World News
Chinese Buy 20% Stake in Russian LNG Project
China National Petroleum Corp. will acquire a 20 percent stake in a liquefied natural gas (LNG) project in northeast Siberia, securing long-term supplies from the plant, Indian newspaper The Hindu reports.
The company signed a deal with Novatek, Russia's largest private gas producer to take a stake in the plant in the Arctic Yamal Peninsula, which is scheduled to be built in 2018.
French oil company Total has another 20 percent state in the project, and Novatek plans to keep 51 percent for itself, which leaves only 9 percent available.
ONGC Videsh Limited (OVL) of India had bid for up to 20 percent stake in the plant in a deal that would also have involved Petronet LNG and Indian Oil Corporation.
The Yamal field may have 907 billion cubic meters of natural gas available.
LNG exports represent an increasing focus for Russian companies, with Novatek and state oil company Rosneft seeking to compete with natural gas giant Gazprom to cash in on the country's large supply of natural gas.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 491.00 | 2.50 | 592.50 | 16.50 |
| Rotterdam | 445.00 | 13.00 | 593.50 | 11.00 |
| Houston | 443.50 | 6.50 | 601.50 | 5.50 |
| Fujairah | 487.00 | 10.50 | 711.00 | 12.00 |
| Global 20 Ports Average | 517.50 | 1.50 | 697.00 | 3.00 |
| Global 4 Ports Average | 466.50 | 3.50 | 624.50 | 0.00 |
| Global Average Bunker Price | 559.50 | 2.50 | 736.00 | 2.00 |
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