the trans-saharan gas pipeline ( also known as nigal pipeline and trans-african gas pipeline ) is a planned natural gas pipeline from nigeria to algeria .

it is seen as an opportunity to diversify the european union 's gas supplies .

trans - saharan gas pipeline

abandoned trans - saharan gas project which was supposed to be from nigeria to algeria .
eu , russia struggle for stake in trans - saharan gas pipeline | africa | dw | 07 . 07 . 2009
the other project of a bigger importance , the gas pipeline from nigeria to europe through algeria , the trans - saharan gas pipeline tsgp , will be on the other hand fully dedicated to the european union market .
the agreements signed between morocco and nigeria to build an offshore gas pipeline has effectively buried plans to achieve the trans - saharan gas project that was mulled in 2002 to bring nigerian gas to the mediterranean through niger and algeria .
a previous pipeline project - - the trans - saharan gas pipeline - - was agreed on between nigeria ' s nnpc and algeria ' s sonatrach in 2002 , and an intergovernmental accord signed in 2009 .
abuja—the nigerian national petroleum corporation , nnpc , yesterday , disclosed that it is committed to the trans saharan gas pipeline , tsgp , and that the project was still on track .
the $ 12 billion trans saharan gas pipeline is a 4 , 401 kilometres natural gas project to be constructed from nigeria , starting from warri , delta state , to algeria via niger republic , and from algeria to spain .
the maghreb–europe gas pipeline was first proposed in 1963 by french companies . this proposal foresaw prolongation of the pipeline to
algeria has also shown indifference to the trans - saharan gas pipeline because it does not want to offer its main client , europe , an alternative source of gas . algeria nurtured the hope of becoming russia’s europe to the south .
the infrastructure concession regulatory commission ( icrc ) , in collaboration with new partnership for africa’s development ( nepad ) plans to make proposed multi - billion dollars trans - saharan gas pipeline project a reality .
and even if the price is right , the trans - saharan pipeline is routed through some very dangerous parts of the world , and rebel groups oppose the project .
algerian gas to europe : the transmed pipeline and early spanish gas import projects . working paper # 27
security conditions in northern nigeria , niger and the algerian south , the supposed route of the trans - saharan gas pipeline remain volatile with the presence of terrorist groups taking advantage of porous borders and attacking pipelines and gas installations . this adds to the unfeasibility of the algerian project and gives credence to the atlantic gas pipeline project to channel gas through offshore pipelines .
the minister said the summit would provide opportunity for critical appraisal of the 20 billion u . s . dollar nigeria - algeria trans - saharan gas pipeline project under the new partnership for african development ( nepad ) .
however , the nigeran government has gone on the record stating that if proper security is put in place there should be no reason why the trans - saharan pipeline should be stalled .
the national coordinator , nepad , mrs gloria akobundu , said the agency would partner with icrc to make the trans - saharan gasline project a reality .
the pipeline consists of five sections . the pipeline ' s algerian , moroccan and andalusian sections are
from the nigerian border , the pipeline would continue for 841 kilometres to algeria and then 2 , 303 kilometres within the algeria gas infrastructure pipeline .
security also remains a prominent obstacle , with the trans - saharan gas pipeline from nigeria to algeria having faced delays to the start of construction due to security concerns along the planned pipeline route . surveillance of the planned pipeline route is also an ongoing concern for the turkmenistan - afghanistan - pakistan - india pipeline , which will pass through territory in southern helmand province in afghanistan , as well as the balochistan province in pakistan .
so while the eu and russia compete to get a stake in the 4000 kilometer - long trans - saharan pipeline , some are questioning whether the massive project will pay off or can be protected once it is completed .
despite this brewing diplomatic tension , the coastal gas pipeline project is of great importance to both countries , with reports noting the tacit priority placed on the project by the federal government even to the detriment of the $ 12 billion trans sahara gas pipeline , which from its conception would take gas from nigeria to algeria and then spain .
world bank cuts 2016 growth forecast for sub - saharan africa to 3 . 3 %
nigeria and morocco announced on monday a partnership to develop the trans - african gas pipeline , connecting africa to europe via morocco , kallanish energy learns from morocco’s sovereign funds , ithmar capital .
“ in front of these setbacks , a legitimate question emerges : why algeria , a leading gas producer , falls short of carrying out projects that it previously undertook ? ” he wondered , adding that algerian officials are incapable of explaining why large - scale projects such as the trans - saharan gas pipeline has been abandoned .
nigeria has some of the largest gas reserves in the world . but gas production is low .
a similar project–trans - saharan gas project ( tsgp ) –was proposed by algeria in 2002 . the algerian government entered into an agreement with the nigerian authorities to construct a gas pipeline worth $ 30 billion that would cross the sahel through niger and algeria to reach the gates of europe on a route of 4 , 300 km .
at a recent meeting with the national coordinator of the new partnership for african development ( nepad - nigeria ) , ms . gloria akobundu , nnpc’s group managing director , dr . maikanti baru , reaffirmed the commitment of the corporation to the $ 12 billion trans saharan gas pipeline .
the maghreb–europe gas pipeline ( meg ; also known as the pedro duran farell pipeline ) is a natural gas pipeline , which links the hassi r ' mel field in algeria through morocco with cordoba in andalusia , spain , where it is connected with the spanish and portuguese gas grids . it supplies mainly spain and portugal , as well as morocco with natural gas .
nigeria and algeria have awarded a contract for a feasibility study of the $ 6 bn trans - saharan gas pipeline . the contract was awarded to uk - based pipeline engineering group penspen . the project is being undertaken by the nigerian national petroleum corporation ( nnpc ) and algeria ' s sonatrach on behalf of the government of the two countries .
the energy information administration ( eia ) , in its 2016 country analysis on nigeria’s oil and gas sector , released recently , has attributed the delay in the commencement of the trans - sahara gas pipeline to security concerns along the entire pipeline route , increasing costs , and ongoing regulatory and political uncertainty in nigeria .
unlike the coastal gas pipeline which will go along the west african coast from nigeria all the way to morocco and then into europe , the trans saharan gas pipeline project is faced with some challenges because as designed , the project , which is a surface pipeline network , would pass through restive areas in the niger delta all the way up , through some states in the north - west , then to niger and algeria . it is thus seen as having more risks .
a major milestone has been reached with the official signing of an intergovernmental agreement ( iga ) between nigeria , algeria , and niger for the development of the trans - sahara gas pipeline ( tsgp ) project .
the trans - african pipeline will be developed jointly by the moroccan sovereign wealth fund ithmar capital and the nigeria sovereign investment authority , the partners said monday .
tide africa fund invests exclusively in technology - driven services and innovation in sub - saharan africa .
a new pipeline project to bring nigerian gas through africa to europe has been launched by the sovereign wealth funds of nigeria and morocco , the latest attempt to link nigeria ' s vast gas resources with the lucrative european gas market .
the demand of the gas pipeline is highly required as some european countries have created a feud against russia’s proposed nord stream 2 gas pipeline construction . the european union is increasingly looking for alternative ways to reduce their dependency on russia , which supplies up to half of the european’s union gas demands .
sources explained that morocco had expressed its desire to have nigeria play down its commitment to the trans sahara line , and accord the new coastal gas line top priority .
