The Chief Executive of Hong Kong has called for the beautification and redevelopment of Victoria Harbour.
Speaking at his policy address last week, Sir Donald Tsang said that the Development Bureau would oversee projects to beautify the area and make it more accessible to the people of Hong Kong and visitors to the city. The Chief Executive said that: “I hope that our beautiful harbour will remain a symbol of our city that can be enjoyed by all." A study from 2004 by Designing Hong Kong Harbour District found that tourism would become a vital part of Hong Kong’s economy with an estimated 70 million tourist trips by 2030. The study called for the sustainable redevelopment of the harbour, including the beautification of the foreshore, and affordable access to culture, arts and sports. The study also warned that giving priority to transport infrastructure over the needs of the public and the natural environment could result in a sterile waterfront.
Read More
Monday, October 20, 2008
STX scores debut FSU order
Seoul: STX Heavy Industries Co., Ltd. of South Korea's STX Group has bagged an order from a Middle East owner for the construction of a floating storage unit (FSU).
This follows the group's first drill ship order landed late last month. STX HI secured the FSU order, valued at about 500 billion won, jointly with compatriot Samsung C&T Corp. They will take charge of the whole process of the contract from design, materials procurement, manufacturing, installation to trial operation. Completion of the installation at the work site is scheduled in the second half of 2011. Measuring 335 meters long, 60 meters wide and 33 meters deep, the FSU will have deadweight of about 335,000 tons and a crude storage capacity of 2.2 million barrels.
Read More
This follows the group's first drill ship order landed late last month. STX HI secured the FSU order, valued at about 500 billion won, jointly with compatriot Samsung C&T Corp. They will take charge of the whole process of the contract from design, materials procurement, manufacturing, installation to trial operation. Completion of the installation at the work site is scheduled in the second half of 2011. Measuring 335 meters long, 60 meters wide and 33 meters deep, the FSU will have deadweight of about 335,000 tons and a crude storage capacity of 2.2 million barrels.
Read More
CNOOC to develop Guangdong oil hub
Hong Kong: According to Shanghai Securities News China's National Development and Reform Commission has given the green light for China National Offshore Oil Corp to develop a giant oil terminal in Huizhou alongside a brand new refinery it will inaugurate before year end.
A VLCC berth capable of handling 18m tonnes a year as well as a work berth with supporting facilities will also be built, as well four 5,000-dwt and one 30,000-dwt products berths, with a combined capacity of 7.4m tonnes a year. CNOOC is also planning an oil coke berth of 20,000 dwt with annual capacity of 2m a year. The project will cost about CNY 1.06bn ($155.59m).
Read More
A VLCC berth capable of handling 18m tonnes a year as well as a work berth with supporting facilities will also be built, as well four 5,000-dwt and one 30,000-dwt products berths, with a combined capacity of 7.4m tonnes a year. CNOOC is also planning an oil coke berth of 20,000 dwt with annual capacity of 2m a year. The project will cost about CNY 1.06bn ($155.59m).
Read More
Quito and Petrobras agree on stop-gap PSC
Ecuador signed a temporary production sharing contract with Brazil's Petrobras that lowers the company's tax burden, President Rafael Correa said.
The PSC with Petrobras gives Correa more time to negotiate service deals that would allow the state to keep all the oil that companies produce. It also eases tensions with ally Brazil over recent threats to nationalize the company's oilfields if a deal was not signed. "Yes, Petrobras has agreed," said Correa. "These transition contracts will lead to service deals in about a year." Ecuador's ties with Brazil frayed after Correa ejected Brazilian construction outfit Odebrecht over a disputed dam in September. Correa, who won a September referendum to increase his control over the economy, has struggled for nearly a year to convince foreign companies to renegotiate deals that allowed them to directly sell some of the oil they extracted in Ecuador. Protracted talks has slashed private investment in the country's oil sector, which is crucial for the state's finances. Correa said French oil company Perenco also agreed to the temporary deal that immediately lowers a windfall tax that companies have said made their business unprofitable in the Andean country. Spain's Repsol is also planning to ink the transition deal next week, Correa said.
