Find out more about subscription packages here . Singapore’s electronics output down in January; Seatrium reports S$1.7 billion net loss for H2 2023; Great Eastern net profit down 13 percent from 2022. Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day’s market movements and news from Singapore and the region. Written and hosted by: Emily Liu ( emilyliu@sph.com.sg )
Recording engineer: Joann Chai Pei Chieh
Produced and edited by: Lee Kim Siang & Claressa Monteiro
Produced by: BT Podcasts, The Business Times, SPH Media
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Market Focus Daily: Monday, February 26, 2024 (Ep 9)

Oil Price NewsShell will halve the crude oil processing capacity of its largest wholly owned refinery in the world, Pulau Bukom in Singapore, as part of its ambition to be a net-zero emissions business by 2050Pulau Bukom hosts the largest Shell refinery globally in terms of crude distillation capacity, 500,000bopd, and it also has an ethylene cracker complex ...
Oil & Gas Daily Flow
 
Great Eastern Energy* (AIM:GEEC), STRONG BUY: H1 2021 results underline financial resilience
Jadestone Energy (AIM:JSE): Teikoku dispute settled
Lekoil* (AIM:LEK): Shell Trading prepayment facility fully repaid
Energy Prices         
WTI Oil US$42.7bbl vs US$40.1bbl yesterday
Natural Gas US$2.97 vs US$2.89/mmbtu yesterday
 
Oil Price News
Shell will halve the crude oil processing capacity of its largest wholly owned refinery in the world, Pulau Bukom in Singapore, as part of its ambition to be a net-zero emissions business by 2050
Pulau Bukom hosts the largest Shell refinery globally in terms of crude distillation capacity, 500,000bopd, and it also has an ethylene cracker complex with a capacity of up to a million tons per year and a butadiene extraction unit of 155,000 tons annually. As Shell is looking to cut carbon dioxide emissions and is transforming its refining business for the new future, it will cut the crude processing capacity at Pulau Bukom by 50%
In that new future, the Pulau Bukom Manufacturing Site will be one of Shell’s six energy and chemicals parks, and will pivot from a crude-oil, fuels-based product slate towards new, low-carbon value chains
The reduced refinery capacity in Singapore will result in fewer jobs at the site and would cut 500 jobs by the end of 2023
Currently, Pulau Bukom employs 1,300 people
Shell is implementing a new downstream strategy to reshape its refining business towards a smaller, smarter refining portfolio focused on further integration with Shell Trading hubs, Chemicals, and Marketing
As part of this strategy, Shell has sold the Martinez Refinery in California to PBF Holding Company for US$1.2bn
Shell is also set to shut down its 211,000bopd refinery in Convent, Louisiana, after failing to find a buyer for the site
 
Gas Price News
Natural gas prices edged higher during trading yesterday ahead of today’s inventory report from the Department of Energy
Expectations are for a 14Bcf build in natural gas stockpiles according to survey provider Estimize
Hurricane ETA is moving back into the Gulf of Mexico, forecast to generate supply disruptions
There is also another storm that is entering the Caribbean which has a 10% chance of forming a tropical cyclone in the next 48-hours according to NOAA
The weather is expected to be warmer than normal in the US and Europe over the next 8-14 days according to NOAA
 
