B.C. Backs LNG Bunkering
The British Columbia Government has joined Vancouver Fraser Port Authority and FortisBC to establish the first ship-to-ship LNG marine refueling – or bunkering – facility on the west coast of North America.The use of LNG to power the world’s ocean-going vessels is forecast to expand and B.C. is well positioned to benefit from this growth.According to industry standards, replacing diesel fuel with LNG has the potential to reduce greenhouse gas (GHG) emissions by approximately 20%. Because FortisBC’s Tilbury facility runs on clean B.C.
At Noble Group, Staff Exits and Debt Increase Risks
Noble shares fall as much as 49 pct after overhaul plan. Noble Group is slimming down drastically to its core Asian coal-trading business, but that may not be enough to revive its fortunes due to a staff exodus, shrunken balance sheet and debts of more than $3 billion, analysts and industry sources say. Once Asia's largest commodities trading house, Singapore-listed Noble is a shadow of what it was during the boom years, when it snapped up assets from sugar mills to coal mines and expanded globally to rival Glencore and Trafigura. In a dramatic overhaul announced on Wednesday, it sold its U.S.
Exxon Blasts NY Prosecutor's Climate Probe as 'Reckless'
New York Attorney General Eric Schneiderman has requested more materials from the oil producer as part of an ongoing probe that has already reviewed nearly 3 million documents. The attorney general, who also wants to interview Exxon employees, has said Exxon withheld information about its internal climate change discussions and misled the public about what it knew. In a court filing on Friday, Exxon blasted what it called "reckless and false allegations" from Schneiderman and said it has not withheld information.
Petrobras Hires KPMG, Replaces PwC
Brazil's state-run oil company Petroleo Brasileiro SA has appointed KPMG as its new auditing firm for three years starting in 2017, replacing PricewaterhouseCoopers, Petrobras said in a securities filing on Wednesday. Reporting by Silvio Cascione
Coal Weighs on Noble, Triggers $1.2 billion Writedown
Noble warns of Q4 loss, first annual loss since 1998. Commodity trader Noble Group warned of its first full-year loss in nearly 20 years on Tuesday, blaming a $1.2 billion writedown on low coal prices and prompting a credit rating downgrade by Moody's. Ratings agency Moody's cut Noble's corporate rating and senior unsecured bond ratings to Ba3 from Ba1, while S&P said the loss was credit negative and could complicate refinancing a credit facility in May. "The downgrade reflects the impact of the unexpected assets write-down on Noble's business and financial profile…
West Africa Oil Projects Face Yet Longer Delays
Oil firms have put major projects in West Africa on hold because of low prices - as they have across the globe - but when the market finally picks up, development is likely to recover much more slowly in the region than elsewhere. High costs bedevil the region, which includes established producers such as Nigeria and newer entrants like Ghana. Add to this long-standing problems of poor infrastructure, complex bureaucracy and politics, and West Africa may be well down the list for any investment revival.
S&P cuts Noble Group to Junk
Standard & Poor's (S&P) cut its credit rating on Noble Group to junk on Thursday, adding to concerns about financing costs for Asia's biggest commodity trader a week after a similar downgrade by Moody's Investors Service. "We downgraded Noble because the company's liquidity is below what we expect for a strong liquidity position, despite the sale of its agricultural unit," S&P credit analyst Cindy Huang said in a statement and cut the company's rating to BB+ from BBB-. "Given the prospects for a prolonged slump in commodities prices…
Moody's Cuts Noble's Rating to Junk
Moody's says has concerns over company's liquidity. The chief executive of embattled commodity trader Noble Group Ltd defended its financial position after what it called an "unexpected" move by Moody's Investors Service to cut its credit rating to junk status, slamming its stocks and bonds. The one-notch cut to a Ba1 rating by Moody's, which said on Tuesday it had concerns over Noble's liquidity, means financing will become more costly for Asia's biggest commodity trader, investors said. Moody's had put Noble on review for a possible downgrade in mid-November.
Moody's Reviews Noble Group's Rating
Ratings agency Moody's is reviewing its rating of Singapore-listed commodity trader Noble Group for a potential downgrade in light of the company's latest results. Noble reported a sharp fall in third-quarter profit on Thursday, battered by losses in its metals and agricultural operations. "The rating review is triggered by Noble's weaker than expected liquidity profile and its still-high leverage in its quarterly results announcement," Joe Morrison, a Moody's vice-president and senior credit officer.
