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Project Finance

Portugal's Galp Energia closes agency-backed refinery upgrade debt

Portuguese energy firm Galp Energia has confirmed that it has agreed an export credit agency-backed debt facility of €560 million ($683 million) to finance the upgrade of its Sines refinery 150 km south of Lisbon. The debt matures over a tenor of eight and a half years and is backed by Spanish financing agency CESCE.

15 June 2012
People

Problems mount for Taiwan’s CPC Corp.

After a tough year for Taiwan’s Chinese Petroleum Corp. (CPC), things took another dismal turn this week, as the country’s Agency Against Corruption (AAC) announced on Wednesday that the head of the state-run oil and gas company was under investigation on suspicion of corruption.

15 June 2012
Mergers & Acquisitions

With CBM purchase, Exxon shows long-term confidence in Australia

ExxonMobil’s first step into Australia’s CBM reserve last week highlights the company’s confidence in the country’s long-term prospects as an investment destination, despite the impending labour and equipment supply crunch.

14 June 2012
Project Finance

ADB clarifies stance on support for Philippines gas project

A representative for the Asian Development Bank (ADB) has clarified the bank’s policy on financial support for the development of gas infrastructure in the Philippines, after suggestions that the ADB was considering financing the Batangas-Manila (BatMan) 1 gas project.

14 June 2012
Project Finance

PetroVietnam to seek Japanese investment in South China Sea

Vietnam’s state-run PetroVietnam plans to ask Japanese companies to take part in the joint development of around 20 oil and gas blocks in the South China Sea, Nikkei reported on Wednesday.

14 June 2012
Mergers & Acquisitions

Petronet takes 49% stake in Kochi LNG

Indian importer Petronet LNG has taken a stake of up to 49% in the venture planned to carry gas to the company’s new Kochi regasification terminal, in the southwestern state of Kerala, according to Indian business daily Mint on Wednesday.

14 June 2012
People

Myanmar Oil and Gas lacks transparency and accountability - Aung San Suu Kyi

Myanmar’s opposition leader, Aung San Suu Kyi, said on Thursday that state-owned Myanmar Oil and Gas Enterprise (MOGE) lacked transparency and accountability and called on foreign companies not to enter joint ventures with it until the company improves, Reuters reported.

14 June 2012
Mergers & Acquisitions

Total ups stake in Novatek

Total has increased its stake in independent gas producer Novatek from 15% to 15.16%, Novatek said in a statement.

14 June 2012
People

Alexei Miller re-elected as chairman of Gazprom Neft

Alexei Miller, the chief executive of Gazprom, has been re-elected as chairman of the board of directors at the oil producing subsidiary Gazprom Neft.

14 June 2012
Project Finance

Exxon Neftegas to contribute to funding of trans-Sakhalin road link

Exxon Neftegas, the operator of the Sakhalin 1 project, will provide $75 million over the next three years for the building of the Yuzhno-Sakhalinsk-Okhla road which will link the south and north of Sakhalin Island.

14 June 2012
Results

Liquids offer lifeline to US producers

Sustained low gas prices may continue to dent United States producers’ profits, but they are not impeding the exploration and production (E&P) sector’s access to capital.

13 June 2012
People

The fiery politics of China's gas sector

Sarah Li, an assistant professor in political economy at York College of Pennsylvania, discusses how Chinese Premier Wen Jiabao has contended with political jockeying to take control of China’s gas sector.

13 June 2012
Mergers & Acquisitions

Deadlock between ANCAP, Petrobras for gas distributor

Uruguay’s state-controlled energy company ANCAP is struggling to acquire a majority stake in the capital’s gas distributor, Montevideo Gas, from Brazil’s Petrobras. Talks between ANCAP and Petrobras have stalled because of a disagreement over the distributor’s debts.

12 June 2012
Mergers & Acquisitions

Jinhong Natural Gas to list in Shenzhen via reverse merger

Jilin Leading Technology Development will proceed with a reverse merger with privately held Zhongyou Jinhong Natural Gas Distribution, pending approval from the China Securities Regulatory Commission (CSRC), the Shenzhen Stock Exchange-listed company announced on Monday.

12 June 2012
Mergers & Acquisitions

Deadlock between ANCAP, Petrobras for gas distributor

Uruguay’s state-controlled energy company ANCAP is struggling to acquire a majority stake in the capital’s gas distributor, Montevideo Gas, from Brazil’s Petrobras. Talks between ANCAP and Petrobras have stalled because of a disagreement over the distributor’s debts.

12 June 2012
Results

Gail refocuses on higher imports, more pipelines

India’s largest distributor, Gail, is looking to quickly secure more LNG imports and expand its already vast pipeline network in order to accommodate more supplies.

12 June 2012
Mergers & Acquisitions

Analysts welcome Chesapeake asset sale, governance concerns remain

United States independent Chesapeake Energy said on Friday it will sell its midstream assets for more than $4 billion, meaning that it will meet nearly half of its $11.5-14 billion target in asset sales this year.

11 June 2012
Mergers & Acquisitions

Mozambique gas find pushes Cove higher

Investors are betting that another major gas find in Mozambique will prompt either Royal Dutch Shell or another bidder to trump PTT’s $1.92 billion offer for Cove Energy.

11 June 2012
Mergers & Acquisitions

Silver linings in Latin America’s M&A gloom

Mergers and acquisitions (M&A) in Latin America’s energy, mining and utilities sector slipped by 22% between 2007 and 2011, although Brazil’s energy sector remains one of the region’s hottest industries in terms of companies for sale.

8 June 2012
Project Finance

Surgutneftegas to invest RUB 715 mln in gas processing this year

Surgutneftegas plans to invest RUB 715 million ($21.73 million) in the gas processing sector this year, according to the company’s financial report.

8 June 2012

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