Weekly HEG Global Energy Digest
Shell and GT Bank granted a $270 million oil-backed loan to Nigerian firm Amni
Nigeria’s Guaranty Trust Bank and a subsidiary of Royal Dutch Shell have agreed to offer a $270 million loan to independent Nigerian oil and gas producing company Amni International.
Under the terms of the loan, Shell Western Supply and Trading sole will have access to the 16,000 barrels per day (bpd) of oil the firm pumps in two fields off Nigeria’s oil-rich Delta area.
Production at offshore fields, counting Amni’s Ima and Okoro/Setu, is complicated to be maintained, but Amni declared that the loan would permit them to continue developing the fields. The energy firm has an offshore concession in Ghana as well.
Tunde Afolabi, Amni’s Chief Executive, stated: “We are excited to work with GT Bank and Shell as commercial and financial partners to enable the realisation of Amni’s ambitious plans for growth.”
At the beginning of the year, Nigeria’s Shoreline inked a similar type of agreement estimated at $530 million with major oil trader Vitol supported by several banks. The Nigerian government is also switching to private companies with the aim to invest in everything from refinery modernisations to oil pipeline reconstruction.
Article Source: http://www.energymarketprice.com/energy-news/shell-and-gt-bank-granted-a-270-million-oil-backed-loan-to-nigerian-firm-amni
General Electric inks an accord for up to 410 MW of wind projects in Turkey
General Electric signed a deal with Turkey’s Fina Enerji on Monday to co-operate on eight potential wind projects in Turkey that will provide up to 410 MW of capacity by the end of 2020.
GE will deliver its 3.8-130 wind turbines and will offer long-term services for the projects, which will be situated across the country and are expected to become operational in the 2019-2020 period. The turbines should meet local content requirements. Last year, GE’s division LM Wind Power began production at a blade factory in Izmir.
After the 2017 agreement for the Kizilcaterzi wind project, Fina Enerji aims to expand its installed capacity by around 425 MW to 761 MW by 2020.
According to GE, the accord will help reach Turkey’s target of 20 GW of wind power capacity and 30% renewable energy production by 2023.
Article Source: http://www.energymarketprice.com/energy-news/general-electric-inks-an-accord-for-up-to-410-mw-of-wind-projects-in-turkey
Record number of UK energy clients changed supplier in February
A record number of British energy clients changed supplier in February, as indicated by data from industry group Energy UK on Monday.
Despite February being the shortest month of the year, almost 668,000 customers transferred during the month, which is the highest monthly switching figure registered.
The data comes as Britain’s energy companies are under pressure to cut bills and as regulator Ofgem prepares to release a price limit on the most broadly used tariffs.
It also continues last year’s evolution when a record of 5.5 million customers switched in 2017, or a hike from 4.8 million in 2016, according to Energy UK.
Even though the data did not show exactly which companies gained or lost customers, still almost half the switches were between huge suppliers, while almost a quarter of switches were from bigger firms to smaller suppliers.
At present, there are more than 60 energy suppliers in Britain.
Britain’s major energy suppliers, operating about 80 percent of the market are Centrica’s British Gas, SSE, E.ON, EDF Energy, Innogy’s Npower and Iberdrola’s Scottish Power.
Article Source: http://www.energymarketprice.com/energy-news/record-number-of-uk-energy-clients-changed-supplier-in-february
EIB to offer 932-million-euro loan for Trans-Anatolian Pipeline
The European Investment Bank (EIB) Board decided to provide a loan estimated at EUR 932 million for the 1850 km Trans-Anatolian Pipeline (TANAP) to transport natural gas from Azerbaijan’s Shah Deniz-2 gas field to Europe.
The Shah Deniz Stage 2 project is foreseen to bring gas straight from Azerbaijan to Europe for the first time, launching the Southern Gas Corridor.
Around 16 billion cubic meters of Shah Deniz Stage 2 gas will be provided via more than 3500 kilometers of pipelines traversing Azerbaijan, Georgia, Turkey, Greece, Bulgaria, Albania and under the Adriatic Sea to Italy.
The Southern Gas Corridor, estimated at more than $40 billion, is considered as one of the main energy projects for the EU, which aims the diversification of gas sources. The project plans the transportation of gas from the Caspian region to the European countries via Georgia and Turkey.
At a preliminary phase, the primary source for the Southern Gas Corridor projects is considered the gas produced in the Stage 2 of development of Azerbaijan’s Shah Deniz field. Other sources can also link to this project at a later period.
The gas will be exported to Turkey and European markets, as part of the Shah Deniz Stage 2, by extending the South Caucasus Pipeline and the building of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).
Article Source: http://www.energymarketprice.com/energy-news/eib-to-offer-932-million-euro-loan-for-trans-anatolian-pipeline