Chart Of The Week : WTI

Teekay LNG Partners Offers Investors An Opportunity

Updated 2016-10-03

Commodity News Center

Updated on 2016-05-03

Are there opportunities for Nigeria to become the agricultural giant of Africa?

Updated on 2016-05-03

What are the avenues for raising finance for agribusiness in Nigeria and overseas?

Updated on 2016-05-03

How can Nigeria benefit from agricultural industrialisation?

Updated on 2016-05-07

Oil futures settle higher, but snap streak of 4 weekly gains in a row

Updated on 2016-05-07

Gold futures soar, book weekly gain after poor jobs report

Updated on 2016-05-07

Oil up on Canada wildfire, dollar; big weekly loss for Brent

Updated on 2016-06-09

Nigeria's pioneer commodities exchange to commence operation

Updated on 2016-06-09

Ongoing supply disruptions in Nigeria causes jump in Crude oil futures

Updated on 2016-06-09

Nigeria to stop importation of six commodities by 2018

Updated on 2016-06-14

Africa’s food suppliers target international exports in the drive for growth and profit

Updated on 2016-09-22

Kaduna government, firm to establish $120m rice processing plant

Updated on 2016-09-22

Bank of China Ltd.’s New York branch will be the first yuan clearing bank in the U.S.

Updated on 2016-10-03

Teekay LNG Partners Offers Investors An Opportunity

Updated on 2016-10-03

Large Oil Company Dividends Might Not Be Sustainable Long Term

Updated on 2016-10-03

Weatherford's SEC Fraud Case

Updated on 2016-10-14

Ukraine: Agricultural Biotechnology Annual

Updated on 2016-10-14

Ukraine: Potential Increase of Ukrainian Agricultural Exports to EU

Updated on 2016-11-02

Prices seen rising for oil and other commodities in 2017

Updated on 2016-11-14

Accepting Applications for 2017 Borlaug Fellowships

Updated on 2016-12-13

Developments in Israel’s food and agriculture sector.

Updated on 2016-12-13

U.S Beef Arrives to the Israeli Market

Updated on 2016-12-13

Japan - Agricultural Biotechnology Annual

Updated on 2016-12-13

Senegal - Cotton and Products Update

Updated on 2016-12-13

Private Exporters Report Sales Activity for China

Updated on 2017-02-23

Indication of Interest – Seeking crude oil suppliers

Updated on 2017-03-05

Nigeria BPE selects advisers for commodity exchange transactions

Updated on 2017-03-29

From Aspiration to Reality : Unpacking the Africa Mining Vision

Updated on 2017-04-04

Tanzania plans to import 400 MW of electricity from Ethiopia

Updated on 2017-04-04

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Updated on 2017-04-07

Analysing the Petroleum Industry Bill

Updated on 2017-04-07

When Will Russia Run Out Of Oil?

Updated on 2017-04-07

Nigeria’s crude oil production decreases to 1.6mpd

Updated on 2017-04-07

Theft: Shell Shut Bonny Light Oil Export Line

Updated on 2017-04-07

Agip to begin work on $13.5b Zabazaba deepwater project

Updated on 2017-04-07

No Plan To Increase Petrol Price – NNPC

Updated on 2017-04-08

Seadrill - What Really Drove The Selloff And What May Happen?

