International Trade

2014 Midterm Elections: Implications For U.S. LNG Exports

By Michael O'Neil, Sandra Safro, James Sartucci, David Wochner | K&L Gates LLP

As Default Deadline Nears, Congress Continues Debate Debt Ceiling Plan

Federal elections held nationwide on November 4 ushered in Republican control of the U.S. Senate and expanded the Republican majority in the U.S. House of Representatives. The Republicans now hold majorities in both houses of Congress, but because their majorities will not overcome a veto by President Barack Obama, a Democrat, Republicans will not wield unlimited legislative power. Although Congress is likely to remain deadlocked on major issues, the election may signal significant shifts in priorities for liquefied natural gas (LNG) export policies in the 114th Congress.

 /  Published November 24, 2014 at 4:00 PM

The Transparency Initiative: Are You Ready?

By Ana Becker-Weinberg, Ben James | Bracewell & Giuliani LLP

British Gas Controversially Increases Its Energy Prices

Introduction
The UK is set to become the first EU member state to transpose the most recent EU directives on accounting and transparency rules in an effort to satisfy growing demands for a European-wide strategy to fight corruption in relation to substantial payments that oil and gas companies are often required to make to government entities by way of signing bonuses, taxes or royalties.

The UK has kick-started with Directive 2013/34/EU (the “EU Accounting Directive”) which, among other things, provides in its Chapter 10 for new reporting obligations for certain types of companies. By doing so, UK registered companies operating in extractive industries such as oil, gas and mining will be required to disclose certain payments made to governments in the various countries they operate in, on a country-by-country or project-by-project basis. The draft UK regulations, referred to as “The Reports on Payments to Governments Regulations 2014”, have not yet been passed by Parliament, however are proposed to come into force on 1 December 2014, more than 7 months ahead of the deadline imposed by the EU Accounting Directive.

 /  Published November 3, 2014 at 4:00 PM

Mexico’s Guidelines for Clean Energy Certificates Will Support Renewable Energy Development

By Michael Hindus, John B. McNeece III, Eric Save | Pillsbury Winthrop Shaw Pittman LLP

American Fuel Up On Cheaper Gas Over The Border Of Mexico

As part of a historic restructuring of its electrical power sector, Mexico will create a market for tradable Clean Energy Certificates, which many industry participants will be required to obtain. Draft guidelines proposed by the Mexican Ministry of Energy set forth the criteria for granting these clean energy certificates, a framework for buying and selling them, and a procedure for establishing the obligations of market participants to obtain the certificates. Final guidelines will be issued shortly.

 /  Published October 29, 2014 at 4:00 PM

Structuring Energy and Natural Resource Investments into Sub Saharan Africa

By Joz Coetzer, Mukund Dhar, Professor Hiroshi Oda, Christopher Utting | White & Case LLP

Bill Clinton Visits Clinton Foundation Projects In Africa

An improving investment climate –

Perceptions of Africa as an investment destination are changing rapidly and parts of Africa are increasingly considered very attractive for foreign direct investment. Compare this to similar findings as recently as three or four years ago, and it becomes clear that there has been a remarkable change in Africa’s image in a short period of time.

The statistics suggest that these changing perceptions are justified. Africa’s share of global foreign direct investment stands at 5.7% – an all-time high, of which, notably, 80% is directed towards sub-Saharan Africa1. In addition, there has been a marked increase in intra-African investment. While the majority of this inward investment has been focused on the traditional extractive industries, it is worth noting that there is also a long-term trend towards increasing investments in consumer facing industries, such as financial services. Kenya, for example, is harnessing such investment to establish itself as a regional commercial financial hub…

 /  Published October 17, 2014 at 4:00 PM

Sarulla Geothermal Power Project To Serve As Blueprint For Future Projects

By Clarinda Tjia-Dharmadi | Latham & Watkins LLP

A man walks outside a newly launched 670

The 330-MW Sarulla geothermal power project stands to be the largest geothermal power project in Indonesia to date. A Latham & Watkins team led by partners Joseph Bevash, Clarinda Tjia-Dharmadi and Andrew Roche advised the lenders on the $US1.17 billion financing of the project. In this Q&A interview Tjia-Dharmadi discusses the significance of the deal, the unique financing challenges it presented, and the project’s potential to serve as a blueprint for future geothermal projects in Indonesia.