Read More
The PSC with Petrobras gives Correa more time to negotiate service deals that would allow the state to keep all the oil that companies produce. It also eases tensions with ally Brazil over recent threats to nationalize the company's oilfields if a deal was not signed. "Yes, Petrobras has agreed," said Correa. "These transition contracts will lead to service deals in about a year." Ecuador's ties with Brazil frayed after Correa ejected Brazilian construction outfit Odebrecht over a disputed dam in September. Correa, who won a September referendum to increase his control over the economy, has struggled for nearly a year to convince foreign companies to renegotiate deals that allowed them to directly sell some of the oil they extracted in Ecuador. Protracted talks has slashed private investment in the country's oil sector, which is crucial for the state's finances. Correa said French oil company Perenco also agreed to the temporary deal that immediately lowers a windfall tax that companies have said made their business unprofitable in the Andean country. Spain's Repsol is also planning to ink the transition deal next week, Correa said.
Read More
BP discovers oil in Angola
BP Exploration and Sonangol have announced the discovery of oil in ultra-deepwater Block 31, off the coast of Angola.
This is the sixteenth discovery made by BP in Block 31 and is located in the southern portion of the block, about nine kilometres to the south-west of the Juno-1 discovery. The well test results confirm the capacity of the reservoir to flow in excess of 5,000 barrels a day under production conditions.
Read More
This is the sixteenth discovery made by BP in Block 31 and is located in the southern portion of the block, about nine kilometres to the south-west of the Juno-1 discovery. The well test results confirm the capacity of the reservoir to flow in excess of 5,000 barrels a day under production conditions.
Read More
EU's Kroes urges Polish shipyards to abandon ship
Poland's historic but debt-laden shipyards may become a prosperous business hub producing things other than ships under radical new restructuring plans, EU competition chief Neelie Kroes quoted as saying.
Prime Minister Donald Tusk's centre-right government has been fighting to stave off bankruptcy for the shipyards, cradle of the anti-communist Solidarity trade union in the 1980s, but Kroes has rejected its own restructuring proposals. The Commission wants the state-controlled yards of Gdynia and Szczecin and the privatized Gdansk yard to repay 2.3 billion euros in illegal state aid, a move that would bankrupt them. EU Competition Commissioner Kroes said her plan would involve selling off the two state-owned yards' assets and using the proceeds to pay back the state aid. "This would provide a fresh start for the shipyards and their employees.New investors would not be burdened with old debts. "They (the new companies) can produce something else. The companies themselves will decide on the issue. The skills of employees of all the shipyards can be used not only for ship building but also in steel construction or similar areas." The yards have not made profit on a single ship built since Poland joined the European Union in 2004 and would have collapsed without state subsidies. Some analysts say the yards could still build ships profitably if better managed.
Read More
Prime Minister Donald Tusk's centre-right government has been fighting to stave off bankruptcy for the shipyards, cradle of the anti-communist Solidarity trade union in the 1980s, but Kroes has rejected its own restructuring proposals. The Commission wants the state-controlled yards of Gdynia and Szczecin and the privatized Gdansk yard to repay 2.3 billion euros in illegal state aid, a move that would bankrupt them. EU Competition Commissioner Kroes said her plan would involve selling off the two state-owned yards' assets and using the proceeds to pay back the state aid. "This would provide a fresh start for the shipyards and their employees.New investors would not be burdened with old debts. "They (the new companies) can produce something else. The companies themselves will decide on the issue. The skills of employees of all the shipyards can be used not only for ship building but also in steel construction or similar areas." The yards have not made profit on a single ship built since Poland joined the European Union in 2004 and would have collapsed without state subsidies. Some analysts say the yards could still build ships profitably if better managed.
Read More
Subscribe to:
Posts (Atom)