Updated on 2017-04-08

Chesapeake Energy: What You Must Remember

Updated on 2017-04-08

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated on 2017-04-08

Burma - New Pest Risk Analysis Requirements

Updated on 2017-04-08

China: Monthly Agricultural Market News of South China

Updated on 2017-04-08

Japan: Increasing Interest in U.S. Feeder Cattle

Updated on 2017-04-08

Philippines: Oilseeds and Products Annual

Updated on 2017-04-08

Thailand: Cotton and Products Annual

Updated on 2017-04-08

United Kingdom: UK Triggers Two-year Process to Exit EU

Updated on 2017-04-12

Market Updates: #Oil

Updated on 2017-04-12

Market Updates: #LNG

Updated on 2017-04-12

Market Updates: #Agriculture

Updated on 2017-04-12

Market Updates: #DryBulk

Updated on 2017-04-12

Market Updates: #Metals

Updated on 2017-04-15

Bosnia and Herzegovina: Wine Product Brief

Updated on 2017-04-15

Bulgaria: Oilseeds and Products Annual Report

Updated on 2017-04-15

Canada: Canada Top Market for U.S. High-Value Agricultural Exports

Updated on 2017-04-15

Canada: The Wine Market in the Province of Quebec

Updated on 2017-04-15

Estonia: 2017 Annual Oilseeds and Products Report

Updated on 2017-04-15

Russia: WTO Notifications on EAEU Phytosanitary Requirements

Updated on 2017-04-15

Serbia: Grain and Feed Annual

Updated on 2017-04-22

Crude Falls as Rising Rig Count Seen Boosting U.S. Production

Updated on 2017-04-22

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge

Updated on 2017-04-26

NNPC reduces trade deficit by 16%

Updated on 2017-04-26

Pipeline vandalism up by 233%, says NNPC

Updated on 2017-04-26

Oil Retreats as U.S. Production Gain Offsets Stockpile Decline

Updated on 2017-04-26

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project

Updated on 2017-04-26

Nigeria sold $6.7bn less crude in 2016 - Report

Updated on 2017-04-26

FG to sue IOCs over $17bn undeclared crude

Updated on 2017-04-26

FG, two firms sign pact on 120mw solar power

Updated on 2017-04-26

Technology that Will Change Agriculture in 2017

Updated on 2017-05-10

Total Nigeria Q1 2017 Result Review

Updated on 2017-05-10

Marginal fields bid round to commence this month

Updated on 2017-05-10

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm

Updated on 2017-05-10

Nigerian oil sales slow as uncertainty surrounds DSDP

Updated on 2017-05-10

Oil Prices Rise after Hint of Longer Extension to OPEC Cut

Updated on 2017-05-10

Global conventional oil discoveries drop to record low in 2016

Updated on 2017-05-10

Over 40% of electricity diverted, stolen

Updated on 2017-05-10

Fashola: DisCos’ poor remittance nearly collapsed power sector

Updated on 2017-05-10

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018

Updated on 2017-05-10

Libya Adds to OPEC's Burden as Output at Highest Since 2014

Updated on 2017-05-10

Recent Spike in Commodity Prices Confounded Analysts

Updated on 2017-05-10

Boost in domestic fish production

Updated on 2017-05-10

5 Clean Energy Innovations That Could Transform Our World

Updated on 2017-05-11

Mobil Oil Nigeria Q1 2017 Results Review

Updated on 2017-05-11

Agip to build refinery in Nigeria

Updated on 2017-05-11

International Consumer Pays NBET $159m For Power

Updated on 2017-05-11

FG seeks $5.2bn from World Bank for electricity

Updated on 2017-05-11

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years

Updated on 2017-05-11

Eni to build crude oil refinery in Nigeria -oil minister

Updated on 2017-05-11

Shale Drillers Are Outspending the World With $84 Billion Spree

Updated on 2017-05-11

Small-Scale Miners' Huge Boost to Foreign Earnings in Ethiopia

Updated on 2017-05-11

OPEC APR OUTPUT 31.85 MILLION B/D, UNCHANGED FROM MAR: PLATTS SURVEY

Updated on 2017-06-09

Constraint in Nigeria’s $10bn fruit industry

Updated on 2017-06-09

Dangote signs pact on $700m (USD) sugar project

Updated on 2017-06-09

FG: $1.2bn required to fix refineries

Updated on 2017-06-09

NNPC operating secret fuel subsidy — Senate

Updated on 2017-06-09

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol

Updated on 2017-06-09

N4.74tn spent on fuel imports in 2016 – Kachikwu

Updated on 2017-06-09

FG, AfDB open talks on coal-to-power financing

Updated on 2017-06-09

Afam power station’ll generate 340MW by December – FG

Updated on 2017-06-09

Iraq Seeks to Triple Refining Capacity With Slew of Projects

Updated on 2017-06-09

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East

Updated on 2017-06-09

Gold Rally Limited to U.K.

Updated on 2017-06-09

India: Grain and Feed Voluntary

Updated on 2017-07-04

France to invest in Nigeria’s oil, gas sector

Updated on 2017-07-04

Nigeria’s major non-oil exports fall

Updated on 2017-07-04

Maize prices rise 83% on the back of armyworm invasion

Updated on 2017-07-21

FG licenses 10 more modular refineries

Updated on 2017-07-21

NNPC daily gas supply to power plants increases by 64%

Updated on 2017-07-21

Downstream oil sector has $10bn investments deficit

Updated on 2017-07-21

Refineries realise N62 billion from refined products

Updated on 2017-07-21

Nigeria to explore African market for crude oil sale

Updated on 2017-07-21

Electricity: Grid loses 689mw after hitting 4,345mw

Updated on 2017-08-08

Lagos acquires 32 tonnes per hour rice mill from Switzerland

Updated on 2017-08-08

GuarantCo provides Debt Service Reserve Account guarantee (DSRA) guarantee in Mali

Updated on 2018-09-04

Ivory Coast cocoa farmers expect abundant crop despite meager rainfall

Updated on 2018-09-05

Nigeria spends $2bn annually on honey importation

Updated on 2018-09-06

Zimbabwe: Bread Shortage Looms As Flour Millers Halt Operations - Cite Lack of Forex From RBZ

Updated on 2018-09-07

Africa welcomes first ever full-stream oil, gas & energy transformation dais

Updated on 2018-09-07

South Africa: Sugar Tariffs to Provide Relief Against the Surge of Imports

Updated on 2018-09-10

Ghana’s cocoa industry is under threat could this be the solution?

Updated on 2018-09-11

Foreign reserves and oil prices fall in Nigeria

Updated on 2018-09-11

Zimbabwe: Gold Trades Lower

Updated on 2018-09-11

International Institute of Tropical Agriculture (IITA) becomes the first institution to win the Africa Food Prize

Updated on 2018-09-12

South Africa’s manufacturing output for July rises by 2.9 percent!

