Nigeria's NNPC claims Trans-Sahara gas pipeline project on the right track
specialty chemical companies that will certainly move natural gas from Nigeria to Europe via Algeria stays on course, Nigeria's state news agency reported Friday, mentioning Nigerian National Petroleum Corp
. The record comes amidst problems that development on the project may have been stalled by delays in getting Nigeria's oil reform via parliament.
The Trans Saharan gas pipe task was kick-started in 2002 when Nigeria and also Algeria authorized a memorandum of recognizing to send out up to 30 billion cubic feet/year of gas to Europe from Nigeria, by means of Niger as well as Algeria, commencing in 2015.
" The project is recurring in spite of the various challenges intimidating to delay it," the company quoted NNPC spokeswoman Tuminu Environment-friendly as claiming.
" The Memorandum of Understanding between Nigeria and Algeria has actually been signed; an usefulness study for the project has been concluded and also the process of laying pipelines from Calabar [southeastern Nigeria] with Kano [in the north of the nation] is about to begin."
The project's cost is approximated at $10 billion for the pipeline and $3 billion for the gas-gathering facilities.
Eco-friendly claimed cash-strapped NNPC, representing Nigeria's interest in the job, was exploring choices to raise cash from private capitalists to fund its share of the expense.
Russia's Gazprom claimed in 2015 that it was holding preliminary talks with Nigeria regarding participating in the job, however talks have actually not progressed since then.
Market analysts said the proceeded delay in the flow of Nigeria's oil field reform law, the Petroleum Sector Bill, could have caught up with the gas pipeline task.
"Like every other oil as well as gas task in Nigeria that is delayed due to the non flow of the PIB, the Trans Sahara task is also influenced," an industry official told Platts Friday.
Nigeria holds the world's seventh largest gas books, estimated at 185 trillion cubic feet.
President Goodluck Jonathan told a top of African Presidents in Addis Abba, Ethiopia, on January 25 that Nigeria had actually reserved $400 million in the 2013 budget to begin preliminary service the gas task.
. The record comes amidst problems that development on the project may have been stalled by delays in getting Nigeria's oil reform via parliament.
The Trans Saharan gas pipe task was kick-started in 2002 when Nigeria and also Algeria authorized a memorandum of recognizing to send out up to 30 billion cubic feet/year of gas to Europe from Nigeria, by means of Niger as well as Algeria, commencing in 2015.
" The project is recurring in spite of the various challenges intimidating to delay it," the company quoted NNPC spokeswoman Tuminu Environment-friendly as claiming.
" The Memorandum of Understanding between Nigeria and Algeria has actually been signed; an usefulness study for the project has been concluded and also the process of laying pipelines from Calabar [southeastern Nigeria] with Kano [in the north of the nation] is about to begin."
The project's cost is approximated at $10 billion for the pipeline and $3 billion for the gas-gathering facilities.
Eco-friendly claimed cash-strapped NNPC, representing Nigeria's interest in the job, was exploring choices to raise cash from private capitalists to fund its share of the expense.
Russia's Gazprom claimed in 2015 that it was holding preliminary talks with Nigeria regarding participating in the job, however talks have actually not progressed since then.
Market analysts said the proceeded delay in the flow of Nigeria's oil field reform law, the Petroleum Sector Bill, could have caught up with the gas pipeline task.
"Like every other oil as well as gas task in Nigeria that is delayed due to the non flow of the PIB, the Trans Sahara task is also influenced," an industry official told Platts Friday.
Nigeria holds the world's seventh largest gas books, estimated at 185 trillion cubic feet.
President Goodluck Jonathan told a top of African Presidents in Addis Abba, Ethiopia, on January 25 that Nigeria had actually reserved $400 million in the 2013 budget to begin preliminary service the gas task.
March 19, 2010, Teva to Obtain Ratiopharm for $4.9 Billion
Generic pharmaceuticals giant Teva Drug Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) will purchase German generic drugs business Ratiopharm.
Teva's winning deal was about?.625 billion, or $4.9 billion. The bidding process for Ratiopharm ended today.
Ratiopharm has yearly sales of around $8.6 billion. US drugs large Pfizer and also Iceland-based Actavis were among the bidders in the final round, but Teva beat their deals.
Teva CEO Shlomo Yanai stated, "This is a vital purchase for Teva. This transaction is flawlessly aligned with our long-lasting strategy in which Europe is an important pillar and also development vehicle driver. Ratiopharm will provide us with the ideal platform to strengthen our management placement in vital European markets, most especially in Germany, as well as rapidly growing generic markets such as Spain, Italy as well as France."
