Malaysian billionaire Ananda Krishnan dies at 86
His private investment firm announced that Ananda Krishnan died at age 86. He had a wide range of business interests, from oil and natural gas to telecommunications. The cause of death has not been determined. The tycoon avoided publicity, but became known internationally in the mid-1980s after he helped fund the Live Aid concert organised by rock star Bob Geldof. He started out as a young businessman by setting up a consultancy. Later, he ventured into the oil trading sector and gambling.
World Bank Targets Offshore Wind Markets
The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries and emerging markets.The World Bank and International Finance Corporation (IFC) will help these markets evaluate their offshore wind potential and provide technical assistance to develop a growing pipeline of projects that are ready for investment by renewable energy developers, said a release from the international financial institution.The offshore wind industry has grown nearly five-fold since 2011…
Petronet Seeks Long-term Deal to Buy US LNG
Top Indian gas importer Petronet LNG is looking to sign a deal in a year's time to buy at least 1 million tonnes of U.S. natural gas annually for a period of up to 10 years, as it pushes to diversify its supply sources beyond the Middle East.As part of any deal, the firm could potentially take a stake in a U.S. liquefied natural gas (LNG) project, said Petronet's managing director, Prabhat Singh."The U.S. market is open compared to other markets where the state is (often) the controller of minerals…
Sri Lanka Signs Deal for $50 Mln Offshore Seismic Study
Sri Lanka on Wednesday signed an agreement with a subsidiary of U.S.
Expected LNG Surplus Evaporates, New Projects Looming
Liquefied natural gas (LNG) producers around the globe are once again considering new investments as expectations of a glut in supply wither away in the face of strong, China-led demand growth in Asia. Given it takes several years to go from a Final Investment Decision (FID) to producing cargoes of the super-chilled fuel, however, the industry may be acting too late to prevent a supply shortfall by the middle of next decade. Much…
Sri Lanka Approves LNG Plant Near Chinese-controlled Port
Sri Lanka's state-run investment body has approved a $500 million liquefied natural gas plant by China Machinery Engineering Corp near a Chinese-controlled port and industrial zone, the development strategies minister said on Friday.The state-run Board of Investment has approved investment projects worth $1 billion in the first quarter, Malik Samarawickrama said, the largest of which was the LNG project in Hambantota, where China Merchants Port Holdings controls a Chinese-built port on a 99-year lease.The port…
LR to Class India’s First FSRU
Lloyd’s Register (LR) said it signed a contract to class the first ever floating storage regasification unit (FSRU) to be ordered for Indian waters.Due for delivery in December 2019, the new 180,000m³ FSRU will be built to LR’s Rules for the Classification of Offshore Units by South Korean shipbuilder Hyundai Heavy Industries (HHI) for SWAN LNG Pvt. Ltd. (SLPL). It will be stationed at Jafrabad port for 24h-hours-a-day operations…
LNG Heats Up Again as Market Changes: Russell
If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence. Global majors Exxon Mobil and Total are considering plans to double LNG exports from Papua New Guinea to about 16 million tonnes per annum, their partner Oil Search said on Feb. 20. If approved, three new trains would be added to the existing Exxon-operated PNG LNG facility…
LNG Over-Supply Narrative Still Valid?: Russell
Liquefied natural gas (LNG) is supposed to be a deeply over-supplied market, but it doesn't appear to be behaving as such in the major consuming region of Asia with strongly rising prices amid robust demand growth. In fact LNG currently looks much more like an under-supplied market, where spot buyers are forced to bid more for increasingly difficult to source cargoes ahead of the peak winter demand period in the northern hemisphere.
Sri Lanka in Talks with Chinese Firms for $3 Bln Refinery
Sri Lanka is in talks with two Chinese companies about investing up to $3 billion to build in a new refinery at its Chinese-controlled port, a top government official said on Friday. Sri Lanka wants to build a new refinery in its southern Hambantota port, where China Merchants Port Holdings (CMPH) has a 99-year lease to handle commercial operations. Located near the main shipping route from Asia to Europe, Hambantota port is likely to play a key role in China's "Belt and Road" trade route initiative.