Updated on 2018-09-12

Global hunger continues to rise, new UN report says

Updated on 2018-09-14

$8.9b lost annually to post-harvest wastage, says NIRSAL

Updated on 2018-09-14

Minister: Foreign investors want banks to invest in mining

Updated on 2018-09-14

Forex earnings from cashew threatened

Updated on 2018-09-14

Nigeria, China sign $2bn MoU on cotton industry

Updated on 2018-09-18

Tanzania: Cassava Promotion Yields Positive Results in China

Updated on 2018-09-19

Why Kenya’s president is planning to cut fuel tax by half

Updated on 2018-09-20

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Updated on 2018-09-20

$7b Train 7: NLNG secures guarantees for gas feedstock supply, off takers

Updated on 2018-09-21

Ethiopia: Coffee, Tea Exports Generate $82m

Updated on 2018-09-21

Nigeria, China commence implementation of low-density Geochemical mapping

Updated on 2018-09-21

Kenya: Why Nairobians Have Gone Crazy About Pineapple Peels

Updated on 2018-09-25

Zimbabwe: More Gold Resources At Blanket Mine

Updated on 2018-09-25

Nigeria: Experts List Challenges Facing Solid Minerals Sector

Updated on 2018-09-25

Zimbabwe: 'Diversify to Increase Mineral Commodities'

Updated on 2018-09-25

Libya Says Its Oil Output at Most Since 2013 Can Go Even Higher

Updated on 2018-09-27

‘SSAOGES 2018 will shape Africa’s energy culture

Updated on 2018-09-27

Despite huge gas reserves, supply troubles hit Nigeria’s LPG industry

Updated on 2018-09-27

NCDMB boss wants increased lawyers participation in oil, gas reforms

Updated on 2018-09-27

Nigeria Spends $44.5m Yearly On Industrial Minerals Importation – FG

Updated on 2018-09-28

Dangote Refinery jetty receives first ship

Updated on 2018-09-28

OAI seeks government commitment to oil sector reforms

Updated on 2018-10-02

OCP, Chinese firm collaborate on new generation of fertilizers, smart agriculture

Updated on 2018-10-03

FAO charges African governments to invest more in agriculture

Updated on 2018-10-03

FG begins move to broaden apiculture sector

Updated on 2018-10-03

18 fertiliser blending plants revived under PFI-FEPSAN

Updated on 2018-10-03

Nigeria records 20 unsold crude cargoes as trade slows

Updated on 2018-10-05

EU denies proposed ban on palm oil importation

Updated on 2018-10-05

SA looks to kickstart its biofuels industry

Updated on 2018-10-09

Nigeria: No Shipping Link - Nigeria Loses 1.4M Tons Coal Export to Ghana

Updated on 2018-10-09

Africa: 3 'Big' Economies Slow Down Growth in Sub-Saharan Africa

Updated on 2018-10-09

2018 Agric Show: Farmers Call For Adequate Security At Show

Updated on 2018-10-09

Dangote canvasses free trade to deepen Africa’s economy

Updated on 2018-10-11

Cement manufacturers target hinterlands to boost market share

Updated on 2018-10-11

Differentials For Nigerian Crude Remain Unchanged

Updated on 2018-10-11

AIICO Insurance unveils new initiative to boost Agriculture, economy

Updated on 2018-10-11

In Nigeria, Plans for the World’s Largest Refinery

Updated on 2018-10-16

Chinese Company to Invest in Agriculture, Power Projects in Nigeria

Updated on 2018-10-16

Kachikwu: Nigeria Currently In Full-Blown Energy Crisis

Updated on 2018-10-16

World Food Day: Obaseki harps on improved support to farmers, assures on food sufficiency measures

Updated on 2018-10-16

World Food Day: FG restates commitment to zero hunger

Updated on 2018-10-17

Barchart Launches cmdtyView to Revolutionize Physical Grain Trading

Updated on 2018-10-17

CBN Disburses N615bn to Farmers

Updated on 2018-10-18

Agric centre exihibits new technologies

Updated on 2018-10-18

Standard Chartered Foresees Increased China-Africa Trade

Updated on 2018-10-18

Zimbabwe: Wheat Supply Remains Critical

Updated on 2018-10-18

Why coffee farmers left production – Institute

Updated on 2018-10-18

Typha grass threatens farming in Jigawa

Updated on 2018-10-18

Kebbi wants EU to reduce subsidy on agric production

Updated on 2018-10-18

Institute says rice, sorghum, cassava will witness poor harvest

Updated on 2018-10-18

Institute says rice, sorghum, cassava will witness poor harvest

Updated on 2018-10-18

Kebbi wants EU to reduce subsidy on agric production

Updated on 2018-10-18

Typha grass threatens farming in Jigawa

Updated on 2018-10-18

Why coffee farmers left production – Institute

Updated on 2018-10-18

Zimbabwe: Wheat Supply Remains Critical

Updated on 2018-10-18

Standard Chartered Foresees Increased China-Africa Trade

Updated on 2018-10-18

Agric centre exihibits new technologies

Updated on 2018-10-17

CBN Disburses N615bn to Farmers

Updated on 2018-10-17

Barchart Launches cmdtyView to Revolutionize Physical Grain Trading

Updated on 2018-10-16

World Food Day: FG restates commitment to zero hunger

Updated on 2018-10-16

World Food Day: Obaseki harps on improved support to farmers, assures on food sufficiency measures

