Public Service Enterprise Group exceeds Q3 profit expectations on the back of higher sales
Public Service Enterprise Group surpassed Wall Street expectations for the third quarter profit on Monday as the electric utility and gas utility benefitted from higher retail sales and growth in distribution margins.U.S. Electric firms are looking to increase customer bills in order to fund upgrades to the grid. This is due to extreme weather conditions, such as hurricanes and storms, and an increased demand for industrial consumers…
NiSource's profit beats expectations for the third quarter on increased demand for electricity
NiSource, an electric and gas utility, beat Wall Street expectations for the third-quarter profits on Wednesday. This was due to higher residential and industrial power demand. The U.S. Energy Information Administration expects that power consumption will reach record levels in 2024 and 25. This is due to the demand for AI technology, data centers and rising electricity usage in homes and business amid record temperatures. NiSource's gas distribution revenues increased by 1.2%, to $531m.
Italgas expects double-digit growth in income by 2030 and increases minimum dividend
Italgas, Italy's largest gas distributor, expects double-digit increases in its net income and core profits under a new strategy to 2030. This comes after the signing of a 5.3 billion euros deal on Saturday to buy smaller rival 2iReteGas. The group announced on Monday that it will ensure that its dividends grow 5% per year until 2026. This is compared to the previous minimum of only 4%. It also confirmed it will pay out 65% adjusted net income for each share.
Azerbaijani President confident about Ukraine gas route talks
Azerbaijani president Ilham Aliyev expressed Friday confidence in the outcome talks between Russia Ukraine, which his country facilitates to keep Russian Gas flowing through Ukraine into several European nations. Aliyev spoke at the TEHA forum in Cernobbio (Italy), which gathers policymakers and businessmen every September on the shores Lake Como for a discussion of the geopolitical outlook. The European Union (EU) and Ukraine asked…
India Set to Import Record LNG Volumes
India is set to import record volumes of liquefied natural gas (LNG) this month, data shows, taking advantage of the super-chilled fuel's price hitting all-time lows due to the coronavirus outbreak dampening demand in China. The South Asian nation is estimated to import about 2.36 million tonnes in February, shiptracking data from Refinitiv Eikon showed. That would exceed India's LNG imports in October of about 2.3 million tonnes, the previous highest monthly total.
Siemens Plans to List Energy Unit in 2020
Siemens plans to list its energy unit by around September next year, the head of its gas and power division said on Tuesday.The German conglomerate said in May that it was spinning off its gas and power business, which has dragged on the German engineering firm's performance as the rise of renewable power hits demand for gas turbines."We are very excited about what the company will have in its portfolio and then for the company to…
Gazprom, Kogas for Tighter LNG Cooperation
Russian oil and gas company Gazprom Neft has announced that a working meeting has been held between Alexey Miller, Chairman of the Gazprom Management Committee, and Hee-Bong Chae, President and Chief Executive of KOGAS.The meeting participants reviewed the state and prospects of cooperation between the companies, highlighting the stability of LNG supplies under the contract between Sakhalin Energy Investment Company Ltd. and KOGAS.The…
Saibu Gas, Novatek JV to Market LNG
Japanese natural gas distribution company Saibu Gas and Russian LNG project operator Novatek revealed plans to form a joint venture.Novatek announced that it has signed the Heads of Agreement (HoA) with Saibu Gas in the presence of the Minister of Economic Development of the Russian Federation Maxim Oreshkin.According to the Agreement, the Parties intend to establish a joint venture focused on marketing LNG and natural gas to end…
India and Russia Sign Energy Deals
India and Russia have agreed on a five-year roadmap to step up cooperation in the hydrocarbon sector, including investment, not only in exploration and production in each other's oil and gas fields but also in downstream projects.India invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas…
Woodside Inks LNG Supply Deal with ENN
Australia's Woodside Petroleum WPL.AX has signed a Heads of Agreement (HOA) to supply liquefied natural gas (LNG) to China's ENN Group for 10 years from 2025, both companies said on Friday.Woodside, Australia's biggest listed oil and gas explorer, said in a statement the volume covered by the HOA is 1 million tonnes per annum (mtpa), to be sourced from Woodside's portfolio of gas supply. Signed at the LNG 2019 conference in Shanghai…
LNG Demand to Reach 600 MT in 2035
The energy demand would continue to grow driven by emerging economies and the projected growth in global population, which will touch nine billion by 2040.LNG demand is expected to increase at an average four per cent annually to reach more than 600 million tonnes in 2035 versus 290 million tonnes in 2017, said Qatargas CEO, Khalid bin Khalifa Al Thani.Khalid said, “Natural gas remains the fastest growing fossil fuel globally, benefiting from its flexibility, competitive economics, and low emissions profile.
