Tokyo Gas LNG pact
Japanese utility Tokyo Gas is still a big part of the plan by First Gen Corp. of the Philippines to advance with the LNG import terminal project for Batangas City. Tokyo Gas President Uchida Takashi and First Gen President Francis Giles B. Puno recently signed a joint cooperation agreement to that effect. It follows on from the joint development agreement signed at the end of 2018 on developing an interim offshore LNG terminal in Batangas in southern Luzon island.
Shipping rates rise
Shipping charter rates for LNG carriers in the spot market increased over the past week by up to $5,000 per day. Rates were quoted at an average of between $69,000 per day and $71,000 per day West of Suez and at rates of between $73,000 per day and $75,000 per day East of Suez for vessels of between 155,000-165,000 cubic metres capacity, according to various brokers. One-year time charter rates were little changed for the most modern vessels and were seen at around $48,000 per day.
Gazprom builds on Yamal
Gazprom, the Russian natural gas company, said it made a yet another new gas discovery on the Yamal Peninsula in northern Siberia, close to the largest Russian LNG export plant run by rival operator Novatek. Gazprom explained that the discovery was made as a result of drilling and testing of an exploratory well on Yamal and a commercial gas inflow was obtained with a flow rate of about 600,000 cubic metres per day.