UK’s South Hook to get first non-Qatari LNG tanker

High freight rates are weighing on Asian demand, with deliveries of LNG heading to northwest Europe instead. (Shutterstock)
Updated 26 October 2018
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UK’s South Hook to get first non-Qatari LNG tanker

  • Commodities trader Vitol said it would import LNG in the Yari tanker into South Hook on Oct. 31
  • South Hook has been upgraded so it can receive LNG that is not just from Qatar

LONDON: Britain’s South Hook liquefied natural gas (LNG) terminal is scheduled to receive its first tanker of LNG not supplied by Qatar at the end of this month.
Commodities trader Vitol said it would import LNG in the Yari tanker into South Hook on Oct. 31. The tanker is coming from the Sabine Pass LNG terminal in the US.
The South Hook LNG Terminal, located in Milford Haven in west Wales, has received LNG from Qatar since it became operational in 2010, where it is regasified and delivered into the gas grid. It can provide around 20 percent of Britain’s natural gas needs.
Qatar is the leading LNG exporter to Britain but it has also found new demand from countries such as Pakistan, Poland and Turkey.
South Hook has been upgraded so it can receive LNG that is not just from Qatar. The shareholders in the South Hook LNG Terminal Company are Qatar Petroleum, Exxon Mobil Corporation and Total.
South Hook Gas is responsible for managing the terminal’s import capacity.
Elsewhere, Asian spot prices for liquefied natural gas fell to a more than two-month low this week amid increased supply and lower demand especially in Japan, which is expecting a warmer-than-usual winter and the restart of nuclear reactors.
High freight rates are also weighing on Asian demand, with deliveries of LNG heading to northwest Europe instead.
December spot LNG fell to the lowest since Aug. 10.
Illustrating the tepid demand, a fleet of half-a-dozen tankers carrying unsold LNG has been floating in Singapore and Malaysian waters for up to two weeks, traders said this week.
The ships are carrying a total of around 1 million cubic meters of LNG, worth more than $200 million at current spot market prices.
The LNG cargoes were purchased ahead of the northern hemisphere winter season in a strategic move but are now
failing to find buyers, several traders told Reuters.


Saudi Arabia and UAE launch a new joint cryptocurrency

Updated 20 January 2019
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Saudi Arabia and UAE launch a new joint cryptocurrency

  • The cryptocurrency will be limited to banks during its first stages
  • The program will also help the two countries evaluate the monetary policies of a centralized currency

Saudi Arabia and the UAE have launched a joint cryptocurrency during the first meeting of the Saudi-Emirati Coordination council Saturday in Abu Dhabi, UAE’s national press agency WAM said.

The cryptocurrency will be limited to banks during its first stages, until the governments have a better understanding of how Blockchain technology operates cross-borders.

The currency operates on the use of a “distributed database between the central banks and the participating banks from both sides,” aiming to protect customer interests, set technology standards and assess cybersecurity risks. The new program will also help evaluate the impacts of a central currency on monetary policies.

During the meeting, representatives of Saudi Arabia and the UAE also signed the Joint Supply Chained Security Cooperation program, which tests the two countries abilities to provide vital supplies during times of crisis and national emergencies, as well as share expertise and knowledge in the field.

All 16 members of the executive committee of the council followed up on the execution of the initiatives mentioned in the Strategy of Resolve.

Representatives also set five other initiatives to enhance the cooperation between the two countries, such as facilitating the traffic between ports, improving airports to make it easier for people with disabilities to travel, creating a financial awareness program for children aged 7-18, starting a joint platform to support local SMEs, and the integration of civil aviation markets,

The committee was headed by Mohammad bin Abdullah Al-Gergawi, minister of cabinet of affairs and the future of UAE, and Mohammed bin Mazyad Al-Twaijri, minister of economy and planning in Saudi. The committee will also monitor the implementation of the initiatives.