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Trump Says He’ll Speak With Putin Tuesday on Ukraine Truce Push

Energy News Beat

President Donald Trump said he’ll speak with Russian President Vladimir Putin on Tuesday as the US presses for an end to fighting in Ukraine and European nations rush to bolster their support for Kyiv.

“We are doing pretty well I think with Russia,” Trump told reporters aboard Air Force One on Sunday. “We’ll see if we have something to announce maybe by Tuesday,” he said, adding that there is “a very good chance” for a deal.

The Trump administration has pushed for a ceasefire between Russia and Ukraine amid a flurry of renewed engagement between Washington and Moscow, three years after Russia’s full-scale invasion. Yet that effort has sparked angst among European leaders who worry Trump may concede too much on Ukraine’s behalf in a direct exchange with Putin and leave Kyiv without any longer-term security guarantees.

Asked what concessions he’d seek from Putin, who has repeatedly brushed aside calls for a quick halt to the fighting, Trump said much of the discussion will be about territory.

“A lot of land is a lot different than it was before the war, as you know,” he told reporters. “We’ll be talking about land, we’ll be talking about power plants — that’s, you know, that’s a big question.”

“We’re already talking about that, dividing up certain assets,” he added.

Putin has deflected efforts to stop the fighting as his troops, backed by North Korean soldiers, make incremental battlefield gains, including pushing Ukrainian forces back from parts of Russia’s Kursk region they’d seized in an surprise offensive last year. US envoy Steven Witkoff met with Putin last week but failed to secure a deal to pause the conflict.

Putin has said he’s seeking a more durable agreement, while insisting on a raft of conditions that would be difficult for Kyiv to accept. Russia has previously demanded that Ukraine become a neutral nation, significantly reduce the size of its armed forces and cede territory, starting with the land Russia has already seized in the war.

The European Union’s top foreign policy official, Kaja Kallas, said the conditions that Moscow has presented show that “they don’t really want peace.”

“Because they are presenting as conditions all their ultimate goals that they want to achieve from the war,” she told reporters before a meeting of EU foreign ministers in Brussels on Monday. “We really need to see that the ball is in Russia’s court.”

Maximum Pressure

Finnish Foreign Minister Elina Valtonen said concessions need to be made by Russia, because “otherwise you will be compromising international law and the UN Charter, which would have global implications.”

“To be loud and clear, I think the genuine effort by President Trump to really achieve peace here should not be misused by Putin to further weaken Ukraine,” she told reporters on Monday.

A bloc of European nations agreed on Saturday to keep tightening restrictions on Russia’s economy, though it wasn’t clear how they would go forward with that more than three years after a slew of US and European sanctions over the war went into effect.

“It’s really important at this point that we put maximum pressure on Russia,” UK Prime Minister Keir Starmer said Saturday following a call with about two dozen other leaders, including the heads of Australia, Canada, New Zealand and several European nations.

European officials also thrashed out plans for a peacekeeping force of more than 10,000 troops for Ukraine, the Sunday Times reported, citing senior government sources. The bulk would likely come from the UK and France, according to the newspaper, which also said that about 35 countries have agreed to supply weapons, logistical and intelligence support to the mission.

But European leaders want to see any force on the ground in Ukraine backed up by US security guarantees in the form of air power, intelligence and border surveillance. It’s far from clear whether Trump would be willing to do that. While he’s said he could ramp up economic and political pressure on Russia if Putin doesn’t come to the table, he’s been generally far more critical of Ukraine and President Volodymyr Zelenskiy.

Source: Boomberg

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Teekay Tankers reveals LR2 play

Energy News Beat

Americas Tankers

Teekay Tankers is renewing its LR2 tonnage through deals that will see one of the ageing vessels replaced by a 12 years younger unit.

The New York-listed firm has agreed to offload the 2007-built Galway Spirit to an unnamed buyer for delivery in the first quarter of 2025.

