South Korea talks aim to create mega-energy group valued at $75Bln in LNG, oil and city gas and chemicals
South Korean discussions are under way to create the nation’s largest energy company by merging two parts of the SK Group with LNG, oil and gas and chemicals assets into a mega-Korean corporation worth over US$75 billion if completed.
Woodside Energy of Australia signs first ever LNG long-term cargo supply deal with CPC Corp of Taiwan
Woodside Energy, the operator of the North West Shelf and Pluto LNG plants in Western Australia, has signed a sale and purchase agreement with CPC Corp. of Taiwan for the long-term supply of cargoes.
Leading LNG player TotalEnergies pays $575M for UK gas-fired power to mitigate intermittent renewables
TotalEnergies, the French major with a world-class LNG portfolio of 44 million tonnes per annum, is increasing its natural gas infrastructure investments by paying £450 million ($575M) for a gas-fired power plant in the UK to help mitigate its large holdings of intermittent renewables in the British energy markets.
TotalEnergies has signed an agreement with the North American institutional investor EIG for the acquisition of all the shares of West Burton Energy in the UK Midlands.
West Burton Energy owns and operates the West Burton B gas-fired power plant in the English county of Nottinghamshire.
West Burton B comprises three combined-cycle gas turbines (CCGT) with total output of 1.3 gigawatts.
Commissioned in 2013, it is one of the UK’s most advanced power plants and supplies some 1.8 million homes. A 49 MW battery storage system was added in 2018.
“This acquisition rounds out TotalEnergies’ renewable power generation capacity in the UK with a flexible asset that mitigates intermittency to enable the supply of firm power to customers,” explained the French company.
Capacity needs
“Given the size of the company’s renewable portfolio in the country, which currently stands at 1.1 GW of gross installed capacity and 4.5 GW under development, TotalEnergies assesses its need for gas-based power generation capacity at 700 MW, so the company therefore plans to divest 50 percent of the acquired assets,” TotalEnergies added.
“The deal will also allow TotalEnergies to strengthen its trading capabilities in the country’s electricity and gas markets,” said the company.
TotalEnergies plans to supply the gas-fired power plant from its natural gas production in the UK where it operates 30 percent of the projects.
Earlier in June, TotalEnergies also signed two new LNG medium-term and long-term LNG accords in Asia.
These comprised a sales and purchase agreement (SPA) with Indian Oil Corp. (IOCL) for the delivery to India of up to 800,000 tonnes per annum of LNG for 10 years from 2026.
Korean LNG
The second accord was a heads of agreement with Korea South-East Power for the delivery to South Korea of up to around 500,000 tonnes per annum of LNG for five years from 2027.
The company said that these agreements allow TotalEnergies to secure medium-term outlets for its global LNG supply portfolio.
They also strengthen the company's footprint in Asian markets, where it is particularly committed to supporting its customers with their decarbonization strategies.
South Korea and UAE sign trade deal including future LNG carrier orders and $30Bln of investment in Korea
A South Korean trade agreement with the United Arab Emirates has been signed in Seoul and included a future order for at least six LNG carriers from the UAE and a pledge of $30 billion of investments in Korean industries.
French LNG storage and smart-shipping firm GTT signs agreements for several ships owned by China’s Jovo Group
French liquefied natural gas storage technology firm and smart-shipping services supplier, Gaztranzport and Technigaz (GTT), has signed two technical services agreements for ships owned by Jovo Group of China.
South Korean LNG imports are steady as storage increases and deliveries set to match the levels of last year
The South Korean government said that liquefied natural gas imports have remained steady and measures were being taken to boost storage for the winter because of continued global geopolitical uncertainties.
LNG equipment and gas technology company Chart Industries boosted by approval of liquid hydrogen trailers
Chart Industries, the US designer and manufacturer of engineered equipment for liquefied natural gas, clean energy and industrial gas markets, has received a Korean Gas Safety (KGS) certification and approval for liquid hydrogen bulk transport trailers.
Barossa gas for Darwin LNG is latest blocked by ‘underwater cultural heritage’ even as experts say none exists
Santos has become the latest Australian energy company along with Woodside Energy to have multi-billion dollar offshore natural gas pipeline projects blocked by the Federal Court of Australia for reasons of “underwater cultural heritage” even as in the case of Santos an independent expert anthropologist concluded that no such underwater cultural heritage places existed in the whole area.
South Korea freezes power prices for third quarter even as import prices for fuels like LNG rise from annual lows
South Korea, the third-largest Asian liquefied natural gas importer, has decided to freeze electricity prices even as liquefied natural gas costs for gas-fired power generation have begun to increase and to overtake European LNG cargo values.
South Korea raises natural gas and electricity prices for second time in move that will affect LNG imports
South Korea, the third-largest Asian liquefied natural gas importer, has announced increases in electricity and gas prices to offset the cost of power generation from imports like LNG.
