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. It committed to investing 15.6 billion euro ($17.11 billion), over the next seven-year period…
Turkey's Botas talks to Iran's National Gas Company for long-term supply
The Turkish energy company Botas announced on Wednesday that they had been in talks with Iran's National Natural Gas Company NIGC about a long-term supply from Iran of natural gas to Turkey. Turkey consumes more than 50 billion cubic meters of gas each year. The country currently imports LNG from different suppliers and relies on a mixture of pipeline gas imported from Russia, Azerbaijan and Iran. The long-term contracts that govern the supply of Iranian Gas to Turkey, which amounts to 10 billion cubic meters of gas per annum, expires in 2026.
France's Engie Surprises with Higher assistance
tax (EBIT), leaving out nuclear, to 5.6 billion euros ($ 6.05. billion).Revenues a year ago at Engie, the largest gas network. operator in Europe, had gained from high regional gas rates. and volatility.The outcomes were above expectations, said experts at. JPMorgan, with excellent performance throughout its companies, and. exceptional efficiency in versatile generation.EBIT at its Global Energy Management and Sales unit fell 38%. to 1.95 billion euros as rates normalised and on milder winter season. weather condition.Its renewables organization posted a 5.7% rise in incomes to. 1.3 billion euros, buoyed by more rain in France and Portugal.
MethanQuest: Test Results In for Renewable Hydrogen, Methane as a Fuel
As the maritime industry embarks on 'the path to zero', it is widely acknowledged that there is currently not a 'silver bullet' solution, nor is it likely that a solution will emerge from a vaccum. Collaboration is the path forward, and efforts such as MethanQuest offer promise.The project MethanQuest was launched in September 2018 with 29 partners from research, industry and the energy sector to work on processes for producing hydrogen and methane from renewables and for using them to achieve climate-neutral mobility and power generation. The project participants have now submitted their interim results.
China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration
China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.In energy announcements on the first day of the parliament, known as the National People's Congress (NPC), authorities also pledged to boost the country's oil and gas network and continue to support exploration for unconventional gas reserves.The National Development and Reform Commission (NDRC) said in a statement it would push forward construction of crude oil reserves.The coronavirus pandemic has led to a slump in demand for crude oil…
FERC Approves Plaquemines LNG Facility
The US Federal Energy Regulatory Commission has approved the construction of Venture Global's proposed $8.5 billion Plaquemines liquefied natural gas export facility in Louisiana. Venture Global LNG to build an LNG Plaquemines export terminal and a gas pipeline between the terminal and the interstate gas network.PGNiG will receive liquefied natural gas from this terminal from 2023.“We congratulate our American partners from Venture Global LNG for obtaining the final FERC approval for the construction of the second natural gas liquefaction facility.
Russian Pipeline: Bringing Gas and Building Trust
A discussion over energy at the summit last week between Russian President Vladimir Putin and North Korean leader Kim Jong-un has excited the government in South Korea, where the government is desperately looking to entice the North Koreans to come in out of the cold.Among the topics that came up was access for the North Koreans to Russian electricity supplies and the question of North Korea allowing the Russians to build a pipeline that would ship natural gas from Vladivostok, where the summit was held, through North Korea and across the…
German LNG Terminal Signs New Pact
German LNG Terminal GmbH, the joint venture driving forward Germany’s first LNG terminal in Brunsbuettel, has reached another long-term commercial capacity agreement with an unnamed global LNG player.The gas infrastructure company consisting of N.V. Nederlandse Gasunie (Gasunie), Oiltanking GmbH and Vopak LNG Holding B.V said in a press release that the parties agreed on the commitment of a substantial part of the terminal capacity.Negotiations with other interested parties are ongoing. As a result of strong market demand, German LNG Terminal will apply for permits with a total terminal capacity of 8 bcma.Rolf Brouwer…
PGNiG LNG Loads 4000th Tank Truck at Swionujscie Terminal
Polish state-controlled oil and gas company Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) has released a statement claiming that the 4000th tank truck loaded with LNG has successfully left the Swionujscie terminal."Last year 1,794 LNG tank trucks filled with LNG left the Świnoujście terminal, compared to 1,523 in 2017. Since the mid-2016, when the LNG terminal became operational, a total of 4,000 tank trucks were loaded with LNG by PGNiG," it said in a statement.PGNiG strengthens its position in the small-scale LNG market, with almost…
Finland Eyes Imports of Piped Gas via Baltics, Poland
Finland could in future receive gas from Norway via a network of pipes being planned through the Baltic countries and Poland, as part of an effort to reduce its dependency on gas imports from Russia.Helsinki and Tallinn are constructing a gas pipeline under the Gulf of Finland to Estonia, called Balticconnector and with a capacity to transport 7.2 million cubic meters of gas per day."The plan is for Finland to get fully connected to the European gas network and access gas from other sources such as ... Norwegian gas," Herkko Plit, CEO of Baltic Connector Oy…
Chevron Greenlights Gorgon LNG Expansion
Chevron Corp will proceed with the second stage of its giant Gorgon liquefied natural gas (LNG) export plant off the northwest coast of Western Australia, the company said on Saturday.Chevron and its joint venture partners plan to sink 11 new wells in the Gorgon and Jansz-Io fields and build offshore pipelines and subsea structures to pipe the gas to the nearby 15.6 million tonne a year LNG plant on Barrow Island.The $54 billion Gorgon project came on stream in March 2016 but suffered numerous unplanned shutdowns in its early stages.Chevron declined to put a cost on stage two of the project…
Greece Sets Deadline for DESFA Gas Grid Sale
Greece's privatisation agency (HRADF) has pushed back to Feb. 16 the deadline to submit binding offers for a 66 percent stake in natural gas grid operator DESFA, sources close to the process said on Wednesday. Interested investors had sought an extension from a previous Dec. 22 deadline, expecting HRADF to give them a new date in February. One of the sources said HRADF set the date at a board meeting last month. HRADF had earlier identified the two investor groups qualified to proceed to the next phase of the tender and the submission of binding bids as Spain's Regasificadora del Noroeste (Reganosa) and a consortium of Italy's Snam…
FNB Says Austria Incident Not to Affect Supply
FNB, a group of German long-distance gas network operators, said on Tuesday that the explosion at an Austrian gas hub disrupting European natural gas supply should not affect German flows. "We don't currently assume any problems with the supply of gas but we are observing the situation with utmost attention," Berlin-based FNB said in a statement. The fire and explosion at Austria's Baumgarten hub curtailed flows especially to southern and southeastern borders of that country, which is a main transit land for Russian gas. Germany receives gas from Russia via that route but also uses complementing routes via Poland and under the Baltic Sea.