Updated on 2018-10-16

Kachikwu: Nigeria Currently In Full-Blown Energy Crisis

Updated on 2018-10-16

Chinese Company to Invest in Agriculture, Power Projects in Nigeria

Updated on 2018-10-11

In Nigeria, Plans for the World’s Largest Refinery

Updated on 2018-10-11

AIICO Insurance unveils new initiative to boost Agriculture, economy

Updated on 2018-10-11

Differentials For Nigerian Crude Remain Unchanged

Updated on 2018-10-11

Cement manufacturers target hinterlands to boost market share

Updated on 2018-10-09

Dangote canvasses free trade to deepen Africa’s economy

Updated on 2018-10-09

2018 Agric Show: Farmers Call For Adequate Security At Show

Updated on 2018-10-09

Africa: 3 'Big' Economies Slow Down Growth in Sub-Saharan Africa

Updated on 2018-10-09

Nigeria: No Shipping Link - Nigeria Loses 1.4M Tons Coal Export to Ghana

Updated on 2018-10-05

SA looks to kickstart its biofuels industry

Updated on 2018-10-05

EU denies proposed ban on palm oil importation

Updated on 2018-10-03

Nigeria records 20 unsold crude cargoes as trade slows

Updated on 2018-10-03

18 fertiliser blending plants revived under PFI-FEPSAN

Updated on 2018-10-03

FG begins move to broaden apiculture sector

Updated on 2018-10-03

FAO charges African governments to invest more in agriculture

Updated on 2018-10-02

OCP, Chinese firm collaborate on new generation of fertilizers, smart agriculture

Updated on 2018-09-28

OAI seeks government commitment to oil sector reforms

Updated on 2018-09-28

Dangote Refinery jetty receives first ship

Updated on 2018-09-27

Nigeria Spends $44.5m Yearly On Industrial Minerals Importation – FG

Updated on 2018-09-27

NCDMB boss wants increased lawyers participation in oil, gas reforms

Updated on 2018-09-27

Despite huge gas reserves, supply troubles hit Nigeria’s LPG industry

Updated on 2018-09-27

‘SSAOGES 2018 will shape Africa’s energy culture

Updated on 2018-09-25

Libya Says Its Oil Output at Most Since 2013 Can Go Even Higher

Updated on 2018-09-25

Zimbabwe: 'Diversify to Increase Mineral Commodities'

Updated on 2018-09-25

Nigeria: Experts List Challenges Facing Solid Minerals Sector

Updated on 2018-09-25

Zimbabwe: More Gold Resources At Blanket Mine

Updated on 2018-09-21

Kenya: Why Nairobians Have Gone Crazy About Pineapple Peels

Updated on 2018-09-21

Nigeria, China commence implementation of low-density Geochemical mapping

Updated on 2018-09-21

Ethiopia: Coffee, Tea Exports Generate $82m

Updated on 2018-09-20

$7b Train 7: NLNG secures guarantees for gas feedstock supply, off takers

Updated on 2018-09-20

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Updated on 2018-09-19

Why Kenya’s president is planning to cut fuel tax by half

Updated on 2018-09-18

Tanzania: Cassava Promotion Yields Positive Results in China

Updated on 2018-09-14

Nigeria, China sign $2bn MoU on cotton industry

Updated on 2018-09-14

Forex earnings from cashew threatened

Updated on 2018-09-14

Minister: Foreign investors want banks to invest in mining

Updated on 2018-09-14

$8.9b lost annually to post-harvest wastage, says NIRSAL

Updated on 2018-09-12

Global hunger continues to rise, new UN report says

Updated on 2018-09-12

South Africa’s manufacturing output for July rises by 2.9 percent!

Updated on 2018-09-11

International Institute of Tropical Agriculture (IITA) becomes the first institution to win the Africa Food Prize

Updated on 2018-09-11

Zimbabwe: Gold Trades Lower

Updated on 2018-09-11

Foreign reserves and oil prices fall in Nigeria

Updated on 2018-09-10

Ghana’s cocoa industry is under threat could this be the solution?