“as a fruit of an intensive moroccan involvement in africa , this project has buried the plan to achieve the trans - saharan gas project , ” he said , noting that morocco secured the necessary financing of what he called a “pharaonic” project from sovereign funds and international bodies .
the programme is initially focused on sub - saharan africa , with a view to expanding to other regions .
the world bank has lowered its 2016 growth forecast for sub - saharan africa to 3 . 3 percent .
carlyle’s sub - saharan africa fund manages some $ 698 million and has invested in four companies to date .
cherif pinned the failures of his country on the corruption prevailing within algeria’s main source of revenue , the state - owned oil and gas company sonatrach . yet , he turned a blind eye on the geopolitical causes that left algeria unwilling to carry out the trans - saharan project .
the goal of power africa is to increase access to cleaner and more efficient electricity in sub - saharan africa .
ge oil & gas has continued to seek to increase the competitiveness of the solutions for the nigerian oil & gas . . .
he , however , stated that it was a federal government project , and that he could not confirm the cost of the studies . ughamadu , also noted that the project would not affect the execution of the $ 12 billion trans sahara gas pipeline .
he explained that the commission was also working to include the private sector in developing another offshore gas pipeline that would link nigeria with morocco .
according to onyema , the nigeria - algeria gas pipeline is a major project of nepad that the summit will give attention to this year .
dangote also said his company is constructing an undersea gas pipeline to link nigeria ' s oil - producing delta region to west . . .
russian natural gas giant gazprom has signed deals with companies from four european nations , paving the way for a new natural gas pipeline that sidesteps the ukraine and worries brussels . ( 16 . 05 . 2009 )
ifc said its investment would help chl acquire and operate a chain of high - quality hospitals across sub - saharan africa .
sub - saharan banks are more vulnerable to rising credit risks due to their increased fiscal challenges and weaker risk . . .
nigeria , niger and algeria have signed an agreement to build a multi - billion dollar pipeline to take nigerian gas across the sahara to the mediterranean .
nigeria signed a treaty with niger and algeria in 2009 to build a 1 , 037 - kilometre gas pipeline from calabar to kano to nigerian border .
dispute , any route from algeria through morocco to spain was prevented . also natural gas consumption in spain was too low to justify the pipeline construction .
abuja—the nigerian national petroleum corporation , nnpc , yesterday , said the west african gas pipeline , wagp , would be extended from ghana to cote d’ivoire .
the trans saharan pipeline was planned to start from warri and run up north through niger to hassi r’mel in algeria , from where it will connect to the existing trans - mediterranean , maghreb - europe , medgaz and galsi pipelines . the length of the pipeline would be about 4 , 128 kilometres ( 2 , 565 mi ) , of which 1 , 037 kilometres ( 644 mi ) will run through nigeria , 841 kilometres ( 523 mi ) in niger , and 2 , 310 kilometres ( 1 , 440 mi ) in algeria .
the feed of a 48 inches pipeline from calabar to kano has been completed .
in the first phase , 418 kilometres x 36 inches pipeline from obigbo - umuhia - ajaokuta ; 683 kilometres x 40 inches pipeline from ajaokuta–abuja–kaduna–kano would be executed .
the nigerian government’s credibility seems wobbly reviewing their history in executing other regional pipeline projects . the west african gas pipeline ( wagp ) , which connects nigeria’s gas reserves to togo , benin , and ghana , was initially proposed in 1982 but took over 25 years before it could commence its operations . wagp has since its commencement remained inconsistent in its gas supply to its clients .
the 4 , 300 km pipeline is proposed under the nepad initiative to connect to gas resources in nigeria and algeria and transport them to consumers accessible from the pipeline along its route and at its terminal point on the mediterranean coast of algeria .
source : gazprom . the power of siberia gas pipeline under construction . in september 2016 , gazprom and cnpc signed the epc contract to construct a crossing under the amur river within the cross - border section of the power of siberia pipeline .
on the other hand , several reports by international think tanks warned that algeria’s domestic consumption of gas is on the rise coupled with a falling production . the country’s export capacity is steadily decreasing making it an unreliable gas supplier . therefore , the moroccan - nigerian pipeline will offer europe a much needed new source of gas that will reduce european countries dependence on russian and algerian gas .
the nigeria - morocco pipeline project could be achievable if the partner countries get the full cooperation of all states in which the gas pipeline would be conveyed . from the outlook , the pipeline would be based offshore , making the project prone to less vandalisation but full approval of these countries would aid the smooth implementation of the project .
nigeria and morocco have entered into an initial feasibility studies agreement to advance the construction of a new coastal pipeline that would take gas all the way from escravos to morocco .
similar to africa , australasia will see rapid growth by doubling its expenditure over the next 5 years because of the need for pipeline infrastructure to deliver gas to lng plants .
ruby pipeline , owned and operated by kinder morgan , is a 680 - mile , 42 - inch diameter pipeline system that extends from wyoming to oregon providing natural gas supplies from the major rocky mountain basins to consumers in california , nevada and the pacific northwest .
the proposed pipeline includes a 220 - kilometre subsea between the border of algeria and spain .
the world bank and imf have growth forecasts of 3 . 3 percent and 3 percent , respectively , for sub - saharan african economies . . .
the pipeline came on stream on 1 november 1996 and it was commissioned on 9 november 1996 .
the global move toward gas is the third factor affecting trends in the onshore pipeline sector . within the next 20 years , oil , coal , and gas will converge to each represent 26 % to 28 % of global energy consumption . the role of gas will gain importance as its share increases from 22 % in 1995 to 26 % in 2030 . the use of oil will fall substantially from 38 % to 28 % . in this scenario , gas pipelines will maintain their role against liquid pipelines in the global onshore pipeline system .
despite weaker oil revenues , seplat said it achieved notable growth in its gas business .
an m . o . u between sonatrach and nnpc was signed in 2003 to carry out a feasibility study of a gas pipeline between nigeria and europe , passing through niger and algeria .
by michael eboh the nigerian national petroleum corporation , nnpc , wednesday , stated that the west african gas pipeline ( wagp ) would be extended from ghana to cote d’ ivoire . maikanti baru
this important project , registered in the nepad program , has both a trans - african and trans - mediterranean nature . its implementation will constitute the example of the south - south co - operation and will contribute to the consolidation of the co - operation between the south and the north in the energy field .
geopolitical issues also have the potential to delay ambitious inter - regional pipeline projects . for example , the signature of the agreement for the turkish stream pipeline to transport russian gas to turkey was suspended until october 2016 , following political tensions between the two countries relating to the conflict in syria .