No price was revealed for the Hyundai Heavy-built unit, but the company has also confirmed the previously reported sale of the 2009-built suezmax Tianlong Spirit, with both ships bringing in a total of $59m.

The suezmax sale relates to the four-ship package at $35m each with George Procopiou’s Dynacom Tankers, flagged by S&P sources earlier this year, with the company so far confirming three deals without naming the buyer.

Meanwhile, a filing to the US Securities and Exchange Commission divulged an acquisition of an unnamed 2019-built aframax/LR2 for $63m.

Some brokers have identified the vessel as the Daehan-built 115,643 dwt Prostar, which had previously sailed for Teekey as part of its chartered-in fleet.

Teekay, which last month completed the sale of another ageing LR2, said it expects delivery of its latest purchase during the second quarter of this year.

The Kenneth Hvid-led company currently owns 23 suezmaxes, including those agreed for sale, and 15 aframax/LR2 tankers. The company also has five chartered-in ships, four of which aframax/LR2, and a 50% stake in the VLCC Hong Kong Spirit joint venture.

“Approximately 60% of our fleet is currently aged 15 years and older, and we may continue the process of fleet renewal in the coming years,” the company said.

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Teekay Tankers reveals LR2 play

Croatia completes new LNG pipeline

Energy News Beat

Croatian natural gas transmission system operator, Plinacro, announced the completion of the 58 km long pipeline in a statement on Friday.

According to Plinacro, the pipeline worth about 140 million euros ($153 million) will improve Croatia’s gas supply security and increase gas transit to Hungary and Slovenia.

The firm also announced the start of the construction of the Lučko-Zabok pipeline, which is expected to be completed in 15 months. This pipeline is worth about 78 million euros and will further boost gas transit capacity to Slovenia.

These projects are part of the supporting infrastructure for the expansion of the Krk LNG terminal.

LNG Croatia is owned by Croatian state-owned power utility HEP and Plinacro with 85 percent and 15 percent, respectively.

Hungary’s MFGK and a unit of Switzerland-based trading firm MET are some of the users of the facility.

Due to high demand, the Croatian government decided in 2022 to boost the capacity of the FSRU-based Krk LNG terminal.

In 2023, a unit of Finland’s Wartsila won a contract to supply one regasification module for the FSRU.

Under the contract, Wartsila Gas Solutions is building the regas module with a maximum capacity of 250,000 m3/h. The firm awarded the module contract to China’s CIMC SOE.

The current three LNG regasification units have a maximum regasification rate of 451,840 m3/h.

Following the upgrade, the Krk LNG facility will have a capacity of about 6.1 bcm per year in 2025.

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Excelerate, PetroVietnam Gas to collaborate on US LNG supplies

Energy News Beat

According to a statement by Excelerate on Friday, the two firms have signed a memorandum of understanding to collaborate on securing a “reliable and stable” supply of LNG sourced from the US as early as 2026.

Under the agreement, the two parties will also evaluate PV Gas’ LNG supply requirements and define a joint strategic framework through which Excelerate and PV Gas can execute LNG sourcing, Excelerate said.

“We are pleased to partner with PV Gas on this significant opportunity,” said Oliver Simpson, executive VP and CCO of Excelerate.

“This collaboration underscores our commitment to helping Vietnam meet its growing energy needs while also providing a downstream market for US LNG supply,” he said.

In September last year, Excelerate and PetroVietnam Technical Services Corporation (PTSC), a unit of PetroVietnam, signed a strategic partnership agreement to jointly study FSRU-based technical solutions for LNG imports into Vietnam.

Prior to that, Excelerate signed a term sheet with ITECO, a Vietnamese-based private development company, to co-develop a greenfield LNG import terminal in Hai Phong, Vietnam.

Excelerate operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located worldwide.

In addition to these 10 FSRUs, Excelerate also ordered one 174,000-cbm FSRU at South Korea’s HD Hyundai Heavy Industries in 2022.

Excelerate’s LNG supply strategy complements its core regasification business.