Updated on 2018-09-07

South Africa: Sugar Tariffs to Provide Relief Against the Surge of Imports

Updated on 2018-09-07

Africa welcomes first ever full-stream oil, gas & energy transformation dais

Updated on 2018-09-06

Zimbabwe: Bread Shortage Looms As Flour Millers Halt Operations - Cite Lack of Forex From RBZ

Updated on 2018-09-05

Nigeria spends $2bn annually on honey importation

Updated on 2018-09-04

Ivory Coast cocoa farmers expect abundant crop despite meager rainfall

Updated on 2017-10-30

PM markets: coffee gains, defying strong dollar, which hurts grains

Updated on 2017-10-30

Weekly grain and oilseeds market view from Europe

Updated on 2017-08-08

GuarantCo provides Debt Service Reserve Account guarantee (DSRA) guarantee in Mali

Updated on 2017-08-08

Lagos acquires 32 tonnes per hour rice mill from Switzerland

Updated on 2017-07-21

Electricity: Grid loses 689mw after hitting 4,345mw

Updated on 2017-07-21

Nigeria to explore African market for crude oil sale

Updated on 2017-07-21

Refineries realise N62 billion from refined products

Updated on 2017-07-21

Downstream oil sector has $10bn investments deficit

Updated on 2017-07-21

NNPC daily gas supply to power plants increases by 64%

Updated on 2017-07-21

FG licenses 10 more modular refineries

Updated on 2017-07-04

Maize prices rise 83% on the back of armyworm invasion

Updated on 2017-07-04

Nigeria’s major non-oil exports fall

Updated on 2017-07-04

France to invest in Nigeria’s oil, gas sector

Updated on 2017-06-09

India: Grain and Feed Voluntary

Updated on 2017-06-09

Gold Rally Limited to U.K.