the nigerian - morocco gas pipeline is expected to connect with the west africa gas pipeline ( wagp ) through five to six countries . wagp already connects nigeria’s large reserves to three west african countries . estimating the length , the pipeline is expected to be longer and more expensive than the tsgp as it is to go through a longer route . also , including five to six countries in this project compared to just two in tsgp portrays the slimmer chance of seeing this project accomplished .
the pipeline will run for 2 , 580 miles ( 4 , 128km ) through the three countries .
the pipeline would be operated by the nigerian national petroleum corporation ( nnpc ) and sonatrach of algeria .
according to the icrc boss , about 1 . 2 billion dollars had been spent in the early gas phase to complete 261 kilometres x 20 / 36 inches pipeline from qua iboe - ikot abasi - ukanafun - obigbo artery to connect gas supply to feed the ajaokuta - kano line .
despite rift over ecowas , nigeria , morocco taking steps to actualise coastal gas . . .
there had been security concerns in both countries . nigeria’s gas production has experienced a massive decline over the years as a result of incessant attacks on the gas pipeline by militants in the niger delta region . the gas shortages have led to a reduction in electricity generation within the country . the shortages have also led some multinational companies to explore alternative sources to generate electricity such as coal .
it is unclear exactly the route the pipeline would take , though the developers foresee it following the coast .
the shortest route to europe would be via niger and algeria to morocco for further pipeline supply to spain .
the $ 10 billion ( 7 . 2 billion euros ) pipeline agreement , which was formally signed on friday , could send as many as 30 billion cubic meters of natural gas from nigeria to europe .
seplat ' s gas production jumped 113 percent to 100 . 7 mmscfd in the first quarter .
on monday , the governments of nigeria and morocco announced they would jointly develop a new regional gas pipeline
connecting the two countries , bringing the resources of nigeria to morocco , its neighbors and europe .
nigeria has huge gas reserves totaling some 5 . 1 tcm , according to the latest bp statistical review of world energy , but few options for monetizing the gas other than its lng export facility .
liquid - related pipeline demand is expected to increase by 16 % compared with the previous period because of the growth in natural gas liquids and ethanol pipelines offsetting the decline in crude oil and refined petroleum product pipelines .
' russia is ready to participate in discussing the situation emerging in the oil and gas markets . '
despite the oil price downturn , changing energy mixes and increased demand for gas in regions such as asia will remain a stable long - term driver for pipeline installations . notably , both china and india are expanding their internal natural gas transmission networks via projects such as the 4 th and 5 th west - east pipelines in china and the mallavaram - bhopal - bhilwara - vijaipur gas pipeline in india . according to bp , 30 % of the increase in gas demand to 2035 is expected to come from china and india alone . subsequently , douglas - westwood expects gas pipelines to continue to gain market share over the forecast period , accounting for 64 % of additional kilometres installed over the 2017–2021 period , compared with 57 % over the 2012–2016 period .
this is because only last week , gazprom signed a separate $ 2 . 5bn deal with nigeria ' s state - owned gas firm nnpc to build new gas refineries , pipelines and power stations in nigeria .
western europe will experience a 20 % increase in pipeline construction length and a 9 % increase in expenditure . because western europe is one of the largest demand centers with low oil and gas production and a well - established onshore pipeline infrastructure , domestic construction activity level will be lower than the interregional level . most of the largest onshore pipeline projects will originate from key producing neighboring regions , such as the eastern europe / fsu , middle east , and africa .
over the forecast period , the total length of installed gas pipelines is expected to increase by 11 % to reach 156 422 km , accounting for 66 % of total kilometers installed . the projected growth will largely come from increased investment in unconventional resources , such as shale gas and coal seam gas / coalbed methane .
there are a number of obstacles that remain in the path of the proposed 4 , 128 - km pipeline , most notably the security situation throughout the three countries that the pipeline would traverse . however , the iga could signal renewed interest from the european union ( eu ) , which view the pipeline as a key future project to increase security of supply .
nigeria has estimated natural gas reserves of 180 trillion cubic feet , the seventh - largest in the world .
last week , russian gas giant gazprom signed a 50 - 50 joint venture with the nigerian national petroleum company that would see the russians invest $ 2 . 5 billion in oil , gas processing and transport activities .
europe is witnessing a spectacular development of its gas industry , all the estimations related to its future evolution in terms of forecast emphasise on its strong gas dependence that will be more than 60 % by 2015 - 2020 .
sources close to the new coastal pipeline project informed thisday that morocco was quite determined to get nigeria to ditch the trans sahara gas line and concentrate on the coastal line because of its diplomatic differences with algeria . relations between the two north african countries have been dominated by rifts , including the lingering issue of western sahara . it was gathered that this development could set off fresh diplomatic spat between morocco and its neighbour , algeria .
brussels and moscow want in on a deal between nigeria , niger and algeria to construct a 4000 - kilometer pipeline for natural gas . it could be a very lucrative venture , but it ' s also comes with some serious risks .
european union nations now hope it will enable them to diversify their gas supplies - and most pressingly , reduce their reliance upon russian gas - but many analysts say gazprom may have a head start in participating in the scheme .
seplat said its gas revenue increased by 185 percent year - on - year to $ 77 million in 2015 .
of course , the corresponding contracts with european gas providers have to be signed , but they would in fact represent alternatives that could be considered for diversifying the provision of gas ,
hergenroether told dw - world . de .
on saturday , the nigeria’s minister of foreign affairs announced a partnership with the moroccan government to construct a gas pipeline that will connect nigeria , morocco and other african countries to europe . the agreement was reached during morocco’s king mohammed vi visit to nigeria .
[ … ] finished sometime in october . lawyers for bayou bridge pipeline llc , in a court filing on june 27 , stated that…
the project would transport about 30 billion cubic meters of natural gas from the nigerian city of warri through niger to algeria .
perhaps it is no coincidence that the memories of last winter ' s gas shortage in the european union , have prompted competing gas pipelines to the eu to hire two former german politicians to smooth the way . ( 07 . 07 . 2009 )
the sankofa gas project is expected to generate $ 2 . 3 billion annnually for the ghanaian government apart from . . .
despite the challenging environment in nigeria , seven energy said its gas business continues to thrive as it delivers more . . .
according to a statement by the nnpc , the planned extension of the pipeline was part of the federal government’s west african energy integration policy .
but that fact hasn ' t at all been lost on those in power in moscow , who also want a stake in the pipeline .
