officers and committee members in an effort to promote industry education and other community efforts. The 2014-2015 officers for the AADE Lafayette Chapter are: Alden Sonnier, president (MI Swaco); David Gomez, first vice president and programs committee chairman (Chevron); Matt Hensgens, second vice president and membership committee chairman (Chevron); Jarrod Suire…
Norway's Opposition Wants Wealth Fund to Invest in Infrastructure
Norway's $870-billion sovereign wealth fund should be allowed to directly invest in infrastructure such as wind farms and solar plants, the country's opposition Labour party will propose, a plan gaining the support of the majority of parties. The world's largest sovereign wealth fund, which owns on average 1.3 percent of all listed companies worldwide, is currently mandated to invest in stocks, bonds and property abroad. But if the fund, set up to invest Norway's oil and gas revenue, was allowed to expand the scope of its portfolio to include infrastructure projects, starting with renewables, it may greatly increase capital into the sector.
Offshore Wind Investment: DONG Energy Attracts DKK11-billion
An investment agreement has been signed between ATP, Goldman Sachs funds and PFA to invest DKK 11 billion in DONG Energy A/S. The final closing of the transaction is conditional on the approval of the State Finance Committee of the Danish Parliament. Fritz Schur, Chairman of the Board of DONG Energy A/S, says: "We look forward to welcoming ATP, Goldman Sachs funds and PFA to DONG Energy's ownership group. The new equity entails that we can carry out our growth strategy, including our significant investment programme within offshore wind. " In this area, DONG Energy is today a global market leader and our ambition is to become even stronger.
Utile Maritime Legislation Enacted in Marshall Islands
'Financing Charters' may now be treated as 'Preferred Mortgages' — The Republic of the Marshall Islands passes Maritime Amendment Act (No. 1), 2013. The Republic of the Marshall Islands’ Nitijela has passed the Maritime Amendment Act (No. 1), 2013 – a legislative initiative of key significance to the international marine finance community. The first-of-its-kind legislation permits a “financing charter” to be treated as a preferred mortgage in favor of the registered owner of a Marshall Islands vessel, which allows a charter party to make precautionary security filings to protect and perfect its interest in a chartered vessel.
