• 2015 August 13 09:54

    Accounts Chamber of Russia finds some costs over-run under Yamal-LNG project

    The Accounts Chamber of the Russian Federation has found out that actual operating costs of the customer-developer’s office under Yamal LNG project make 10% of the capital investments instead of 2% set by the business-plan, press center of the Accounts Chamber says.

    The Board of the Accounts Chamber chaired by Tatyana Golikova considered the interim results of the control activity “Audit of the use of NWF resources allocated for financing of the infrastructure project on construction of facilities for production and preparation of gas, LNG plant and a terminal for shipments of LNG and gas condensate from the South-Tambeyskoye field on the Yamal peninsula”. The Audit was initiated by the State Dum of the Russian Federation. The results were announced by auditor Valeriy Bogomolov.

    According to him, the self-recouping infrastructure project is being implemented by JSC Yamal LNG currently owned by NOVATEK (60%), TOTAL (20%) and CNPC (20%).

    Valeriy Bogomolov says the construction of the facilities under the project is supposed to be completed in 2019 while the operation is to commence in 2017. “This project will let Russia boost up LNG production and ensure the development of the Northern Sea Route. It will also contribute to the development of port and transport infrastructure in the region,” the auditor said.

    According to Valeriy Bogomolov, the costs under the infrastructure project in 2005 - 2015 totaled RUB 446.7 bln (35% of planned costs) including RUB 75 bln from NWF (12% of total financing), RUB 371.7 bln – resources of the project shareholders (no borrowed funds were raised). He says total investments into the project through 2018 are estimated at RUB 1.27 trillion including RUB 1.02 trillion of capital investments.

    The auditor emphasizes that state resources are used by the company exclusively for purposes specified by the project charter. He also says that all design documentation required under the self-recouping infrastructure project was developed and obtained the state expert approval.

    The audit also found out that actual operating costs of the customer-developer’s office under Yamal LNG project make 10% of the capital investments instead of 2% set by the business-plan.

    The Board of the Accounts Chamber will submit the information on basic results and the report on the control activity to the Chambers of the Federal Assembly of the Russian Federation.

    Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 mln t of liquefied natural gas and 1.2 mln t of stable gas condensate based on the feedstock resources of the South-Tambeyskoye field. The Project also requires the construction of transport infrastructure including a seaport and an international airport located at Sabetta (north-east of the Yamal Peninsula).

    Under the RF Government Directive dated November 5, 2013 (No 2044-r) “On approval of the list of self-recouping investment projects, whose financial assets receive those of the National Wealth Fund and/or pension savings being managed by a state trust company, on a payback basis” Yamal LNG Project is to be provided with up to RUB 150 bln from NWF.

