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Aramco pipeline investors to refinance loans with bonds next year – sources

EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said. The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was arranged by Aramco for potential suitors to take the 49% stake, the sources said. The $12.4 billion deal, announced last Friday, gives the EIG-led group a stake in Aramco Oil Pipelines, which has the rights ...

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UK GAS-Prices mixed on strong demand and higher LNG supplies

British wholesale gas prices were mixed on Thursday morning in the face of strong demand for gas from power stations and high flows from the country’s liquefied natural gas (LNG) terminals. * The within-day contract was up 0.1 pence at 55.50 p/therm by 0948 GMT. * The day-ahead contract was down 0.35 pence at 55.15 p/therm. * Traders said weak output from the country’s wind farms and expectations of lower nuclear power output had increased gas demand from gas-fired power stations. * Peak wind power generation is forecast at 3 ...

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UK GAS-Prices mixed on low wind power, strong LNG supply

British wholesale gas prices were mixed on Wednesday morning with low wind power forecasts lifting the within-day contract and expectations of strong supplies of liquefied natural gas (LNG) sending the day-ahead contract lower. The within-day contract TRGBNBPWKD was up 0.35 pence at 56.00 p/therm by 0855 GMT. The day-ahead contract TRGBNBPD1 was down 0.40 p at 55.50 p/therm. Traders said strong gas demand from power stations amid weaker output from wind farms buoyed the within-day contract but expectations of strong supplies of LNG were weighing on other contracts. Peak wind ...

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Refiners tailor investment strategies to stay competitive: Honeywell UOP

Refiners are increasing capital spending slashed in 2020 by the coronavirus to modify their plants but visions of their refining operations have evolved since the beginning of the pandemic, a Honeywell UOP executive said at a conference. Global GDP growth is expected to be about 4% this year. At this level, Honeywell UOP believes GDP will keep refined product demand relatively stable around most of the world, with the exception of emerging countries where it will grow. “Because of this capital budgets have started to become active again. But our ...

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REFINERY NEWS ROUNDUP: More full or partial closures in Europe

More full or partial closures of refineries have been announced in Europe as ExxonMobil evaluates the conversion of its Slagen refinery in Norway and a number of Spanish refineries are shutting units and laying off staff temporarily. However, Essar Oil UK voiced confidence April 13 in the viability of the Stanlow oil refinery after reports of financial difficulty. It said it is increasing throughput on improving margins. Essar said Stanlow had been historically “very profitable” and while all refiners had suffered difficulties due to the pandemic, demand was now picking ...

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Central natural gas clearinghouse could prepare refiners for future storms: exec

Texas should consider a central clearinghouse around natural gas availability in the case of future cold weather events like Winter Storm Uri, according to a Phillips 66 refining executive speaking at an industry conference Monday. The refining industry in the U.S. Gulf Coast took several weeks to recover from a deadly deep freeze that sent temperatures below freezing for several days in February. Source: Reuters (Reporting by Laura Sanicola)

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Texas oil pipelines face dry months as production languishes

Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said. Pipeline companies went on a construction spree throughout 2018 and 2019 to handle blistering growth in U.S. crude production to a record 13 million barrels per day (bpd). However, the coronavirus pandemic crushed both fuel demand and oil production, and neither have recovered fully, leaving many pipelines unused. Major pipeline companies are exploring ways to ship other products in those lines ...

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Total Partners with Siemens Energy to Reduce LNG Related Emissions

Total and Siemens Energy signed a Technical Collaboration Agreement to study sustainable solutions for CO2 emissions reduction. The collaboration will focus on natural gas liquefaction facilities and associated power generation. Each partner will bring together their best-in-class technologies and combine their know-how to deliver industrial-stage solutions such as combustion of clean hydrogen in gas turbines, competitive all-electrical liquefaction, optimized power generation, the integration of renewable energy in liquefaction plants’ power system and their efficiency enhancement. “This collaboration with Siemens Energy, a major player in the energy technology sector, brings many ...

