Vassilikos energy hub to host floating LNG facility - CYPRUS MAIL

Existing facilities at Vassiliko

September 14, 2017

Angelos Anastasiou

The government is planning to construct a jetty at Vassilikos port to host a floating storage facility for liquefied natural gas (LNG) to be used for power production, it emerged on Thursday.

According to local daily Phileleftheros, the plan is for Cyprus to start importing LNG at the end of 2019, with the state-owned electricity authority (EAC) pledging to have modified its generators to burn natural gas as of 2020.

Dana Gas rejects bondholders’ restructuring proposal in Islamic finance row - FINANCIAL TIMES

SEPTEMBER 13, 2017

Kate Allen 

UAE-based energy company Dana Gas has rejected an offer by its creditors to restructure $700m of Islamic bonds after the company declared its sukuk “unlawful”, in a case that could have wider implications for the Islamic finance market. 

Dana Gas, which operates in Egypt and Iraqi Kurdistan, told creditors in June that it would not make payments on the debt as the bond’s structure had been deemed unlawful after changes to UAE Islamic law. 

Some Dana Gas investors formed an ad hoc negotiation committee to argue that the move was a repudiation of the English law governing the Islamic finance product. 

Saudi Aramco plans extra SUMED crude oil sales: report - PLATTS

Cairo (Platts)--12 Sep 2017 725 am EDT/1125 GMT

Sherif Elhelwa, Edited by Adal Mirza

State oil giant Saudi Aramco is planning to sell more of its crude oil to Europe using the SUMED pipeline in Egypt, a senior official at Aramco Trading was cited as saying Monday.

The statement from Ibrahim Al-Buainain, CEO of Aramco Trading, followed a meeting with Egyptian oil minister Tarek el-Molla on Monday, Egypt-based information service Egypt Oil & Gas reported.

Buainain also said Aramco Trading was looking at using Egyptian refineries to process Saudi crude with the products stored at Sidi Kerir for sale in Egypt and to its neighbors.

The 320-km, 42-inch SUMED pipeline connects Ain Sokhna on the Red Sea to Sidi Kerir on the Mediterranean.

ICGB to launch tender for Greece-Bulgaria gas link construction by end-2017 - SEE NEWS

SOFIA (Bulgaria), September 12 (SeeNews) - ICGB, the project company developing the Gas Interconnector Greece-Bulgaria (ICGB) said on Tuesday it plans to launch several tender procedures for the construction of the pipeline by the end of the year.

"The company is in the process of preparation of the respective procedures for assigning the main contracts which are necessary for the start of the construction - selection of owner's engineer for the project; line pipe supplies; assigning of the detailed engineering, procurement and construction (EPC contract); archaeological research and selection of the construction supervision company," Sofia-registered ICGB said in a statement.

On September 1, ICGB submitted an application for a construction permit for the Bulgarian part of the pipeline. The permit is expected to be issued by the regional development ministry in the first half of September 2017.

Expanding Israeli Corruption Probe Batters Energy Shares - BLOOMBERG

September 10, 2017, 5:17 PM GMT+3
David Wainer, Yaacov Benmeleh

• Probe could widen beyond investigation of submarine purchases
• Delek, Israel’s largest gas company, falls 4.3 percent

Israeli gas company shares plunged on Sunday after a news report suggested that police investigators scrutinizing the purchase of submarines may expand their probe to the gas industry.

Delek Group Ltd., Ratio Oil Exploration 1992 LP and Isramco Negev 2 LP were all sharply down in Tel Aviv after Channel 2 reported on Friday that police may begin to question politicians in connection with decisions regarding the energy sector.

Baker Hughes seals deal for Egypt's Zohr gas field - ZAWYA

10 September, 2017

Baker Hughes, a GE company announced on Saturday the award of a subsea contract from Petrobel for phase two of the “supergiant” Zohr Gas Field situated in the Mediterranean Sea, off the Egyptian coast.

Petrobel is a joint venture between IEOC (an Eni subsidiary in Egypt) and Egyptian General Petroleum Corporation (EGPC) and is in charge of the development of Zohr Field on behalf of PetroSherouk, a joint venture between Egyptian Natural Gas Holding Company (EGAS) and IEOC.

BHGE said in a statement that it will provide project management, engineering procurement, fabrication, construction, testing and transportation of a subsea production system and will support the installation, commissioning and start-up operations.