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.
Major Traders Bribed Petrobras Staff -Prosecutors
Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business.The alleged graft was the latest finding of the country's sweeping "Car Wash" investigation, which has uncovered the largest corruption scheme in Brazil in decades and has revealed damaging information about activities at Petrobras…
Swedegas Renewable Gas Bunkering at Gothenburg Port
Swedegas, the owner of the gas grid in Sweden, conducted the first liquefied natural gas (LNG) bunkering operation at its new facility at the Port of Gothenburg.Gothenburg-based shipping company Terntank was the very first operator to take on LNG at a new bunkering facility, said the Swedish owner and operator of the high-pressure gas grid.Not only liquefied natural gas, LNG, but also liquefied biogas, LBG, it added.“Being able to offer this unique opportunity represents a major breakthrough…
Puma Energy Appoints New CEO
Integrated midstream and downstream oil group Puma Energy has appointed Emma FitzGerald as its new chief executive, the company said on Tuesday.FitzGerald will succeed Pierre Eladari on January 2, 2019.FitzGerald was previously an executive director at Severn Trent Water.She was also CEO of UK Gas Distribution at National Grid and held various position at Royal Dutch Shell.Trafigura owns 49 percent of Puma Energy, Sonangol has a 30 percent stake and the remainder of the shares are held by private Angolan firm Cochan.(Reporting By Juli
Australia's Woodside China's ENN Join Hands
Australia’s Woodside Petroleum has signed a Cooperation Agreement with Chinese private sector gas distribution firm ENN Group under which the two companies will work together to explore a broad range of potential business opportunities.The Cooperation Agreement was signed at a ceremony in Zhoushan on behalf of Woodside by Executive Vice President Marketing Trading & Shipping Reinhardt Matisons and by ENN Group CEO Cheung Yip Sang.“Woodside’s aim is to grow our relationship with ENN Group…
STAR Oil Refinery to Reduce Turkey Dependence on Imports, says Erdogan
A new $6.3 billion refinery set up by the Azeri state oil company in Turkey will reduce Ankara's dependence on imports for processed oil products, President Tayyip Erdogan said on Friday.The new plant could also help to ease some of the pain from Turkey's currency crisis, given that the lira's 35 percent slump this year has driven up costs for the country's energy companies and forced them to increase electricity and natural gas…
Sinopec, Zhejiang to Build LNG Terminal in China
China's Sinopec Corp has teamed with Zhejiang Energy Group Co Ltd on a 3 million tonne-per-year liquefied natural gas (LNG) terminal in east China, with the first phase set for operation at end-2021, the state oil giant said on Wednesday.The project, to be built in Wenzhou of Zhejiang province, includes four tanks each able to store 200,000 cubic meters of LNG, a berth to dock tankers of 30,000 cubic meters to 266,000 cubic meters…
Petrobras to Consider LPG Unit Sale, IPO
State-controlled oil firm Petroleo Brasileiro SA will discuss alternatives for its liquefied petroleum gas distribution unit in a board meeting this week, one person with direct knowledge of the matter said. Petrobras, as the Brazilian company is known, had agreed to sell Liquigas Distribuidora SA to Ultrapar Participações SA for 2.8 billion reais ($859 million), but the deal was blocked by antitrust regulator CADE in February. Petrobras has officially said it wants to completely exit the LPG distribution business…
CERCG Looking to Ship LNG from Australia's West to East
State-owned China Energy Reserve and Chemicals Group (CERCG) on Monday said it is investigating whether to ship liquefied natural gas (LNG) from Western Australia to the gas-hungry east coast market. The Chinese integrated energy firm, which runs oil and gas projects, processing plants and gas distribution, said in a press release to Reuters that subsidiary CERCG Australia is studying the viability of transporting LNG by road, rail and ship.
