Tag: Veer

Höegh Gallant Dropped Down

first_imgzoom Norwegian owner and operator of LNG floating terminals Höegh LNG Holdings has agreed to sell the entity that owns the FSRU Höegh Gallant to its spin-off Höegh LNG Partners for a purchase price of USD 370 million.The existing debt related to the Höegh Gallant is approximately USD 183 million and will continue to be outstanding. The purchase price will be settled by the cancellation of a USD 140 million demand note from Höegh LNG Partners to Höegh LNG Holdings, and the issuance of a seller’s credit of USD 47 million, due in 18 months with an interest rate of 8% per annum. The transaction is expected to be completed by the end of September 2015 and is subject to customary closing conditions.Höegh Gallant is operating under a charter with the government-owned Egyptian Natural Gas Holding Company (EGAS) that expires in April 2020.Additionally, Höegh LNG Partners has the right to cause Höegh LNG Holdings to charter the vessel from the expiry of the EGAS charter until July 2025 at a rate equal to 90% of the rate payable pursuant to the current charter.Höegh LNG and Höegh LNG Partners continue to await the consent of the charterer as to the proposed drop down of the FSRU Independence.last_img read more

Jayalalithaa writes to Modi on Lanka fishing issue

Jayalalithaa recalled that she had recently launched a landmark scheme of providing Rs 30 lakh subsidy assistance to 580 fishermen families for building 171 new Deep Sea Fishing Boats, the first of its kind in the country and a sum of Rs 51.3 crore had been sanctioned for the scheme.The Chief Minister also recalled that she had sought an assistance of Rs 1,520 crore as a comprehensive financial package from the Centre for diversification of fishing into India’s EEZ and to relieve pressure on the Palk Bay. “I request you to direct the Ministry of Agriculture to expeditiously consider and approve this proposal,” she added. “Till a comprehensive solution to this vexatious issue is found, I request you to appropriately convey to the Lankan authorities to instruct their Navy to refrain from apprehending our fishermen and impounding their fishing boats,” the Chief Minister said in her letter to the Prime Minister. She also said that there was high expectation in Tamil Nadu that the government headed by him at the Centre would act decisively on this very sensitive issue, which involved the livelihood of lakhs of poor fishermen in the coastal areas of Tamil Nadu. The Chief Minister requested the Prime Minister to direct the Ministry of External Affairs to take up the matter with the Sri Lankan authorities urgently and secure the immediate release of the 16 fishermen and 26 fishing boats in Lanka’s custody, at the earliest. The Chief Minister said, understanding the plight of Tamil Nadu fishermen, her government had been implementing various innovative schemes to build up their capacity to venture deeper into Indian Exclusive Economic Zone for fishing. Bringing to the notice of Indian Prime Minister Narendra Modi yet another incident of arrest of Tamil Nadu fishermen by the Sri Lankan Navy, Tamil Nadu Chief Minister J Jayalalithaa urged him to take immediate steps to release the 16 fishermen and their boats.She also urged the Prime Minister to initiate proactive measures that would bring about a permanent solution to the sensitive issue affecting the livelihood of thousands of fishermen in Tamil Nadu, The New Indian Express reported. read more