MOL expands bio-LNG bunkering to Mediterranean with Axpo
Japan’s Mitsui O.S.K. Lines has signed new supply agreements to expand the use of bio-LNG fuel on MOL-operated LNG-fuelled car carriers. Titan, part of Molgas, will supply bio-LNG fuel in Northwest Europe, while Axpo will take charge of supply in the Mediterranean region, where new agreement enables bio-LNG bunkering at Spanish ports including Malaga and Barcelona.
OLT completes commissioning of FSRU Toscana terminal
OLT Offshore LNG, controlled by the Italian gas TSO Snam and Igneo Infrastructure Partners, has completed the commissioning of the new small-scale LNG service, offered through the FSRU Toscana terminal. Testing involved the bi-directional transfer of LNG between a small carrier – the ‘Avenir Aspiration’ operated by Axpo.
Enagás reports progress on LNG activities to help EU and also boosts future Trans-Adriatic Pipeline volumes
Enagás, the Spanish gas grid and terminals operator, increased profits in the first six months of 2023 helped by one-time items as LNG activities increased to help the European Union’s natural gas shortfall and the utility also boosted future capacity on the Trans-Adriatic Pipeline from Azerbaijan.
The company’s net profits jumped to €172.8M including a net gain of €42.2M from the sale of a stake in the Morelos Pipeline in Mexico and an €133.8M adjustment relating to the Tallgrass Energy operations in the US.
“The Spanish Gas System operated 100 percent availability, Spain increased its total gas exports by 55 percent in the first half of the year and ship reloading has increased by 67 percent, contributing to Europe's security of supply,” Enagás stated.
Italy was a main destination for LNG re-exports to Europe while pipeline gas connections increased by 33 percent to 28.6 terawatt hours. The company already trans-ships LNG to the EU from terminals like Barcelona.
“Spain's underground natural gas storage facilities are at 98 percent capacity, an all-time high for the month of July,” it added.
Revenues up
The Madrid-based company reported first-half revenues of €450.5M, a drop of 5.8 percent from €472.2M registered in the first six months of 2022.
Enagás said it was still on track to meet the full-year earnings target of between €310M and €320M.
Enagás added that in July it closed the agreement announced in January to acquire an additional 4 percent stake from European trader AXPO in the Trans-Adriatic Pipeline (TAP) for €168M, taking its stake in the pipeline bringing Azerbaijan gas to Europe up to 20 percent.
During the first half, Enagás contracted additional transport capacity of 1.2 billion cubic metres from TAP, in addition to the current 10 Bcm starting in 2026.
During an eventful first half, Enagás noted the start-up of the El Musel LNG trans-shipment terminal in the Port of Gijón in northwest Spain and the assignment of its logistics services to the European utility Endesa.
“The terminal has already received two LNG shipments and will start commercial operation on July 31 after a capacity allocation process that has aroused great interest,” the company added.
Another highlight was the agreement with regional gas company Reganosa through which Enagás acquired its 130-kilometres of strategic gas pipelines in northern Spain and Reganosa agreed to purchase a 25 percent stake in the El Musel regasification terminal.
“The closing of the deal was expected in the second half of this year,” said the company.
In LNG activities outside of Spain, Enagás became an industrial partner with a 10 percent stake in the Hanseatic Energy Hub consortium planning an onshore LNG import terminal at the German North Sea port of Stade.
Energy trader Axpo increases syndicated bank credit lines to a total of €5.3Bln to travers market concerns
Switzerland's Axpo, the largest producer of renewable energy and an international leader in energy trading and marketing, has closed an additional syndicated, committed and unsecured credit facility of €2.3 billion with an international banking consortium, increasing its syndicated credit lines with banks to a total of €5.3 billion.
Energy trader Axpo handles ‘massive increase’ in collateral payments for hedging Switzerland’s electricity
Axpo, the international energy trader and Switzerland’s largest producer of renewables, reported a doubling of fiscal first-half income to more than 6 billion Swiss francs ($6.6Bln) against what it said was a backdrop of unprecedented turmoil in energy markets.
Swiss firm Axpo hires JERA and EDF veteran Sophie Ducoloner to head new Singapore LNG trading office
Axpo, the Swiss renewable energy producer and global energy trading firm, is opening an office in Singapore to become the latest firm to join Asia's growing liquefied natural gas trading market in the city-state where 50 LNG trading and shipping firms have offices.