“although the security concerns are heightened , i believe that the beneficiaries of the gas pipeline , which includes algeria knows the importance of the project , so they will protect it to the latter , ” international society for energy and environmental development president akisola cole told media .
the scope of work to be undertaken includes market analysis , pipeline infrastructure requirements , establishment of gas supply sources , project cost estimates , assessment of the policy issues and institutional framework relating to the project , economic and financial analysis , pipeline route survey , project risk analysis , assessment of environmental issues and a regional benefit study . the study is expected to be completed in nine months .
we are of course very pleased to have been awarded this visionary project . it is a world - class pipeline impacting not only the african continent but will become a major supply conduit for gas into europe . we are looking forward to working with sonatrach and nnpc ,
said david stanley .
in nigeria , for example , a group called the movement for the emancipation of the niger delta or mend has vowed to torpedo the pipeline .
leading with 7 , 250 rooms in its pipeline , spread over 29 new properties , hilton is followed by carlson rezidor and marriott . . .
baru explained that the extension of wagp to cote d’ivoire would facilitate easy transmission of gas within the west african sub - region .
the proposed gas pipeline , to be built through a partnership between the nnpc and algeria’s sonatrach , would stretch 1 , 037 kilometres from nigeria to the niger border , 841 kilometres from niger to algeria , 2 , 303 kilometres across algeria and 220 kilometres from algeria to spain and would have an estimated annual capacity of 30 billion cubic litres of natural gas . it is expected to be operational from 2020 .
nigeria is ranked 9th in the world’s highest gas reservoir countries and second in africa after algeria . most of the gas however , occurs in association with oil hence the high daily production of the commodity in excess of what could be conveniently consumed or profitably harnessed .
but there has been little progress on the project since , given the huge distances involved and the high cost of developing such a vast pipeline project .
the project started in early 1990s . in 1992 , ministers of spain and algeria agreed to start the construction of the pipeline . at the same time
it was targeted to provide an additional 1 . 22bcf / d of gas and add 4 . 9gw of power , diko said .
the nigerian national petroleum corporation ( nnpc ) places nigeria as the largest oil and gas producer in africa and the sixth . . .
the project will strengthen energy exports to europe , linking nigerian gas to the european energy market through morocco ,
ithmar said .
i ' d be careful with all gazprom investments because no one knows what ' s going to happen to gas prices in the future ,
elfert told dw - world .
it is likely that gas prices will fall further than gazprom is assuming .
oando also announced that it would seek shareholder approval to divest from its businesses in gas , power , energy services , . . .
signed a long - term supply agreement . it followed by signing the moroccan convention establishing the procedures for the construction , operation and use of the pipeline . at the same year , the project company europe - maghreb pipeline ltd . was established . in 1994 , transgas of portugal ) joined the project .
european union states are keen to reduce their reliance upon russian gas because of gazprom ' s numerous price disputes in recent years with ukraine .
the international affairs institute ( iai ) and ocp policy center recently launched a new book : the future of natural gas . markets and geopolitics .
nigerian natural gas reserves as at 1st may , 1998 was estimated to be about 120 trillion cubic feet , with a life index of 92 years at a gas depletion rate of 1 . 03 % per annum . this was twice the total crude oil reserve of the country at that time . currently , nigeria’s natural gas reserves are estimated to be in the region of 140tcf with up to 45tcf as yet untapped in recoverable reserves .
the agency will also automate vat collection in the power , telecommunications , e - commerce , financial services , oil and gas , . . .
the signing of the agreement is very significant because it is the first gas - to - power guarantee that the world bank has . . .
the previously planned 30 bcm / year trans - sahara link was designed to run for 1 , 037 km from nigeria to the border with niger , before running 841 km from niger to algeria and then another 2 , 303 km across algeria to spain .
former algerian interior minister and ex - ambassador , abderrahmane meziane cherif bemoaned that his country has been outperformed by morocco in africa where the kingdom has joined words into action by planning to build the african atlantic gas pipeline , a gigantic project he likened to the building of the channel tunnel linking france to england .
as per the previous 5 years , operations ( covering routine activities associated with the day - to - day operation of the pipeline facility , including monitoring , chemical cleaning , and any routine pigging of the pipeline ) is expected to account for the largest proportion of operational expenditure over the 2017–2021 period , with a share of 56 % .
the eastern europe / fsu is expected to experience steady growth in its onshore pipeline market . both pipeline construction length and expenditure will increase at roughly the same rate , by about 29 % compared with the previous period . the market holds a strong position to supply market needs as energy demand in western europe and asia continues to grow .
pipelines play a vital supporting role in the energy supply chain as one of the most efficient modes of hydrocarbon transportation . over the past 10 years , the increase in energy demand and strong development in the production of unconventional resources and liquefied natural gas ( lng ) has set solid ground for growth in the onshore pipeline sector .
growth in latin america is expected to be steady with a 28 % increase in pipeline construction length and a 35 % increase in expenditure . in contrast to the eastern europe / fsu and the middle east , latin america’s activity is driven by domestic requirements . the number of pipeline projects connecting with the neighboring region , north america , is negligible .
natural gas is a lucrative business , but investors have to cope with the fact that the energy market in the current global economic situation is extremely volatile .
he added that nigeria’s and morocco’s sovereign wealth funds would jointly develop the pipeline to run about 4 , 000 kilometres along the west african coast on a route yet to be finalised .
these rows have seen gazprom temporarily cut supplies to ukraine , which in turn has reduced russian gas deliveries to western europe that are piped through russia ' s neighbour .
regarded as one of the best in the world , nigeria’s natural gas is not high in hydrogen sulphide ( h2s ) or carbon dioxide ( co2 ) impurity levels to marketing . despite this advantage gas flaring ( estimated at 2 . 2 billion naira / day ) . constitutes , to date , a phenomenal wastage in nigeria’s resources .
all the specialized sources dealing with the energetic matters strongly believe that the natural gas presents an economic and strategical stake in long term with regards to the large expected demand .
investment in new infrastructure to support lng and unconventional gas developments will be a major factor in shaping the future demand for pipelines . outside the major oil province of the middle east , gas - related lines accounted for 67 % of the kilometers installed over the past 5 years with this percentage expected to increase to 69 % for the 2013–2017 period .
the giant project , which will cost an estimated $ 13bn ( £8bn ) , aims to deliver up to 30 billion cubic metres of gas per year for the european market .
global expenditure is expected to reach usd 216 billion over the next 5 years , increasing by 12 % compared with the previous 5 - year period with 270 834 km of onshore pipeline expected to be installed .
it would also connect gas supply from spdc / cnl’s assa north development via the eastern axis through abuja - kaduna - kano to further reinforce supply to the east and to the north .
with traditional importers in the west expected to curb their energy demand , major new projects such as russia - south korea , will deliver russian oil and gas to the growing asian markets .
as per the previous 5 years , north america is expected to account for the largest proportion of additional kilometres installed over the forecast period , albeit with a reduced market share of 36 % , compared with 44 % over the 2012–2016 period . key projects expected to contribute to installation activity within the region over the forecast period include the alaska stand alone gas pipeline and the prince rupert gas transmission project in canada . with the largest installed base of pipelines , north america will also dominate operational expenditure , accounting for 37 % of the market , compared with 35 % over the 2012–2016 period .
