Europe Invests in African Renewable Energy
The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market…
Petrobras Makes Debt Payment Ahead of Schedule
Brazil's state-run oil company Petroleo Brasileiro SA said in a securities filing on Monday it has re-paid debts totaling $1.28 billion ahead of schedule to banks JP Morgan, HSBC and Intesa Sanpaolo. Petrobras also said it refinanced $1.6 billion of outstanding debt obligations and issued $300 million of new debt to Banco Safra SA. Reporting by Ana Mano
Intesa Sanpaolo Moves to Syndicate Rosneft Deal Loan
Intesa Sanpaolo has formally launched a process to syndicate the loan it provided to fund the purchase of a 19.5 percent stake in Russian energy giant Rosneft by Glencore and a Qatari sovereign wealth fund, according to a banking source familiar with the matter. Intesa provided a 5.2 billion euro ($5.83 billion) loan to Glencore and the Qatar Investment Authority late last year, but is now trying to spread its risk. The head of Intesa's Russian business…
Putin Awards Medals to Buyers of Rosneft Stake
Russian President Vladimir Putin awarded state medals to executives with the Qatari investment fund, Swiss-based commodities trading firm Glencore and Italian bank Intesa Sanpaolo, according to a decree published on Monday. The Qatar Investment Authority and Glencore bought a 19.5 stake in Russian oil giant Rosneft for more than 10 billion euros in December, and Intesa bank was involved in organising the deal. The executives were awarded the medals for their "contribution to strengthening cooperation with Russia," according to the text of the decree.
Rosneftegaz Closes Rosneft Privatization Deal
Russian state holding company Rosneftegaz on Wednesday closed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore to sell a 19.5 percent stake in state-owned oil major Rosneft, Rosneft said. The privatization deal, which Rosneft Chief Executive Igor Sechin called the largest in Russia's history, was announced by Rosneft in a meeting with President Vladimir Putin in December. Its success suggests the lure of taking a share in…
Putin Says Russian Government has Control of Rosneftegaz's Money
The Russian government is in control of cash on the books of state holding company Rosneftegaz and spending from those reserves is "absolutely transparent", President Vladimir Putin said on Friday. Rosneftegaz, which has stakes in oil giant Rosneft and gas monopoly Gazprom, among other assets, transfers only part of the dividends it receives to the state budget, keeping the rest on its own accounts and prompting criticism from the finance ministry. It is chaired by Igor Sechin, a powerful Putin ally who is also chief executive of Rosneft.
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.
EU Looks Into Rosneft Sale for Possible Sanctions Breach
The European Commission said on Tuesday it is reviewing the details of Glencore's decision to buy a stake in Russian state oil giant Rosneft to check whether it conforms with EU sanctions against Russia. Rosneft has been subject to EU and U.S. sanctions since 2014, following Russia's seizure of the Crimea region of Ukraine, although the Russian president has voiced hope of an end to the restrictions following Donald Trump's election to the U.S. presidency.
Russia signs Rosneft deal with Qatar, Glencore
Russian state holding company Rosneftegaz on Saturday signed a deal with the Qatar Investment Authority (QIA) and commodities trader Glencore to sell a 19.5 percent stake in state-owned oil major Rosneft, Rosneft said. The privatisation deal, which Rosneft Chief Executive Igor Sechin called the largest in Russia's history, was announced by Rosneft in a meeting with President Vladimir Putin on Wednesday. Its success suggests the lure of taking a share in…
Saipem Finalizing Bank Pool for Cash Call, Debt
Italy's Saipem is finalizing a banking consortium to put the troubled oil contractor on a solid financial footing and run a cash call of more than 3 billion euros ($3.4 billion) as it readies a turnaround plan, people close to the deal said. Two sources familiar with the matter said the consortium was still being cobbled together. At the moment there are seven core banks and a final decision is expected within two weeks, they said. The consortium will need to underwrite a share offering in excess of 3 billion euros which is expected to be unveiled on October 27…
RINA: Energy, Marine Propel Growth
International testing, inspection, certification and consulting engineering group RINA reports it has grown strongly during 2014, propelled by an upturn in marine, acquisition in the energy sector and international diversification. Turnover for 2014 grew 13 percent to Euro 333 million. EBITDA (adjusted) grew to Euro 37.7 million. Ugo Salerno, Chairman and CEO of RINA S.p.A., said, “2014 was an important year for RINA. We were not only able to seize opportunities for new business around the world such as major development projects in Egypt and Turkmenistan…
Higher Oil Forecasts Suggest OPEC Tactics are Paying Off
The world's three big energy agencies are forecasting higher demand for OPEC's crude oil this year, a sign the producing nations' strategy to let prices fall is starting to win them back market share from rivals who are cutting output. After an oversupply of world oil sent prices tumbling in 2014, top OPEC exporter Saudi Arabia urged fellow members not to prop up the market and to try to knock out competing sources like U.S. shale, which, because it has higher production costs, had to cut output when prices fell.
Oil Tops $60, Industry Cutbacks Support
Brent gains for second day; March contract expires. Oil rose above $60 a barrel on Friday for the first time this year, bringing gains this week to 4 percent, supported by signs that deeper industry spending cuts may curb excess supply. Also supporting oil, euro zone economic growth accelerated unexpectedly in the final quarter of 2014 as the bloc's largest member, Germany, expanded at more than twice the expected rate. The price of Brent crude collapsed from $115 in June to $45.19, the lowest in almost six years, in January due to oversupply.
Rosneft Repays $7 bln in Debt
Russia's top oil producer Rosneft said on Monday it had met a $7 billion loan repayment, partially easing fears among investors that Western sanctions banning major Russian firms from access to European and U.S. capital could prompt mass defaults. Shares in the company rose 2.5 percent in morning trade after Rosneft confirmed it had made the payment - part of a two-year $12.7 billion loan it used to buy oil firm TNK-BP - from its own cash reserves. Rosneft…
Creditor Banks Could Become Main Investors in Sorgenia
Reuters - Creditor banks could become majority investors in Italy's Sorgenia as the owners of the energy company took a step closer on Monday towards a deal on debt restructuring, three sources close to the matter said. Sorgenia, for years the main asset of the De Benedetti family's holding group CIR, has run up debts of 1.8 billion euros ($2.48 billion) after buying modern gas-fired power plants which are now underused due to the economic crisis and the rise of renewable energy sources.
