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Blackstone Bets Big on Low Natural Gas Prices for the Long Term

first_img FacebookTwitterLinkedInEmailPrint分享Wall Street Journal:Blackstone Group LP has a deal to buy Harvest Fund Advisors LLC, an investment-management firm with more than $10 billion in assets under management that focuses on midstream energy assets.The move is part of a large Blackstone bet that it can profit on rising natural-gas production, even if gas prices remain stuck at depressed levels. The New York private-equity firm has built a roughly $7 billion bet on natural gas by investing in drilling fields, pipelines and a gas export terminal, The Wall Street Journal reported this week.Wall Street Journal:Blackstone Group BX -0.48% LP is making one of its biggest bets on the growth of natural gas production, wagering that even if gas prices remain stuck at depressed levels, it can profit.The New York private-equity firm has built a roughly $7 billion bet on natural gas by investing in drilling fields, pipelines and a gas export terminal. The latest piece came last month, when it agreed to pay $1.57 billion for a 32.4% stake in the Rover Pipeline, a 710-mile tube being built across Ohio.Natural gas investments have been popular in recent years among private-equity firms. Many investments count on prices rising to turn profits—and have been doomed by low prices.Blackstone says its wager is generally more dependent on production volumes increasing than on prices climbing. Most of the $7 billion has been put toward moving gas out of areas where drilling has increased despite low prices. The remainder has been invested in exploration and production in those regions.“We’re betting on which basins are going to be the winners,” said David Foley, who leads the firm’s energy investing. He’s put Blackstone’s money down in West Texas, Appalachia and Louisiana.Goldman Sachs Group Inc., Citigroup Inc. and others say that abundant supply, and production that can be ramped up quickly, should keep U.S. natural gas prices at an average of around $3 per million British thermal units for the next couple of years. Futures contracts for gas to be delivered in the winter, when demand and prices tend to be highest, don’t exceed $3.50 per mmBtu until late 2027, according to FactSet.Blackstone joins a crowded field of private-equity firms that have barreled into gas investments since the combination of horizontal drilling and a rock-cracking process called hydraulic fracturing unlocked new drilling fields across the country. These firms’ cash helped feed a drilling frenzy that has produced a flood of the heating and power-generation fuel.More: ($) Why Blackstone Is Betting $7 Billion on Natural Gas Blackstone Bets Big on Low Natural Gas Prices for the Long Termlast_img read more

Nassau County Exec Democratic Primary Voters’ Guide

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Former Nassau County Executive Tom Suozzi, left, and Democratic primary challenger Adam Haber, right.Voters will decide who wins the Democratic primary Tuesday between former Nassau County Executive Tom Suozzi and Rosyln school board member Adam Haber, who want to challenge Republican County Executive Ed Mangano.Haber, the underdog who’d called for 17 debates with Suozzi since February, finally got his chance to face off with his opponent before Freeport residents Aug. 30 and again on News12 Long Island a week before the Sept. 10 vote. The primary winner will face Mangano on Election Day.But even the most informed voters can have difficulty cutting through the candidates’ spin on key issues facing the county: The continuing fiscal crisis, plugging the Brain Drain, fixing the sewage system and what to do with Nassau Coliseum after the New York Islanders move to Brooklyn in 2015.Since many voters didn’t get to see the two debates—either because they weren’t among the about 100 people in Freeport, don’t have Cablevision or simply don’t care—here’s a recap of the candidates’ positions on the major issues ahead of primary day.Nassau Coliseum:Suozzi said he would push developers to rebuild the Nassau Coliseum, aiming to connect to surrounding Hofstra University, Nassau Community College, office buildings, Museum Row and Eisenhower Park. As for Manano’s plan to have Forest City Ratner—the company that lured the Isles to the Barclays Center—renovate the coliseum, Suozzi said it’s “clearly not ambitious enough for this important piece or property” because it doesn’t include more dense development in the 77 areas surrounding the arena.Haber has indicated that he’s eager to put shovels in the ground to renovate the arena to spur economic revitalization of the Nassau Hub, as the area surrounding the coliseum property is known. “If we don’t do something unique now, we will continue on this slow path of decay that Nassau County has for the last 20 years,” he said. In his second debate with Suozzi, he said building a convention center at the site would increase consumer spending that brings in sales tax revenue and in turn help fund county operations.Bay Park Sewage Treatment Plant:Haber said Democrats and Republicans in the Nassau County Legislature need to set aside their differences and approve the remaining half of the $700 million in borrowing required to fix the sewage plant that failed during Sandy flooding, sending raw sewage into homes, streets and waterways.Suozzi, keeping his focus on attacking Mangano, said the sewage plant’s month-long shutdown shows the current county executive bungled his response to the Oct. 29 superstorm. He added that there is “no believable plan in place” to fix the plant and that contractors have walked off the job.Affordable Housing:Suozzi had spent much of his time as county exec pushing for “cool downtowns,” a rebranding of transit-oriented affordable housing for the next generation of young professionals. This time, he’s targeting areas with the same idea dubbed “new suburbia trailblazers.”Haber also recognizes the need to build new affordable housing, a problem that extends beyond the county line into Suffolk, “so the next generation actually moves back here and stops the brain drain and aging demographics of Nassau County.”Finances:Haber said his financial acumen as a businessman will help him manage Nassau’s $2.8 billion annual budget, its $3 billion debt and fix the county’s structural imbalance—the gap between revenue and recurring expenses. He also blasted Suozzi for financial gimmicks and failing to fix the broken property tax assessment system during his eight years in office. He said: “If all these county executives have had surpluses, then where’s the money?”Suozzi said that during his tenure, Nassau had 13 bond upgrades and Mangano has overseen three bond downgrades, referring to the Wall Street rating agencies’ ranking of the county’s credit. He said the only way the county will be freed of the New York State-appointed Nassau Interim Finance Authority controlling the county’s purse strings and freezing county employee wages “is to stabilize county finances again.”last_img read more