Future of LNG's Asian Rally Uncertain
The spot price of liquefied natural gas (LNG) in Asia is enjoying its traditional surge ahead of peak winter demand, and the near 40 percent rally over the past six weeks probably has further to go. While exporters of the super-chilled fuel will no doubt be trying to maximise the number of spot cargoes they offer, of more interest to them may be how steep the post-winter drop is likely to be. Much of the current boost to prices is due to stronger-than-expected Chinese demand, as Beijing expands use of the cleaner-burning fuel in place of coal for winter heating.
New DNV GL Tool Safeguards Increasingly Greener Gas Supply
DNV GL is now launching an online pipeline gas quality calculator, the ‘PKI Methane Number Calculator for Pipeline Gas’, to ensure that the end-user can reliably and safely use the gas being distributed. The chemical composition of fuel in the natural gas grid is becoming more diverse due to globalization of energy supply and the drive towards introducing renewable gases. Mismatching fuel quality to a given engine can cause engine knock, which can compromise engine performance and lead to engine shutdown. Dwindling local reserves of natural gas have led to more gas being imported, either by pipeline or by ship as LNG, to meet demand.
Bulgaria Gas Group says Gets EU Funds for Gas Hub Study
Bulgaria's gas network operator Bulgartransgaz said it will get financing from the European Union for a feasibility study on a natural gas hub at the Black Sea port of Varna to store and transport Russian and Caspian gas to southeast and central Europe. Sofia's plans for the hub follow the cancellation of Gazprom's South Stream gas pipeline project that would have shipped Russian gas under the Black Sea via Bulgaria to central Europe. The cancellation was a blow to Bulgaria, which relies almost exclusively on Russian gas. The country hopes the new gas hub would keep Russian gas flowing through its territory on its way to central Europe.
Iran Berates Total for Gas Field Delays
Iran's oil minister has criticised French oil company Total for its decision to delay signing a contract to develop a gas field in southern Iran, saying that the reasons given by Total's chief executive were "unacceptable" to Tehran. Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions with its South Pars 11 project in the Gulf to develop a part of the world's largest gas field that Iran shares with Qatar. Total's chief executive, Patrick Pouyanne, said last week that it aimed to make a final investment decision on the $2 billion project by the summer, but the decision hinges on the renewal of U.S.
Reopened Libyan Ports Hope Foreign Staff Will Return
Ports still operating well below capacity; infrastructure damaged by conflict, neglect. Guards and officials at major ports in Libya's eastern Oil Crescent say they are hoping foreign workers will soon return as they struggle to build on output gains with meagre resources. The National Oil Corporation (NOC) reopened three ports in the curve of coastline south of Benghazi in September, after the Libyan National Army (LNA) led by Khalifa Haftar seized them from a rival faction. The lifting of a long blockade at the ports helped Libya's oil output to more than double to over 600,000 barrels per day (bpd).
Rosneft Purchase Leads $82 bln Spree by Sovereign Investors in 2016
Qatar's purchase of a stake in Russian oil company Rosneft last month crowned a year of mega-acquisitions by sovereign investors in 2016, with total deal value rising 22 percent to $82 billion whilst the number of transactions held steady. Other high-profile 2016 deals involving sovereign investors - a category consisting of wealth funds, central banks and state-run pension funds - included Melbourne Port and a stake in ride-hailing app Uber. The plunge in the pound in the wake of Brexit attracted some foreign buyers to UK real estate, whilst 2017 is likely to see a rise in activity in e-commerce and financial technology.
Greece Says SOCAR to Extend DESFA Letter of Guarantee
Azerbaijan's state energy company SOCAR has agreed to extend by a month a letter of guarantee for its acquisition of Greece's gas network operator DESFA, the office of the Greek prime minister said on Tuesday. SOCAR's purchase of a 66 percent stake in DESFA, penned in 2013, had hit snags when European Union competition watchdogs ordered it to dispose a 17 percent stake in the operator. It had further been complicated this year when Greece passed a law raising DESFA's gas tarriffs at a lower amount than SOCAR expected, potentially eating into any profit margins from the venture. (Reporting By Angeliki Koutantou and Renee Maltezou)
