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Downstream giant, IOCL has planned to monetise its pipelines and storage infrastructure. The state-run oil guzzler has aimed to maximize the asset utilisation and lock future revenue using special purpose vehicles (SPVs). According to sources, many PE and VC funds have agreed to invest in IOC assets because of the assurance of elevated returns given by the refining major. IOC has expected this investment to raise its profitability and dividend payout.
Energy ministers of Greece, Cyprus and Israel are expected to sign EastMed subsea pipeline agreement in Athens on Thursday. The collaboration has aimed to reach a final investment decision in 2022 and completion by 2025. The 1900 km long pipeline will be transporting natural gas from eastern Mediterranean’s developing gas industries to Europe. The pipeline project is owned by IGI Poseidon, a joint venture between Greek gas firm DEPA and Italian energy group Edison.
Iraq’s oil ministry, yesterday, informed about Iraqi oil exports dropping to 3.428 million barrels per day (bpd) in December. Oil exports from the country averaged 3.5 million bpd in November. The spokesman for the oil ministry, Asim Jihad informed that exports from Iraq’s southern Basra terminals reached 3.326 million bpd, down from 3.4 million bpd in November.
State-owned PDVSA has restarted supplying gasoline to fuel-deprived Venezuela on Tuesday. The company has announced delivery to six different regions from country’s large crude producing state Anzoategui. Costly and complicated fuel exports and refinery underinvestments had caused fuel shortages in many regions including country's capital Caracas. Shortages increased after there was a sharp decline in fuel exports from 210,000 BOPD in October to 135,000 BOPD in November.
While addressing a gathering of Russia's top businessmen on Wednesday, Putin said that Russia has a “pipe-laying vessel” to complete the construction of the Nord Stream 2. Russian President also informed that the construction of the pipeline will be delayed due to the sanctions. Pipe-laying vessel, Academic Cherskiy was bought by Gazprom to use if European companies denied service for Nord Stream 2.
Chinese state-run CNPC has informed about kickstarting operations at its 371-kilometer-long Ethane pipeline. A statement on CNPC’s website read that the Xinjiang oilfield unit has delivered 500,000 cubic meters of ethane after commencing operations a week ago. The pipeline connects CNPC's gas field in Junggar Basin to Dushanzi petrochemical complex. The gas field in Junggar Basin has an annual ethane capacity at 38.5 million cubic meters.
A fuel spill in the Galapagos Islands set off emergency protocols across South American country, Ecuador on Sunday. The spill came after a barge transporting 600 gallons of diesel fuel sank, officials said. The accident, which took place at a port on San Cristobal Island, happened when a crane buckled while stacking a container onto the barge. The falling container destabilized the ship, causing it to sink.
Russian news agencies reported on Saturday that Gazprom will pay $2.9 billion to Ukrainian energy firm, Naftogaz to put an end to a long-running dispute over transit fees for gas transferred to Europe. CEO, Gazprom said that in return for the payment Naftogaz had agreed to drop all other legal action. The existing transit contract between the two ex-Soviet nations elapses at the end of the year.
Puma Energy has informed that it will sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million. Puma is the retail and midstream arm of Trafigura. The company has taken this decision amidst pressure to rebalance its books after a decade-long buying spree. "The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia", said Chevron.
American pipeline operator, Tallgrass Energy yesterday informed about accepting Blackstone’s new buyout deal that values the company at approximately $6.3 billion. The fresh sweetened deal came after a dispute emerged over the original offer which gave Tallgrass executives a higher price for their shares than other holders. Tallgrass said that the transaction will come via $3 billion in equity and the remainder with debt.
Russia and China, yesterday, kickstarted the 3,000-km-long Power of Siberia pipeline for the transportation of gas from Siberia to northeast China. The launch was overseen by Russian President Vladimir Putin and Chinese President Xi Jinping. The pipeline is being seen as an attempt to boost economic and political ties between Moscow and Beijing. The move will fortify China’s spot as Russia’s top export market.
Shanghai Futures Exchange has informed that China will launch low-sulphur fuel oil futures in the first quarter of 2020. This would be China's second bonded oil futures contract. The first contract was in March 2018 on the Shanghai International Energy Exchange (INE), a ShFE subsidiary. Apart from this, ShFE will actively promote the launch of alumina future also.
Poland's, PGNiG has decided not to renew the major contract with Russia's Gazprom after it ends in 2022. The company has already notified Gazprom about its "intent to terminate" the contract. This Yamal contract was started in 1996. Currently, two-third of the gas consumed in the nation is delivered by Russia under Yamal. Poland has been long wanting to seize its dependency on Russian gas.
A group of farmers in Tamil Nadu has petitioned the state government against BPCL for conducting land surveys through drones without prior knowledge. A private consultancy utilized drone cameras to conduct survey in farmland for BPCL’s Irugur-Devangonthi Petroleum and Petroleum Product Pipeline (IDPL) on October 14. A senior official from BPCL acknowledged that the consultancy had deployed the drone cameras without the company’s knowledge.
Multinational private equity firm, Carlyle Group yesterday informed about dropping as a stakeholder in Lone Star Ports LLC, and thereby pulled out of the proposed $1 billion crude oil export terminal near Corpus Christi, Texas. Carlyle Group did not remark on why it pulled out of the project. In September of 2019, Lone Star slapped a lawsuit against Carlyle, alleging that Carlyle violated its contract to jointly pursue the project.
Energy giant ExxonMobil has signed a memorandum of understanding (MoU) with Indian downstream major Indian Oil Corporation (IOC). The companies have decided to collaborate in order to expand liquefied natural gas (LNG) initiatives in India. “This initiative focuses on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines”, said ExxonMobil.
Saudi Arabia is planning to invest $100 billion in India. Considering the growth potential of the country, Saudi Arabia will invest in energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining. For India, Saudi is the source of over 17% of crude and 32% of LPG requirements. "India's invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share", said Saudi Ambassador.
A day after Iranian President Rouhani said about not talking to the US unless sanctions were lifted, India’s Modi met him to discuss the progress of Chabahar port. The two country heads met along the sidelines of the 74th UN General Assembly session, currently underway in New York. India halted all orders for Iranian oil after May 2, after U.S. sanctions kicked in last November.