 /  Published October 16, 2014 at 4:00 PM

Indian Supreme Court Cancels Mining Concessions

By Wojciech Sadowski, Ph.D. | K&L Gates LLP

Indian labourers prepare the flooded fie

On 24 September 2014, the Indian Supreme Court cancelled 214 out of the 218 existing coal-mining licenses. The only mining licences which were not cancelled were four coal blocks made to Government controlled undertakings linked to major state power projects, and which did not involve a joint venture with a private company.

The decision follows a report from federal auditors in 2012, which found that India had lost roughly US $33bn due to coalfield rights being sold off cheaply. The audit report was supported by an earlier judgment of the Indian Supreme Court on 25 August 2014 where the Court declared that all 218 coal mining licenses both to private and state companies were assigned illegally by the central government in a process that lacked transparency and was arbitrary and illegal.

 /  Published October 15, 2014 at 4:00 PM

Ratcheting Up The Pressure: Reinforced Ukraine-Related Sanctions On Russia

By Panagiotis Bayz, Betre Gizaw, Felix Helmstädter, Nicholas Spiliotes, Christoph Wagner | Morrison & Foerster LLP

President Obama Delivers State Of The Union Address At U.S. Capitol

On September 12, 2014, the United States (“U.S.”) and European Union (“EU”) both announced expanded sanctions related to Russia and Ukraine. These measures seek to increase pressure on the Russian Government to stop threatening the territorial integrity of Ukraine. In general, the specific sanctions (i) target specific entities and individuals, (ii) limit access to financial markets, and (iii) prohibit certain oil related exports and activities.

 /  Published October 14, 2014 at 4:00 PM

ML Strategies Energy & Environment Update: Week of 10/6/2014

By David Leiter | Mintz Levin - Energy & Clean Technology Matters

Research Shows San Andreas Fault May Be Overdue For Large Earthquake

The fifth annual United States-India Energy Partnership summit took place in Washington last week. The United States and India created the Clean Energy Finance Forum September 30 after Indian Prime Minister Narendra Modi met with President Obama in Washington for the first time since his election in the spring. The forum will bring together public and private sector officials to consider ways to mobilize financing for India’s expanding renewable energy market. The two countries also announced a $1 billion financing deal between the U.S. Export-Import Bank and India’s Renewable Energy Development Agency to help increase U.S. renewable energy exports to India and help India transition to a low-carbon economy. In the last four years, India’s solar market has grown more than a hundredfold to reach more than 2.5 GW of grid-connected installed solar energy. India is the world’s fifth largest wind energy producer, with 20 GW of installed wind capacity.

 /  Published October 10, 2014 at 4:00 PM

Greece Initiates Offshore Oil and Gas Tender Process

By Joanne Mantis | King, Krebs & Jurgens, PLLC

EU, banks' and Greek flags flutter at th

Greece has initiated its tender process for offshore oil and gas (hydrocarbons) exploration as of August 26, 2014. The Greek Ministry of Environment, Energy and Climate Change is seeking bid applications for its offshore oil and gas exploration in 20 block areas in the Ionian Sea and south of Crete. The Greek government is hoping this will aid the Greek economy by encouraging an influx of investment capital.

 /  Published October 9, 2014 at 4:00 PM

Exporting Compressed Natural Gas From The US

By Todd Griset | PretiFlaherty

Schwarzenegger Signs Executive Order Setting Low Carbon Fuel Standard

In a divided opinion, the Federal Energy Regulatory Commission has found that it does not have jurisdiction over facilities proposed by Emera CNG, LLC to compress natural gas for export to the Bahamas by ship.

Natural gas is an important fuel used globally for electric power generation, heating, and industry. Throughout most of the U.S., an abundant supply of natural gas means domestic pricing for gas is lower than overseas. This creates a potentially profitable opportunity to export natural gas from the U.S., if regulatory conditions allow.

 /  Published October 7, 2014 at 4:00 PM
Page 2 of 3123