Energean Power FPSO hull sails away from China

Energean Oil & Gas’ Enegean Power FPSO hull sailed away from the COSCO yard in China today and will now be towed to the Sembcorp Marine Admiralty Yard in Singapore, where the topsides will be integrated, before the completed FPSO is towed to the Karish field in Israel for installation and hook-up, the company has announced in a statement.

The sailaway of the hull from China represents the achievement of a key milestone in the Karish project timetable, the statement noted.

During the construction of the hull in China, more than 5 million man hours free of LTI’s have been completed. Including the construction of the topsides in Singapore and other relevant works, more than 10 million man hours free of LTI’s have been completed so far in the construction of the Energean Power FPSO.

Energean has also successfully completed the drilling of the three development wells in the Karish Main field and is confident that the three development wells can produce at combined rates of 800 mmscf/d, which is sufficient to fill the capacity of the FPSO (8 BCM per year), the company statement added.

On another important development, the Karish gas sales pipeline (30 & 24 inch) was shipped from Greece last week and offloaded successfully at Limassol Port, Cyprus.

The pipeline will be loaded from the Limassol port on PSVs and from them on the Karish Field pipe-laying vessel Solitaire.

The gas sales pipeline of approximately 90 km will transport gas from the Enegean Power FPSO to an onshore valve station at the Dor landfall in Israel.

First gas on the Karish project is on track for H1 2021.

Update on the Edison E&P acquisition

Also, Energean and Edison have entered into a formal amendment to the Sale and Pusrchase Agreement on 2 April 2020, in which:

  • the Algerian Assets shall be excluded from the scope of the acquisition of Edison E&P;
  • in recognition of the exclusion of the Algerian Assets, there will be an adjustment to the total consideration of the acquisition of approximately $150 million (as at the lock-box date of 1st January 2019).

Energean is working to complete the acquisition of Edison E&P as soon as is possible in 2020, subject to the approval of its shareholders and the other relevant governments, the company statement noted. Thereafter, completion of Energean’s agreement for the sale of Edison E&P’s UK and Norwegian subsidiaries to Neptune for a consideration of $250 Million plus contingent consideration of up to $30 million (as previously announced), will be completed as soon as is reasonably practicable, it added.

 

 

JinkoSolar signs deal with COSCO for Piraeus port as distribution hub

JinkoSolar, one of the largest and most innovative solar module manufacturers in the world, has signed an agreement with COSCO (China Ocean Shipping Company) to use the Greek Port of Piraeus as a distribution hub for the shipment of its renewable energy products in Europe, and in particular for Greece, the Balkans and the EMEA region, the company has announced in a statement.

COSCO holds a controlling 51 percent stake in the Piraeus Port Authority, operator of the port.

“The Port of Piraeus is the ideal distribution hub to strategically expand JinkoSolar’s logistics and distribution network in Europe,” said Frank Niendorf, General Manager of JinkoSolar Europe. “This partnership with COSCO will enable us to work very closely with our clients in the region by providing an optimized logistics solution that will not only be reliable, timely but most of all, cost-efficient.”

Xudong Su, Managing Director of COSCO SHIPPING Lines (Greece) commented, “Today’s agreement is an important milestone for COSCO. This partnership reflects the trust JinkoSolar has in our experienced team and operations to provide the highest quality E2E Supply Chain Solutions through the distribution hub in the Port of Piraeus. This is a historic collaboration for both companies as we jointly work to generate long-term sustainable growth.”