Floating Solar: DNV Advises on Indonesian Floating Solar Photovoltaic Project
Floating solar photovoltaic (PV), initially considered a niche technology, is now the fastest-growing solar PV category, alongside ground-mounted utility-scale solar and rooftop PV. As of August 2020, more than 60 countries have actively pursued the deployment of floating PV, with more than 35 installing an estimated 350 operational floating PV systems, equal to a total 2.6 GW of installed capacity. DNV acted as the Lender’s Technical Advisor…
Ophir Agrees to be Bought by Medco
London-listed Ophir Energy Plc said on Wednesday it agreed to be bought by Indonesian oil and gas group Medco for a sweetened cash bid of 408.4 million pounds ($539 million) after previously agreeing to a lower offer.Under the terms, Ophir shareholders will receive 57.5 pence per share in cash, the companies said in a joint statement. That is up from the previously agreed 55 pence per share.The increased offer comes after the Financial Times reported that hedge fund Petrus Advisers…
Africa's Richest Man Arranges $4.5 Bln of Financing for Oil Refinery
Africa's richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.Dangote, who built his fortune in cement, is building the world's largest single oil refinery with capacity of 650,000 barrels per day (bpd) to help to reduce Nigeria's dependence on imported petroleum.Despite being a crude oil exporter…
Oil Falls After Trump Criticizes OPEC
Russia committed to cuts until end of year as 2018 demand looks strong (Goldman Sachs). Oil prices fell on Friday after U.S. President Donald Trump criticised OPEC and said oil prices were artificially high, but they were still set for a weekly gain. Brent crude oil futures were at $73.26 per barrel at 1139 GMT, down 52 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 48 cents at $67.81 a barrel.
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day revolving credit facility has also been refinanced for the same amount after the facility was increased from the launch amount of US$750m.
Oil Edges Up, but Glut Weighs
Brent fell to $41.51, lowest since April 18, on Tuesday; API says U.S. crude inventories fell; EIA report due. Oil edged higher towards $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar. But prices could struggle to make much headway, analysts said, as sentiment remains bearish. A supply…
Lower Oil Prices Squeezing U.S. Manufacturing Sector
New orders for long-lasting U.S. manufactured goods in December recorded their biggest drop in 16 months as lower oil prices and a strong dollar pressured factories, the latest indication that economic growth braked sharply at the end of 2015. Despite the slowdown in growth, which was acknowledged by the Federal Reserve on Wednesday, the labor market remains on solid ground. First-time filings for jobless benefits retreated from a six-month high last week, other data showed on Thursday.
Trafigura Launches US$4.275bn Loan Refinancing
Commodity trading house Trafigura has launched syndication of a US$4.275bn multicurrency revolving credit facility to refinance its existing US$5.3bn flagship European facility that was signed in March 2015. The loan comprises a 364-day tranche and a three-year tranche. A London bank meeting will be held on January 20 and the financing is expected to close in late March, the company said on Thursday. Active bookrunners on the facility are Lloyds Bank…
Nigeria Faces Twin Currency, Budget Woes As Oil Price Slumps
A sharp drop in global oil prices has raised the twin spectres of a potential currency devaluation and budget shortfalls in Nigeria just as Africa's biggest economy gears up for a closely fought and costly presidential election in February. Nigeria, the continent's top producer, relies on oil for only 14 percent of its gross domestic product (GDP) but crude makes up 95 percent of foreign exchange and about 80 percent of government revenues…
Goldman Slashes 2015 Oil Price Forecast
Goldman says brings forward medium-term bearish outlook; sees Q1 2015 WTI crude at $75/bbl vs $90/bbl previously and sees Q1 2014 Brent at $85/bbl vs $100/bbl previously. Goldman Sachs has slashed its 2015 oil price forecasts, making it the most bearish among major financial institutions, following a near 25 percent fall in crude prices over the past five months. The U.S. investment bank said rising output…
Standard Chartered Private Equity invests $ 75 mi in Topaz
Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, today announced a US$75 million new equity investment in the business from Standard Chartered Private Equity (“SCPE”), one of the world’s leading emerging market private equity investors. Under the terms of the investment…
Topaz Secures $75m Investment from SCPE
Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, has announced a $75 million new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world’s leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75 million of equity in return for a 9.8% stake in the business.