Updated on 2017-06-09

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East

Updated on 2017-06-09

Iraq Seeks to Triple Refining Capacity With Slew of Projects

Updated on 2017-06-09

Afam power station’ll generate 340MW by December – FG

Updated on 2017-06-09

FG, AfDB open talks on coal-to-power financing

Updated on 2017-06-09

N4.74tn spent on fuel imports in 2016 – Kachikwu

Updated on 2017-06-09

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol

Updated on 2017-06-09

NNPC operating secret fuel subsidy — Senate

Updated on 2017-06-09

FG: $1.2bn required to fix refineries

Updated on 2017-06-09

Dangote signs pact on $700m (USD) sugar project

Updated on 2017-06-09

Constraint in Nigeria’s $10bn fruit industry

Updated on 2017-05-11

OPEC APR OUTPUT 31.85 MILLION B/D, UNCHANGED FROM MAR: PLATTS SURVEY

Updated on 2017-05-11

Small-Scale Miners' Huge Boost to Foreign Earnings in Ethiopia

Updated on 2017-05-11

Shale Drillers Are Outspending the World With $84 Billion Spree

Updated on 2017-05-11

Eni to build crude oil refinery in Nigeria -oil minister

Updated on 2017-05-11

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years

Updated on 2017-05-11

FG seeks $5.2bn from World Bank for electricity

Updated on 2017-05-11

International Consumer Pays NBET $159m For Power

Updated on 2017-05-11

Agip to build refinery in Nigeria

Updated on 2017-05-11

Mobil Oil Nigeria Q1 2017 Results Review

Updated on 2017-05-10

5 Clean Energy Innovations That Could Transform Our World

Updated on 2017-05-10

Boost in domestic fish production

Updated on 2017-05-10

Recent Spike in Commodity Prices Confounded Analysts

Updated on 2017-05-10

Libya Adds to OPEC's Burden as Output at Highest Since 2014

Updated on 2017-05-10

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018

Updated on 2017-05-10

Fashola: DisCos’ poor remittance nearly collapsed power sector

Updated on 2017-05-10

Over 40% of electricity diverted, stolen

Updated on 2017-05-10

Global conventional oil discoveries drop to record low in 2016

Updated on 2017-05-10

Oil Prices Rise after Hint of Longer Extension to OPEC Cut

Updated on 2017-05-10

Nigerian oil sales slow as uncertainty surrounds DSDP

Updated on 2017-05-10

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm

Updated on 2017-05-10

Marginal fields bid round to commence this month

Updated on 2017-05-10

Total Nigeria Q1 2017 Result Review

Updated on 2017-04-26

Technology that Will Change Agriculture in 2017

Updated on 2017-04-26

FG, two firms sign pact on 120mw solar power

Updated on 2017-04-26

FG to sue IOCs over $17bn undeclared crude

Updated on 2017-04-26

Nigeria sold $6.7bn less crude in 2016 - Report

Updated on 2017-04-26

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project

Updated on 2017-04-26

Oil Retreats as U.S. Production Gain Offsets Stockpile Decline

Updated on 2017-04-26

Pipeline vandalism up by 233%, says NNPC

Updated on 2017-04-26

NNPC reduces trade deficit by 16%

Updated on 2017-04-22

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge

Updated on 2017-04-22

Crude Falls as Rising Rig Count Seen Boosting U.S. Production

Updated on 2017-04-15

Serbia: Grain and Feed Annual

Updated on 2017-04-15

Russia: WTO Notifications on EAEU Phytosanitary Requirements

Updated on 2017-04-15

Estonia: 2017 Annual Oilseeds and Products Report

Updated on 2017-04-15

Canada: The Wine Market in the Province of Quebec

Updated on 2017-04-15

Canada: Canada Top Market for U.S. High-Value Agricultural Exports

Updated on 2017-04-15

Bulgaria: Oilseeds and Products Annual Report

Updated on 2017-04-15

Bosnia and Herzegovina: Wine Product Brief

Updated on 2017-04-12

Market Updates: #Metals

Updated on 2017-04-12

Market Updates: #DryBulk

Updated on 2017-04-12

Market Updates: #Agriculture

Updated on 2017-04-12

Market Updates: #LNG

Updated on 2017-04-12

Market Updates: #Oil

Updated on 2017-04-08

United Kingdom: UK Triggers Two-year Process to Exit EU

Updated on 2017-04-08

Thailand: Cotton and Products Annual

Updated on 2017-04-08

Philippines: Oilseeds and Products Annual

Updated on 2017-04-08

Japan: Increasing Interest in U.S. Feeder Cattle

Updated on 2017-04-08

China: Monthly Agricultural Market News of South China

Updated on 2017-04-08

Burma - New Pest Risk Analysis Requirements

Updated on 2017-04-08

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated on 2017-04-08

Chesapeake Energy: What You Must Remember

Updated on 2017-04-08

Seadrill - What Really Drove The Selloff And What May Happen?

Updated on 2017-04-07

No Plan To Increase Petrol Price – NNPC

Updated on 2017-04-07

Agip to begin work on $13.5b Zabazaba deepwater project

Updated on 2017-04-07

Theft: Shell Shut Bonny Light Oil Export Line

Updated on 2017-04-07

Nigeria’s crude oil production decreases to 1.6mpd

Updated on 2017-04-07

When Will Russia Run Out Of Oil?

Updated on 2017-04-07

Analysing the Petroleum Industry Bill

Updated on 2017-04-06

Dangote to intensify local sourcing of sugarcane for refining

Updated on 2017-04-04

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Updated on 2017-04-04

Tanzania plans to import 400 MW of electricity from Ethiopia

Updated on 2017-03-29

From Aspiration to Reality : Unpacking the Africa Mining Vision

Updated on 2017-03-29

I quit my job to farm watermelons

Updated on 2017-03-05

Nigeria BPE selects advisers for commodity exchange transactions

Updated on 2017-02-26

John Deere 310SK backhoe review

Updated on 2017-02-23

Indication of Interest – Seeking crude oil suppliers

Updated on 2016-12-13

Private Exporters Report Sales Activity for China

Updated on 2016-12-13

Senegal - Cotton and Products Update

Updated on 2016-12-13

Japan - Agricultural Biotechnology Annual

Updated on 2016-12-13

U.S Beef Arrives to the Israeli Market

Updated on 2016-12-13

Developments in Israel’s food and agriculture sector.

Updated on 2016-11-14

Accepting Applications for 2017 Borlaug Fellowships

Updated on 2016-11-02

Prices seen rising for oil and other commodities in 2017

Updated on 2016-10-14

Ukraine: Potential Increase of Ukrainian Agricultural Exports to EU

Updated on 2016-10-14

Ukraine: Agricultural Biotechnology Annual

Updated on 2016-10-03

Weatherford's SEC Fraud Case

Updated on 2016-10-03

Large Oil Company Dividends Might Not Be Sustainable Long Term

Updated on 2016-10-03

Teekay LNG Partners Offers Investors An Opportunity

Updated on 2016-09-22

Bank of China Ltd.’s New York branch will be the first yuan clearing bank in the U.S.

Updated on 2016-09-22

Kaduna government, firm to establish $120m rice processing plant

Updated on 2016-06-14

Africa’s food suppliers target international exports in the drive for growth and profit

Updated on 2016-06-09

Nigeria to stop importation of six commodities by 2018

Updated on 2016-06-09

Ongoing supply disruptions in Nigeria causes jump in Crude oil futures

Updated on 2016-06-09

Nigeria's pioneer commodities exchange to commence operation

Updated on 2016-05-07

Oil up on Canada wildfire, dollar; big weekly loss for Brent

Updated on 2016-05-07

Gold futures soar, book weekly gain after poor jobs report

Updated on 2016-05-07

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>> TGP is trading at 4 times distributable cash flow (DCF)

Summary

Teekay LNG Partners operates LNG tankers under long-term leases with strong counterparties.

TGP is trading at roughly 4 times distributable cash flow (DCF). This qualifies it as a "dirt cheap MLP".

The dividend coverage is more than 600% with 5 out of every 6 dollars of DCF are being reinvested rather than paid out as distributions. DCF should grow substantially.

TGP cut its dividend in order to invest cash flow in growth projects but will very likely increase its dividend enormously.

TGP offers investors the chance to double their money, and could see its distributions grow substantially, resulting in a 22% yield based on the current share price.