conversely , events such as the lifting of international nuclear - related sanctions against iran in january 2016 provide a potential significant opportunity for key contractors within the global supply chain . iran is expected to be a significant contributor to installation activity in the middle east over the forecast period , with projects such as the igat ix pipeline providing a potential gateway for the export of iranian gas to markets in europe .
the eu also adamantly supports the project as it would allow the group of nations to shake its reliance on russian resources by directly digging into nigera’s 5 trillion cubic meters of natural gas output .
he says one concern is security , as a pipeline could be a target for tuareg rebels or al - qaeda in north africa , both of whom are active among the unpatrolled expanses and porous borders of the sahara .
when contacted for clarification on this , the group general manager public affairs of the nnpc , mr . ndu ughamadu , confirmed to thisday the commencement of the feasibility studies on the coastal gas line .
the second phase f the project , estimated to cost 1 . 2 billion dollars and finished by 2020 , was a 174 - kilometre x 24 inches pipeline from qua iboe terminal axis , traversing calabar - ikot - ekpene - umuahia .
public opposition will continue to act as one of the key barriers to installation activity over the forecast period . notably , both the keystone xl and dakota access pipeline projects have experienced delays due to fierce opposition on environmental grounds . in the case of the latter project , the army corps of engineers announced at the beginning of december 2016 that it would not grant a permit for the pipeline to drill under the missouri river , following a series of protests by environmental activists .
however , douglas - westwood expects the market to be sheltered from the oil price downturn in the near term , due to an increase in installation activity driven by projects sanctioned prior to the downturn . the global number of kilometers installed is forecast to rise by 5 % from 59 , 769 km to 63 , 025 km . key projects expected to contribute to this rise include the 5 , 200 - km 4 th west - east gas pipeline in china and the 2 , 500 - km gwadar to kashgar oil pipeline in pakistan . subsequently , global capital expenditure in 2017 is forecast to increase by 12 % from usd 40 . 6 billion to usd 45 . 6 billion .
according to him , the visit would afford the nnpc and cote d’ivoire the opportunity to open a new vista for further bilateral discussion which would lead to the growth and development of the oil and gas sector .
in an attempt to reduce their reliance on russian gas , eu leaders have met with colleagues from the so - called
new silk road
in prague to discuss building new pipelines . ( 08 . 05 . 2009 )
the statement noted that group managing director of the nnpc , maikanti baru , who was represented by chief operating officer , gas and power , mr . saidu mohammed , disclosed this while receiving a delegation from cote d’ivoire in abuja .
he said nigeria and indeed the nnpc had been into the business of oil and gas exploration and production for over 50 years , stressing that the interface would enable the nnpc to share its vast experiences in the sector with the delegation .
the statement noted that group managing director of the nnpc , maikanti baru , who was represented by the chief operating officer , gas and power , mr . saidu mohammed , disclosed this while receiving a delegation from cote d’ivoire in abuja .
he said nigeria and indeed the nnpc has being into the business of oil and gas exploration and production for over fifty years , stressing that the interface would enable the nnpc to share its vast experiences in the sector with the delegation .
the french energy company total as well as royal dutch shell are eager to get involved , and many european leaders hope that a direct connection with nigeria , would help ease the eu ' s dependency on russia for its gas needs .
the second key driver for market growth in the sector is the regional production / consumption balance . asia and western europe will continue to run hydrocarbon deficits and be the two largest energy importers , while the middle east and the eastern europe / fsu will run large surpluses and remain the key exporters . north america will soon convert into a gas exporter . given the current surplus / deficit situation across regions , moving oil and gas—especially among neighboring regions—is critical to ensure market efficiency .
the european union is united on the natural gas pipelines its members aim to build in a bid to diversify bloc ' s supply and import routes , energy commissioner andris piebalgs said on friday , jan . 30 . ( 31 . 01 . 2009 )
increasing gasification is shaping the long - term demand for pipes . with an anticipated 35 % increase in global energy demand over the next 20 years , the role of natural gas is expected to account for 26 % of total energy consumption by 2030 .
the pipeline will run an estimated 4 , 000 km along the west coast of africa and the countries through which it runs and the exact route will be determined as the project moves forward , based on further research ,
a spokesman for ithmar told s & p global platts .
but andreas hergenroether , the head of the german foreign trade office in algiers , says that existing agreements between the eu and algeria - the world ' s second largest producer of natural gas - could provide a hedge against the bloc becoming completely dependent on russia .
as a small but growing market , africa is expected to see an 88 % increase in expenditure over the forecast period . continuing growth in domestic production and the need for infrastructure to export oil and gas to western europe are the main drivers of market expansion .
trang nguyen is a member of douglas - westwood’s research team , specializing in subsea cables , onshore pipelines , and unconventional gas . she earned a bachelor’s degree in economics and law as a recipient of the singapore scholarship awarded by the singapore ministry of foreign affairs .
thisday learnt that following the decision to build a new gas line between the two countries as was reached during the visit of king muhammed vi of morocco to president muhammadu buhari in december 2016 , funds for the project’s initial feasibility studies have been provided by both countries .
aside from the drivers accelerating the market growth , geopolitical complication and public opposition stand out as challenges causing significant delay in construction commencement and project cancellation . increase in material prices and more stringent regulations are expected to increase the cost of building and operating pipelines . the security of pipeline poses a challenge in politically unstable areas .
in his remarks , leader of the ivoirian delegation and deputy director , production , ministry of petroleum , cote d’ ivoire , mr . patrick marshal , said the visit was to learn from nigeria some of its best practices in personnel management , exploration and production in the oil and gas industry .
the o & m expenditure associated with pipeline stations and expenditure allocated to technical and land management support ( including additional onsite technical expertise and troubleshooting of technical issues , as well as the maintenance of the right of way ) are expected to account for 21 % and 8 % , respectively , of total operational expenditure over the 2017–2021 period .
douglas - westwood estimated in the world onshore pipelines market forecast 2013–2017 that 270 834 km of onshore pipeline will be installed from 2013 to 2017 , increasing by 10 % compared with the previous 5 - year period . global expenditure is expected to reach usd 216 billion over the next 5 years , a 12 % increase compared with 2008–2012 .
this very strong appeal of the importation sources would not be limited only to current suppliers and routes . the deficit would be filled only by the development of new gas reserves of the traditional suppliers and by the recourse to new remoted sources notably from those situated in the middle east , caspian , nigeria…
in 2009 , russian gas group , gazprom signed a memorandum of understanding ( mou ) to invest at least $ 2 . 5 billion in a joint venture with the nigerian national petroleum corporation ( nnpc ) . the european union , through its european investment bank , was interested in financing the project .
in his own remarks , leader of the ivoirian delegation and deputy director , production , of ministry of petroleum , cote d’ ivoire , mr . patrick marshal , said the visit was to learn from nigeria some of its best practices in personnel management , exploration and production in the oil and gas industry .
