World News
LNG Bunker Player Engie Could Reorganise or Sell LNG Business: CGT Union
Following news earlier this month that Engie, along with NYK Line and Mitsubishi Corporation (Mitsubishi), had launched Gas4Sea - a new brand for global marketing of liquefied natural gas (LNG) as a marine fuel - the company's CGT Union said Monday that Engie is now examining its LNG business, which could lead to a reorganisation and possible sale, Reuters reports.
"Management is thinking about the future of LNG," said Yves Ledoux, CGT central coordinator for Engie.
Ledoux said the union expects a reorganisation and the possible sale, but noted that he was not aware of management plans.
An Engie spokesperson is said to have declined comment on the matter.
At the start of the year, Engie stated that it was looking to reduce its costs by €1 billion ($1.12 billion) by the year 2018.
Engie is reported to have a target to sell €15 billion ($16.8 billion) in assets during the 2016 to 2018 period, possibly including its oil and gas exploration and production businesses.
On Monday, L'Expansion reported that Engie is set to book a full-year loss for this business.
As Ship & Bunker has previously reported, Gas4Sea is set to begin operations in the fourth quarter of 2016, and will use a purpose-built 5,000 cubic metre (cbm) capacity LNG bunkering vessel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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