Greece Aims to Wean Tourist Islands from Fuel Imports
Greece signed a deal with the European Commission and the European Investment Bank (EIB) on Thursday to set up a fund that will help its tourism-reliant islands wean off fossil fuel and reduce power costs, the Greek government said.Greek Prime Minister Kyriakos Mitsotakis met EIB's Chair Nadia Calviño on Thursday. Mitsotakis then attended a ceremony for the signing of the agreement on the island of Naxos.Most of Greece's rocky and sun-drenched islands in the Aegean and the Ionian Sea in southern Europe depend on…
The price of gas in Europe is rising on the back of hurricane fears
The wholesale gas prices of the Netherlands and Britain increased on Wednesday morning, as the storm in the United States intensified into a hurricane. This posed a threat to the liquefied gas (LNG), export operations in southern Europe. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub at 0814 GMT was 0.13 euro higher, at 35.65 Euro per megawatt hour. The day-ahead contract in the British market was 1.25 pence more expensive at 86.50 cents per therm. Gas traders said that although prices aren't much higher…
Siemens Energy resumes the sale of its 4.X onshore turbine
Siemens Energy has announced that it has resumed the sales of the 4.X wind turbine which was at the center of its largest corporate crisis. This is a sign of the German energy group's full return to the onshore markets. A spokesperson for Siemens Energy responded to a question by saying that sales of the turbines in trouble have resumed, but will be limited to certain markets. She did not provide any further details. According to people familiar with the situation, Siemens Energy accepts non-binding as well as binding offers for its platform. Initial sales will be concentrated in Southern Europe.
Offshore Oil Firm Eco Atlantic Launches Renewables Division
Eco Atlantic, an oil company with offshore oil and gas acreage in Guyana and Namibia, said Tuesday it had formed a new solar energy-focused company Eco Atlantic Renewables, citing, in part, a lack of oil and gas acquisition opportunities.Formed with Nepcoe Capital Partners Ltd. ("Nepcoe"), a renewable energy developer and investment company, the aim of Eco Atlantic Renewables is to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic") owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe."Investment into renewables…
Is an Oil Market Recovery Underway? Energy Trader Mercuria Sees Positive Signs
Global oil markets are showing early signs of re-balancing after production cuts by OPEC and the United States, with the market's pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria Energy Group said.Oil futures are cheaper for nearby delivery than for a few months ahead, a pricing structure known as contango, which is usually a sign of oversupply. Traders use this structure to store oil to sell it later at a profit.The contango for Brent oil futures has shrunk from more than $3 a barrel during most of April to around $1.50 a barrel on Friday.
Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure
At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output, forcing LNG tankers in several regions to remain at sea fully laden with no immediate destination, the sources said.At least three major buyers in India, the world's fourth largest LNG importing country…
EIA: Azerbaijan Surges in Natural Gas
Azerbaijan is an important supplier of crude oil and natural gas in the Caspian Sea region, particularly to European markets, the US Energy Information Administration said in its report.The EIA’s report notes that Azerbaijan’s exports of natural gas are poised to become a more significant part of the country’s economy.Azerbaijan produced about 600 billion cubic feet (Bcf) of dry natural gas in 2017 and exported about 210 Bcf, according to EIA’s International Energy Statistics.“Azerbaijan is planning to expand its natural gas exports to Europe.
Ingeteam Joins Spain's First Offshore Wind Turbine
Spanish power technology giant Ingeteam is participating in the first bottom-fixed foundation offshore wind turbine prototype to be installed in Spain and the first of its kind in southern Europe.At the request of Estyco, the project leader, the Ingeteam business unit specializing in energy plant operation and maintenance, through its High Voltage department, was responsible for the supervision and analysis of the electrical work on the wind turbine.Specifically, Ingeteam worked on the connection of the medium voltage…
Tilting at Windmills: Spain Strains to Meet Record Renewables Goal
Wind turbine maker Siemens Gamesa is booking 14 colossal specialized cranes, has hired new staff and boosted capacity by up to 80 percent at its Spanish factories as developers strain to meet a 2020 deadline for cutting carbon emissions.More wind farms are set to be built across Spain in 2019 than in any previous year, the APPA association of renewable energy companies calculates, surpassing a pre-recession boom in 2008 and putting unprecedented pressure on the supply chain."It is an enormous challenge ... We can really sense the urgency…
Spain Strains to Meet Record Renewables Goal
Wind turbine maker Siemens Gamesa is booking 14 colossal specialized cranes, has hired new staff and boosted capacity by up to 80 percent at its Spanish factories as developers strain to meet a 2020 deadline for cutting carbon emissions.More wind farms are set to be built across Spain in 2019 than in any previous year, the APPA association of renewable energy companies calculates, surpassing a pre-recession boom in 2008 and putting unprecedented pressure on the supply chain."It is an enormous challenge ... We can really sense the urgency…
Putin says TurkStream Gas Pipeline Could be Extended via Greece
Russian President Vladimir Putin said on Friday that the TurkStream gas pipeline could be extended further into Europe via Greece, as he met Greek Prime Minister Alexis Tsipras in Moscow.The first line of TurkStream, which runs from Russia to Turkey via the Black Sea bed, is intended for Turkish consumption only. Russia has said that a second line will also end in Turkey and Europe must choose the route and build the extension itself.Several routes, including via Greece and Bulgaria, are under consideration."We are ready for implementation of large-scale infrastructure energy projects jointly with Greece.
