Turkey talks with U.S. and Russia about sanctions waivers on energy imports
Turkish officials said that Turkey was in talks with both the United States of America and Russia to try and secure a waiver from U.S. Sanctions so it could continue paying Gazprombank in order to import Russian natural gas. The United States has imposed new sanctions against Russia's Gazprombank last week as President Joe Biden intensifies…
SGRE Raises $1.6Bln in ‘Green’ Credit
Siemens Gamesa Renewable Energy (SGRE) has announced that, in less than a year, it has accumulated €1.48 billion ($1.6Bln) in green guarantee lines.The turbine maker has just completed a deal with Societe Generale to convert a 230 million euro guarantee line to "green”. This is the third green guarantee line that Siemens Gamesa has arranged so far this year…
Mercuria Energy Takes 30% Stake in Aegean Marine
Mercuria Energy Group and Aegean Marine Petroleum and have signed a Memorandum of Understanding (MoU) making Mercuria the only lender to Aegean. Both are working towards landing a billion dollar credit deal and closer collaboration.Mercuria and Aegean have executed a letter agreement detailing the US$30 million of incremental liquidity Mercuria…
Iran's Oil Customers in Europe Might Reduce Imports
European oil companies are not ruling out reducing Iranian oil imports after the threat of new U.S. sanctions, with some expecting banking issues to hinder trade, but there was no rush to immediately cut volumes.U.S. President Donald Trump said on Tuesday the United States was exiting an international nuclear deal with Iran and would impose…
Noble Amends Restructuring Plan, Scrambles for Shareholder Support
Noble's action on shareholders was criticised by SGX; Noble needs shareholders to support its restructuring. Bowing to criticism from the Singapore Exchange (SGX) and other investors, embattled Noble Group is removing a provision in its $3.4 billion debt restructuring proposal that penalised shareholders voting against the plan. The debt-for-equity swap is crucial for the survival of the Singapore-listed company…
Noble Group sells Oil Unit to Vitol
Oil liquids unit to be sold for about $580 million. Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter. Monday's move came after Reuters reported late on Friday that Vitol, the world's largest oil trader…
Oil Rallies on Chinese Import Boost and Mideast Tensions
Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess, but analysts warned that the 2018 balance was still shaky. Brent was at $57.20 at 1335 GMT, up 95 cents. U.S.
Noble Group Reports $1.75 Bln Q2 Loss
Commodities trader Noble Group reported a second- quarter loss of $1.75 billion on Thursday, weeks after warning it faced its steepest quarterly loss in a year and a half and would slash jobs and sell assets to cut debt. Once Asia's largest commodities trading house, Noble is slimming down drastically to its core Asian coal trading business after a crisis-wracked two years. Last month, it announced the sale of its U.S.
Noble Group Obtains $3 Bln Credit Facilities, Q1 Profit Falls
Noble Group finalized $3 billion in bank credit facilities, a crucial move for Asia's biggest commodity trader to refinance all of its debt for this year after being whacked by credit rating downgrades. It reported a 62 percent fall in quarterly net profit, hit by tight credit conditions. Noble is trying to shore up investor confidence following…
Ukraine Inks Gas Deal with European Suppliers
Ukrainian state energy firm Naftogaz has agreed to buy 1.7 billion cubic metres (bcm) of gas from European suppliers at a price of $188-$211 per thousand cubic metres, the company said in a statement on Thursday. Ukraine, which is still in a protracted gas pricing dispute with Russia, has been seeking to cover its needs with its own production and supplies from Europe.
Ukraine seeks $200 mln from IFC for Gas
Ukraine expects to receive $200 million from the International Finance Corporation to help fund natural gas purchases ahead of winter, central bank chief Valeria Hontareva said on Wednesday. "We are waiting for gas purchases for this winter, but the purchases will be funded by loans (taken by state energy firm) Naftogaz from international organisations," the bank's press service quoted Hontareva as saying.
Ukraine's Winter Gas Stockpiling Lags
Ukraine's efforts to store natural gas for winter are running 1 billion cubic metres behind their pace last year, Prime Minister Arseny Yatseniuk said on Wednesday. Ukraine has 14.1 billion cubic metres (bcm) of gas in underground storage, he said. The country aims to store 18-19 bcm of gas before the winter heating season begins in mid-October. "On this day last year, we had 1 billion more ...
ABB wins UAE Order for Solar Power Grid Integration
ABB, the leading power and automation technology group, has won an order worth around $55 million from Dubai Electricity & Water Authority (DEWA), the leading power utility in United Arab Emirates (UAE), to build a substation that will integrate power from the Mohammed bin Rashid Al Maktoum solar park. The order was awarded in the third quarter of 2014.
Lloyds Bank Withdraws From Rosneft-BP Loan
Lloyds Bank, part-owned by the British government, has withdrawn from a $1.5-$2 billion trade finance deal involving oil major Rosneft, in a development highlighting the growing unease among Western banks in funding Russian deals. Lloyds, along with Deutsche Bank, HSBC and Bank of China was a mandated lead arranger (MLA) on the loan to finance BP's purchase of crude oil and refined products from Rosneft.
Citi Builds Commodity Trade Finance as Others Retreat
Citigroup plans to double its commodities trade finance team within the next three years as it seeks to benefit from a retreat by some rival banks, the head of the business said. Citigroup is one of the biggest players in trade finance but has been relatively small in the specific area of commodities trading. It started building a commodities trade finance team to focus on the sector in 2012.
Payment Problems Disrupting Iran Food Deals
Payment problems are disrupting commercial food cargoes to Iran, with hundreds of thousands of tonnes of grain and sugar stuck in transit, as Western banking sanctions complicate deals and trade financiers scale back exposure. Iran is not barred from buying food or other "humanitarian" goods under sanctions imposed over Tehran's pursuit of nuclear technology…
