1.Sinopec’s participation in Amur natural gas chemical project approved by Russia
Russia’s Special Committee on foreign investment recently approved Sinopec to participate in the implementation of the “Amur natural gas chemical plant” investment project of sipur company.
After the completion of the “Amur natural gas chemical plant” project in Amur state of Russia, it is estimated that the polymer production capacity will reach 2.7 million tons per year, including 2.3 million tons of polyethylene (PE) and 400 thousand tons of polypropylene (PP). The total investment of the project is expected to be 10.7 billion US dollars, and it is planned to be put into operation in 2024. Among them, Sinopec will hold 40% shares in the joint venture. After completion, “Amur natural gas chemical plant” will become one of the largest polymer plants in Russia’s domestic petrochemical industry and even in the world.
2. In North America, 45 upstream enterprises will go bankrupt in 2020
A total of 45 E & P companies in North America filed for bankruptcy in 2020, the second highest since oil prices plummeted to $50 a barrel six years ago, Haynes & Boone said in a December 17 report. Companies filing bankruptcy in the fourth quarter included MD America energy, finger oil & gas, onpoint oil & gas, Gulfport Energy Corp and Canaan resources.
3. Australia’s LNG Export is expected to reach the new record in 2020
Australia’s LNG exports are expected to reach a record 78 million tons this year, up from 77.5 million tons in 2019, energy consultancy energyquest said in a report. This is mainly due to the record production of the Gladstone east coast LNG project. Gladstone’s three projects are led by ConocoPhillips, shell and Santos.
4. The United States supports the eastern Mediterranean pipeline to supply natural gas to Europe
During a visit to Greece on Thursday, U.S. Energy Secretary Dan Brouillette said the United States supports the eastern Mediterranean pipeline project.
Israel, Greece and Cyprus signed an infrastructure agreement earlier this year, aiming to make a final investment decision on the planned eastmed pipeline project in 2022 and complete the pipeline construction by 2025. It is estimated that about 10 billion cubic meters of natural gas will be transported to the European Union from the coast of Israel via Greece and Italy. The EU supports the project as a means of reducing gas imports to Russia. Eastmed project is expected to meet 10% to 15% of EU gas demand
5. Pakistan will cooperate with Russia to build natural gas pipeline
Pakistan will begin building a 1100 kilometer (684 mile) pipeline with Russia in July, which will enable the South Asian country to operate more LNG terminals.
In recent years, Pakistan has become one of the largest emerging markets for LNG, a super cold fuel, because its domestic gas production has been stagnant, forcing the country to rely on imports. The country has also auctioned a record 20 oil and gas blocks to encourage exploration and is expected to bid in mid January.
6. Far Australia has won a US $159.2 million offer from Remus horizons
Australian oil and gas exploration company FAR said on February 17 that it had received an all cash offer of a $209.6 million (US $159.15 million) from private investment firm Remus horizons PCC Ltd.
Due to the downturn in the oil and gas industry caused by the pandemic, the cash strapped far has been struggling. In June, the African focused exploration company defaulted on its investment in the sangomar oil project in Senegal, and finally withdrew from the project by selling shares last month.
Post time: Dec-18-2020