Teekay LNG Partners L.P. (NYSE:TGP) is a Master Limited Partnership (MLP) which operates LNG tankers. The stock recently closed around $14.00 and pays a dividend of 56 cents per year for a yield of 4.0%. This would not ordinarily put it on the radar screen for investors seeking out high yield equities. But conservatively calculated, TGP is now trading at roughly 4 times current "distributable cash flow" (DCF) which we estimated at $3.26 for 2016, and this qualifies it as a "dirt cheap MLP." Our estimate for DCF is conservative - estimated as twice the DCF for the 6-month period January-June 2016. In fact, DCF should increase in the 2nd half of the year because the latest conference call reveals one new ship was delivered in the 2nd quarter and another new ship was delivered on August 1st and both of these ships are under contract. The latest conference call reveals that the second ship will add $30 million a year to DCF on an annual basis. This should add up to $12.5 million in calendar year 2016. We also have not included the revenue from the ship which was delivered in the second quarter and is also under contract.

So our projected DCF is very conservative and lower than the projected DCF by Wells Fargo in their August 2016 presentation, which stands at $3.47.

 

Ship-to-ship transfer expertise for oil, LNG & LPG products

Low-Yield/High DCF - The MLP model is a bit similar to that of Business Development Companies (or BDCs). These companies generate solid cash flow and pay most of it out in the form of dividends or distributions. For example, coverage (calculated as DCF/Distributions) for many MLPs is close to 100%. When the companies need additional capital, they issue new shares in follow-on offerings. This model was badly disrupted for MLPs in the past two years as MLP share prices got crushed due to the general energy sector crash as well as specific problems for some MLPs. It became impossible to issue new shares without ruinous dilution of existing shareholders. For many MLPs, the solution was to cut capital expenditures (CapEx) drastically and continue paying most DCF out in the form of distributions. TGP had commitments to expand that were unfunded and could not withdraw from these without repercussions. It elected to cut back on distributions and use the available cash flow to fund these commitments. Thus, for TGP, coverage is roughly 600%, meaning that more than 5 out of every 6 dollars of DCF (which is running at $3.36 per year) are being reinvested rather than paid out as distributions (running at 56 cents per year or 1/6th of $3.36).

There is a "bad news/good news" aspect to 600% coverage. The bad news is that unit holders don't receive large distributions; the good news is that the company is currently generating a 24% cash flow return based on its market cap and reinvesting the vast majority of the cash flow. In effect, TGP is internally financing its growth and its DCF should continue to grow in future years as the projects that are financed come on line. Based on the company's most recent conference call "cash from vessel operations" (CFVO) will increase from $470 million in 2016 to $720 million in 2020 due to the income from new vessels being financed with the funds from current cash flow. If DCF increases proportionately (by 53%), it would go from $3.26 in 2016 to $5.00 by 2020. But DCF should increase by a GREATER proportion because certain management expenses (filing SEC forms, accounting, corporate overhead, etc.) should not go up proportionately with CFVO and leverage (and therefore proportional interest expense) is actually decreasing because the growth is being financed with cash flow rather than debt.

 

Thus, based on conservative projections of DCF derived from the company's own CFVO projections, TGP's DCF per unit should grow to at least $5.00 in 2020. In this regard, investors should be aware that projections of DCF, income, cash flow, and other metrics are always subject to considerable uncertainty and may not materialize as anticipated. On the other hand, TGP charters out its vessels on long-term, fixed-fee contracts with creditworthy counterparties so that there is a degree of reliability in projections.

Dividend Anticipation Strategy - Dividend anticipation strategy involves buying a stock with the anticipation that there will be a dividend increase and the share price will go up in response to the increase. TGP definitely fits this mold. Its current DCF of $3.36 will support a much higher dividend as soon as the need for capital due to expansion projects is complete. While TGP temporarily cut its distribution in late 2015 in order to self-finance 100% of its remaining growth projects, it is also the case that, based on the Q2-16 presentation, there remains only $133 million in additional equity CapEx required through 2020 to be financed internally. During the first half of 2016 alone, TGP had a cash surplus of $107 million. So it would take three quarters for the company to complete its full internal financing. According to Teekay Corporation CFO Vincent Lok on the Q2-16 conference call:

One of the key events in TGP is to finance our existing newbuilding program in TGP and we are making significant progress on those efforts. So (we are) very much focused on restoring the distributions."

TGP should be able to increase distributions in mid-2017. Over time, distributions could go over $3.00 (which is less than the conservatively projected 2016 DCF of $3.36). This would result in a yield of 22% based on the current share price, and should be able to support a unit price of $30 or more. At $30, the stock would yield 10%, which is in line with most LNG shipping LP companies including GasLog Partners (NYSE:GLOP) yield 9%, Dynagas LNG Partners (NYSE:DLNG) yields 10.9%, and Golar LNG Partners (NASDAQ:GMLP) yield 12%, all of which distribute close to 100% of their DCF to shareholders. It should also be noted that between 2012 and 2014, TGP issued over 20 million shares at prices between $30 and $45. This does not necessarily mean that TGP's share price will soon (or even ever) return to those levels, but it does illustrate the fact that considerable money was invested and put to work in the company at a higher dollar price per share.

