oil production


Saudi says no immediate plan to boost oil output as Iran waivers end

RIYADH, April 24 — Saudi Arabia has no immediate plans to raise oil output after the United States ends sanctions waivers for buyers of Iranian crude, energy minister Khalid al-Falih said today. “(Global) inventories are continuing to rise…

White House economist sees no impact on oil prices from Iran sanctions

WASHINGTON, April 24 — The decision to tighten sanctions on Iran will have "no material impact" on oil prices given the large US supply of petroleum, White House economic advisor Larry Kudlow said yesterday. “We are a country awash with oil and…

Oil surges amid Opec caution to offset Iran sanctions

NEW YORK, April 24 — Oil prices hit their highest in about six months yesterday as sources said Gulf Opec members were ready to raise output only if there was demand before offsetting any shortfall following a US decision to end waivers for buyers…

Iran says ready for US oil waivers end, as Guards threaten to shut Hormuz

DUBAI, April 23 — Tehran is prepared for a US decision to end waivers granted to buyers of Iranian crude, an Iranian oil ministry source said yesterday, as the Revolutionary Guards repeated their threat to close the strategic Strait of Hormuz,…

Opec could raise oil output if prices increase, shortages mount, say sources

DUBAI, April 12 — Opec could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the…

Malaysia, Indonesia join forces to protest EU directive

KUALA LUMPUR, April 6 — Malaysia and Indonesia will join forces to object to the Delegated Regulation Supplementing Directive 2018/2001 of the European Union Renewable Energy Directive II. In a statement today, the Ministry of Primary…

Saudi Aramco world’s most profitable company in 2018

DUBAI, April 1 — Oil giant Saudi Aramco revealed today it made the world’s biggest corporate profit last year, opening its secretive accounts for the first time as it prepares to raise funds from investors. International ratings agencies Fitch…

Yinson to acquire Singapore’s loss-making Ezion

PETALING JAYA: Yinson Holdings Bhd’s unit Yinson Eden Pte Ltd (YEPL) is acquiring Singapore’s liftboats operator Ezion Holdings Ltd (EHL).

Yinson told Bursa Malaysia that its wholly owned subsidiary Yinson Eden Pte Ltd has signed a conditional debt conversion agreement and conditional option agreement with EHL, with the intention to acquire EHL by striking a deal with the EHL’s lenders.

Yinson is currently in discussion with the lenders to acquire up to US$916 million (RM3.74 billion) of EHL’s existing loans through debts assignment. The lenders will be paid US$200 million (RM816 million) cash and EHL shares by YEPL.

The EHL shares to be held by YEPL arises from the conditional debt conversion agreement, which allows YEPL to capitalise the debts into EHL shares at S$0.055 per share and also the conditional option agreement.

The latter allows YEPL to subscribe for up to 3.36 billion EHL shares at the exercise price of SG$0.0605 per share at any time during a period of five years commencing from the date of the issuance of options.

Upon completion of the debts conversion, YEPL will hold a minimum 70% stake in EHL’s enlarged share capital.

The debts assignment, debts conversion and subscription option are subject to, amongst others, finalisation of the debts assignment with the lenders, and a whole host of regulatory approvals.

YEPL intends to retain the listing status of EHL.

“Liftboats are preferable for maintaining oil production which provides synergistic value to our principal activities of leasing/chartering and management of vessels for the oil and gas industry,” Yinson group CEO Lim Chern Yuan (pix) said.

“Amongst others, the liftboats are also the preferred option for installation and maintenance of offshore windfarms. This acquisition exercise is also in line with Yinson’s ambition to venture into the renewable energy sector. Fundamentally, EHL’s liftboat business has been profitable,” he added.

Moving forward, Yinson is optimistic about the turnaround of EHL’s business after the restructuring of bonds and debts.

Pound falls after UK parliament rejects Brexit plan

LONDON, March 29 — The pound fell today after Britain’s parliament again rejected a proposed deal to withdraw from the European Union. Sterling had been mostly stronger against both the dollar and the euro in the runup to the vote, but then fell…

Cradle of Venezuela oil industry a scene of desolation

MENE GRANDE, March 22 — Greasy slicks continue to darken the ground in Mene Grande, a modest town where Venezuela's oil boom was born more than a century ago. But now the days of crude glory are gone, replaced by desolation. The asphalt on the…