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NOVATEK and TOTAL sign sale agreement for arctic LNG 2 stake

PAO NOVATEK (“NOVATEK” and/or the “Company”) and TOTAL S.A. signed a Sales and Purchase Agreement (“Agreement”) in relation to the sale of a 10% participation interest in the Arctic LNG 2 project (the “Project”)

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NOVATEK and TOTAL sign sale agreement for arctic LNG 2 stake
NOVATEK and TOTAL sign sale agreement for arctic LNG 2 stake. Image: Flickr/ Ken Hodge

PAO NOVATEK (“NOVATEK” and/or the “Company”) and TOTAL S.A. signed a Sales and Purchase Agreement (“Agreement”) in relation to the sale of a 10% participation interest in the Arctic LNG 2 project (the “Project”), within the binding agreement, signed at the 22nd Saint Petersburg International Economic Forum in May 2018. The transaction will be closed by the end of first quarter 2019.

The Arctic LNG 2 project has made significant development progress since May 2018.  Front-end engineering and design (“FEED”) work has been completed in October confirming the preliminary cost estimates between $20 billion and $21 billion.

Moreover, additional exploration drilling confirmed significant reserve growth at the Project’s Utrenneye field, and accordingly, the Russian state reserves commission subsequently increased the field’s natural gas reserves to approximately two trillion cubic meters under the Russian reserves classification.

Total consideration includes a payment for the 10% participation interest as well as financing for the Project through the capital of Arctic LNG 2.

“We have worked closely with TOTAL for many years and have built a good working relationship based on mutual trust and respect. We are pleased to further develop our successful cooperation with them on our new Arctic LNG 2 project.“ noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.

“The Project’s vast conventional reserve base, advanced engineering and design work, and innovative LNG design combined with our experience in implementing large-scale LNG projects in the Arctic region is part of our strategy for creating sustainable shareholders value.”

Note:

The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field.

As of 31 December 2018, the Utrenneye field’s 2P reserves under PRMS totaled 1,138 billion cubic meters of natural gas and 57 million tons of liquids. Under the Russian classification reserves totaled 1,978 billion cubic meters of natural gas and 105 million tons of liquids. OOO Arctic LNG 2 owns an LNG export license.

PAO NOVATEK is one of the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project.

Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production.

NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.

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Freight Forwarding

BDP International enters US customs brokerage portfolio

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BDP International enters US customs brokerage portfolio. Image: Pixabay
BDP International enters US customs brokerage portfolio. Image: Pixabay
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BDP International, a leading privately owned global logistics and transportation solutions company has announced the acquisition of DJS International, a Dallas-based customs brokerage and freight forwarding company.

DJS provides customized logistics solutions to a diverse group of more than 800 long-tenured customers across all modes of transportation. As a proven leader in international trade, transportation and customs brokerage services, DJS will readily complement BDP’s diverse portfolio of logistics and global trade management solutions, with trade compliance and inbound logistics as key focus areas.

“The similarities between our two companies are astounding; both built from humble beginnings, family-owned and operated, strong customer relationships, and both expanding in prominence as major global players in the industry,” noted BDP Chairman & CEO, Rich Bolte. “Trade compliance continues to be filled with new complexities and challenges; it’s a major focus area for our customers and therefore it was a natural fit to extend our reach in this area of expertise. We’ve always had a significant presence in the US Gulf region but with DJS we can provide a wider array of specialized and customized solutions for our customers in this new normal world.”

DJS will operate as a subsidiary of BDP, guaranteeing access to BDP’s entire global network and portfolio of services. BDP and its partners will reap the benefits of DJS’s proven position as a leader in trade management. With this new partnership, BDP International and DJS customers can expect a unique service experience backed by a combined century of industry know-how, expertise, and experience.

“Our team at DJS is a family, and we pride ourselves on the notion of delivering service excellence to our customers – we adapt and fit to their ever-changing needs in this complex world,” noted David Meyer, DJS president and chief operating officer. “We wanted to partner with a company who had similar corporate values rooted in delivering service excellence and look forward to working with our 5000 new BDP family members while leveraging BDP’s technology, visibility, and global presence to continue helping our customers streamline and simplify their supply chains.”

