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Teekay Corporation Announces Pricing of $250 Million Private Offering of Senior Secured Notes

Teekay Corporation announced the pricing at par of $250 million in aggregate principal amount of 9.25% senior secured notes due November 2022 (the Notes). The Company decided to reduce the offering amount from $300 million as a result of its previously announced agreement to sell the Company’s remaining interests in Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE: TOO) to Brookfield Business Partners L.P. (BBU)(BBU-UN.TO), together with its institutional partners (collectively Brookfield), for $100 million in cash. The Notes are being offered to eligible purchasers under Rule 144A and Regulation S ...

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Canada accedes to Nairobi Wreck Removal Convention

Hazardous shipwrecks can cause many problems. Depending on its location, a wreck may be a hazard to navigation, potentially endangering other vessels and their crews. IMO’s Nairobi Wreck Removal Convention goes some way to resolving these issues. It covers the legal basis for States to remove, or have removed, shipwrecks, drifting ships, objects from ships at sea, and floating offshore installations. Canada has become the 44th State to accede to this important IMO treaty. H.E. Janice Charette, High Commissioner & Permanent Representative of Canada to IMO, met IMO Secretary-General Kitack ...

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Philippines container ports pass security assessment by US Coast Guard

Security protocols in three of the country’s international container ports have received a positive assessment from the United States Coast Guard (USCG), according to the Department of Transportation. The DOTr said the Subic Bay International Terminal, Davao International Container Terminal and the Manila International Container Terminal were found to have significantly improved in the conduct of the International Port Security Program following a country assessment by the USCG last month. The country assessment is conducted by the USCG in all countries servicing US-flagged vessels engaged in international trade to facilitate ...

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Port pro of the month: Brendan Keating (IE)

This month we are taking you to Ireland, more specifically to Cork. In what follows, Brendan Keating, Chief Executive of the Port of Cork will discuss his views on the future of his port, ongoing and planned investments, the impact of Brexit, the relationship with the local community and many other interesting topics. Can you briefly present the Port of Cork? What are its main characteristics and challenges? The Port of Cork is the key seaport in the south of Ireland and is one of only two Irish ports which ...

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Shell to ship first cargo of LNG from Australia’s Prelude in Q2: CFO

Shell expects to ship its first LNG cargo from its Australian floating LNG production facility, Prelude in the second quarter, its CFO Jessica Uhl said. Speaking after the release of its Q1 earnings, Uhl said the first LNG would follow the shipment of the first condensate cargo from Prelude last month. Prelude FLNG is one of the most anticipated LNG projects in recent years due to its deployment as the world’s largest floating facility, though it has experienced delays due to unspecified production issues. “We expect to ship our first ...

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Indonesia’s Pertamina cuts Jan-April crude oil imports by 48 pct

Indonesia’s PT Pertamina has reduced crude oil imports for January-April by nearly a half from a year earlier, following a regulation to help reduce the country’s energy imports, the state energy firm said in a statement. * Crude oil and condensate imports by Pertamina in January-April were 25 million barrels, down from 48 million barrels a year ago, company senior official Fajriyah Usman said in the statement * Pertamina said it slashed cost of imports by $1.4 billion * As of third week of April, Pertamina has signed deals with ...

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Turkey not able to diversify oil imports easily, foreign minister says

Turkey will be unable to diversify oil imports quickly after the United States ended waivers on purchases from Iran, the Turkish foreign minister said on Thursday, a day after a U.S.-imposed sanctions deadline. The United States demanded on April 22 that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers that had allowed Iran’s eight biggest customers, including Turkey, to import limited volumes. While Turkey has managed a gradual shift away from its heavily reliance on Iranian crude over the past year, ...

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U.S. Steel Tariffs Are Making Waves As Far Away As Turkey And Malaysia

Increased tariffs designed to protect the U.S. steel industry are starting to have international repercussions in unexpected places with Malaysia launching an anti-dumping investigation into steel imported from Turkey, a country hit hard by the changed U.S. import rules. What’s upset Malaysia’s steel industry is a flood of cheap steel from Turkey that used to find a market in the U.S. leading to a request from the Malaysian Steel Association for a government investigation into whether steel from Turkey and Singapore is being dumped at a price lower than the ...

