Natural Gas Daily: August 31st, 2020

Gazprom's Net Income Halves in Q2

Net profits at Russia's national gas supplier Gazprom nearly halved in the second quarter to rubles 153.5bn ($2.1bn) from 319.1bn a year earlier, it reported, as coronavirus (Covid-19) lockdowns in Europe took their toll.

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• This was largely due to the impact of Covid-19 lockdowns, but other factors included high levels of gas in storage at the start of the year, a mild winter and rising competition from cheap LNG.

• Gazprom suffered a $1.64bn loss in the first quarter.

Saudi Aramco Finds Two New Oil, Gas Fields: Press

State-run Saudi Aramco has discovered two new oil and gas fields in the northern region of the country, state-owned Saudi Press Agency (SPA) reported on August 30 quoting Saudi Arabian energy minister Abdul Aziz bin Salman.

• Saudi Aramco announced plans on July 14 to reorganise its downstream business to support its global growth strategy, a process it expects to complete by the end of the year.

• The company closed its $69.1bn purchase of a 70% stake in the country's petrochemicals giant Sabic from sovereign wealth fund PIF, it announced on June 17.

German Uniper Invites Binding Bids for LNG Terminal

Uniper is inviting binding bids for capacity at its planned 9.78bn m³/yr floating LNG terminal in the German port of Wilhelmshaven, the German utility said. The process will start on September 14. The non-binding phase of the open season process began in May 2019 and already found great interest among market players, it said.

• Uniper said the project would make an important contribution to the further diversification of German gas supplies and also to the security of supply and long-term competitiveness of gas supplies in Germany and Europe.

China's Sinopec Books Loss in H1

Chinese state-run Sinopec has reported a loss of yuan 22.88bn ($3.33bn) in the six months to June 30 (H1) due to lower oil and gas prices and demand, it said in a statement. The company booked a net profit of yuan 31.34bn in the year ago period.

• Petrochina, the listed arm of Chinese state-run CNPC, on August 27 announced a net loss of yuan 29.98bn ($4.36bn) during the six months to June 30 (H1).

• China’s LNG imports during the first seven months of the year were 36.22mn metric tons, up 9.3% yr/yr, customs department data published August 23 showed.

Oz AGL Energy Acquires Click Energy

Australian energy and gas retailer AGL Energy has agreed to acquire 100% of the shares of Click Energy Group Holdings, a wholly owned subsidiary of ASX-listed Amaysim Australia, for A$115mn (US$85mn), AGL said.

• AGL CEO, Brett Redman, said the proposed acquisition, which follows the recent acquisitions of Perth Energy and Southern Phone, aligns with the company’s growth strategy and leverages the investment made in customer service platforms.

Dutch LNG Filling Station Operator Makes Belgian Foray

Dutch LNG filling station operator Rolande has opened its first fuelling site in Belgium, in partnership with local firm G&V Energy Group, it said.

• In July Rolande also opened its first LNG filling station in Germany.