The price for Ratiopharm mirrors a profits prior to interest, tax obligations, devaluation and amortization (EBITDA) multiple of 11.4 and also a sales multiple of 2.2, based on Ratiopharm's figures for 2009. For specialty chemicals of comparison, Teva acquired Barr Pharmaceuticals in 2008 at an EBITDA multiple of 13.2 and a sales multiple of 3.4, and also it acquired Ivax Company in 2006 at EBITDA multiple of 26 and a sales multiple of 4.1. Basically, Teva did not pay a high cost for Ratiopharm in comparison with previous acquisitions, evidently because of Ratiopharm's reduced EBITDA margin.
The purchase will certainly strengthen Teva's setting in the German market, Europe's largest. This was an objective continuously proclaimed by Teva's executives in the past. European sales currently account for much less than 25% of its complete sales.
Leader Resources Markets analyst Yoav Burgan states, "It must be confessed that the cost is not very low, but there have been far more costly M&A deals in the common medicine industry in the last few years. Interest will certainly currently resort to streamlining Ratiopharm. This is a business with significant potential, but in my point of view, a lot of job is needed on Teva's part due to the fact that Ratiopharm needs enormous streamlining."
Burgan gives Teva a "Buy" suggestion with a target price of $65.
Teva's winning deal was about?.625 billion, or $4.9 billion. The bidding process for Ratiopharm ended today.
Ratiopharm has yearly sales of around $8.6 billion. US drugs large Pfizer and also Iceland-based Actavis were among the bidders in the final round, but Teva beat their deals.
Teva CEO Shlomo Yanai stated, "This is a vital purchase for Teva. This transaction is flawlessly aligned with our long-lasting strategy in which Europe is an important pillar and also development vehicle driver. Ratiopharm will provide us with the ideal platform to strengthen our management placement in vital European markets, most especially in Germany, as well as rapidly growing generic markets such as Spain, Italy as well as France."
The price for Ratiopharm mirrors a profits prior to interest, tax obligations, devaluation and amortization (EBITDA) multiple of 11.4 and also a sales multiple of 2.2, based on Ratiopharm's figures for 2009. For specialty chemicals of comparison, Teva acquired Barr Pharmaceuticals in 2008 at an EBITDA multiple of 13.2 and a sales multiple of 3.4, and also it acquired Ivax Company in 2006 at EBITDA multiple of 26 and a sales multiple of 4.1. Basically, Teva did not pay a high cost for Ratiopharm in comparison with previous acquisitions, evidently because of Ratiopharm's reduced EBITDA margin.
The purchase will certainly strengthen Teva's setting in the German market, Europe's largest. This was an objective continuously proclaimed by Teva's executives in the past. European sales currently account for much less than 25% of its complete sales.
Leader Resources Markets analyst Yoav Burgan states, "It must be confessed that the cost is not very low, but there have been far more costly M&A deals in the common medicine industry in the last few years. Interest will certainly currently resort to streamlining Ratiopharm. This is a business with significant potential, but in my point of view, a lot of job is needed on Teva's part due to the fact that Ratiopharm needs enormous streamlining."
Burgan gives Teva a "Buy" suggestion with a target price of $65.
United States steel mills express issue over TPP deal
American steel manufacturers claimed they require to see more information of the recently worked out Trans-Pacific Partnership (TPP) contract, however initially expressed worries that some aspects of the 12-nation offer might be destructive to them and their clients.
" Early reports provide us worry regarding a lot of the locations that matter most to the steel sector-- consisting of the automobile regulations of origin, money manipulation and techniques on state-owned ventures," stated Thomas Gibson, president of the American Iron and also Steel Institute.
Philip Bell, head of state of the Steel Manufacturers Association, called the offer-- which is pending ratification by the signatory countries-- "an incredibly enthusiastic task" but originally kept comment while the arrangement was under testimonial. "Inevitably, this bargain will be examined on its capacity to advertise residential tasks, competition as well as web exports," Bell said.
Gibson claimed NAFTA steelmakers have worried that the TPP must call for local value web content policies of beginning that follow those previously stated in the NAFTA-- 62.5% for automobiles and also light vehicles along with their engines and also 60% for other car components, and not percents in the 40s and 30s, respectively, that are apparently consisted of in the offer.
" We are really worried about records that the car guidelines of origin in the final TPP set out a regional value material requirement that is a lot lower," Gibson stated. "A weak regulation of origin below simply confers the advantage to the TPP [location] countries outside the contract as well as would certainly compromise critical existing North American auto supply chains."
Gibson also noted that the arrangement does not offer enforceable techniques on currency adjustment. "If left unaddressed, specialty chemical companies could conveniently weaken any market access advantages to be obtained under the TPP for the steel industry or its customers," he claimed.
Gibson claimed he was anxious to study the information of the TPP phase on state-owned enterprises as well as what exemptions or various other exceptions could have been made. "Any considerable constraints on the extent of the brand-new techniques could seriously diminish the worth of the TPP to United States market," he stated.