The company is establishing a diversified supply portfolio to support its LNG sale and purchase agreements.

Excelerate previously signed two long-term LNG SPAs with QatarEnergy and Venture Global LNG.

Under the SPA with QatarEnergy, Excelerate will buy up to one mtpa of LNG to be delivered to FSRUs in Bangladesh for 15 years starting in January 2026.

Moreover, under the 20-year SPA with Venture Global, Excelerate will buy 0.7 million tonnes per annum of LNG on a free on board (FOB) basis from the Plaquemines LNG facility in Plaquemines Parish, Louisiana.

PV Gas said in a separate statement that, besides Excelrate, it has also signed a memorandum of understanding with ConocoPhillips on LNG supply.

According to PV Gas, LNG import deals from the US will help the company to contribute to the implementation of Vietnam’s LNG import plan, expected to reach 9 million tons/year by 2030, increasing to 15 million tons/year by 2035, with an estimated total value of $7.2 billion per year.

These memorandums come days after PV Gas revealed it plans to deploy an FSRU in Vietnam next year, adding to its Thi Vai LNG import terminal.

According to PV Gas, this FSRU will have a storage capacity of 135,000 – 174,000 cbm of LNG and a regasification capacity of up to 14 million Sm3/day, bringing the total regasification capacity of the entire system to about 22 million Sm3/day.

This is a strategic step, ensuring a stable and flexible LNG supply for the national power generation system during peak periods, PV Gas said.

The firm also noted that it is accelerating the upgrade of the Thi Vai LNG terminal in phase 2, with a plan to increase capacity from 1 mtpa to 3 mtpa by 2029.

PV Gas said this will not only help increase gas supply capacity for power plants but also contribute to stabilizing electricity prices.

The post Excelerate, PetroVietnam Gas to collaborate on US LNG supplies appeared first on Energy News Beat.

Excelerate, PetroVietnam Gas to collaborate on US LNG supplies

Australian LNG export revenue down in February

Energy News Beat

The consultancy estimates Australian LNG export revenue reached A$4.94 billion ($3.13 billion) last month.

EnergyQuest said this was lower than A$5.70 billion in January 2025. This reflects a 19 percent decrease compared to February 2024, when revenue was A$6.09 billion.

Western Australia projects earned export revenue of A$2.75 billion. Queensland projects brought in A$1.59 billion, and Northern Territory projects earned A$0.60 billion.

According to the consultancy, February 2025 shipments were 79.1 Mtpa on an annualized basis,

This compares to 82 Mt during 2024, 81.1 Mtpa for the 2023 calendar year, and 80.3 Mtpa for January 2025.

Also, February 2025 shipments represented 91.8 percent of nameplate capacity.

The consultancy noted that the LNG supply outlook has changed significantly in the last two years.

Back in 2023, the IEA’s annual World Energy Outlook forecast there would soon be a “glut” of LNG supply. The agency said this glut would start in 2025 and run to 2030.

The IEA estimated the new capacity would be equivalent to 45 percent of existing global supply. Most of the increase would be seen from 2025-2027. Consequently, the increase in supply would see prices drop by almost 80 percent from 2022.

EnergyQuest said the IEA now expects global LNG supply to grow by less than 2 percent in 2025. This compares to an average growth rate of 8 percent between 2016 and 2020. Also, global gas demand reached an all-time high in 2024 and is expected to expand further in 2025.

Industry forecasts paint a similar picture over the longer term, pointing to ongoing demand growth. They indicate the need for increases in supply beyond 2030, the consultancy said.

Woodside, for example, expects LNG demand to exceed supply from the 2030s. An additional 90 Mtpa of supply will be required by 2034.

Shell’s latest LNG outlook says global demand for LNG will increase 60 percent above current levels by 2040. This increase will be driven by economic growth in Asia, the impact of artificial intelligence, and the need to cut emissions in heavy industry and transportation.

