Page 17 - GLNG Week 08 2022

GLNG NEWS IN BRIEF GLNG

currently under contract to ADNOC LNG, a LNG for power generation.” 0.97mn GDRs, spending a total of $49mn.
subsidiary of ADNOC. Upon the conclusion The supply, operations and maintenance After the buyback launched by Russia’s
of its contract with ADNOC LNG, the Ish will of the FSU will be undertaken by ADNOC largest bank Sber (Sberbank), more Russian
be deployed to AG&P as a floating storage L&S while the conversion of the LNG Carrier equity names could buy their own shares
facility, extending the vessel’s life by at least (LNGC) to FSU will be completed by AG&P on the low market, similarly to the 2020
11 years and up to 15 years, and bolstering subsidiary, GAS Entec. PHLNG will be the buyback wave. The trend is likely to continue
ADNOC L&S’ recently established FSU 5th FSU-based LNG import terminal in the as Russian equity enters a second sell-off wave
revenue stream, while providing PHLNG’s world, after those in India, Malta, Malaysia, amid the spike of military tensions in Eastern
customers with resiliency of supply. and Bahrain. The integrated PHLNG offshore/ Ukraine.
Capt. Abdulkareem Al Masabi, CEO of onshore import terminal will have an initial “In general, we view the buyback as
ADNOC L&S said: “This agreement builds capacity of 5mn tonnes per annum (mtpa). supportive for the company’s share price, and
on our existing partnership with AG&P ADNOC, February 23, 2022 we could see an increase in purchases in the
and demonstrates our continued focus current environment. The company’s GDRs
on maximising value from our assets. By are trading at $174/GDR, which is close to the
providing AG&P with another flexible storage EUROPE level seen in late February 2021 during the
solution for their new LNG terminal, we pandemic trough,” Sova Capital commented,
are able to extend the operational life of this Russia’s Novatek gas major while maintaining a Buy call on Novatek’s
vessel, unlocking incremental value and new shares.
opportunities for growth. Furthermore, as buys back more shares EBITDA of Novatek, Russia’s largest
the provider of world-class shipping, offshore liquefied natural gas (LNG) exporter, soared
logistics and onshore services, we are growing Russian gas major Novatek reported buying in 2021 by 90%, landing at RUB748bn
our global footprint, delivering cutting-edge back 0.88mn shares and global depository ($9.9bn), the company reported on February
technology and services to our partners. Our receipts (GDRs) from February 14 to 18, for a 16, attributing the result to soaring oil and gas
project with AG&P in the Philippines will total $18mn at an average price of $206.5 per prices.
contribute to the economic growth of the GDR. Since the approval of its new buyback
country by leveraging the potential of clean in December 2021, Novatek has purchased

Week 08 25•February•2022 www. NEWSBASE .com P17