Nigeria Arrests Oil Tycoon
Nigeria has arrested the chairman of a local oil firm, a security official said on Tuesday, as part of a widening graft investigation in Africa's biggest petroleum producer that has also netted former oil minister Diezani Alison-Madueke. Days after British police detained Alison-Madueke, one of Africa's most powerful women, the official said Nigeria's Economic and Financial Crimes Commission (EFCC) had arrested Atlantic Energy chairman Olajide Omokore on corruption and money laundering charges. The arrests…
Bill Gates' Foundation Sues Brazil's Petrobras
The Bill & Melinda Gates Foundation has sued Brazil's Petrobras to recoup stock losses stemming from a corruption scandal at the state-run oil company. According to a complaint filed late Thursday night in federal court in Manhattan, Petrobras' "pervasive bribery and money laundering scheme" caused the Gates Foundation and another plaintiff, WGI Emerging Markets Fund LLC, to lose tens of millions of dollars by investing in the company. "Indeed, the scandal still seems to escalate by the day - as more guilty pleas, more arrests, and more secret bank accounts are uncovered," the complaint said.
Glencore Slump Spoils Appetite for IPOs
Private trade houses less likely to become asset heavy; Olam, Noble, Glencore experiences urge caution. Two shareholder revolts in the space of six months at listed commodities firms Noble and Glencore have taught their private rivals an unforgettable lesson - think twice before going public or amassing large physical assets. Noble's stock is trading near its lowest since the 2008 global financial crisis and Glencore's touched an all-time low on Tuesday due to plunging commodities prices and earnings.
Noble Group Open to Shedding Core Business Units
Noble Group is open to selling its core businesses, its chief executive said, as Asia's biggest commodities trader pursues options to boost market confidence after a bruising accounting dispute. Yusuf Alireza told some 500 attendees at the Singapore-listed company's investor information day on Monday that Noble is evaluating a number of options both internally in terms of shutting down certain businesses, and externally such as working with banks and strategic investors. "It's our responsibility…
'Crunch Time' for Noble Group
Noble to release PwC report on commodity contracts. Noble Group's investment grade credit rating is at stake when Asia's biggest commodities trader, which has been accused of poor accounting practices, releases the findings of an external report later on Monday on how it values some assets. Singapore-listed Noble's shares have lost half their value and its bonds have weakened after Iceberg Research in mid-February first accused the company of inflating its assets by billions of dollars by using accounting techniques to mislead markets. Noble has rejected the claims.
Noble Group Starts Third-Party Model Review
Noble Group Ltd, under scrutiny for its accounting methods, said on Tuesday that it had commissioned a third-party review of its mark to market (MTM) models and valuations "in the interests of transparency." It said it had set up an independent committee which appointed PricewaterhouseCoopers to conduct an assurance review of its MTM models, valuations and governance framework. The Singapore-listed commodities trader has rejected allegations from Iceberg Research that it inflated assets by billions of dollars through aggressive accounting. Reporting By Aradhana Aravindan
Fitch Warns it May Still Downgrade Petrobras in Next Few Years
Brazil's state-run oil company Petroleo Brasileiro SA avoided an imminent credit downgrade by publishing corruption-delayed financial statements but could still have its ratings cut in the next couple of years, Fitch Ratings said on Friday. Petrobras released its third- and fourth-quarter earnings on Wednesday with a $17 billion write-down related to corruption, poor planning and falling oil prices. PricewaterhouseCoopers signed off on the audited results after months of scrutiny due to a police investigation of contract fixing and kickbacks.
Gazprom, PwC address Cooperation Prospects
The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Dennis Nally, Chairman of PricewaterhouseCoopers International Limited. The parties looked at the issues of rendering information and consultancy services to Gazprom in various sectors of business development. Special consideration was given to applying advanced IT solutions to improve the Company's performance as well as to the personnel management consulting. Dennis Nally introduced Igor Lotakov…
Petrobras Sheds Some Gains in Wake of Rally
Latin America markets were giving back some gains Wednesday as Brazilian names led by state-controlled oil company Petrobras widened alongside broader markets. After asset sale plans spurred a significant rally yesterday, Petrobras bonds were some 2bp-5bp weaker today amid headlines that Congress was pushing back against President Dilma Rousseff's austerity measures. The news has soured the mood around credits in Brazil as investors once again turn their attention to the country's flagging economic growth, widening CDS spreads and pushing the Real to 2.97 per US dollar.
Petrobras Plans to Sell $13.7bln in Assets
State-controlled Petróleo Brasileiro SA plans to sell $13.7 billion in assets for this and next year, as part of efforts to reduce debt and protect cash, the company said in a statement on Monday. Petrobras, as the company is commonly known, expects divestitures in exploration and production locally and overseas to account for 30 percent of asset sales in the period, the statement said. Gas and energy asset sales could account for 40 percent of that amount, with the remaining coming from distribution-related assets.
Petrobras' Chief Dutra Takes Leave of Absence
Brazil's embattled state-run oil company Petroleo Brasileiro SA said on Friday that the director of its corporate-services division will take a 90-day leave of absence for health reasons. Dutra, a former Brazilian Senator, served as Petrobras' chief executive officer for two and a half years from 2002 to 2005 and president of Brazil's ruling Workers Party from 2010 to 2011. He was one of two senior executives that did not resign their posts on Feb. 4 in an expanding corruption scandal that many believe to be the biggest in Brazil's history.