Grain silos and shipping containers re-purposed to make houses

first_imgFor students new to Johannesburg, finding an affordable place to stay is their first major test. This has become the answer for many.  Old grain silos and shipping containers salvaged and stacked and rebranded as a city landmark known as the Mill Junction.Here’s another report in our series showcasing Africa’s Big Ideas. This time we’re tackling cheap housing and an unlikely but oddly effective solution from South Africa. CCTV’s Julie Scheier reports. Chinese and African media houses avow to deepen cooperation Related 27 Boxes: Johannesburg’s shipping container mall How China has helped in solving Africa’s grain problemlast_img read more

U.S. 50 work in Jennings County begins in early May

first_imgJennings County, In. — Indiana Department of Transportation officials have released a preliminary schedule for work to repair 8.3 miles of U.S. Highway 50 between U.S. 31 at Seymour and the U.S. 50 North Vernon bypass.Dave O’Mara, INDOT’s contractor, plans to begin patching operations in early May.  The contract’s completion date is September 30.This $1.9 million project calls for the contractor to mill and replace 1½ inches of existing asphalt pavement after completing full- and partial-depth patching.  Road and drive approaches will be paved.  A sinusoidal wave will function along the centerline to warn drivers of cross-lane hazards.The U.S. 50 resurfacing project will end just west of this summer’s roundabout construction at the U.S. 50/Walnut Street-CR 400 West interchange, two miles west of North Vernon.U.S. 50 has a traffic count of 12,980 vehicles per day.last_img read more

Topp XX blitz Kwakwani Strikers 3-0 as Eagles United/Hi Stars match abandoned

first_imgBy Joe ChapmanTHREE unanswered second-half goals by Topp XX saw them to an enterprising 3-0 win over Kwakwani Strikers, but controversy brought an abrupt end to the second game in this year’s opening night of the 5th edition of the Upper Demerara Football Association’s GT Beer year-end football at the Mackenzie Sports Club ground, Sunday night.Fist cuffs marred a feisty clash with about five minutes left in the game, featuring Eagles United who were leading Hi Stars 1-0, courtesy of a dubious foul in the box, The first game followed the March Past of the nine clubs contesting this year’s championship, after three-time winners Haynes Winners Connection were withdrawn from the competition after being included in the Guyana Football Federation’s Top16 tournament which kicks off on Friday in Linden.The first half of the game between Kwakwani Strikers and Topp XX began well with Topp XX on a positive note. In the opening five minutes they were able to gain two half-chances, one from a chip cross which was sent outside of the goal and another which saw the Kwakwani side’s goalkeeper holding after a corner was won by the Topp XX side.In the 27th minute a Kwakwani player was able to collect the ball but with the defender closely marking he was unable to control a right-foot shot that went wide. Topp XX got two openings in the final two minutes of the game but still the scores remained nil-all at lemon-time.As the game resumed Topp XX asserted themselves well and gained some momentum, which saw them take the lead in the 49th minute. Under pressure the Strikers goalkeeper was unable to collect a square ball from Topp XX’s Andre Meyers cleanly as the ball slipped through his grasp.Topp XX’s second goal was created through Duquan Hercules as he raced down the left flank to cross to the top of the 18-yard box where Travis Waterton collected and with a single motion gave the Kwakwani goalkeeper no chance, for a Topp XX 2-0 advantage in the 63rd minute.Still in control against a game Kwakani unit Topp XX secured their third goal. This time the promising Hercules cut in from the left wing and after beating two defenders was heading goal-wards inside the box where he was brought down. Ryan Noel took the resultant penalty to score in the 78th minute and Topp XX eventually triumphed by a 3-0 score-line in their Group A match.The second game saw the Eagles United team being held at bay from a spirited young Hi Stars team who matched their opponents with some brave match-ups early in the game.The first half was somewhat closely contested. In the second session in the 50th minute, Eagles United’s Kellon Primo went deep inside right and in trying to pierce inside the 18 yards box, his marker kept his watch as they shouldered each other.As Primo targeted inside, the assistant referee raised her flag which suggested a foul being committed by his defender. Referee Shavin Green pointed to the penalty spot and Trenton Lashley made no mistake to send his side into a 1-0 lead.Thereafter things intensified with aggressive play on both ends of the field and this ended up with players bringing the game into disrepute.The match officials then decided to abandon the game with just about five minutes remaining and Eagles United ahead, 1-0, as fans witnessed the sudden clash of fists on the field between opposing players.Guyana’s Refereeing Council head Stanley Lancaster who was present commented that an informed ruling on the state of the game would be made after the Referee’s Report is obtained from referee Shavin Green.Tomorrow two more matches will be played at 19:00hrs when Blueberry Hill and Amelia’s Ward Panthers clash. At 21:00hrs Topp XX will again be in action when they face reigning champions Silver Shattas.last_img read more