Monaco’s GasLog takes important new direction

Photo: GasLog
Photo: GasLog

A wholly-owned subsidiary of GasLog has entered into a sale and purchase agreement to acquire a twenty percent shareholding in Gastrade S.A., which is licensed to develop an independent natural gas system offshore Alexandroupolis, in Northern Greece, utilising a floating storage and regasification unit along with other fixed infrastructure.

Gastrade is a private limited company, incorporated in Greece, and wholly owned by Asimina-Eleni Copelouzou, that has been involved in the development of this FSRU project over a number of years. GasLog, as well as being a shareholder, will provide operations and maintenance services for the FSRU through an operating and maintenance agreement.

Gastrade is currently in discussions with a number of additional potential investors, including DEPA, the Greek state-owned gas company, and Bulgarian Energy Holding, the holding company of the Bulgarian Ministry of Energy, and major gas suppliers. Other large-scale international companies have expressed an intention to participate in the ownership and development of the terminal. A number of companies have also communicated an interest in supplying liquefied natural gas (LNG) to the project.

This FSRU project would provide a new route and a vital source of gas diversification to a number of European countries that are currently highly dependent on pipeline gas in South East and Central Europe. As well as enhancing security of supply in the region, it will promote competition and pricing flexibility.

The project has the backing of the Greek and the Bulgarian governments, as well as the support of the EU. It has been assigned the status of an EU Project of Common Interest, that is further designated as a priority EU energy infrastructure project. The front-end engineering and design study is expected to be partly-funded by a grant from the EU, and is due to start in early 2017.

Gastrade targets to take final investment decision by the end of 2017 with the FSRU scheduled to be operational by end of 2019.

Paul Wogan, Chief Executive Officer of GasLog Ltd., said: “I am delighted that GasLog has been invited to join Gastrade. This is a strategically important energy import project for the region. The FSRU will be used as a gateway for LNG imports into Southern Europe, where there is a growing demand and a need to diversify existing gas supply.”

Konstantinos Spyropoulos, Chairman and Managing Director of Gastrade, also added, “We are very pleased to have GasLog involved in the project. Their long, successful track record in the maritime and in particular in the LNG sector, coupled with their leading innovation initiatives, make them an excellent partner to take the project forward. We look forward to working with GasLog to bring this project to commercial operation.”

GasLog is an international owner, operator and manager of LNG carriers. GasLog’s fully-owned fleet includes 18 LNG carriers, including 13 ships in operation and five LNG carriers on order, and has four LNG carriers operating under its technical management for third parties. GasLog Partners LP, a master limited partnership formed by GasLog, owns a further nine LNG carriers. GasLog’s principal executive offices are at Gildo Pastor Center in Monaco.

St Tropez fights airport decision

Photo: sainttropez.aeroport.fr
Photo: sainttropez.aeroport.fr

The airports themselves continue to fight against an edict issued on November 1, 2016, barring flights from outside the Schengen Area from landing at a number of small airports in France, including St Tropez. The decision was taken by the French government to reduce policeman hours.

Customs and police officials were withdrawn from a total of 13 small, but important, airports that lost their precious PPF status (point de passage frontalier). Critics of the move say that significant revenue is being lost, with repercussions for employment, principally in the tourism sector, as private flights are being turned away. In particular, flights from Russia and the Arab states have been affected.

Furthermore, the move was made without prior consultation and in contrast with the government’s frequent declarations of wanting a more inclusive decision-making process, critics say.

The affected airports are: Montbéliard, Besançon, Metz, Annemasse, Agen, Vichy, La Roche sur Yon, Nevers, Lannion, Abbeville, and Amiens, and two within the Var region, St Tropez and Le Castellet.

Migrant hit by train on Italian border

traintrack
The fact that the international migrant crisis is still with us at the end of 2016 was tragically underlined on Friday when a refugee in his twenties was killed by a TER train as he walked along the tracks from Ventimiglia towards the French border, Italian media reported.

The driver of the train didn’t see the man, who according to passengers was walking in a  group through one of the tunnels on the route.

Monaco Foodie: Whisky and The Art of Blending Liquid Sunshine

Photo: La Maison d'Ecosse
Photo: La Maison d’Ecosse

“Too much of anything is bad, but too much good whiskey is barely enough.”

It’s a rare thing that draws Mark Twain and Ava Gardner into alignment, but a love of whisky does just that. From tax wars and rebellions to prohibition, few drinks have had such a turbulent history. Whisky or whiskey: even its name is fought over. The battle for global preeminence is waged by whisky superpowers on either side of the Atlantic, while other whisky-producing nations struggle with international appeal: anyone for Taiwanese whisky? Yet nothing quite compares with a good Scotch, especially in Monte-Carlo, where our Prince’s roots are inextricably tied to the Lairds.