2020 February 27

18:05 European yards specify Thordon System as standard for deck machinery
17:48 IMO's GloFouling Partnership project tackles problem of invasive aquatic species in Sri Lanka
17:29 Tallink Grupp reports nearly 25% higher net profit for the full financial year 2019
17:05 AquaTerra acquires Subsea Engineering and Technical Services
16:51 Zelenodolsk Shipyard named after A.M. Gorky laid down passenger ship Chaika LNG
16:35 Vale clarifies incident with contracted vessel
16:04 NYK Cruises to cancel cruises due to coronavirus
15:30 Average physical depreciation of Rosmorport’s berthing facilities is 24%
15:07 National Association of Shipping Agencies addresses FAS over plans on multiple increase of port dues in Russia
14:56 Arbitration award related to purchase options for four VLCCs on charter to Okeanis ECO Tankers
14:43 ASCO strengthened preventive measures against coronavirus
14:19 ASCO takes necessary precautionary measures to prevent environmental damage
13:55 Rotterdam to host ACI’s 24th Ballast Water Management Conference on 7-8 April 2020
13:53 Ørsted signs 20-year lease with Port of Taichung for Greater Changhua offshore wind farms
13:34 Vysotsk VTS obtains Certificate of Conformity
13:12 Xeneta container rates alert: long-term contracted rates hold despite Coronavirus chaos
12:56 Certificate of Conformity obtained for Ust-Luga VTS
12:33 Finnlines published its 2019 Financial Statements and Financial Review
12:10 A.P. Moller - Maersk links new $5.0bn revolving credit facility to its CO2 performance
11:52 Port of Gdynia seeks opportunities for further development
11:28 Rosmorport’s Murmansk Branch performed pilotage of Capesize vessel
11:04 Rosmorport to complete dredging under NOVATEK’s project in Petropavlovsk-Kamchatsky by April 2021
10:41 3rd Technical Conference "Modern Solutions for Hydraulic Engineering" kicks off in Moscow
10:35 Ships of RF Navy’s Baltic Fleet continue performing planned training as part of its long-distance campaign
10:16 Port of Oakland debt ratings affirmed by Fitch
10:13 Brent Crude futures price is down 1.52% to $51.99, Light Sweet Crude – fell to 1.54% to $47.98
09:56 Hydrographic Department to dredge about 20 million cbm of material on Sabetta’s seaway canal in 2020
09:34 Marine Recruiting Agency LLC trained 1,957 specialists in 2019, up 2.6% YoY
09:32 MABUX: Bunker market this morning, Feb 27
09:15 Baltic Dry Index is up to 517 points

2020 February 26

18:37 Royal IHC to supply integrated power cablelay spread
18:01 Chartwell Marine announces sponsorship agreement with Alan Roberts Racing in the lead up to the 2020 racing season
17:29 Keppel delivers world’s fastest brownfield FPSO modification project
17:26 Busan Port Authority and Samsung SDS signed a contract to operate a logistics center in Rotterdam, Netherlands
17:00 Smart Maritime Council announces support for shipboard machinery data standard
16:23 Damen DOP ensures new approach to dredging – expert opinion
16:00 FSUE Rosmorport to dredge 18.4 million cbm of material in 2020
15:36 Yamal LNG reaches thirty million tons milestone
15:12 MHI-MME receives retractable fin stabilizer orders for two luxury expedition vessels being built by Helsinki Shipyard
14:55 Contract signed for extension of Świnoujście LNG Terminal
14:34 Rosmorrechflot to have 20 dredgers built at Lotos shipyard by 2030
14:12 Kongsberg Maritime wins 300 MNOK contract to equip four new cruise vessels
13:55 EU NAVFOR Somalia supports Djiboutian Coast Guard
13:33 Belarusian-Latvian cooperation in multimodal cargo transportation via Latvian ports discussed in Riga
13:10 Global Offshore announces new addition to its cable installation fleet
12:51 Rosmorport announces tender for dredging on access canal of Temryuk port
12:28 PortNews Media Group and Shipbuilding Cluster of Arkhangelsk Region sign agreement on cooperation
12:10 Contship Italia confirms operational continuity at Group's maritime and intermodal terminals amidst SARS-CoV-2 outbreak
12:07 Milaha reports a 6% increase in net profit for full year 2019
11:29 BIMCO, ICS, INTERCARGO and INTERTANKO launch survey to identify fuel oil issues
11:01 Seaspan agrees to purchase a fleet of four containerships
10:48 Viesturs Zeps elected Chairman of Freeport of Riga Board, Pavels Rebenoks elected Deputy Chairman
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10:17 MABUX: Bunker market this morning, Feb 26
10:06 GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of two new LNG Carriers
09:59 First dredger with ultra-low emissions has arrived in Belgium
09:54 Novorossiysk Commercial Sea Port to invest RUB 108.4 billion in development till 2029
09:35 Brent Crude futures price is up 0.65% to $54.61, Light Sweet Crude – up 0.8% to $50.3
09:17 Baltic Dry Index is up to 508 points

2020 February 25

18:06 Maritime world players gather in Antwerp for World Ports Conference 2020