Shell expects demand will rise by between 223-311 Mtpa by 2040. Meanwhile, supply is expected to rise by 170 Mtpa by 2030, meaning more supply will be needed in the 2030s.

The latest forecasts, therefore, suggest that any supply glut may be small and transitory. This is because demand for LNG continues to grow and new supply is needed, the consultancy said.

“There is, of course, uncertainty in each of these outlooks. But for the time being the world’s appetite for natural gas shows no signs of abating. Additionally, the addition of new net global supply is facing challenges and delays (something that is not unheard of in the gas industry),” the consultancy added.

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Lithuanian FSRU in 500th STS LNG transfer

Energy News Beat

Lithuania’s KN Energies said the 170,000-cbm FSRU Independence had completed its 500th ship-to-ship LNG transfer in Klaipeda since the start of operations in 2014.

KN Energies said in a statement on Monday that the 500th LNG cargo arrived at the Klaipėda LNG terminal from the US. Since 2017, the FSRU has received a total of 78 US LNG cargoes.

Moreover, out of the 500 transfer operations, more than 100 were delivered to the Lithuanian natural gas supplier Ignitis.

“Symbolically, Ignitis was the client for both the first LNG cargo, which arrived in October 2014, and the 500th cargo, delivered to Klaipėda on March 15,” KN Energies said.

This year, 24 LNG transfer operations have been carried out in Klaipeda, with a total of 83 in 2024, according to KN Energies.

Since the terminal’s launch in October 2014, about 205 terawatt-hours (TWh) of LNG have been transferred.

The majority originated from Norway (52 percent) and the United States (37 percent), but the Klaipeda FSRU-based facility has also received LNG from Nigeria, Trinidad and Tobago, Egypt, Algeria, and others.

In addition, the terminal serves clients from five countries – Lithuania, Poland, Latvia, Norway, and Estonia.

The Klaipeda LNG terminal, consisting of the FSRU Independence, a jetty, and a connecting gas pipeline, was the first terminal of its kind in the Baltic region and across Northern Europe, and the second in Europe overall.

Last December, KN Energies assumed ownership of the FSRU Independence from Hoegh Evi, and the unit was registered under the Lithuanian flag.

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Woodside, China Resources Gas seal long-term LNG supply deal

Energy News Beat

Woodside said on Monday the SPA provides for the supply of about 0.6 million tonnes of LNG per year over 15 years on a delivered basis.

The deliveries to China will start in 2027.

Woodside executive VP & CCO Mark Abbotsford said this is Woodside’s fourth agreement for long-term LNG sales into Asia signed since the start of 2024.

Last year, Woodside signed LNG supply deals with Japan’s Jera, South Korea’s Kogas, and Taiwan’s CPC.

“We are very pleased to have launched our relationship with China Resources, the country’s leading gas utility,” Abbotsford said.

He said this marks the first time Woodside on a standalone basis has signed a long-term sale agreement with a customer in China, Asia’s largest consuming market for LNG.

In addition, it is the first time China Resources has signed an agreement to procure LNG over a period of 15 years.

“The agreement again demonstrates the depth and length of demand for LNG in Asian markets as nations in the region seek to guarantee energy supplies,” Abbotsford said.

China Resources Gas chairman Yang Ping welcomed the signing of the company’s first-long term SPA with Woodside.

“The signing of this SPA will also open up the potential for future cooperation between the two companies globally,” Ping said.

China is the world’s largest importer of LNG.

The country received 76.65 million tonnes of LNG in 2024, a rise of 7.7 percent year-on-year.

This compares to 71.32 million tonnes in 2023, which marked a rise of 12.6 percent year-on-year.

LNG imports in 2024 were lower than 78.93 million tonnes in 2021, which marked a new record high due to rising demand from the power generation and industrial sectors.

The post Woodside, China Resources Gas seal long-term LNG supply deal appeared first on Energy News Beat.

