Seventh Chemical Tanker Joins Ocean Yields Fleet

first_imgzoom Norwegian ship-owner Ocean Yield ASA has taken delivery of Navig8 Tourmaline, a 49,000 dwt IMO II chemical tanker, from South Korean shipbuilder STX. After being delivered from the shipyard, the vessel commenced a 15-year “hell and high water” bareboat charter to Navig8 Chemical Tankers, entering the Chronos8 Pool.The Navig8 Tourmaline is the seventh vessel delivered in a series of eight chemical tankers that will be chartered to Navig8 Chemical Tankers.In 2015, Ocean Yield ASA entered the tanker market buying eight newbuilding chemical tanker resales for a total consideration of USD 306.8 million.The first four vessels, all of them being the 37,000 dwt IMO II chemical tankers built by Korean Hyundai Mipo Dockyard (HMD), were delivered in Q2 and Q3 2015.The remaining four vessels, being 49,000 dwt IMO II chemical tankers built by STX Korea, were scheduled for delivery in Q1-Q3 2016. The first two tankers, Navig8 Turquoise and Navig8 Topaz, joined the company’s fleet in April and July 2016, respectively.last_img read more

More staff artificial flooding among plans to save Wood Buffalo National Park

first_imgOTTAWA — The federal government intends to save the international heritage status of Canada’s largest national park by increasing staffing, better monitoring the tailings from the oil sands, and artificially recreating spring flooding to rejuvenate the park’s waterways.Today’s plan comes nearly two years after the United Nations Education, Scientific and Cultural Organization warned Wood Buffalo National Park was at risk of being declared in danger as a world-heritage site because it wasn’t being properly managed.That warning was the result of complaints made to the United Nations by the Mikisew Cree First Nation, which believes climate change, hydro dams and the oil sands are having catastrophic effects on the park’s ecosystem.Mikisew spokeswoman Melody Lepine says the biggest question mark over the park’s future is whether the government will put the resources in to save it.Last year’s federal budget included a $1.3-billion, five-year investment in national parks, and in July, $27.5 million of that was earmarked for Wood Buffalo.Wood Buffalo National Park covers 45,000 square kilometres of forests, wetlands and grasslands that straddles the border of Alberta and the Northwest Territories and is home to the largest free roaming wood-bison herd, the last breeding ground for whooping cranes and one of the largest inland river deltas in the world.The Canadian Presslast_img read more

Imperial Oil CEO says proposed Syncrude partner deals must make sense for

first_imgCALGARY – Negotiations on commercial deals to improve reliability at the problem-plagued Syncrude oilsands mine and upgrader need to “make sense for all parties,” the CEO of its second-largest owner said on a conference call Friday.Rich Kruger of Imperial Oil Ltd., which owns 25 per cent of the four-decades-old project in northern Alberta, said his company is co-operating in discussions to find ways to improve Syncrude performance, especially after a power outage in June shut down the 350,000-barrel-per-day project.On Thursday, Steve Williams, CEO of majority owner Suncor Energy Inc., said other partners in Syncrude don’t have a “sense of urgency or support” to negotiate a commercial deal, noting there’s a proposal to build pipelines to connect Syncrude with the nearby Suncor Base Plant to allow greater integration of production operations.Imperial is “focused like a laser” on changes to the corporate structure at Syncrude to make it more efficient, Kruger said on the call to discuss second-quarter results, without referring specifically to Williams’ remarks.He said Imperial and its American parent company, ExxonMobil, have 120 people seconded to Syncrude under their management services contract and there is already co-operation with Suncor on regional logistics and warehousing.“Now we’re looking at … are there commercial arrangements that can be constructed that can help on both sides of the fence and I think, like all commercial arrangements, they need to make sense for all parties in the deal,” he said.“And we are working on a belief there are commercial enhancements that can be achieved here at Syncrude. If it can enhance value at Syncrude, we are 100 per cent behind it.”The Syncrude upgrader has been partially repaired since the June incident but isn’t expected to return to full operation until September.The Syncrude consortium also includes subsidiaries of Chinese companies Sinopec and CNOOC. Suncor’s share in Syncrude has grown from about 12 per cent to the current 58.74 per cent over the past three years through the purchase of Canadian Oil Sands Ltd. and minor stakes owned by Mitsubishi Corp. and Murphy Oil.Imperial reported a profit of $196 million or 24 cents per share in the three months ended June 30, beating the year-earlier loss of $77 million or nine cents, but falling short of analysts estimates of $495 million or 53 cents per share according to Thomson Reuters Eikon.Total revenue was $9.5 billion, up about $2.5 billion from a year earlier, and ahead of estimates of $8.8 billion.The results were rated “negative” by analyst Nick Lupick of AltaCorp Capital due to a material miss on cash flow linked to the higher-than-expected impact of planned maintenance.Imperial is poised to improve its performance in the second half of the year after completing its major maintenance programs, notably at its Edmonton-area Strathcona Refinery, and the disappointing performance of Syncrude in the quarter, Kruger said.The Calgary-based company will update its plans for its proposed two-phase, 150,000-barrel-per-day Aspen project, which will use solvent and steam to produce bitumen from wells, at its investor day in October or November, Kruger said.He repeated criticism of the length of time it has taken the Alberta Energy Regulator to produce a decision for the $2.5-billion-per-phase project, noting an application was first submitted in 2013 and the regulator ruled its environmental impact assessment was complete in 2016.AER spokeswoman Cassie Naas said the review period was prolonged due to changes to the application and First Nation consultation adequacy requirements, adding a hearing is expected to be called by commissioners who are reviewing application materials and statements of concern.Several different applications have been submitted at different times since December 2013 with the most recent, for Public Lands Act approvals, submitted in May 2017, she said.Follow @HealingSlowly on Twitter.Companies in this story: (TSX:IMO, TSX:SU)last_img read more