surging asian demand is changing traditional supply flows . expected to run a regional production - consumption deficit as large as 1 , 792 million tons of oil equivalent by 2030 , asia will overtake north america as the largest market for onshore pipelines as the region looks to increase imports of oil and gas from neighboring regions .
the use of pipes ranging from 24 - to 41 - in . diameter and more than 41 - in . diameter will increase steadily , accounting for 45 % and 31 % of total kilometers installed , respectively . the trend toward the increased adoption of natural gas in the global energy mix is driving the increase in pipe diameter .
the book is an in - depth analysis of some of the fastest moving gas markets , attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades . some of the top scholars in the energy sector have contributed to this volume such as gonzalo escribano , director energy and climate change programme , elcano royal institute , madrid , coby van der linde , director clingendael international energy programme , the hague and houda ben jannet allal , general director observatoire méditerranéen de l’energie ( ome ) , paris . for only €32 . 50 you have your own copy of the future of natural gas . markets and geopolitics . click here to order now !
among the largest producing regions , the middle east stands out as the fastest growing market for onshore pipelines . it will expand by 42 % in construction length and 63 % in expenditure over the next 5 years . key drivers are rising energy demand from nearby regions , especially western europe and asia , and continuing growth in domestic production . the lack of political stability and security are threats to pipeline projects in this region .
the largest and most mature market , north america , will lower activity over 2013–2017 . pipeline construction length will decrease by 10 % compared with the previous 5 - year period . delays in the start of construction of announced projects , such as the two controversial pipelines , keystone xl and northern gateway , contribute to the slowdown in activity . however , the region still presents strong line pipe demand to build up infrastructure for production from unconventional resources .
continual expansion in energy demand remains the most prominent driver underlying growth in the energy industry , and the onshore pipeline sector is no exception . global energy consumption in 2030 is estimated at 16 , 531 million tons of oil equivalent , increasing by 35 % compared with 2011 . main sources of demand growth include energy need for industrialization in emerging economies , increase in population and gross domestic product per capita , and the surge in fuel consumption for transportation .
within the context of exponential increase in energy demand and a strong political agenda for energy security coming from asia , douglas - westwood expects to see large producers targeting the asian market . the eastern europe / fsu , especially russia , provide examples of this trend . key projects transporting gas from the eastern europe / fsu to asia include the tapi , turkmenistan - china , and russia - south korea pipelines .
in mid - january 2013 , a bloody hostage crisis at a gas plant operated by british oil major bp , statoil and algeria’s government - owned hydrocarbons company sonatrach grabbed international headlines . in the aftermath of the death of dozens of hostages from eight nationalities , as well as islamist militants claiming to be a part of al qaeda , bp quickly removed all “non - essential” personnel from across their operations in the country .
two other companies that have already expressed interest in the pipeline project are italian energy group eni , which has a presence in both nigeria and algeria , and french supermajor total , which has openly supported the project since the beginning of the year with guy maurice , managing director of total e & p in nigeria saying ;
total is ready to be involved in this project
. however , the three countries who signed the iga have not agreed international partners for the project yet .
concerning the nigerian gas , in addition to the extension of the liquefaction unit of bonny that will bring the capacity of this first complex of nigerian lng to 21 . 8 bcm per year from 2005 , it is foreseen in the framework of long term perspectives to built three others lng units with a global capacity of more than 25 bcm per year by 2008 . if the three feasibility studies are favourable , almost all the lng produced will be intended for the american market .
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the penspen group has provided engineering and management services to the oil and gas industry worldwide for over 50 years . penspen has no ownership ties with operators , contractors or suppliers and therefore can offer a truly independent , best practice service . it has also undertaken over 5 , 000 projects in almost every country in the world and has tackled almost every conceivable challenge from the economic evaluation of pipelines in developing nations and complex integrated design and construct contracts , to limit - state design of pipelines in deep water .


dolphin capital investors ( lse : dci ) is a real estate investment company focusing on the residential resort sector in emerging markets , and listed on the alternative investment market ( aim ) of the london stock exchange .

it is one of the largest real estate investment companies listed on aim in terms of net assets value ( nav ) , with a nav of € 713 million as at 31 march 2012 .

dolphin capital investors

dolphin capital investors limited com shs eur0 . 01 dolphin capital is listed in the ftse aim 100 , ftse aim all - share dolphin capital is part of the property sector
dolphin is managed by dolphin capital partners , an independent real estate private equity firm .
dolphin capital investors ltd ( dci ) common shares eur0 . 01 share price | dci
dolphin capital share price . dci - stock quote , charts , trade history , share chat , financial terms glossary . dolphin capital investors limited com shs eur0 . 01
mark townsend held the position of executive director at dolphin capital investors ltd at the time of this trade .
dolphin capital investors is one of the largest aim - listed real estate investment companies in terms of net assets .
miltos kambourides held the position of non - executive director at dolphin capital investors ltd at the time of this trade .
andrew coppel held the position of independent non - executive director at dolphin capital investors ltd at the time of this trade .
data as of jul 09 2018 . currency figures normalised to dolphin capital investors ltd ' s reporting currency : uk pound gbx
dolphin capital investors ltd has a debt to total capital ratio of 31 . 80 % , a lower figure than the previous year ' s 35 . 25 % .
ps . if you are not interested in dolphin capital investors anymore , you can use our free platform to see my list of over 150 other stocks with a high growth potential .
on monday , dolphin capital investors ltd ( dci : lse ) closed at 6 . 50 , 18 . 36 % above the 52 week low of 5 . 49 set on jul 21 , 2017 .
dolphin capital investors limited is an investor and developer of residential resorts . the company has two segments : the hotel & leisure operations , and construction & development segments . the company ' s portfolio is spread a
dolphin capital investors limited are a leading global investor in the residential resort sector in emerging markets , seeking to generate strong capital growth through the development process . we acquire large seafront sites of striking natural beauty in the eastern mediterranean , caribbean and latin america and develop them into sophisticated leisure integrated residential resorts , in partnership with some of the world ' s most recognised architects , golf course designers and hotel operators . dolphin is managed by dolphin capital partners , an independent real estate private equity firm .
on monday , dolphin capital investors ltd ( d5s : ber ) closed at 0 . 063 , 6 . 78 % above its 52 - week low of 0 . 059 , set on jul 19 , 2017 .
year on year dolphin capital investors ltd grew revenues 7 . 46 % from 18 . 15m to 19 . 50m while net income improved from a loss of 243 . 76m to a smaller loss of 31 . 99m .
dolphin capital investors is the leading investor in the residential resort sector in south - eastern europe and the largest real estate investment company listed on aim . look up company reports below or search by year of publication on the right .
miltos sponsors the kambourides graduate fellowship in the center for computational engineering at mit and heads the dolphin capital foundation , a charitable foundation active in greece and elsewhere .
