Lynch

Teekay Corp. and Merrill Lynch Commodities Inc. have agreed to develop a project to convert the SS Arctic Spirit into a floating liquefied natural gas (LNG) plant to be moored alongside a pier near Kitimat, British Columbia, Teekay said Thursday. The facility would be a stone’s throw from a proposed land-based liquefaction terminal.

Teekay Corp. and Merrill Lynch Commodities Inc. have agreed to develop a project to convert the SS Arctic Spirit into a floating liquefied natural gas (LNG) plant to be moored alongside a pier near Kitimat, British Columbia, Teekay said Thursday. The facility would be a stone’s throw from a proposed land-based liquefaction terminal.

Reports of the Lehman Brothers implosion, the purchase of Merrill Lynch, the freefall of the Dow Index and petroleum contract values and concerns over Hurricane Ike damage and shut-ins all added up wide swings for natural gas futures on Monday. After pressing support at $7 in early trade, the prompt-month shot violently higher to a high of $7.840 just after noon EDT before evening out in the end at $7.374, up less than a penny from Friday’s close.

Allegheny Energy, Inc. said last week it has signed an agreement with Merrill Lynch & Co. Inc., bringing to a close the long-running legal battles the two have fought since Allegheny’s purchase of Merrill’s Global Energy Market (GEM) energy commodities trading unit in 2001.

Allegheny Energy Inc. said Monday it has signed an agreement with Merrill Lynch & Co. Inc., bringing to a close the long-running legal battles the two have fought since Allegheny’s purchase of Merrill’s Global Energy Market (GEM) energy commodities trading unit in 2001.

Daniel Gordon, 29, who formerly headed energy trading for Merrill Lynch & Co. and then Allegheny Energy, on Friday was sentenced to three and a half years in prison for embezzling $43 million from the investment banker.

A former Enron Corp. executive and two former Merrill Lynch bankers were sentenced to prison Thursday for their roles in a sham deal in which Enron “sold” electricity-producing barges in Nigeria to the bank and then bought them back at a pre-set price. The men were convicted with two other Merrill executives last November for their roles in the bogus transaction (see Daily GPI, Nov. 4, 2004).

A former Enron Corp. executive and two former Merrill Lynch bankers were sentenced to prison last Thursday for their roles in a sham deal in which Enron “sold” electricity-producing barges in Nigeria to the bank and then bought them back at a pre-set price. The men were convicted with two other Merrill executives last November for their roles in the bogus transaction.

Two former Merrill Lynch & Co. executives were sentenced in Houston on Thursday to federal prison for their roles in helping Enron Corp. to disguise a $7 million loan as a sale of three Nigerian energy barges.