Community Christmas Light Tour – presented by Burger King and Moose FM

first_imgFORT ST. JOHN, B.C. – Burger King, Energetic Services and Moose FM present a Community Christmas Light Tour December 17 and 18, 2018.Book your seating starting at 10 a.m. December 5 online at www.energetictickets.ca or in person at Systems Sound Source on 100 ST. The bus will tour around the community and look at all the decorated homes.The tour will leave at 7 p.m. each night from Burger King and the Gateway Plaza.  When you book your seat, the ticket includes dinner at Burger King.Use your ticket that will be emailed to you this week and redeem it for dinner.You’ll get to choose from the following options:A Whopper ComboOriginal Chicken ComboOr a Kids MealTickets are $15 for adults, $10 for youth (three to 12) and children under three are free, but must sit on a parents lap due to available space on the bus.  A family four-pack (two adult tickets and two youth tickets) of tickets will be available for only $45. Seating is limited to the first 50 people a night who book their tickets.last_img read more

Alberta premier fed up with federal government for inaction on oil and

first_imgThe current federal government has at least accomplished one thing, she said.“There was decades of factors that were at play which led to the instability that jeopardized that project. We did get the federal government to buy the pipeline. That’s not nothing. There is a vested interest they have now in getting this darn thing built.” “Albertans still need the federal government to step up and support the industry while we are trying to get through this ridiculousness of having not enough capacity to get our oil and gas to market,” Notley said.“We’ve talked about that. We’ve talked about rail. We’ve talked about other interim programs that could come into place, and we’re disappointed we’ve not heard anything from the federal government yet.”Notley announced late last year that her government will buy rail cars to transport an additional 120,000 barrels a day, which would increase the amount of oil being moved by rail in Canada by one- third.Discussions about a purchase agreement are ongoing, she said.She was asked whether the current Liberal government should receive another mandate from voters in a federal election expected later this year.“The facts of the matter is that the previous government, which happened to be from a different political party, also didn’t get it done,” she said. “Quite honestly, the considerations that have led to the ridiculousness that Albertans are so frustrated with right now … has been in the making for decades.”The federal government bought Trans Mountain and its expansion project for $4.5 billion last summer only to have the Federal Court of Appeal strike down the energy board’s approval. The court said there had been inadequate Indigenous consultation and failure to consider impacts on the marine environment.The board’s final report needs to be submitted to the federal cabinet by Feb. 22.Notley said partisanship should have nothing to do with support for the resource sector, which is an economic engine for the rest of Canada.center_img CALGARY, A.B. – Premier Rachel Notley expressed frustration again Monday about a lack of progress in completing the Trans Mountain pipeline.Notley’s comments came after a federal cabinet shuffle that left Natural Resources Minister Amarjeet Sohi in his portfolio.She said that’s probably a good thing as removing Sohi before the outcome of a court-ordered Indigenous consultation by the National Engery Board would be likely to cause even further delay.last_img read more