Hanwha Ocean, Evergreen ink $1.6 billion deal for six LNG-powered containerships

Energy News Beat

Hanwha Ocean announced the signing of the deal for six 24,000 teu LNG dual-fuel containerships in a statement on Monday.

The firm did not provide the price tag in the statement, but said in a separate stock exchange announcement that it will build six containerships worth about 2.32 trillion won, or $1.6 billion, for an Asian shipping firm.

Hanwha Ocean will deliver the ships by March 2028.

According to Hanwha Ocean, the vessels will be 400 meters long and 61.5 meters wide.

Also, the vessels will feature LNG dual-fuel engines, along with various eco-friendly technologies from Hanwha Ocean, including the shaft generator motor system and air lubrication system.

This is the first time Hanwha Ocean has received an order from Evergreen.

LNG Prime was the first to report in January, citing sources, that Evergreen was looking to order 11 LNG-powered containerships at Hanwha Ocean and GSI.

Evergreen confirmed the order last month saying that its unit had ordered 11 LNG dual-fuel containerships with a capacity of 24,000 teu from Hanwha Ocean and GSI.

This is the first order for LNG dual-fuel vessels for Evergreen, which has mainly focused on ordering methanol-powered ships during the last few years.

Orders for LNG-powered vessels jumped 103 percent to 264 ships last year, driven by the container and car carrier newbuild boom over the last three years, according to classification society DNV.

In 2024, 69 percent of all containership orders were for ships capable of being powered by alternative fuels, driven by cargo owners responding to consumer demands for more sustainable practices and liner companies preparing to replace older tonnage, DNV said.

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Oskar Wehr seals newbuild quartet in China

Energy News Beat

Germany’s Oskar Wehr is expanding its fleet with four general cargo newbuilds in China.

Newbuilding sources report the Hamburg-based outfit has contracted 5,900 dwt units at Jiangsu Dajin Heavy Industry.

No price has been divulged for the order.

The yard, which has several German owners on its newbuilding project list, is expected to deliver Oskar Wehr’s quartet from the second quarter of 2026 through to the second quarter of 2027.

According to shipbuilding databases, the owner and manager, founded in 1945 and now run by the third family generation, last ordered newbuilds in late 2007.

After exiting the containership market in 2020, Oskar Wehr has focused mainly on the dry bulk segment in the supramax and handysize classes.

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Canada identifies five offshore wind areas in Nova Scotia

Energy News Beat

Canada has identified five suitable areas for the development of offshore wind farms in Nova Scotia.

A regional assessment initially recommended eight potential wind energy areas, but that was cut down to five. Four of the five areas are south of Nova Scotia’s eastern shore – French Bank, Middle Bank, Sable Island Bank, and Emerald Bank.

The fifth area, known as Sydney Bight, is northeast of Cape Breton. In all, these offshore areas cover more than 19,500 square kilometres. Canada will be looking to produce 5GW of electric offshore wind energy from the areas by 2030.

A 25-kilometre buffer zone has been recommended from the Nova Scotia coastline and around Sable Island, a national park reserve.

The government of Nova Scotia said that it will now seek input from citizens before official designations are granted. This process will end on April 14. After the areas receive official designation, expected later this year, the Canada-Nova Scotia Offshore Energy Regulator will manage a competitive licensing process.

“The location and size of future call for bids areas within wind energy areas will be determined during the subsequent steps in the land tenure process,” the Nova Scotia government said.

According to the government, Canada, with the world’s longest coastline, is well-positioned to enter the $1trn global offshore wind market with Nova Scotia being particularly promising with strong winds and favourable underwater conditions.

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Current and prospective investors, please call our Pecos Country Operating offices at (817) 581-3877.

Pecos Country Operating, LLC is a privately owned oil and gas exploration and production company headquartered in Fort Worth. We own and operate wells across the South Central United States with our predominant means of production coming out of West and North Texas.

Maximum Pressure

Current and prospective investors, please call our Pecos Country Operating offices at (817) 581-3877.

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