 

The LNG Business - LNG, or liquefied natural gas, is an unusual business. Natural gas is cooled to extremely low temperatures, at which point it becomes a liquid and then transported in specially designed tankers to another location, at which point it is allowed to heat and become gaseous again. The process allows for easier transportation of gas over long distances in which pipelines are not available. The tankers and the terminals at each end are expensive so that the process makes sense if and only if the gas can be sold at much higher prices than the price at which it is bought. In certain markets, e.g. Japan, it is almost an absolute necessity because of the absence of local gas reserves. In other markets, e.g. Europe, it may be attractive to permit customers to diversify away from problematic land line sources (e.g., Russia). In the United States, it is of interest primarily as a vehicle for the export of surplus natural gas, although in certain areas (Hawaii and Puerto Rico), it may also be a good source of supply. Like anything else in energy, it is subject to cycles at both the supply and the demand end. For this reason, the business is characterized by long-term contracts which ensure the return on the large investment in tankers and terminals.

TGP has long-term contracts on most of its tankers and the counterparties are creditworthy companies and governmental entities. TGP's contracts range in duration from 5 to 20 years and its average remaining contract duration is 13 years. Still, there is some risk that - at the point of contract expiration - TGP could find itself in a weak market and face a lower rate structure. On balance, concerns about global warming, resistance to coal, fears about nuclear power, and problems associated with reliance on petroleum should make natural gas the overwhelmingly most popular choice for new electric power plants around the world and this will create situations in which LNG will be absolutely necessary to provide plants with a stable source of fuel. In fact, LNG trade increased 9% in the first six months of 2016 as compared with the same time period in 2015 due to demand in India and China and charter rates for LNG tankers increased as well. It should be noted that the United States is starting to export LNG and that these exports should increase in coming years. Decisions about LNG exports will be partly political as regulatory approval is necessary, but the interest of the United States in maintaining a strong natural gas production industry and in increasing export revenue should lead to the approval of more exports.

 

Clean Capital Structure - Unlike many MLPs, TGP has no preferred stock and, therefore, unit holders do not face the risk of dilution from convertible preferred shares. The unit count is 79.7 million and has been stable in the very recent past. TGP does not appear to contemplate issuing new shares at the current price levels and dilution will likely occur only after buyers of TGP will experience substantial price appreciation. TGP's manager is entitled to incentive distribution rights (IDRs), but these kick in only if the annual distribution exceeds $1.85, and at the $1.85 level buyers at the current price would receive a 13.4% yield on original cost.

Risks - There are always execution risks associated with any expansion effort and TGP could run into operational problems. In that regard, yield-oriented investors should recognize that they are taking an equity stake and not buying a government bond. There are a variety of possible risks. For example, it may take longer than planned for new ships to be delivered. A major LNG accident could undermine support for LNG as a fuel source in the future. Indeed, often the worst events are events that were not identified as possible risks in advance. The biggest long-term risk is weakness in the LNG market due to competition from pipeline gas. This is unlikely to materialize in situations where LNG is delivered to an island such as Japan which is at some distance from mainland sources of natural gas. It is, however, a risk to markets for LNG in China, India, and Europe. This long-term economic risk will probably not affect the performance of vessels already under contract but could diminish charter rates at the time contracts expire. Pipelines built from Russia or Iran into China and India could cut into LNG demand. However, these would be very expensive projects and, at any rate, China and India would both still want to have a diverse source of natural gas for geopolitical reasons.

With regard to all of the risks, there is no particular reason to assume that they are greater - or lesser - now than in the past. However, investors should be aware of these risks because they could result in financial performance different from that which is projected.

 

Investors should also be aware of the potential for "phantom income" in 2016 and 2017 as the income reported on the investor's K-1 may be higher than the distribution the investor receives. This situation should be rectified during 2017 as distributions increase.

Bottom Line - At 4 times very conservatively calculated and growing DCF, TGP is a very attractive buy here and should hit $30 within the next 2 years as distributions are increased into the $3 neighborhood. The unit price should go even higher by 2020 as DCF is increased by the deployment of more vessels. $30 per unit is more than double the current price of $14/share. The story of the stock is that they don't really have to see growth to be a good investment. Even if DCF never grows, the company will ultimately return to a policy of paying out most of the DCF as distributions, and distributions will increase to around $3.00 a share which should support our target price of $30 unit price, resulting in a yield of 22% based on the current share price.

Still there is a very strong case that DCF will increase enormously; over time distributions could go well over $3.00/share.

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Notes:

  1. This article was jointly produced with Seeking Alpha contributor Philip Mause.
  2. Photos/tables above were compiled from the Company's website, Wells Fargo August 2016 report on TGP (presentation is only available to private clients of WF), Morningstar and YCharts, unless otherwise stated.
  3. I interchangeably used in the article above the terms distributions and dividends. The main differences are: Distributions tend to be variable because they are based on DCF. Also, they are considered as "return of capital" for tax purposes; so stocks that pay distributions such as TGP are usually best held in a taxable account.

Disclosure: I am/we are long TGP.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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