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Oil prices poised for weekly drop as U.S. output climbs

Oil prices were on track for sharp weekly declines on Friday as surging U.S. output countered production losses in sanctions-hit Iran and Venezuela. Brent crude oil futures were at $70.47 a barrel at 1115 GMT, down 28 cents and set for their first weekly loss after five weeks of gains. U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $61.75, poised for a second straight weekly decline. “Even with deep losses in supply from Iran and Venezuela, as well as a few other countries around the world, ...

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Analysis: US crude stocks surge as record production, rising imports swamps Gulf Coast storage

US crude stocks moved sharply higher last week as rising production and stepped-up imports outpaced turnaround-hampered refinery demand, US Energy Information Administration data showed this week. Commercial crude stocks grew 9.93 million barrels to 470.57 million barrels during the week ended April 26, according to EIA data. Inventories have held within 1% of the five-year average since late March but last week’s build pushed them more than 2.2% above this level, opening the widest surplus since the week-ended March 1. The bulk of the crude build was realized on the ...

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Southeast Asian upstream M&A could hit US$14 billion

According to a new report by Wood Mackenzie, Southeast Asia could take centre stage in the region’s upstream M&A activity in 2019, with up to US$14 billion worth of assets potentially switching hands. Upstream M&A in the Asia-Pacific region is off to a strong start this year, with US$2.8 billion worth of deals already announced in the first quarter of 2019. This includes Murphy Oil’s US$2.1 billion divestment of its Malaysia business to Thailand’s national oil company (NOC) PTTEP. With the exit, Murphy Oil will focus on its core positions ...

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Analysis: China to miss 2020 shale gas production targets amid tough upstream conditions

China is likely to miss its 2020 shale gas production target as technical and commercial challenges dog efforts to tap into what are considered the largest shale gas resources outside the US, according to production estimates compiled by market participants. China is expected to produce between 13 to 17 billion cu m of shale gas in 2020, which falls short of the targeted 30 billion cu m volume in the 13th Five Year Plan, despite a strong ramp-up in upstream activity, according to analysts. This is a setback for Beijing’s ...

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Iran Takes Steam Out of US Sanctions, Boosts Gas Sales to Neighbours

Earlier, Washington indicated that it would not renew the exemptions granted to eight major importers to its tough sanctions on Iranian crude oil exports once they expire later this week, with economists fearing the restrictions may impact the global energy market. Iran is building up its gas refinery and transmission infrastructure to significantly expand its gas exports to countries such as Iraq and Turkey, National Iranian Gas Company CEO Hassan Montazer Torbati has said. According to the official, Iran, which has the second-largest proven natural gas reserves in the world, ...

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Russia’s plans for Arctic gas may be an alternate source for China’s energy needs

The United States, the largest potential new supply of natural gas on earth, may have to contend with a formidable competitor in the Arctic Circle, after Russia’s second-biggest producer Novatek’s agreement last week to sell 20 per cent of its Yamal Peninsula project to Chinese state oil companies. The deals with CNOOC and China National Petroleum Corp – the parent of listed PetroChina – were announced at last week’s Belt and Road Initiative forum in Beijing. They are pending due diligence and no investment amount has been disclosed. However, their ...

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New LNG plants could surpass nameplate capacities, adding to supply in coming years

LNG facilities currently under construction are able to achieve output above their nameplate capacity specification. Should this additional capacity materialize on a reliable, long-term basis, it could relieve some anticipated tightness in the LNG market. These details can be confirmed in documents and permits from the Federal Energy Regulatory Commission. S&P Global Platts Analytics has also done research on additional debottlenecking that Cheniere has considered at Sabine Pass, its liquefaction facility located in Louisiana. While debottlenecking is one way to achieve additional production gains, there is also potential for additional ...

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