Macquarie-backed Offshore Sind Developer Corio Cuts Jobs
Corio Generation, the UK-based offshore wind developer backed by Australia's Macquarie Group, plans to cut a small number of jobs roles, a company spokesperson told Reuters.Ballooning costs due to technical and supply chain problems and high interest rates has had many offshore wind sector companies review investments or undertake restructurings."As with many companies in the offshore wind sector, we are making some organizational changes to ensure Corio remains efficient and
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E. Shaw Renewable Investments, or DESRI (Development Energy Services and Renewable Investments), has a pipeline of more than 25 gigawatts according to Macquarie.
Macquarie's to Compete for Scottish Offshore Wind Lease
Macquarie's Green Investment Group (GIG) and Scottish offshore wind developer Renewable Infrastructure Development Group have partnered to compete in the next round of leasing for offshore wind development in Scotland, they said on Monday.ScotWind, the next round of seabed leasing for offshore wind development off the Scottish coast, is due to be launched by Crown Estate Scotland soon.Crown…
Oil Climbs as OPEC Output Drop Eases Concerns About Glut
Oil prices rose on Friday after an OPEC report showed its production fell sharply last month, easing some concerns about prolonged oversupply.Brent crude was up 48 cents, or 0.78 percent, at $61.66 a barrel at 1450 GMT. Brent has risen around 2 percent this week, its third straight week of gains.U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.63 percent, at $52.40…
Petrobras, Engie Extend Period to Negotiate Contract of Pipeline Network
Brazilian state-controlled oil company Petroleo Brasileiro SA has extended the deadline for discussion with France's Engie SA about the sale contract for a major pipeline network, two sources with knowledge of the matter said.Engie had the highest bid among three consortia interested in acquiring Transportadora Associada de Gás SA, known as TAG. The French company and Petrobras, as the Brazilian company is known…
Firms Complain of Contaminated Crude Lifted From U.S. SPR
Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by Reuters. Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency because refiners would need to spend time and money removing contamination before producing fuel.
Cargill Finalizes Sale of Oil Unit to Macquarie
Commodity trader Cargill Inc completed the sale of its petroleum business to Australian investment bank Macquarie Group Ltd on June 30, a company spokeswoman told Reuters on Friday. The company will continue to offer financial and price risk management in petroleum markets through its Risk Management business, she said in an email reply. "That business provides hedging products in more than 70 commodities, including energy, and will continue to do so," she added.
Macquarie Closes its London O&G Investment Desk
Australia's top investment bank Macquarie Group has closed its London-based upstream oil and gas advisory after a sharp drop in global deal making in recent years, banking sources said on Friday. The business, which oversaw the oil and gas production sector in Europe, Middle East and Africa, and which consisted of eight employees, was closed this week. Three members of the upstream…
Macquarie Closes its London O&G Investment Desk
Australia's top investment bank Macquarie Group has closed its London-based upstream oil and gas advisory after a sharp drop in global deal making in recent years, banking sources said on Friday. The business, which oversaw the oil and gas production sector in Europe, Middle East and Africa, and which consisted of eight employees, was closed this week. Three members of the upstream…
Coryton Terminal Opens as Glut Grows
Project has benefited from rising oil supplies; Operator Greenergy sees more investments. The Thames Oilport terminal near London opened on Wednesday after nearly four years of development, at a time a global oil glut and a collapse in fuel prices is making storage an attractive investment. A first tanker, the Seaconger, carrying 21,000 tonnes of diesel was discharging at the terminal…
U.S. Shale Snaps up $50 Oil Hedges
Welcome to the oil market's new vicious cycle. This past week, as oil prices barreled over 9 percent higher to break out of a weeks-long trading range, U.S. shale producers jumped at the chance to lock in $50-plus crude for the first time in months, making up for lost time after holding off hedging during the market's late-summer slump. U.S. crude oil futures for December 2016 delivery…
Macquarie Infrastructure Debt Arm Finances UK Solar Project
Macquarie Infrastructure Debt Investment Solutions (MIDIS), part of Australian bank Macquarie Group, said on Monday it has financed a 29-megawatt solar photovoltaic project in Britain. The 21.5 million pound ($33.17 million) debt facility is split into index-linked and fixed-rate tranches and will provide project owner and asset manager Quercus Assets Selection with 19 years of financing, MIDIS said. The solar project is located in Pembrokeshire, Wales.
Centrica Weighs Final Bids for UK Gas Plants
British utility Centrica is in the process of assessing final bids for the gas-fired power plants it has put up for sale but offers are likely to be below the company's target price of 500 million pounds ($767.8 million), sources familiar with the matter said. "My understanding is that three parties are still looking," said one source close to the bidding process. Two other sources confirmed the number.
E.ON's Italy sale draws bidders as deadline falls
The sale of E.ON's Italian assets has drawn interest from a handful of energy companies and investment funds on the final day for binding bids, sources familiar with the matter said on Monday. Two sources said French energy giant EDF was also looking to make a non-binding bid, outside the official process, for all the assets through its Italian utility unit Edison. E.ON has not yet decided if it will sell its Italy business…
