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Iran detained two British oil tankers traveling through the Strait of Hormuz on Friday, worsening tensions with London and Washington. Naval forces from Iran’s Islamic Revolutionary Guard Corps detained and sent the British-flagged tanker Stena Impero to Iranian shores for legal procedures. The tanker was seized on the claims of not following international maritime regulations while transiting the strait. The British Government has cautioned of a “considered and robust” response.
Canada has signed its first binding supply agreement with China. A small-scale Canadian liquefied natural gas (LNG) plant, FortisBC has joined hands with Top Speed Energy Corp and will supply 53,000 tonnes from its Tilbury facility for two years. Though this deal is small, the nation expects much larger deals with operators of bigger new terminals.
Canadian energy infrastructure firm, Kinder Morgan recorded a net profit for the second quarter, climbing on the back of better incomes from natural gas pipelines and fewer impairment charges. The pipeline giant, however, missed Wall Street estimates in the earnings released yesterday. Kinder Morgan’s share traded lower nearly 2% at $20.21 in the after-hours.
Iran has made it very clear that nothing will stop the nation to export its oil. Foreign Minister of Iran, Mohammad Javad Zarif told its British counterpart that "Iran will continue its oil exports under any conditions". He has also appealed to Britain for releasing the Grace 1 oil tanker. This tanker was seized last week by the British Royal Marines.
British tanker faced obstruction from Iranian boats in the Strait of Hormuz. The vessel "British Heritage" was reported to be near the island of Abu Musa when Iranian boats tried to impede it. "We are concerned by this action and continue to urge the Iranian authorities to de-escalate the situation in the region", said the UK Defence Ministry. However, Iran’s Islamic Revolutionary Guard Corps (IRGC) has refused involvement in this incident.
One of the BP-run oil tankers is sheltering inside the Persian Gulf amidst fears of Iranian retaliation to the arrest in Gibraltar last week. The British Royal Marines seized a vessel hauling the Islamic Republic’s crude. BP-chartered British Heritage was on its due course towards Basrah terminal when it made an unexpected turn on July 6. BP is thought to be concerned about becoming a target of Iranian retaliation.
The pipeline monopoly of Russia, Transneft slammed Rosneft on Monday. The company rebuked due to the disinterest shown by the oil producer to help resolve a contaminated oil crisis in the Russian Druzhba. On this, Rosneft said, "Instead of not so constructive comments, we'd like to see a clear and public plan of measures". This problem has tainted Russia's credibility as an energy supplier.
McDermott and its JV member Chiyoda have reached an agreement with Cameron LNG. This is regarding the construction of McDermott's LNG liquefaction project in Louisiana. Senior Group VP said, "In the last few months, the joint venture project team has made tremendous progress, including first liquid and first cargo from Train 1". In the first and second quarter of 2020, initial production is expected from Trains 2 and 3.
Russia’s natural gas giant, Gazprom has said that despite the threat of US sanctions, work at the controversial Nord Stream 2 pipeline will continue since the pipeline is "past the point of no return". The $12-billion Nord Stream 2 will amplify Russian gas shipments to the EU's biggest economy, Germany. The final major hurdle in the way of Nord Stream 2 is obtaining approval from Denmark.
Michigan's Attorney General, yesterday, initiated a lawsuit to shut down twin 66-year-old oil pipelines owned by Enbridge Inc in the Great Lakes area. Democrat Dana Nessel has argued that the pipelines present an "unacceptable risk". The twin pipelines are integral to Enbridge's Line 5, transporting 23 million gallons of crude oil and propane everyday between Superior, Wisconsin, and Sarnia, Ontario.
Canadian energy firm, Pieridae Energy has agreed to buy out Shell Canada’s gas assets in Alberta for $144.77 million. The deal will gain Pieridae the ownership to Shell’s midstream and upstream assets in Alberta, apart from three sour gas plants. Shell’s Alberta assets produce 29,000 barrels of natural gas, natural gas liquids and condensate. The acquisition secures for Pieridae the remaining supply needed for the proposed Goldboro LNG plant.
PKN Orlen-owned Czech oil refiner Unipetrol has halted oil import through the Druzhba pipeline from Russia, citing chloride contamination. The chief of Czech state strategic reserves yesterday tweeted, “Unipetrol has stopped taking oil from the Druzhba pipeline due to detected contamination by chlorides. Further tests of samples are underway”. Czech Industry and Trade Minister was earlier quoted informing about detecting an increased level of contamination in the Druzhba pipeline.
The largest pipeline company in the world, Transneft reportedly informed about discovering more contamination at a section of the Druzhba pipeline from Belarus to Poland. Transneft said that pumping was halted on Wednesday evening, but later resumed on Thursday. In April, all the west-bound flows through the pipeline were ceased due to extreme levels of organic chloride in the crude, distressing refiners in numerous European countries.
The largest single energy project in Arica received approval recently. The energy firm Anadarko agreed for the construction of a $20 billion gas liquefaction and export terminal in Mozambique. Mozambique falls in the category of the poorest nations and so this project is expected to transform various segments of the nation. According to its government, this project might create more than 5,000 direct jobs and 45,000 indirect jobs.
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.
Two oil tankers sailing in the Gulf of Oman were caught in explosions on Thursday. While the reason for explosions on the Norwegian-owned Front Altair or the Japanese-owned Kokuka Courageous is still unknown, the US has blamed Iran for the incident. The unidentified attacks on the tankers have stoked fear and triggered alarms about immediate security and potential military conflict between the US and Iran.
Husky Energy yesterday said that the firm would pay $3.8 million in fine for the 2016 Saskatchewan oil spill. A Husky unit-operated pipeline was discovered to be leaking in the North Saskatchewan River, reportedly caused by ground movement over time. Husky affirmed about learning lessons from the pipeline leak including systematic geotechnical reviews of pipelines. The firm now uses fiber optic sensing technology for all the new large diameter projects.
Venture Global LNG has inked definitive agreements with New York-based Stonepeak Infrastructure for the Calcasieu Pass LNG export facility. Under the terms of the agreement, Stonepeak will entirely provide a $1.3 billion equity investment in the 10 MTPY export facility in Louisiana. Venture Global’s Calcasieu Pass facility will leverage BHGE’s comprehensive process solution that employs highly efficient mid-scale, modular, factory-fabricated liquefaction trains.