Australia Risks Missing Next LNG Wave: Russell
Should the arrival of the last major piece of kit in Australia's $180 billion liquefied natural gas (LNG) spree be a cause for celebration or for a wake? It may seem that the arrival of the Ichthys Venturer floating production, storage and offloading facility would be worthy of breaking out the champagne. The vessel, which will be moored some 220 kilometres (132 miles) off the northwestern coast as part of Inpex's Ichthys project, is the final piece of the jigsaw that completes eight massive new LNG ventures.
Indian Oil Corp Aims to Source a Tenth of Oil Needs From Own Assets
India's biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report. IOC aims to raise its refining capacity by about 89 percent to 3 million barrels per day (bpd) by 2030 by setting up new plants and expanding some existing ones, it said. India, the world's third biggest oil consumer, imports about 80 percent of its oil requirements as its local production has not increased for decades.
Swiss Singapore to Start Naphtha Trading in Singapore
To set up naphtha trading desk, hired 1 trader so far; aims to set up office in the US by year-end. Commodity trader Swiss Singapore Overseas Enterprises is expanding its trading operations in Singapore and may start an office in the United States by the end of the year, said three industry sources on Tuesday. The company, which is part of the Indian multinational conglomerate Aditya Birla Group, is starting a naphtha trading desk at its Singapore office, one of the sources familiar with the matter said.
Europe to be Natural Gas Kingmaker
It's probably not quite here yet, but the trend is unmistakeable; the world is moving to a globally-linked natural gas market and the rise of liquefied natural gas (LNG) is the key driver. Much of the increase in LNG capacity is because of the rapid boost to plants in Australia and the United States, as both countries take advantage of abundant local reserves of natural gas to muscle in on a market that until recently had been dominated by a few established producers and buyers.
Qatari Export Costs to Rise as Port Ban Disrupts Trading
Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices. Saudi Arabia and the UAE, along with Egypt, Yemen and Bahrain, on Monday cut diplomatic ties with Qatar amid accusations the country supported terrorists.
Workers at Sri Lanka's State-run Oil Firm Call off Strike
Workers at Sri Lanka's state-run oil firm CPC called off a strike on Monday less than 24 hours it started after the government agreed to consult them before signing an oil tank deal with India. CPC Managing Director Nadun Fernando said the trade unions agreed to call off the strike after six and a half hours of talks that also involved Prime Minister Ranil Wickremesinghe. A trade union official said they called off the strike after Wickremesinghe agreed in writing to consult them about the deal…
India's Biggest Gas Importer Plans $3 bln Investment in Overseas Push
India's biggest gas importer Petronet LNG aims to spend up to $3 billion in the next five years to expand overseas, setting up terminals in Bangladesh and Sri Lanka among other countries, its managing director said. Falling spot LNG prices have boosted consumption of the fuel in India and triggered demand for LNG infrastructure in countries long shut out of the gas trade. "We are thinking global and we are not looking inwardly only at India ...
Petronet Plans LNG Terminals in Sri Lanka and Bangladesh
India’s biggest player in liquefied natural gas (LNG) Petronet LNG Ltd has plans to establish a 5 million tonne LNG terminal in Bangladesh and 1million-tonne terminal in Sri Lanka. The Bangladesh terminal is in addition to 3.5 mt terminal that the country is looking to set up at Matar Bari in Moheshkhali Island of Cox’s Bazar district or Anwara, Chittagong, for which Petronet is one of the firms that has been shortlisted. "Bangladesh has huge unmet gas demand particularly to power generation.
GAC Dubai Wins Group HSSE Award
GAC Dubai’s introduction of a suite of practical innovations to improve safety in working conditions and reduce the company’s carbon footprint has won it the Group Chairman’s Award for HSSE (Health, Safety, Security and Environment) Excellence for 2015. 35 entries were received for the annual Award, which for the first time extended its scope from the previous focus on the environment to also encompass health, safety and security measures.
LNG Ltd Appoints Chief Development & CTO
Liquefied Natural Gas Limited has announced the appointment of Anthony Gelotti as Chief Development Officer based in Houston, Texas, USA. John Baguley, Chief Operating Officer for Magnolia LNG will assume the additional responsibilities of LNGL Chief Technical Officer. Dr Nimalan Gnanendran has been promoted to the position of LNGL Technology Manager. The above appointments are effective December 1, 2015. Gelotti’s responsibilities will include assisting in the close‐out of the full production capacity of Magnolia LNG…
