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Spot LNG stronger on winter, outages

Spot LNG prices for front-month cargoes started to climb from their previous rock-bottom levels during the four weeks from mid-July to mid-August. Higher prices came as the market’s attention started to move towards the winter, and on the back of some unexpected production outages in Australia. The ICIS EAX price for spot LNG deliveries to east Asia during September averaged $2.808/MMBtu, rising 29% from the average price for deliveries during August. With most of the world’s key LNG importers being in the northern hemisphere, physical demand for LNG for heating will grow as the market heads towards the fourth quarter.
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Islamic State group behind Syria oil pipeline attack: US

The Islamic State group (IS) was behind an attack on an oil pipeline in Syria that caused a nationwide blackout overnight, a US official said on Monday. Earlier in the day, Syrian state media cited the nation’s energy minister as saying that the explosion on the Arab Gas Pipeline, between Adra and al-Dhamir, was the result of a “terrorist” attack. But speaking from Geneva, US Syria envoy James Jeffrey said the incident appeared to bear the hallmarks of an IS attack. “We are still looking into that. But it was almost certainly a strike by ISIS,” Jeffrey told reporters at the start of UN-sponsored talks of the Syrian Constitutional Committee,
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Turkey declares Egypt-Greece maritime deal ‘null and void’

Turkey has rejected an agreement made on Thursday between Egypt and Greece, which designates an area of the eastern Mediterranean sea containing promising oil and gas reserves as an exclusive economic zone. Turkey’s foreign affairs ministry said in a statement that there was no mutual sea border between Greece and Egypt, making the treaty “null and void”. “A maritime boundary between Greece and Egypt does not exist,” the ministry said. “With respect to Turkey, the so-called maritime delimitation agreement signed today is null and void. This understanding will reflect on the ground and at the table. To continue reading the original
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Egypt and Greece Sign Exclusive Economic Zone Deal

According to various local news outlets, Egypt and Greece has established a newly formed an Exclusive Economic Zone (EEZ) through the signing of a maritime demarcation deal on Thursday. The signature of the deal, which was announced by Egypt’s Minister of Foreign Affairs Sameh Shoukry, was also highly commended by Greek counterpart Nikos Dendias at a joint press conference. “The deal permits Egypt and Greece to go ahead with maximising benefits from riches available in the exclusive economic zones of both countries, particularly the promising gas and oil reserves,” stated Shoukry according to Al Ahram. To continue reading the original
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Israel’s Government to Back Chevron Takeover of Noble Gas Assets

Israel’s energy minister is “confident” the country’s regulators will allow Chevron Corp. to operate the local natural gas assets of Noble Energy Inc., despite a campaign by environmentalists to stop that from happening. A public hearing about oil spills elsewhere in the world involving Chevron, which agreed to buy Houston-based Noble for about $5 billion last month, is “not necessary,” according to Energy Minister Yuval Steinitz. “There is no problem with spills” in the Israeli offshore gas fields that Chevron would operate and partly own, he said in a phone interview on Tuesday. “Even if you have some leaks, it
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Egypt and Greece sign agreement on exclusive economic zone

CAIRO (Reuters) – Egypt and Greece signed an agreement on Thursday designating an exclusive economic zone in the eastern Mediterranean‮‮ ‬‬between the two countries, an area containing promising oil and gas reserves, Egyptian Foreign Minister Sameh Shoukry said. Shoukry made the announcement at a joint press conference with his Greek counterpart Nikos Dendias in Cairo. “This agreement allows both countries to move forward in maximizing the utilization of the resources available in the exclusive economic zone, especially promising oil and gas reserves,” Shoukry said. In Greece, diplomats said the deal effectively nullified an accord between Turkey and the internationally recognised
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Egypt and Cyprus to boost Eastern Med gas ties

Egypt and Cyprus plan to boost cooperation in developing gas infrastructure in the Easter Mediterranean. Egypt’s petroleum and mineral resources minister Tariq Al-Mulla on Wednesday discussed plans to convert the East Mediterranean Gas Forum to an intergovernmental organization with Cyprus’s Minister of Energy Natasa Pilides. The pair agreed to hold a further meeting within the next two weeks to complete the procedures for the forum. The two countries also progressed talks to build a marine pipeline between the two countries to transfer natural gas from the Aphrodite gas field of Cyprus and re-export it through Egypt. To continue reading the
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EU banks support natural gas adoption in Cyprus

he Natural Gas Infrastructure Company of Cyprus has secured a €80 million ($94.7 million) loan from the European Bank for Reconstruction and Development (EBRD) to accelerate the use of natural gas to decarbonise the country’s energy sector. The loan will be issued in partnership with the European Investment Bank (EIB) and the European Union (EU). The utility will use the loan to acquire a floating storage and regasification unit (FSRU) and to develop related infrastructure. The EU is extending a €101 million ($119.6 million) grant for the project under the Connecting Europe Facility. The remaining project costs will be funded by a
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Cyprus Gets EBRD Loan to Buy FSRU

The European Bank for Reconstruction and Development (EBRD) will provide an €80 million loan ($94,7 million), alongside EU and EIB financing, for a floating storage and regasification unit in Cyprus The EBRD is providing an €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of an FSRU and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in Vasilikos Bay and will connect directly to the adjacent Vasilikos power station, the largest power plant in Cyprus. The EU is extending a €101 million grant
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EBRD supports decarbonisation of energy sector in Cyprus

The population of Cyprus will benefit from cleaner air and reduced energy costs thanks to the introduction of natural gas to the country, with a project jointly financed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the European Union (EU), EBRD press release said. The EBRD is providing a €80 million loan to the Natural Gas Infrastructure Company of Cyprus (ETYFA) for the acquisition of a floating storage and regasification unit (FSRU) and the development of related infrastructure. The FSRU will be permanently anchored about 1.3 km off the coast of Limassol in
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