Share Price: 10.5p, Market Cap: £12.5m
Despite the challenging sector and indeed global backdrop, GEEC continues to benefit from a resilient business model that has withstood ongoing volatile market conditions. Today’s H1 2021 results show revenues of US$13.1m (H1 2020: US$19.2m) on a constant currency basis with the YoY drop impacted by the national lockdown in India from 23 March 2020 until the end of June 2020, which has subsequently been gradually relaxed. Whilst this has had an adverse impact on sales in H2 2020 and H1 2021, the Company has taken appropriate measures to minimise the impact by optimising costs and increasing efficiencies, seeing a healthy US$6.9m reported EBITDA (H1 2020: US$11.15m) and a cash profit of US$3m in the period. On this basis, we have updated our financial model, forecasting FY 2021 revenues of US$26.4m on a constant currency basis. Bucking the trend of much of GEEC’s E&P peers, the Company maintains a prudent approach to capital discipline, continuing to pay down its debt position and not taking up the optional debt moratorium allowed by the Reserve Bank of India due to COVID-19. Gross debt fell by US$6.6m in the period to US$68.3m, and net debt fell ahead of SPA estimates to US$58.9m (H1 2020: US$63.0m, SPA est. US$59.1m) resulting in a significant fall in GEEC’s net debt/equity ratio to 0.64 (H1 2020: 0.71). On current market trends and additional revenues weighted to H2 2021, we forecast GEEC will end its financial year with a net debt position of c.US$55m. The Company’s liquidity position remains robust given a stable pricing model and an unchanged receivable position relative to revenues which we expect to continue. Management has confirmed that all customers continue to largely remain, and GEEC has even renewed some contracts at the same attractive selling price as previously. Operationally, during the first half of the year, GEEC commenced the instillation of an additional 50 pumps which will result in further incremental production increases and cash flows. In addition, construction of the much-anticipated GAIL gas pipeline is reported to complete in February 2021. The pipeline will run adjacent to GEEC’s acreage and will result in increased connectivity to the considerable Kolkata market, enhancing project economics and acting as a springboard for the Company’s aggressive 144-well drilling campaign commencing next year. The transportation tariff of this pipeline has been fixed at US$0.964/mmbtu including 12% for Goods and Services Tax. Once completed, the pipeline will enable connectivity to four fertiliser plants in Gorakhpur, Sindri, Barauni and Panagarh, in addition to 25 others across areas where City Gas Distribution rights have been awarded. The total demand in the region is envisaged at c.700MMscf/d allowing GEEC to significantly ramp up its operations at Raniganj (South) given the exponential demand. Elsewhere, to commence its shale exploration programme, the Company is currently in the process of obtaining final approvals. Subject to the results obtained and analysed from the core wells, the Company intends to drill an optimum number of pilot production wells to delineate the acreage. GEEC’s shale gas resources can be explored and developed cost-effectively in tandem with its successful ongoing CBM development program through the sharing of surface and other infrastructure facilities. Underlining the transformational value held within GEEC’s shale acreage, even on a conservative 2U base, ARI attributed 883Bcf of recoverable shale gas at Raniganj (South), which we value at an NPV10 of US$1.7bn net to GEEC (i.e. 1,118p/share). On a macro level, the outlook for the Indian gas market remains extremely compelling in our view, highlighted by India’s LNG imports for September 2020 increasing 5% on September 2019 alone. In addition, the latest available data suggests that the average delivered LNG price is currently $7.49/mmbtu – significantly above US and European pricing models. With regards to the impact of the current pandemic, notwithstanding recent positive vaccine developments, India has seen a significant curtailment in virus cases in the last month which is having a visible impact in the unwinding of restrictions in the country. With the gradual resumption of overall economic activities, operations of the Company effective second quarter started moving towards normalcy. Given that GEEC is in the business of essential services it is therefore important to note that there is not much of a significant impact likely on its operations of the Company, liquidity position, recoverability of assets, etc due to this pandemic and it continues to maintain sufficient liquidity to meet all its obligations. Our take: A positive set of figures released today, and shareholders will be encouraged by the financial resilience exhibited in challenging market conditions in our view. The Company’s strategy of optimising production, as well as pursuing further exploration continues, as is the exploitation of its potentially transformational shale acreage. More recently, the Indian Government has taken positive steps to accelerate growth in the country’s economy, and as a result, demand for hydrocarbons in India continues to grow, recently evidenced from rising LNG import data. Today’s results further highlight the Company’s compelling investment case in our view, outperforming much of its peer group. GEEC’s current valuation therefore remains deeply undemanding and we reiterate our STRONG BUY stance and 252p/share TP. *SP Angel acts as Corporate Advisor to Great Eastern Energy Corporation
 