" Early reports provide us worry regarding a lot of the locations that matter most to the steel sector-- consisting of the automobile regulations of origin, money manipulation and techniques on state-owned ventures," stated Thomas Gibson, president of the American Iron and also Steel Institute.
Philip Bell, head of state of the Steel Manufacturers Association, called the offer-- which is pending ratification by the signatory countries-- "an incredibly enthusiastic task" but originally kept comment while the arrangement was under testimonial. "Inevitably, this bargain will be examined on its capacity to advertise residential tasks, competition as well as web exports," Bell said.
Gibson claimed NAFTA steelmakers have worried that the TPP must call for local value web content policies of beginning that follow those previously stated in the NAFTA-- 62.5% for automobiles and also light vehicles along with their engines and also 60% for other car components, and not percents in the 40s and 30s, respectively, that are apparently consisted of in the offer.
" We are really worried about records that the car guidelines of origin in the final TPP set out a regional value material requirement that is a lot lower," Gibson stated. "A weak regulation of origin below simply confers the advantage to the TPP [location] countries outside the contract as well as would certainly compromise critical existing North American auto supply chains."
Gibson also noted that the arrangement does not offer enforceable techniques on currency adjustment. "If left unaddressed, specialty chemical companies could conveniently weaken any market access advantages to be obtained under the TPP for the steel industry or its customers," he claimed.
Gibson claimed he was anxious to study the information of the TPP phase on state-owned enterprises as well as what exemptions or various other exceptions could have been made. "Any considerable constraints on the extent of the brand-new techniques could seriously diminish the worth of the TPP to United States market," he stated.
Independent Russian gas companies align for Yamal tenders
3 independent Russian gas manufacturers-- Novatek, Itera and also Summa Resources-- have actually submitted quotes for 4 tenders of oil as well as gas fields in Russia's north Yamal Peninsula that hold gas reserves and also resources of over 2 trillion cubic meters, spokespersons from the firms said Monday.
Novatek, Russia's biggest independent, sent quotes for all four areas, while Itera as well as Summa Resources, which manages the Yakutsk Gas and also Energy Company, bid only for the Geofizicheskoye field.
Russian gas titan Gazprom decreased to discuss its prepare for the tenders, yet a source near the firm said it would not participate in any of them.
In a federal government order signed by Prime Minister Vladimir Putin on December 1, the 4 fields were marked as enhancements to the resource base for the planned Yamal LNG job, which is being created by Novatek.
Novatek currently has the license for the Yuzhno-Tambeiskoye field in the area, with reserves estimated at 1.3 Tcm of gas. Gazprom additionally has gets in the area, with licenses for the 101 Bcm West Tambeiskoye and also 724 Bcm North Tambeiskoye areas.
All four fields to be tendered have gets that are considered government considerable, a classification for hydrocarbon fields with reserves of a minimum of 70 million mt (511 million barrels) of oil or 50 billion cubic meters of gas, which by legislation implies they can just be developed by Russian business.
Geofizicheskoye, with C1 and also C2 books of 211 billion cubic meters of gas according to the Russian classification system, has a beginning cost of Rb1.34 billion ($48 million). The Salmanovskoye (or Utrenny) field has C1 as well as C2 books of 767 Bcm and also a starting cost of Rb4.828 billion.
C1 as well as C2 with each other are roughly comparable to possible books.
specialty chemical companies are overseas as well as are much less explored. The North-Obsky block has resources of 1.164 Bcm as well as a beginning cost of Rb635 million, as well as the East-Tambeisky block has sources of 598 Bcm and also a beginning price of Rb67 million.
The last day to send bids was Friday and tenders will certainly be hung on June 23, according to Russian subsoil company Rosnedra.
Novatek, Russia's biggest independent, sent quotes for all four areas, while Itera as well as Summa Resources, which manages the Yakutsk Gas and also Energy Company, bid only for the Geofizicheskoye field.
Russian gas titan Gazprom decreased to discuss its prepare for the tenders, yet a source near the firm said it would not participate in any of them.
In a federal government order signed by Prime Minister Vladimir Putin on December 1, the 4 fields were marked as enhancements to the resource base for the planned Yamal LNG job, which is being created by Novatek.
Novatek currently has the license for the Yuzhno-Tambeiskoye field in the area, with reserves estimated at 1.3 Tcm of gas. Gazprom additionally has gets in the area, with licenses for the 101 Bcm West Tambeiskoye and also 724 Bcm North Tambeiskoye areas.
All four fields to be tendered have gets that are considered government considerable, a classification for hydrocarbon fields with reserves of a minimum of 70 million mt (511 million barrels) of oil or 50 billion cubic meters of gas, which by legislation implies they can just be developed by Russian business.