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Good whisky is a question not only of provenance, but also production. Single malts vie with blended whisky; single grains scorn blended grains. Yet a lot of the nuances of whisky production are lost behind advertising billboards that sell brands above production methods. My own introduction to whisky came at a whisky-fuelled Burns Night at Cambridge University where we toasted the haggis with barrelfuls of blended whisky.

Since then, I have muddled through the barrage of confusing terms in the whisky puzzle. I gradually pieced together the pecking order of malt and grain whisky: from cheaper grain whisky produced through column stills on an industrial scale to artisanal malt whisky with its pot-still production delivering more nuanced flavours and higher prices. I discovered that single grains confusingly use multiple grains (such as corn, rye and wheat are mixed with unmalted barley) as the term “single” refers to the distillery rather than the grain. Likewise single malts are marriages of malted barley from different vats and years within a single distillery. Another jigsaw piece arrived in the realisation that all whisky is a blend except for rare single-barrel whisky. It’s just that the whisky industry prefer to use vague terms like “marrying” and “vatting” rather than “blending” because they want to differentiate single distillery whisky from the mass market of blended whisky that combines whisky from multiple distilleries.

Years of whisky tasting later, I still feel like a beginner. So I read with excitement of this week’s Monte Carlo Whisky Festival where whisky beginners and experts mingle in a three-day schedule of Scotch tastings and dinners hosted by Monaco-based La Maison d’Ecosse. In celebration of the event, festival founder Anita di Sotto has kindly rounded up some of her Scotch global brand ambassadors and expert members of the Monte-Carlo Whisky Society to help me upon my quest to become a whisky expert.

My first question to this impressive panel is whether single malt always trumps blended whisky. Blended whisky accounts for 90 percent of Scotch whisky sales through brands such as Johnnie Walker, J&B and Chivas Regal, yet single malt brings in 25 percent of revenue. Master of the Quaich, Charles Maclean puts the historical perspective as he explains that malt whisky is the original Scotch that was eclipsed by the more consistent and accessible blended Scotch during the 1890s. In those days, only one percent of malt whisky was bottled as single malt, whereas nowadays it’s increased to ten percent. Maclean says: “Malt is not better than blend, just different by design” with blends better for long drinks and single malt best enjoyed neat. As global ambassador for The Glenrothes, Ronnie Cox aptly sums up: “Blends are for drinkers, single malts for thinkers.”

Next we delve into the influences of casking upon whisky flavours. Multiple factors influence the taste from the predecessor liquid (such as sherry or Bourbon); the cask size; the level of charring and the use of mellow American versus spicy European oak casks. Cox favours second-fill casks that are at their most active since third-fill casks can take more than 30 years to mature. Global ambassador for The Balvenie, Sam Simmons, believes that single malts show their distillery style best in American oak, while Maclean concurs that his favourite casking formula is an ex-sherry, American oak cask.

Finally we address the conundrum of age. What began decades ago as a marketing ploy to shift excess inventory has become so successful that there is now a shortage of vintage whisky. While Cox believes that “provenance is much more important”, Simmons observes that certain complexities that cannot be imparted to a whisky without great lengths of time exposed to oak and oxygen, slowly maturing and losing a share to the angels after years and years in cask.

“There are no guarantees, but older whisky is more rare, more expensive and, if we’re lucky, mind-blowing and unrepeatable,” says Simmons.

What is guaranteed is that, with 50-year-old Scotch selling for up to £20,000 per bottle, the rare whisky market has become a cash cow. So it’s no surprise that investors are queuing up for Thursday evening’s festival auction at the Oceanographic Museum of the limited edition of 180 bottles of The Glenmorangie Rare Single Cask from The Grimaldi Collection. This collection of 10 rare, single-barrel malt whiskies has been hand-selected by Prince Albert who roamed the corners of Scotland from Speyside to the Isle of Skye to find his perfect whisky.

With the lofty Grimaldi collection out of my journalistic price range, I shall content myself with a wee dram of single malt at home by the fire as I reflect upon the puzzling art of blending liquid sunshine*. In Simmons’ words:

“Whisky is such an enigma, from three simple ingredients and the mysterious influences of oak come infinite variability.”

The Monte Carlo Whisky Festival is on until 6th November with prices ranging from €20-€8,000. Hotel Métropole has a Tasting Room open daily during the festival from 11am til late. Visit mcwhiskyfestival.com for tickets and information. 

*George Bernard Shaw: “Whisky is liquid sunshine”.

Article first published November 2, 2016.

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