Share Price: 54p, Market Cap: £254m
In a positive update for Jadestone, Teikoku Oil, subsidiary of Inpex has agreed a full and final settlement with respect to the dispute regarding the notice of termination of the SPA for a 30% working interest in Block 05-1 PSC, offshore Vietnam. The Company delivered the notice of termination to Jadestone on the 18th of February 2018. Jadestone has said it will not experience a significant increase in its cash position as a result of the settlement. In August 2016 Jadestone through a wholly owned affiliate, signed a definitive sales and purchase agreement SPA with Teikoku, as seller, for the acquisition of a 30% working interest in Block 05-1 PSC. The agreement was a total cash consideration of US$14.3m. Following receipt of the notice of termination and prolonged negotiations Jadestone filed a notice of arbitration to the Singapore International Arbitration Centre in July 2020. Blocks 05-1b and 05-1c are located in the Nam Con Son basin 300km south-east of Ho Chi Minh City offshore Vietnam. The blocks cover 1570km2 at a water depth of 120m. Discovered petroleum initially in place at the blocks is estimated to be 75.7MMboe, 343.7Bcf of natural gas and 18.4MMbbl of natural gas liquids. Our take: A welcome cash injection, and more importantly, a distracting episode now behind Jadestone. The Company’s balance sheet strength underpinned by its prudent approach to capital discipline has ensured it successfully navigated a difficult period for the sector. Preserving a healthy dividend this year will also ensure a happy shareholder base and differentiates Jadestone from many of its peers in our view. Share Price: 2.2p, Market Cap: £11.8m
Lekoil has confirmed that the Company has fully repaid the prepayment facility with Shell Trading (LSE: RDSA, RDSB). The prepayment facility, repayable from crude oil liftings from Otakikpo, was fully repaid ahead of its maturity date. Following this repayment, as at 9 November 2020, Lekoil has an outstanding balance of external interest-bearing loans and borrowings of c.US$15.6m, and a total cash balance of US$3.8m, with US$1.3m recognised as restricted cash. Our take: Despite the macro-challenges across the sector this year, Lekoil has successfully navigated the period with steady production and cashflow generation from Otakikpo while implementing a range of significant cost reduction initiatives across its operations ensuring a timely repayment of its facility with Shell Trading. Earlier this year, Lekoil executed definitive agreements for the next phase of the Otakikpo marginal field development. These definitive agreements are made up of service agreements with Schlumberger which cover the comprehensive infrastructure upgrades and field management services in relation to the planned upstream drilling programme. *SP Angel acts as Broker to Lekoil
 
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Great Hill Partners is in exclusive talks with Univision Communications to buy Gizmodo Media Group, a deal that would add a marquee digital brand to the private-equity firm's portfolio. Great Eastern Energy Files for Chapter 11 Bankruptcy
Great Eastern Energy, which provides natural gas and electricity to about 54,000 customers in four northeastern states, sought bankruptcy protection Thursday after defaulting on its debt and plans to put itself up for sale. 0

News Highlights : Top Company News of the Day

January 09, 2018 09:00
ET | Source: Great Eastern Energy
NEW YORK, Jan.  09, 2018  (GLOBE NEWSWIRE) -- Great Eastern Energy (GEE) , a licensed supplier of electricity, natural gas, and energy management solutions in the Northeast, is pleased to announce that they have further expanded their service territory into Connecticut. The new expansion includes the Eversource Energy (formerly known as Connecticut Light and Power, or “CL&P”) and The United Illuminating Company (UI) service areas for electric commodities. Business and residential customers in the Eversource Energy or UI service areas are now able to benefit from GEE’s suite of energy product and electricity service offerings. With today’s announcement, GEE is now available to customers in the entire state of New York, New Jersey, Massachusetts, and Connecticut. Last year, GEE announced expansions into New York’s National Grid , National Fuel , New York State Electric & Gas , Rochester Gas & Electric , and Central Hudson Gas & Electric service areas. “With the New Year upon us, we look forward to new opportunities for profitability and growth. I am pleased to announce that Great Eastern Energy rang in the New Year by entering the Connecticut market to serve the businesses and homeowners throughout the state. This is a landmark accomplishment that could not have taken shape without our dedicated team spearheading the initiative,” said Matthew Lanfear , President and CEO of GEE. “GEE envisions this launch as the first step in establishing a trusted relationship with Connecticut’s businesses and residents as reliable source of their electricity needs.”
GEE’s full-service suite of energy solutions help businesses and property owners thrive by managing their energy costs and increasing their bottom-line with products like the Ener-G Tracker , a web-based energy management tool, and services like their LED Retrofitting program . With over 20 years of experience serving customers of all sizes in New York, New Jersey, and Massachusetts, GEE has proven itself as one of the longest standing and most trusted energy partners in the region. To learn more about GEE and its natural gas, electricity and renewable energy solutions, please visit  www.greateasternenergy.com . About Great Eastern Energy:
Great Eastern Energy (GEE) is a leading supplier of natural gas, electricity and renewable energy in the Northeast. Founded in 1996, we remain one of the longest standing energy service companies in the region. Our full-service energy solutions help businesses thrive by managing their energy usage and costs while increasing their overall bottom-line. Our mission is to provide transparent solutions and build trusting, long-term relationships by empowering our customers with the knowledge necessary to make better energy decisions. We are at the forefront of environmental sustainability and it is our goal to consistently promote positive energy behaviors to reduce consumption and carbon footprints. Follow Great Eastern Energy @GrtEastEnergy on Twitter and on LinkedIn . For more information, please visit our website: www.greateasternenergy.com . Media Contact:

Great Eastern Energy Expands Service Territory into Connecticut

NEW YORK, NY--(Marketwired - Sep 19, 2017) - Great Eastern Energy (GEE) , a licensed supplier of electricity, natural gas, and energy management solutions in the Northeast, is pleased to announce that they have further expanded their service territory in New York to include the Rochester Gas & Electric (RG&E) and Central Hudson Gas & Electric service areas for electricity and natural gas commodities. Business and residential customers in the RG&E and Central Hudson service areas are now able to benefit from GEE's suite of energy product and service offerings. With today's announcement, GEE is now available to customers in the entire state of New York. Earlier this summer GEE announced expansions into the upstate National Grid , National Fuel , and New York State Electric & Gas service areas. "2017 has been a monumental year for Great Eastern Energy, one in which we accomplished great strides due to the effort and dedication of our team," said Matthew Lanfear , President and CEO at GEE. "I'm proud to have a team of such hard working people who are so eager to make the new market entries possible for our company. It exemplifies why Allan Brenner, co-founder of GEE, and I consider the people who work for our company not just a team, but a family who truly exemplify our mission, values, and culture." GEE's full-service suite of energy solutions help businesses and property owners thrive by managing their energy costs and increasing their bottom-line with products like the Ener-G Tracker , a web-based energy management tool, and services like their LED Retrofitting program . With 20 years of experience serving customers of all sizes in New York, New Jersey, and Massachusetts, GEE has proven itself as one of the longest standing and trusted energy partner in the region. To learn more about GEE and its natural gas, electricity and renewable energy solutions, please visit www.greateasternenergy.com/ . About Great Eastern Energy:
Great Eastern Energy (GEE) is a leading supplier of natural gas, electricity and renewable energy in the Northeast. Founded in 1996, we remain one of the longest standing energy service companies in the region. Our full-service energy solutions help businesses thrive by managing their energy usage and costs while increasing their overall bottom-line. Our mission is to provide transparent solutions and build trusting, long-term relationships by empowering our customers with the knowledge necessary to make better energy decisions. We are at the forefront of environmental sustainability and it is our goal to consistently promote positive energy behaviors to reduce consumption and carbon footprints. Follow Great Eastern Energy @GrtEastEnergy on Twitter and on LinkedIn . For more information, please visit our website: www.greateasternenergy.com/

Great Eastern Energy Further Expands Service Territory to Include the Entire State of New York

UM Technologies leverages business, user experience (UX), and software design to create software-enabled solutions which create business value and engaging customer experiences, with the goal of creating meaningful change in the business landscape. UM Tech offers a full suite of professional services and IT solutions that help organizations strategize and grow; uncover the customer's unmet needs, behaviors, and desires; and design strategies and solutions and experiences that satisfy those needs.

UM Technologies

Brooklyn , NY , March 24th , 2015 -- Great Eastern Energy today announced a partnership with UM Technologies , LLC , a provider of utility-based custom software applications , to construct and maintain its first-ever customer dashboard and analytical portal for energy management .

By Great Eastern Energy.
Beta Version of the Great Eastern Energy Energy Management Platform Now Available for Select Customer Testing.
Great Eastern Energy Partners with UM Technologies to Release Its First- Ever Customer-Facing Energy Management Application.

NextEra Energy Services provides services in the energy sector, specializing in electricity and natural gas solutions. The company offers energy supply, optimization, and decarbonization planning. It is based in Naperville, Illinois.

Vanguard Energy Services

Aircel

Dalmia Bharat Refractories

Dalmia Cement

GMR Group

BILT

Line of Credit

Great Eastern Energy (GEE) is a supplier of natural gas, electricity and energy solutions in the Northeast. The company helps businesses and property owners thrive by controlling energy costs and increasing their bottom-line. Its mission is to empower people with the knowledge they need to make better energy decisions.

Date	9/29/2015
Round	Line of Credit
Amount
Investors	Macquarie
Valuation	$XXM
Revenue	0 FY undefined
Sources	1

First funding	9/29/2015
Last Funding	9/29/2015
Investor	Macquarie
Rounds	1 Line of Credit
Board Seats
Type	Diversified Financial Services
Location	Australia

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Great Eastern Energy

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Funding, Valuation & Revenue

Great Eastern Energy Investors