Who is ZPMC vs Red Box Energy Services?

China’s state-owned ZPMC Group found itself on the losing side of a legal ruling in Hong Kong against its former joint venture partner Red Box Energy Services. A Hong Kong High Court judge ruled against ZPMC as it challenged an earlier arbitration ruling that had gone the way of Red Box Energy Services.

Why did red box win a shipping arbitration in Hong Kong?

Red Box secured Shipping arbitration awards in November 2020 in Hong Kong stating that ZPMC was in breach of its shareholder agreement. The September 2021 ruling at the Hong Kong High Court supported that initial arbitration outcome. Audax and Pugnax are now under the control of the now Singapore-based Red Box.

What happened to ZPMC-Red Box Energy Services?

ZPMC-Red Box Energy Services purchased two ice-breaking 25,000 dwt PC-3 module carriers in 2016 – Audax and Pugnax – that were deployed initially at the Yamal LNG project in Russia. The waters soured, however, when ZPMC took a joint stake in GPO Heavy Lift during 2017.

What is Hungary's Energy Strategy for 2040?

Hungary's Energy Strategy for the year 2040 focuses on clean, smart, and inexpensive energy while increasing energy independence and security and decarbonizing energy production. The strategy was incorporated into the amended National Energy Strategy for 2030.

Does Hungary have a natural gas pipeline?

Hungary has pipeline connections to six of its seven neighbors but has not succeeded in obtaining significant amounts of natural gas from sources other than Russia. Hungary uses 10 billion cubic meters of natural gas annually, nearly 85% of which comes from Russia.

Why did Hungary increase the role of LNG in its energy supply?

Hungary has decided to increase the role of LNG in its energy supply. This is due to the interconnectors that Hungary constructed, which have connected the natural gas networks of six out of seven of the country’s neighbors to that of Hungary.