Day: May 26, 2020

Oil and gas companies, as well as the retail industry, are the worst hit sectors in the COVID-19 pandemic that swept through businesses in Texas, bankruptcy and restructuring lawyers say. According to data provided exclusively to The Texas Lawbook by Androvett Legal Media research, more than 545 companies of all sectors in Texas filed for Chapter 11 protection from creditors between January 1 and May 5, 2020. This is a surge of 133 percent compared to the same period of 2019, Mark Curriden at The Texas Lawbook writes in Houston…

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The oil market has had a month of significant recovery. Since the historic cuts by Saudi Arabia and Russia took hold, and the US shale industry began to contract, crude prices have jumped around 70 percent and seem to have established a “floor” at $30 a barrel and a trading range of around $35. That is nowhere near enough for oil-producing states that count on energy revenue to fund their budgets, but it is a move in the right direction after the carnage of “Black Monday.” It shows that the…

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The Belgrade waste-to-energy project in Vinča, which will provide the 1.7 million inhabitants of the Serbian capital with a modern waste management system, has reached financial close. As all the conditions of the financing agreement have now been fulfilled, lenders are starting loan disbursements to support the timely implementation of the project. The new facility will replace Europe’s largest unmanaged landfill, located just 15 kilometres from the centre of Belgrade and holding more than 10 million tonnes of waste after more than four decades of operation. The site will be…

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SINGAPORE/SHANGHAI (Reuters) – Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them. Despite a more than doubling of storage capacity over the past six weeks to 57 million barrels, with tanks sourced from state and private refiners, nearly all existing storage is set to be filled by end-June, two industry sources with knowledge of deliveries said. The flood of purchases has come from companies little-known to the oil industry…

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Qatar is forging ahead with the expansion of the world’s largest liquefied natural gasproject and eyeing investment opportunities overseas despite a slump in global energydemand and the collapse of oil prices.Saad al-Kaabi, the country’s energy minister and chief executive of Qatar Petroleum,said commercial bids for the project in the North Field, the planet’s biggest naturalgasfield, would be delayed because of the Covid-19 pandemic but insisted that allcontracts would be awarded by the end of the year.“The North Field expansion project is moving full steam ahead, no delay there. Theonly issue…

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