AFPM President Charles T. Drevna said the following on New York Mayor Cuomo’s decision to ban fracking; “AFPM suggests that New York state officials speak to their counterparts across the border in Pennsylvania if the Cuomo Administration truly believes the economic benefits of hydraulic fracturing to be limited. The 12 million acre Marcellus Shale is the key to jobs growth and prosperity for a state that ranked dead last in a 2014 economic outlook. Governor Cuomo’s decision so close to Christmas is fitting; he is the Grinch who stole the future from New York’s depressed regions.”
BASF and Gazprom have agreed that they will not complete the asset swap, which was planned for the end of the year. The natural gas trading business will continue to operate as a 50/50 joint venture between Gazprom and BASF Group company Wintershall. Wintershall Noordzee BV will remain a 100% BASF Group company. At the end of 2012, the assets and liabilities of the natural gas trading business were classified as a disposal group in the financial statements. Due to the cancellation of the transaction, it is required to discontinue the reporting as a disposal group and book depreciation and the equity result, which were suspended since 2012. This leads to expenses of €113 million in 2013 and €211 million in 2014. The figures for the financial year 2013 will be restarted accordingly. Income from operations before special items for 2013 will thus be approximately €7.1 billion.
Outokumpu has invested approximately €30 million into using LNG at the Tornio mill instead of propane. The vast majority of the investment, phased between 2015 – 2018 will be used to make the required equipment modifications at the Tornio mill. The transfer to LNG is made possible by the construction of an LNG terminal at Tornio harbour, Northern Finland. Manga LNG Oy, a joint venture of Outokumpu Group, SSAB, Skangass and EPV Energy Ltd, will build and operate the terminal, and procure LNG for its owners.
Renewable Energy Group, Inc., and Neste Oil Corporation have entered into a Settlement and License Agreement whereby the parties have settled Neste’s US patent infringement lawsuit against REG and REG’s Singapore patent infringement lawsuit against Neste and REG has licensed certain Neste Oil NEXBTL technology and intellectual property rights for use at REG Geismar.
The settlement reflects the parties’ conclusion that continued pursuit of the US and Singapore patent infringement lawsuits was counterproductive and the parties’ desire for a mutually agreeable resolution. With the disputes now resolved, REG and Neste Oil look forward to working together to grow and expand the renewable fuels and chemicals marketplace globally.
Wartsila has been given full notice to proceed from Manga LNG Oy for the supply of an LNG import terminal to Tornio Northern Finland. Wartsila will commence construction on the site near the port of Tornio in January next year. Manga LNG Oy is a joint venture of Outokumpu Group, Svenskt, Stal AB, Skangass and EPV Energy Ltd. Wartsilia initially announced this project in January 2014. The order, valued at €100 million, will be included in Wartsilia’s intake in December 2014.
Edited from press releases by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/refining/19122014/more-oil-gas-announcements-19-dec/