clearly , dolphin capital investors has a significantly low debt on its balance sheet . the company fails to impress in terms of generating strong enough operating cash flows or earnings . thus , for now , i don’t find it a financially sound company . now when you know whether you should keep the debt in mind as a risk factor when putting together your investment thesis , i recommend you check out our latest free analysis report on dolphin capital investors to see what are dci’s growth prospects and whether it could be considered an undervalued opportunity .
these balance sheet checks are a fine starting point to decide whether a company is worth your consideration ; however , its growth profile and track record are equally important in deciding whether it’s doing better than its peers . i recommend you see our latest free analysis on dolphin capital investors .
investors are always looking for growth in small - cap stocks like dolphin capital investors limited ( aim : dci ) with its market cap of usd $ 89 million ; however , an important fact which most ignore is : how financially healthy is the company ? there are always disruptions which destabilize and many a times end an existing industry , and most small - cap companies are the first casualties when such a wave hits .
at the end of the day , a company must pay bills and salaries , and must be able to invest in lucrative projects through cash . firms have a certain amount of control over revenue recognition , which makes an analysis of its operating cash flow even more important . in the case of dolphin capital investors , operating cash flow turned out to be - 10 . 5 % of its overall debt over the past twelve months . dolphin capital investors currently has to rely on external funding to even run its business . this can be ok for a fast - growing company , but otherwise this is of course a sign of some serious debt - problems .
in 2017 , cash reserves at dolphin capital investors ltd fell by 2 . 25m . however , cash flow from investing totalled 25 . 75m , indicating this company earned more from the sale of existing assets than it spent on the purchase of new assets . in addition the company used 17 . 99m for operations while cash used for financing totalled 10 . 02m .
dolphin capital investors limited is an investor and developer of residential resorts . the company has two segments : the hotel & leisure operations , and construction & development segments . the company ' s portfolio is spread across approximately 57 million square meters of coastal developable land in greece , cyprus , croatia , turkey , the dominican republic and panama . the company ' s core projects inc
dolphin ( urltoken ) is a leading global investor in the residential resort sector in emerging markets and one of the largest real estate investment companies quoted on aim in terms of net assets . dolphin seeks to generate strong capital growth for its shareholders by acquiring large seafront sites of striking natural beauty in the eastern mediterranean , caribbean and latin america and developing sophisticated leisure - integrated residential resorts .
debt to equity ratio tells you if the company faces tough times or goes out of business , how much assets the debtors could claim . in the case of dolphin capital investors , the debt - to - equity ratio is 59 . 6 % and this indicates that dolphin capital investors’s debt can cause trouble for the company in a downturn but still it’s at a manageable level . a more empirical and universal test is to measure the interest payments against earnings of a company . in an ideal situation , earnings should cover interest by at least a 5x multiple ; thus , reducing any concerns related to high volatility in net income due to small fluctuations in operating performance . in dci’s case the company is making a loss , therefore interest on debt is not well covered by earnings .
to test dolphin capital investors’s financial condition further , i would weigh its current assets against the total debt . the level of current assets indicates dci’s ability to survive a downturn , which most companies face several times in their life cycle . dci’s short - term assets ( €201 million ) cover its total debt ( €95 million ) , so the company’s debt is not a major concern during adverse circumstances
primarily due to the lack of diversification in revenues geographically , often investors opt for a bundle of small - caps . on the other hand , well - versed investors allocate a small part of their portfolio capital to individual small - caps , primarily to improve its risk - return profile . however , that doesn’t reduce the risks these companies face individually . but i believe that it can be reduced to some extent by looking at these back of the hand balance sheet calculations .
graham warner is a non - executive director at j o hambro capital management umbrella fund plc , which continues to be a significant shareholder of the company . graham has nearly 40 years’ experience in banking and financial services , most recently as finance director of j o hambro capital management group limited , and extensive experience of statutory reporting and governance of publicly listed entities .
dolphin capital investors limited ( aim : dci ) is a small - cap company – a market capitalization of less than $ 2 billion . such companies have the highest growth potential , primarily due to their small - size . but that also makes them less diversified and susceptible to a downturn in the broader economy or the specific industry in the region . while dci sports a low - debt on its balance sheet with the debt - to - equity ratio of 37 . 8 % , more metrics should be looked at before you can decide whether it’s financially strong .
mark townsend is investment consultant to asset value investors limited , a significant shareholder of the company . mark has nearly 40 years’ experience investing in listed property companies and directly into property markets in europe .
brad has a background in financial management , but was taught investment principles by his father , that of which guides his investment philosophy today . he is a strong advocate of dividend investing , particularly for passive investors . he enjoys helping beginner investors adopt an investment mindset based on realistic expectations and foundational principles , and is a big believer that “if you’re beating the bank , you’re a successful investor” . reach brad by sending an email at brad . riley @ urltoken .
while failure to manage cash has been one of the major reasons behind the demise of a lot of small businesses , the mismanagement comes into the limelight during tough situations such as economic recession , war , natural disaster , sudden increase in the price of raw materials , and a supply chain risk , which can put a company in a difficult situation . for a small company , that could be a death blow if it doesn’t have enough reserves to meet its short - term obligations – payments to suppliers , wages , short - term bank loans , interest on long - term debt . dolphin capital investors is able to meet its short term ( 1 year ) commitments with its holdings of cash and other short term assets .
we believe wealth 150 + funds offer the ultimate combination of first - class performance potential and low management charges for uk investors . in many cases these super - low charges are only available through the vantage service - a unique benefit to hargreaves lansdown clients .
since its inception in 2005 , dolphin has raised €948 million ( $ 1 . 3 billion ) of equity , has become one of the largest private seafront landowners in greece and cyprus and has partnered with some of the world’s most recognised architects , golf course designers and hotel operators .
dolphin capital investors limited is an investor and developer of residential resorts . the company has two segments : the hotel & leisure operations , and construction & development segments . the company ' s portfolio is spread across approximately 57 million square meters of coastal developable land in greece , cyprus , croatia , turkey , the dominican republic and panama . the company ' s core projects include amanzoe , kilada hills and the kea resort , all of which are located in greece , and playa grande club & reserve , which is located in dominican republic . the core projects are spread over 2 , 550 hectares of land . the total unsold residential capacity of the core projects is approximately 2 . 45 million buildable square meters . the non - core assets include approximately 10 leisure integrated residential resort projects spread over 1 , 740 hectares excluding aristo ( approximately 1 , 450 hectares ) .
important - by law certain stocks must have a key investor information document / key information document available before investors can purchase them . the party responsible for publishing the documents have not made them available to hargreaves lansdown for this stock and so it cannot be purchased . we apologise for any inconvenience caused .
dolphin’s portfolio is currently spread over approximately 63 million m 2 of prime coastal developable land and comprises 14 large - scale , leisure - integrated residential resorts under development in greece , cyprus , croatia , turkey , the dominican republic and panama and a 49 . 8 % strategic participation in aristo developers ltd , which is one of the largest holiday home developers in south east europe with more than 60 smaller holiday home projects in cyprus .
