Natural Gas Daily: June 17th, 2020
Gas Trade Growth Outstrips Demand Growth: BP
Global primary energy demand grew just 1.3% last year, less than half the previous year's 2.8%, while inter-regional gas trade grew faster than both gas demand and gas production, according to BP's annual Statistical Review of World Energy. On the other hand, nuclear, up 3.2%, was the only fuel to grow faster than its ten-year average rate.
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The Big Picture:
- Natural gas demand rose 2%, well below the 5.3% the year before, but still the share of gas in primary energy rose to a record high of 24.2%.
Japan's LNG Imports in May Drop 19%
Japan’s LNG imports in May saw a steep decline as the coronavirus outbreak hit demand for the commodity.
The Big Picture:
- Despite the declining trend in imports in recent months, Japan remains the world's biggest LNG importer.
Aramco Seals Takeover of Saudi Petchem Giant
Saudi oil giant Saudi Aramco has closed its $69.1bn purchase of a 70% stake in the country's petrochemicals giant Sabic from sovereign wealth fund PIF, it announced.
The Big Picture:
- Aramco announced the takeover in March 2019, as part of a push to expand its gas-based petrochemicals segment to serve as a hedge against oil market volatility.
Canada’s Coastal GasLink Names Prime Contractor
Canada’s Coastal GasLink (CGL), tasked with building the C$6.6bn (US$4.9bn) pipeline that will feed LNG Canada’s 14mn mt/yr liquefaction terminal, said June 16 it has named Aecon Group as its prime facilities contractor.
The Big Picture:
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Aecon will lead construction of compressor and metering stations that will be the anchor points for the 670-km pipeline, which stretches from near Dawson Creek, in northeast BC, to Kitimat, on BC’s northern coast.
Verbund Files Binding Bid for Austrian Gas TSO Stake
Austria's biggest power company Verbund said on June 15 it had filed a binding offer to acquire oil firm OMV's remaining 51% stake in transmission system operator Gas Connect Austria.
The Big Picture:
- OMV is looking to shed €2bn ($2.3bn) of assets by the end of 2021, to shore up its financial position in the face of the Covid-19 crisis and fund a $4.7bn deal to expand its control of UAE petrochemicals firm Borealis.
Bulgaria Opens Tenders for Serbian Gas Link
Bulgaria's Bulgartransgaz has opened the first two tenders for the development of a gas link with Serbia, it said on June 15.
The Big Picture:
- It will help both countries diversify their gas supply routes and sources, but will also facilitate the transport of Russian gas through southeast Europe arriving from the TurkStream pipeline.
