Natural Gas Daily: August 3rd, 2020

GE to Provide Gas Turbines for Bangladesh CCGT

GE on July 31 announced that it will be providing its gas turbine technology for the upcoming gas based-power plant in Bangladesh.

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• The Reliance-Jera joint venture on July 31 signed a $642mn loan agreement for full financing of the project.

• Under a long-term power purchase agreement with the Bangladesh Power Development Board (BPDB), the electricity generated will be sold for 22 years after commercial operation starts.

Petrobras Swings to Q2 Loss on COVID Impact

Brazilian state oil producer Petrobras suffered a reais 2.7bn ($524mn) loss in the second quarter, on the back of the collapse in oil demand and prices brought about by the coronavirus (Covid-19) pandemic.

• Petrobras' hydrocarbon production was up 6.4% yr/yr, but down 3.7% quarter on quarter, after it mothballed 62 shallow-water platforms.

• The company is also undertaking a sweeping divestment programme, launched before the crisis, which has already seen it sell off dozens of non-core fields, pipelines and other assets.

Neo Closes North Sea Asset Deal with Total

Neo Energy has closed the acquisition of a group of UK North Sea oil and gas fields from France's Total, Neo's Norwegian owner, private equity firm HitecVision said.

• Total agreed in July last year to sell the assets to Neo and Oman's Petrogas for $635mn, but Petrogas pulled out of the deal in May, citing market volatility.

• The company is scaling back in the UK. It agreed to sell the Lindsey oil refinery in northeast England in late July to local firm Prax Group, and is reportedly seeking to sell its interest in the Seal gas pipeline in the UK North Sea as well.

Polish Regulator Fines Gazprom in NS2 Case

Polish antitrust regulator UOKiK has followed through on its threat to fine Gazprom in a case relating to the financing of the Nord Stream 2 pipeline project, announcing it would charge the Russian firm zlotys 213mn ($57mn).

• It said in early June it had initiated proceedings against Gazprom for its failure to provide documents for the case.

• Poland has fiercely opposed Nord Stream 2, on the grounds that it will undermine European energy security and increase Russian political influence.

Cyprus Picks Engineering Firm for LNG Terminal

The Natural Gas Infrastructure Company of Cyprus (ETYFA) has selected US firm Hill International to head an international consortium that will provide engineering services for the island state's planned LNG import terminal, Hill said on July 31.

• Chinese firms China Petroleum Pipeline Engineering and Hudong-Zhonghua Shipbuilding, Norway's Wilhelmsen Ship Management and Greece's Metron were awarded a contract for engineering, procurement, construction, management and operation of the project in December.

• The proposed LNG terminal is due online in 2021. Cyprus wants to use gas to replace diesel as its main fuel in power generation, in order to cut costs and emissions.