Russia May Build TurkStream Second Line Directly to Bulgaria
Russia has been discussing the possibility of building the second line of the TurkStream gas pipeline directly to Bulgaria via the Black Sea, a Kremlin spokesman was quoted as saying on Wednesday by Interfax news agency.Russian gas giant Gazprom has built the first line of the pipeline to Turkey for local gas consumption. The second line is designed for consumers in southern Europe.The two lines of TurkStream have the annual capacity of 15.75 billion cubic meters each. Reporting by Gabrielle Tétrault-Farber; writing by Vladimir Soldatkin
Serbia, Russia Revive Gas Pipeline Plans
Russia and Serbia have revived an idea of building a gas pipeline in the Balkan country, a project that would enable Gazprom to step up its gas supplies to Europe, bypassing Ukraine. The Serbian pipeline will be linked to Bulgaria and Hungary via two interconnectors to ship Russian gas from the TurkStream pipeline. The Vienna-based Energy Community Secretariat, which transposes EU energy standards to aspiring member states, criticised the project saying the true aim was to bring Russian gas from TurkStream to the Baumgarten hub near Vienna, not to diversify gas supplies to Serbia.
Turkey Approves Second Line of TurkStream Gas Link
Turkey has approved construction of the second line of TurkStream undersea gas pipeline in the Turkish waters, Russian gas giant Gazprom said on Friday. It said the construction of the two sections of the pipeline, which will run from Russia to Turkey on the bed of the Black Sea, will be completed by the end of 2019. The capacity of each pipeline is 15.75 billion cubic metres per year. First line will carry gas to the Turkish consumers, the second link is designed to ship gas to southern Europe. Reporting by Vladimir Soldatkin
New UK Rules Could Lure Others Beyond Aramco
FCA proposed listing category tailored for state-owned firms; Critics say new listing could roll back on sensible reform. Proposed changes to Britain's listing regime are likely to attract a series of state-backed companies to London's stock markets as governments in oil rich states prepare for a wave of asset sales. However some investors and corporate governance groups say Britain's move to make its capital markets attractive to state-controlled firms by loosening some of the rules may lower the quality of companies on its stock exchange and leave shareholders with less protection when things go wrong.
Poland Expects Long Term LNG Deal with U.S.
Poland expects to sign a long-term deal for liquefied natural gas (LNG) supplies from the U.S. to reduce its reliance on Russian gas, the country's President Andrzej Duda said after meeting U.S. president Donald Trump. Poland imports most of the 16 billion cubic metres of gas it consumes a year from Russia, on the basis of a long-term deal with Gazprom which expires in 2022. Warsaw plans to replace the Russian gas after then with supplies from Norway via a planned pipeline as well as with more LNG from the U.S. coming to its terminal at the Baltic Sea. Duda spoke to Trump, who is visiting Warsaw, about Poland's security and gas supplies.
Oversupplied Japanese LNG Players to Sell off Excess Volumes
Asian spot LNG prices extended losses this week as oversupplied Japanese utilities sought to offload cargoes and as key European gas benchmarks softened. Asian prices for LNG delivery in March fell 25 cents to about $7.75 per million British thermal units (mmBtu), traders said, ranging from $8/mmBtu to about $7.60/mmBtu. Prices tailed off even more sharply into April, currently trading at around the $7/mmBtu mark, they said. One trader said utilities in Japan "have overbought due to warmer than average temperatures at the end of 2016 and the current cold spell doesn't look like it will last," leaving them stuck with larger inventories.
Gazprom: Work on Underwater Section of Turkstream to Begin in H2 2017
Work on the underwater section of the Turkish Stream pipeline will get underway in the second half of next year, Alexei Miller, chief executive of Russian gas giant Gazprom, told journalists on Tuesday. Miller also said that both lines of the underwater section, one that will ship gas to the Turkish market and a second with gas destined eventually for Europe, will come on stream by the end of 2019. Where that gas from the second line will come ashore in Europe has yet to be finally determined. Gazprom, Italian energy…
Amec FW Bags Kuwait FEED Deal
Amec Foster Wheeler announces today that it has been awarded a front end engineering design (FEED) contract by Kuwait Oil Company (KOC) to upgrade its Oil Gathering Centre GC-24. This project continues Amec Foster Wheeler’s work with KOC on major projects since 2004, which has recently included three new Gathering Centres and strategic pipeline projects in North Kuwait. Kuwait Oil Company is one of our key customers and this further strengthening of our working partnership follows our success in delivering projects for them and management of the original GC-24 Project which was completed six months ahead of schedule.
Russia Hasn't Dropped Idea of New Gas Route to South Europe
Russia still wants a new pipeline route to export gas to southern Europe despite the cancellation of the South Stream gas project, President Vladimir Putin said on Friday. Putin said the expansion of the Nord Stream pipeline, under the Baltic Sea, was not an alternative to the cancelled South Stream route. He also said Russia was not turning its back on exporting gas to Europe via Ukraine, but that it was vital there were alternative routes too. (Reporting by Alessandra Galloni; Writing by Christian Lowe; Editing by Catherine Evans)
