fetching latest news
News tagged in:
Japan’s Nagashiki Shipping, chartered by Mitsui OSK ran aground on a reef in Mauritius on July 25 and later began leaking oil, causing a marine ecological disaster around the Indian Ocean Island. Japan’s Mitsui OSK Lines Ltd stood to spend about $9.42 million on measures to help Mauritius for the clean-up of the island’s mangrove forests. In addition, the shipping company plans to provide further support to local fishing and tourism industries.
Japanese oil refiner Idemitsu Kosan will end its petrochemical joint venture with German chemical manufacturer, BASF due to slumping demand. The joint venture will end in December and its Chiba plant will be closed for making butanediol, an organic compound used in stretchable fibres and engineering plastics. Idemitsu is also planning to exit from the butanediol business soon.
Mitsui has decided to sell its 35% stakes in Australian BassGas project. Rothschild is advising the Japanese company on the proposed disposal. Mitsui's share of output from the BassGas in the year to June 2019 was approx 1.1 million barrels of oil equivalent. It has come up with the sale plan at the same time when Exxon has out its ageing Bass Strait oil and gas assets up for sale.
Japanese gas firm, Osaka Gas has announced plans to buy U.S. shale gas developer Sabine Oil & Gas Corp in a $610 million deal. The acquisition will give Osaka the operatorship of 175,000 net acres in East Texas, with approximately 1,200 wells yielding about 1.7 million tonnes of shale gas a year. The deal is in line with Osaka’s strategy to grow its overseas business for future growth.
Central Asian country, Turkmenistan, yesterday, unveiled the US$1.7 billion gas-to-liquids (GTL) plant. The largest GTL plant in Central Asia, it will process 1.785 billion cubic metres of natural gas every year, yielding 600,000 tonnes of gasoline a year among other liquid fuels. Built by Turkey's Rönesans and Japan's Kawasaki Heavy Industries, the GTL plant will help Turkmenistan monetize on the world's fourth-largest natural gas reserves.
Operators of the two oil tankers attacked in the Gulf of Oman last week are undergoing examination off the UAE coast. The oil tanker explosion on Thursday escalated tensions between Washington and Iran, with the former blaming the Persian country for the assault. Once the authorities in Sharjah conclude security checks, Japanese tanker Kokuka Courageous will undergo assessment, post which ship-to-ship transfer of its methanol cargo would begin.
Japanese oil firm, Inpex Corp. has reached an agreement with Indonesia for the $20 billion Abadi liquefied natural gas project. In an interaction with reporters at a G-20 energy and environment meeting in Japan, Inpex President informed that the heads of agreement contains a contract extension for Inpex to operate the Masela field until 2055. Inpex holds a 65% stake in Abadi field where Royal Dutch Shell is partner.
Toshiba Corp. will sell its over 20-year liquefaction rights at the Freeport LNG project to Total. The company will pay $815 million to the French major and is expecting that the deal will be finalized by March 2020. This acquisition is in line with Total's plan to become one of the world’s biggest LNG players in the future. Total presently is the second-largest private global LNG player.
One of the world's leading LNG plant builders, Chiyoda Corp has been hit by a hurricane at its Cameron LNG project in Louisiana. This has made the Japanese trading house Mitsubishi Corp and MUFG Bank decide to help rescue the plant engineering company. The firms will assist Chiyoda with a $1.4 billion lifeline. Mitsubishi has 33.4% stakes in Chiyoda and has saved the company twice in the past.
UK Government has decided to pay up to £400 million to Mitsubishi for oil and gas decommissioning relief. The amount will go to Mitsubishi's subsidiaries MCX Osprey and MCX Dunlin. The pay-out will assist the shutdown of the Greater Dunlin Area. It was in 2015 that Dunlin's decommission was decided and its 70% liability was transferred to Mitsubishi. The payment will be made through Decommissioning Relief Deeds.
After the sanction waivers expire in May, US is likely to renew them for a small group of countries. The US based analysts Eurasia Group has informed that the five countries- India, China, South Korea, Japan and Turkey among the group of eight will continue importing Iranian crude and condensate without facing penalties. This will lead to the failure of US attempts to reduce Iranian oil imports to zero.
China’s Clean Energy has inked an LNG supply deal with Japanese city gas supplier, Shizuoka Gas. Under the supply deal, Shizuoka Gas will transport 1600 metric tonnes of LNG annually for the next three years to Clean Energy. LNG transportation will be carried out from Shizuoka’s Shimizu terminal through ISO tank containers. Currently, Shizuoka Gas is the only firm capable of re-exporting fuel by re-loading LNG onto ships.
According to the sources, China National Oil Corp (CNOOC) has sold a LNG cargo which is floating offshore South Korea. This cargo has been sold for the second time pointing out the drop in winter gas demand in China. Unlike 2017/18 winter, when China was desperate to keep up with the super-chilled fuel demand, this move signifies that the nation has overcome those times.
Russian gas giant, Gazprom has signed a Memorandum of Understanding (MoU) with Japan’s Itochu Corporation on the Baltic LNG project. Chairman of the Gazprom Management Committee and CEO, Itochu Corporation held a working meeting in St. Petersburg. With this agreement, Gazprom and Itochu have confirmed their interest in potential collaboration in the framework of the project.
Total has decided to sell 4% stakes in its Australian Ichthys LNG project to Inpex. This procurement will be worth $1.6 billion following cost overruns. Total E&P President said “This transaction is part of our constant portfolio review to optimize our capital allocation,” He has also given assurance that Total will be committed to its Australian project and won’t give up its 26% stakes in the same.
Oil prices today declined, stressed by supply rise in a market where consumption is expectedly slow. Benchmark Brent crude oil futures were trading 0.3% lower at $65.90 per barrel. US WTI crude futures were at $55.95, down by 0.5% from their last close. Data released this week demonstrated economic contraction in Japan and Germany in the third quarter.
Eni Mexico has handed Japan’s MODEC a Letter of Intent for supplying, chartering and operating an FPSO vessel for its Area 1 project in Mexico. MODEC will carry out the engineering, procurement, construction, mobilization, installation and operation of the FPSO at the Area 1 project. First oil production by FPSO is scheduled in 2021.
Japanese downstream major, Cosmo Oil has found new suppliers to substitute Iranian oil imports at the head of the looming US sanctions on Iran in November. Oil supply to Cosmo will come from Saudi Arabia, UAE and Kuwait to cover for its 10,000 barrels per day (bpd) shortfall from Iran. Japan’s refinery association last week stated that the country terminated oil imports from Iran in mid-September.