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he will join the strategy and oversight committee immediately and , effective 1 january 2016 on the retirement of roger lane smith , will assume the roles of senior independent director and chairman of the company’s nomination and governance committees .
mr coppel , aged 65 , has over 20 years’ experience within the hospitality and leisure sectors in chairman , ceo and / or senior board level roles , as well as being a non - executive director of one of the uk’s largest residential housebuilders .
most recently , from 2011 to 2015 , mr coppel was ceo of de vere group , one of the largest hotel and leisure groups in the uk , having joined the business initially as executive chairman in march 2010 . as ceo , he led a team in turning round the group , building value through operational and investment initiatives , and crystallising that value principally through the sales of the three main divisions to us private equity firms . this resulted in the repayment to lloyds banking group of over £1bn .
mr coppel was chairman and ceo of mccambridge group from 2008 to 2009 and ceo of jockey club racecourses from 2004 to 2007 . in 1993 , he joined queens moat houses , one of the largest hotel groups in europe , where he was group ceo until 2003 . from 1990 to 1993 he was chairman and ceo of sale tilney .
in a non - executive capacity , he was the first chair of tourism ireland for seven years ( 2001 - 2007 ) , chair of london irish rugby football club ( 2008 - 2011 ) and a non - executive director of crest nicholson ( 2009 - 2011 ) . he also sat on lloyds bank’s advisory board on ireland .
miltos was previously a founding partner of soros real estate partners ( srep ) , a global real estate private equity business formed in 1999 by george soros , which executed a number of complex real estate transactions in western europe and japan .
while at srep , he was primarily responsible for investments relating to property outsourcing in the uk and for the srep investment strategy in southeast europe . he was the deal leader and founder of mapeley ltd , which went on to become the second largest real estate outsourcing company in the uk after winning two major 20 - year multi - billion - gbp contracts : one with the inland revenue and custom & excise departments of the uk and one with the abbey national bank .
prior to joining soros , miltos spent two years at goldman sachs working on real estate private equity transactions in the uk , france and spain . in 1998 , he received a goldman sachs global innovation award for his work at trillium , the largest real estate outsourcing company in the uk .
he graduated from the massachusetts institute of technology with a bs and ms in mechanical engineering and a bs in mathematics . he has received several academic honours and participated twice in the international math olympiad ( beijing 1990 , moscow 1992 ) and once in the balkan math olympiad ( sofia 1990 ) where he received a bronze medal .
mark has managed the french property trust and the european asset value fund , along with discretionary us and european mandates , which focused on under researched , undervalued listed property companies throughout europe . mark was elected a fellow of the royal institution of chartered surveyors in 1990 .
prior to joining j o hambro in 2000 , graham worked for mercury asset management ( subsequently merrill lynch investment managers ) , where he was responsible for mercury’s financial accounting and regulatory reporting . he has also worked for the national bank of kuwait group and hong kong & shanghai banking corporation in senior financial management roles .
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how did tech data corporation’s ( nasdaq : tecd ) 4 . 17 % roe fare against the industry ?
why first united corporation ( nasdaq : func ) ’s 1 . 79 % dividend is not a good reason to buy
while operating cash flows are vital , earnings tell how profitable is the company , after also accounting for its gains and losses in non - core ventures and non - cash expenses such as depreciation and amortization . when a company earns enough to service its debt comfortably , this reflects its profitability and financial strength . a 5x multiple of earnings to interest expense is what i consider to be a benchmark for a financially strong company . in dci’s case , the company is making a loss , therefore interest on debt is not well covered by earnings .
noted activist shareholder , carl ichan has become famous ( and rich ) by taking positions in badly run public corporations and forcing them to make radical changes to uncover shareholders value .
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joel is a relatively new investor , only investing for the last 5 years . he believes though , that it’s not the amount of time in the market that determines a good investor , but rather how dedicated they are to actively improving their knowledge . he has immersed himself in the world of investing , and prides himself on avoiding hype from latest trends and news . reach joel by sending an email at joel . foster @ urltoken .
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apart from geopolitical events such as political unrest and natural calamities , a company which is suddenly facing a hostile market environment must be able to fulfil short - term commitments with its reserves so that it can see another day . thus , it becomes utmost important for an investor to test a company’s resilience for such contingencies . in simple terms , i believe these three small calculations tell most of the story you need to know .
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in an exclusive video interview with london south east , infrastrata ceo adrian pocock revealed that . . .
after what malcy describes as a ' disappointing ' 2017 , malcy graham - wood ' s bucket list has come good . . .
users who watch dci also watch : victoria , hochschild , ferrexpo , vedanta resources , solgold , kaz minerals , evraz , glencore , highland gold , enquest users who hold dci also hold : advfn , aggreko , laura ashley , avesoro res . , avocet mining , biotech gwth , bp , bahamas petrol , hornby
just done a post on dci - think its a much more attractive risk / reward play - hopefully will be hard to lose . . . urltoken
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lude amanzoe , kilada hills and the kea resort , all of which are located in greece , and playa grande club & reserve , which is located in dominican republic . the core projects are spread over 2 , 550 hectares of land . the total unsold residential capacity of the core projects is approximately 2 . 45 million buildable square meters . the non - core assets include approximately 10 leisure integrated residential resort projects spread over 1 , 740 hectares excluding aristo ( approximately 1 , 450 hectares ) .
to dispose of all of the company ' s assets by 31 - dec - 19 .
annual management fee payable quarterly in advance of 2 % p . a . of the company ' s equity funds . the investment manager is entitled to a performance fee based on the net profits made by the company . contract terminable on 90 days ' notice .
data delayed at least 15 minutes , as of jul 09 2018 07 : 08 bst .
cross approximately 57 million square meters of coastal developable land in greece , cyprus , croatia , turkey , the dominican republic and panama . the company ' s core projects include amanzoe , kilada hills and the kea resort , all of which are located in greece , and playa grande club & reserve , which is located in dominican republic . the core projects are spread over 2 , 550 hectares of land . the total unsold residential capacity of the core projects is approximately 2 . 45 million buildable square meters . the non - core assets include approximately 10 leisure integrated residential resort projects spread over 1 , 740 hectares excluding aristo ( approximately 1 , 450 hectares ) .
although markit has made every effort to ensure this data is correct , nevertheless no guarantee is given to the accuracy or completeness . any opinions or estimates expressed herein are those of markit on the date of preparation and are subject to change without notice ; however no such opinions or estimates constitute legal , investment or other advice . you must therefore seek independent legal , investment or other appropriate advice from a suitably qualified and / or authorised and regulated advisor prior to making any legal , investment or other decision . this is intended for information purposes only and is not intended as an offer or recommendation to buy , sell or otherwise deal in securities .