Geofizicheskoye, with C1 and also C2 books of 211 billion cubic meters of gas according to the Russian classification system, has a beginning cost of Rb1.34 billion ($48 million). The Salmanovskoye (or Utrenny) field has C1 as well as C2 books of 767 Bcm and also a starting cost of Rb4.828 billion.
C1 as well as C2 with each other are roughly comparable to possible books.
specialty chemical companies are overseas as well as are much less explored. The North-Obsky block has resources of 1.164 Bcm as well as a beginning cost of Rb635 million, as well as the East-Tambeisky block has sources of 598 Bcm and also a beginning price of Rb67 million.
The last day to send bids was Friday and tenders will certainly be hung on June 23, according to Russian subsoil company Rosnedra.
Tight ARA market, greater USGC costs may result in NWE toluene surge
Northwest European toluene prices might move over $1,050/ mt for 1,000 mt volumes as an absence of area product in the Amsterdam-Rotterdam-Antwerp region combined with rising US Gulf Shore rates, sources claimed Tuesday.
Despite a lack of strong proposals or offers seen in the NWE toluene market over the past week, sources had actually notionally pegged area degrees in a variety of $1,030-1,050/ mt.
This was prior to a 10 cent/gallon ($ 30/mt) increase in the United States Gulf Coast market, however. One trader said that, based upon USGC cost degrees of above 330 cents/gal ($ 1,003/ mt) and freight in between the two areas of around $55/mt, NWE degrees must likewise move higher.
" Checking out the US, [FOB] bids are at 330 cents/gal ($ 1,003/ mt) and also there are 335 cents/gal ($ 1,018/ mt) supplies. So this would certainly mean $1,050-1,070/ mt below. But up until now there are no offers or quotes," the trader claimed.
specialty chemical manufacturing said the investor's reasoning was "silent right."
" The US seems to be the only area Europe can get product from," the source claimed.
Regardless of area product being limited in Rotterdam, one distributor stated demand for place barges was not strong sufficient to see customers relocate the type of degrees gone over.
" If you're a seller, I can see why you 'd take the United States rate include freight and afterwards set an offer degree. However I have actually not seen any type of indication of the United States rising even more as well as I've not even seen purchasers at these levels," the supplier claimed.
He added that European purchasers were happy to stay out of the area market.
" The majority of people refuse to pay also $1,050/ mt, yet the vendors still keep back and wait. The highest possible buyers would certainly be is something like $1,030-1,035/ mt. That is the maximum [quote degree] I see," he said.
The source additionally said that degrees of need for toluene in Europe would certainly maintain a look at potential place rate rises.
" Area demand is not that exciting in Rotterdam. Those who can get on agreement are doing and also we've had the ability to get a significant quantity from Eastern Europe at a far more attractive price than in ARA," the source stated, adding that he had gotten 1,500 mt of item from sellers in Eastern Europe "in a combination of vehicles as well as rail storage tank vehicles."
Despite a lack of strong proposals or offers seen in the NWE toluene market over the past week, sources had actually notionally pegged area degrees in a variety of $1,030-1,050/ mt.
This was prior to a 10 cent/gallon ($ 30/mt) increase in the United States Gulf Coast market, however. One trader said that, based upon USGC cost degrees of above 330 cents/gal ($ 1,003/ mt) and freight in between the two areas of around $55/mt, NWE degrees must likewise move higher.
" Checking out the US, [FOB] bids are at 330 cents/gal ($ 1,003/ mt) and also there are 335 cents/gal ($ 1,018/ mt) supplies. So this would certainly mean $1,050-1,070/ mt below. But up until now there are no offers or quotes," the trader claimed.
specialty chemical manufacturing said the investor's reasoning was "silent right."
" The US seems to be the only area Europe can get product from," the source claimed.
Regardless of area product being limited in Rotterdam, one distributor stated demand for place barges was not strong sufficient to see customers relocate the type of degrees gone over.
" If you're a seller, I can see why you 'd take the United States rate include freight and afterwards set an offer degree. However I have actually not seen any type of indication of the United States rising even more as well as I've not even seen purchasers at these levels," the supplier claimed.
He added that European purchasers were happy to stay out of the area market.
" The majority of people refuse to pay also $1,050/ mt, yet the vendors still keep back and wait. The highest possible buyers would certainly be is something like $1,030-1,035/ mt. That is the maximum [quote degree] I see," he said.
The source additionally said that degrees of need for toluene in Europe would certainly maintain a look at potential place rate rises.
" Area demand is not that exciting in Rotterdam. Those who can get on agreement are doing and also we've had the ability to get a significant quantity from Eastern Europe at a far more attractive price than in ARA," the source stated, adding that he had gotten 1,500 mt of item from sellers in Eastern Europe "in a combination of vehicles as well as rail storage tank vehicles."