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Parcel

NZ Post plans to invest close to $170 million on infrastructure – starting with a new Wellington ‘super’ depot for parcels

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NZ Post plans to invest close to $170 million on infrastructure - starting with a new Wellington ‘super’ depot for parcels. Image: Flickr/ 70_musclecar_RT+6
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The investment programme begins with construction of a new ‘super depot’ for parcels, in Grenada, Wellington. The programme also includes a new processing centre in Wiri, Auckland, due to open in 2023, and an upgrade to the Southern Operations Centre in Christchurch in 2022.

The Wellington super depot is due to open in 2022. NZ Post plans to invest around $18 million in the latest global technology that will sort and scan parcels at a much faster rate than what we have now.

“We know that customers really want complete visibility of where their parcel is at all times of its journey – and this technology will improve our ability to do this,” says NZ Post Chief Executive, David Walsh. “We’re making this multi million dollar investment to support New Zealand businesses – both growing new businesses as well as major ecommerce giants.

“NZ Post is forecasting significant growth in the amount New Zealanders will buy online in the next decade – this was before the explosion in online shopping during the COVID-19 period. Last year online shopping in New Zealand grew 13% with almost 50% of adult New Zealanders now shopping online, and we are expecting this growth to continue. We’re pleased to be able to invest confidently in our future, to meet the growth in online shopping.

“The depot will have a 10440 square metre processing floor – about the size of a rugby field – with plenty of room for processing New Zealanders’ parcels.

“We are proud to be contributing to the Wellington regional economy over the next two years, with the projects main contractors, Aspec Construction Wellington LTD, expecting to employ around 350 people through 60 sub-contractors on this project,” says Ash Pama, the property owners’ representative.

During the COVID lockdown period, NZ Post received over 3.5 million parcels in the first two weeks of Alert Level 3. It had been planning for this quantity of parcels in 2023.

Supporting our commitment to be carbon neutral from 2030, the Wellington super depot will incorporate a range of environmentally sustainable design features and has also been designed to accommodate a large solar power installation once battery technology makes this a viable option for our operation.

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Port of Long Beach sees cargo increase

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Port of Long Beach sees cargo increase. Port of Long Beach
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Cargo shipments rose at the Port of Long Beach in May as the economic effects of COVID-19 started to subside.

Dockworkers and terminal operators moved 628,205 twenty-foot equivalent units of container cargo last month, a 9.5% increase from May 2019. Imports grew 7.6% to 312,590 TEUs, while exports climbed 11.6% to 134,556 TEUs. Empty containers headed back overseas jumped 11.4% to 181,060 TEUs.

The Port has moved 2,830,855 TEUs during the first five months of 2020, 5.9% down from the same period in 2019.

“Our strong numbers reflect the efforts of our Business Recovery Task Force, which is setting the path for efficient cargo movement and growth,” said Mario Cordero, Executive Director of the Port of Long Beach. “Our focus on operational excellence and world-class customer service will continue as we prioritize our industry-leading infrastructure development projects.”

“We aren’t out of the woods, but this is the gradual growth we have anticipated as the United States starts to rebound from the devastating economic impacts of COVID-19 and the trade war with China,” said Long Beach Harbor Commission President Bonnie Lowenthal.

As part of its recovery efforts, the Port of Long Beach has activated an internal Business Recovery Task Force that works with customers, industry partners, labor and government agencies to ensure terminal and supply chain operations continue without disruption, along with expediting shipments of crucial personal protective equipment.

May marked the first month in 2020 that cargo shipments rose at the nation’s second-busiest port, and followed seven consecutive months of declines attributed to the U.S.-China trade dispute and the COVID-19 epidemic.

Manufacturing in China continues to rebound from the effects of COVID-19, while demand for furniture, digital products and home improvement goods is increasing in the United States.

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