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Gold/Mining/Energy : LNG -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (97)	2/22/2004 9:47:19 PM
From: DHB	Read Replies (1) \| Respond to of 919

financialexpress.com Varun Shipping Scouts For Second-hand Vessels KAILASH RAJWADKAR MUMBAI, FEB 22: After declaring a 10 per cent interim dividend, Varun Shipping is now in an acquisition mode for second-hand vessels in the LPG and hydrocarbon segment. The company has been able to derive better cash flows from the current buoyant market with nine of its 12 vessels on spot charter. "We have planned a major expansion of the company’s fleet in the next few months," Varun Shipping vice-chairman Arun Mehta said. The proposed introduction of tonnage tax announced in the Interim Budget will further improve profitability of the company in the coming years, he added. Denying that the current rush for LNG (liquefied natural gas) would pose any threat to the LPG demand, Mr Mehta said that the demand for coal and crude was too large for LNG to make a dent into it. Industry sources state that LNG will by and large supplement and would only substitute low-end products like kerosene, charcoal and naphtha. Varun Shipping owns 61 per cent of total LPG tonnage operating under Indian flag. It had posted a net profit of Rs 18.24 crore on a turnover of Rs 208.54 crore for the nine-month period ended December 31, 2003. navhindtimes.com Petronet IPO on March 1 PTI New Delhi Feb 22: India’s first liquefied natural gas importer Petronet LNG Ltd will offer shares at a premium of Rs 3-5 in its initial public offering slated for March 1, to raise upto Rs 391.5 crore. The offer of 261 million equity shares of Rs 10 each at a price of Rs 13-15 (including Rs 3-5 premium) will be open for bidding under the book building route from March 1 to 9, PLL CEO and managing director, Mr Suresh Mathur said here. Of the 260,979,000 equity shares, representing 34.8 per cent of the total equity, 55 per cent have been reserved for retail investors and 10 per cent for the employees of PLL and its promoter firms Oil and Natural Gas Corp, Indian Oil Corp, Bharat Petroleum Corp Ltd and Gail India Ltd. Ten per cent of the offer has been reserved for qualified institutional buyers (QIBs) and the remaining 25 per cent will be for non-institutional buyers or high worth individuals. news.ft.com Mr Fredriksen, Norway's richest man, has also profited from his 42 per cent stake in Golar LNG, which owns 10 LNG carriers. His holding is worth almost $500m, more than double its value a year ago. The rise in shipping costs has created fresh demand for ship brokers, which match cargoes to carriers. Shares in Clarkson of the UK, one of the few listed shipping brokers, have jumped 170 per cent since the start of last year. Port operators are also benefitting. Investec, the stockbroker, recommended the UK port sector to investors on the basis of strong growth generated by rising imports from Asia.

To: Dennis Roth who wrote (97)	6/15/2004 8:58:57 AM
From: Dennis Roth	Read Replies (3) \| Respond to of 919

ChevronTexaco May Get Approval for 2 LNG Terminals in 4 Months quote.bloomberg.com June 15 (Bloomberg) -- ChevronTexaco Corp., the second- largest U.S. oil company, may receive approval within four months to build two liquefied natural gas import terminals for more than $1.45 billion off the coasts of Louisiana and Mexico. Permission to build the U.S. Gulf terminal is almost settled, while federal and local filings have been made in Mexico for the Pacific Coast terminal, ChevronTexaco Chief Executive David O'Reilly told reporters at the Asia Oil & Gas Conference in Kuala Lumpur. ``We do expect to hear back on those some time in the next three or four months,'' O'Reilly said. San Ramon, California-based ChevronTexaco is competing with companies such as ConocoPhillips and Royal Dutch/Shell Group to build terminals to import LNG from countries such as Australia, Russia and Nigeria. U.S. Energy Secretary Spencer Abraham has said that more than $100 billion needs to be invested in LNG projects to meet rising demand for natural gas in the country. The U.S. Maritime Administration in November approved ChevronTexaco's Port Pelican project to construct the first U.S. offshore terminal for imports of liquefied natural gas, about 40 miles off the coast of Louisiana, at a cost of more than $800 million. The venture also has ``some of the local permits,'' O'Reilly, 56, said in Kuala Lumpur. ``The encouraging thing there is that the permits are basically in place,'' O'Reilly said. ``We're getting close to the decision point on the design and construction. We're working on the early design phase.'' The terminal, with a capacity of 1.6 billion cubic feet of gas a day, will connect with the company's natural-gas pipeline network in the Gulf of Mexico. Mexico In Mexico, ChevronTexaco wants to build a $650 million terminal off Baja California, western Mexico, to bring LNG to markets in the U.S., Joe Naylor, vice president for planning and strategy at ChevronTexaco Global Gas, said separately at the Fifth Sino-U.S. Oil and Gas Industry Forum in Shanghai. ``We're very hopeful the permits will come in the next few months,'' Naylor said in an interview. ``We're looking at the North American market and it's looking to be very attractive.'' ChevronTexaco owns 100 percent of the Baja California terminal, which will have the capacity to process 10 million metric tons a year of LNG, Naylor said. The company is looking for partners to take stakes in the project, he said. ``We think we'll retain between 4 to 5 million tons of capacity for this project,'' Naylor said. ChevronTexaco may seek LNG from Australia and possibly Asia to supply its share of the Baja California project, Naylor said. As many as three LNG terminals may be built along the U.S. West Coast, and six along the U.S. Gulf and east coast in the next 10 years, Naylor said.