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Flaring reductions, rising GORs support 2021 rebound in US gas production

A rebound in US natural gas production back to pre-pandemic levels could come sooner than previously anticipated thanks to recent, unexpected volume growth from the associated gas basins. Over the past 30 days, domestic output has edged up to an average 91.8 Bcf/d, with single-day estimates surpassing 92.5 Bcf/d earlier this month, data compiled by S&P Global Platts Analytics shows. As US production continues to climb back toward its first-quarter 2020 high at more than 96 Bcf/d, recent volume growth has been propelled in large part by the steady build ...

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Russia’s Novatek ramps up natural gas production & shipments abroad in 2021

Russian energy major Novatek said on Monday that gas production in the January-March period this year was up by 5.6%, amounting to 20.15 billion cubic meters (bcm). The company also reported increased exports. “In the first quarter, hydrocarbon production amounted to 158.1 million barrels of oil equivalent (boe), including… 3,129 thousand tons of liquids (gas condensate and oil), resulting in an increase in total hydrocarbons produced by 7.9 million boe, or by 5.3% as compared with the first quarter 2020,” the company said. According to the preliminary operating data, the ...

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Tokyo Gas sees carbon neutral LNG growth as it secures 70 mil cu m customers

Japan’s Tokyo Gas has secured 70 million cu m worth of carbon neutral city gas supply customers, with its latest supply starting in April, and it sees great potential in growing the carbon neutral LNG demand as highly practical means toward decarbonization. “Carbon neutral LNG is already a capable solution to date [towards decarbonization], and we expect to see an increase in requirements from endusers, which are seeking highly effective measures by 2030,” a company spokesman told S&P Global Platts April 13. Tokyo Gas started April 1 supplying 800,000 cu ...

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Uganda, Tanzania sign agreements on crude oil pipeline project

Uganda and Tanzania on Sunday signed three key agreements to kick off the construction of the East African Crude Oil Pipeline (EACOP). Ugandan president Yoweri Museveni and his Tanzanian counterpart Samia Suluhu Hassan witnessed the signing of the agreements at State House Entebbe, 40 km south of the Ugandan capital Kampala. The two countries signed the Host Government Agreement, Share Holder Agreement (for the pipeline company) and Tariff agreements. Partners in the pipeline agreement Total and China National Offshore Oil Corporation also witnessed the signing of the agreements. The signing ...

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UK GAS-Prices jump as lower flows, little wind and cold tighten system

British wholesale gas prices rose more than 5% on Monday morning, amid muted Norwegian gas supplies and as low wind output and cold weather lifted demand. * The within-day contract was up 5.30 pence at 56p/therm by 0755 GMT – its highest level since early February. * The day-ahead contract was up 3.40 p at 55 p/therm. * The British gas system was undersupplied by 25 million cubic metres (mcm), with demand forecast at 284 mcm – above the seasonal norm – and supply at 259 mcm/day, National Grid data ...

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Japan’s Golden Week gasoline demand seen above 2020 despite measures

Japan’s gasoline demand will take a hit during the Golden Week national holidays over late April to early May due to the country’s latest COVID-19 priority measures on populous and tourist popular prefectures, but the motor fuel consumption will likely remain above the level a year ago when the demand plunged to a multi-decade low. Japan on April 12 introduced the priority measures on Tokyo until May 11 and Kyoto and Okinawa until May 5 after having already applied April 5 to Osaka, Hyogo and Miyagi prefectures until May 5 ...

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Asia middle distillates: Key market indicators this week

The Asian middle distillates complex in the week started April 11 would likely see mixed market sentiment. Gasoil continues to face pressure from growing supply and uneven demand even though an upward momentum was seen in the previous week from buyers looking to meet prompt requirements. The jet fuel market has seen little improvement on the back of curtailed flight operations as governments enforced strict COVID-19 travel restrictions. Industry sources noted some positive indicators could emerge as governments begin to adopt different strategies in tackling the pandemic. Jet fuel/kerosene ** ...

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