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Oil and gas industry announcements: 12 December 2014

Hydrocarbon Engineering,


AFPM

American Fuel and Petrochemical Manufacturers President Charles T. Drevna has commented on the passage of HR 4007, Protecting and Securing Chemical Facilities from Terrorist Attacks of 2014 in the US House of Representatives. This legislation will provide a four year authorisation to the Chemical Facility Anti Terrorism Standards (CFATS).

Drevna said, “America’s fuel and petrochemical manufacturers play a crucial role in ensuring and maintaining the security of America’s energy and petrochemical infrastructure. Today’s vote to continue the CFATS program will provide manufacturers with regulatory certainty and a stable framework for the future so they can continue working successfully with government agencies to strengthen our nation’s national security. We applaud Reps. Meehan and McCaul for their continued support of this important legislation.”

Braemar Engineering

Baremar LNG BV has signed a licence agreement with General Dynamics NASSCO to utilise its patents in the design and construction of FSP LNG Containment systems. The FSP system is a new flat panel, semi membrane, prismatic shaped LNG tank containment system Type B that uses new flat plate technology to overcome the issues associated with partial filling and sloshing. This agreement is the culmination of years of sophisticated development work undertaken by the two parties, and Braemar is seeing strong potential demand from the marketplace.

Fitch Ratings

The pipeline, midstream and master limited partnerships (MLP) space should be able to withstand low oil prices over the near to medium term given the sector’s limited direct exposure to commodity prices, according to Fitch Ratings. Gatherers and processors have the most exposure to weakness in commodity prices and the degree of exposure varies significantly, although all would be subject to volumetric risk. The company does expect pipelines, midstream and MLPs to be affected by a pullback or delay in spending on new infrastructure projects that are not already backed by long term contracts. Upstream producers are expected to be cautious in signing up for new long term commitments on new assets unless they are in highly economical regions.

A slowdown in new projects could also impact some MLPs that are driven to increase the distributable cash flow paid to unit-holders. The manner in which an MLP manages its balance sheet while distributing cash flows will be an important consideration for each MLP if oil prices stay low for a prolonged period of time. Crude oil and refined product pipelines should continue to generate fairly stable cash flows given the lack of direct commodity price exposure. New pipelines have been built with the support of long term contracts.

Sandvik

A group of students at Kista high school in Sweden is undergoing a mentor program held by Sandvik and IBM. The two companies share the same challenges in attracting future talent, and the purpose of the program is to encourage students to choose technology and IT as their main subject in upper secondary school. Alexander Puekker, one of the mentors said, “the students are a delightful group of people who are curious about us, our industry and the challenges we face. Many of them are inspired by the possibility of work in a global and innovative environment, which both IBM and Sandvik can offer.”

As of 1 November, Ann-Sofie Nordh is Head of Investor Relations at Sandvik. She has been with Sandvik since early 2014, and her background includes 20 years of experience in the financial markets.


Edited from various press releases by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/12122014/oil-gas-indsutry-announcements-12-dec/


 

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