The President of Panama Martín Torrijos has announced a financial package for the expansion of the Panama Canal.
Half of the US$5.25 billion project will be funded by five multilateral agencies from across Europe, Asia and South America. Cash from the canal’s operation will cover the remaining cost. The President said the canal remains an “object of immense satisfaction for the entire nation.” The Chief Executive Officer of the Panama Canal Authority, Alberto Alemán Zubieta said the commitment by major multilateral agencies proved there was trust in the Panamanian economy at a time of global economic uncertainty.
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Tuesday, October 21, 2008
Dubai World to expand business in Asia
Dubai World, which last year bought two Singapore-based shipyards, is looking to further expand its marine engineering and fabrication business in Asia with potential acquisitions in China, India, Thailand and Vietnam.
Drydocks World, the group's shipyard business unit, is exploring several opportunities in those countries, Dubai World Chairman Sultan Ahmad Bin Sulayem told reporters during a tour of the company's facilities in Indonesia and Singapore. He said the group sees good business opportunities in the ship engineering and manufacturing sector despite a global economic slowdown. Drydocks World, which operates Dubai Drydocks, made its first major foreign acquisition last year when it took over Singapore's Pan United Marine Limited and later Labroy Marine Limited. The two companies operated shipyards in Singapore and the nearby Batam Island of Indonesia. Drydocks World Southeast Asia is expected to generate $1.5 billion in revenues and the group's Dubai business will fetch $1 billion in revenues this year, he said. Having consolidated its Southeast Asian operations under the regional unit, the company has been hunting for more ventures with focus on ship repair, rig manufacturing, vessel conversion and new ship manufacturing businesses in Asia. Drydocks World's sister company DP World already operates container terminals in the four countries where the company aims to enter the shipyard business.
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Drydocks World, the group's shipyard business unit, is exploring several opportunities in those countries, Dubai World Chairman Sultan Ahmad Bin Sulayem told reporters during a tour of the company's facilities in Indonesia and Singapore. He said the group sees good business opportunities in the ship engineering and manufacturing sector despite a global economic slowdown. Drydocks World, which operates Dubai Drydocks, made its first major foreign acquisition last year when it took over Singapore's Pan United Marine Limited and later Labroy Marine Limited. The two companies operated shipyards in Singapore and the nearby Batam Island of Indonesia. Drydocks World Southeast Asia is expected to generate $1.5 billion in revenues and the group's Dubai business will fetch $1 billion in revenues this year, he said. Having consolidated its Southeast Asian operations under the regional unit, the company has been hunting for more ventures with focus on ship repair, rig manufacturing, vessel conversion and new ship manufacturing businesses in Asia. Drydocks World's sister company DP World already operates container terminals in the four countries where the company aims to enter the shipyard business.
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Bahrain signs agreement with Hess to establish gas terminal
Bahrain has signed a memorandum of understanding with US firm Hess Corporation for the establishment of a liquefied natural gas (LNG) import terminal in the kingdom.
The step has been taken by the National Oil and Gas Authority (Noga).Oil and Gas Affairs Minister and Noga chairman Dr Abdulhussain Mirza signed a memorandum of understanding (MoU) with HESS LNG president and chief executive officer Gordon Shearer. "The signing ceremony is symbolic of the real and necessary partnership Noga is establishing in its quest to meet the true challenge of its ultimate goal of securing the necessary energy to fuel the economic growth and prosperity of the kingdom," said Dr Mirza. "Energy security is a key goal that is fully subscribed to and is in the forethought of the leadership of the kingdom."
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The step has been taken by the National Oil and Gas Authority (Noga).Oil and Gas Affairs Minister and Noga chairman Dr Abdulhussain Mirza signed a memorandum of understanding (MoU) with HESS LNG president and chief executive officer Gordon Shearer. "The signing ceremony is symbolic of the real and necessary partnership Noga is establishing in its quest to meet the true challenge of its ultimate goal of securing the necessary energy to fuel the economic growth and prosperity of the kingdom," said Dr Mirza. "Energy security is a key goal that is fully subscribed to and is in the forethought of the leadership of the kingdom."
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Singapore’s New Standards in Bunkering
SPRING Singapore and the Maritime and Port Authority of Singapore launch the first standard in the world for both bunker suppliers and surveyors.
SPRING Singapore and the Maritime and Port Authority of Singapore have launched a new standard, the Singapore Standard SS 600: 2008 – Code of Practice for Bunkering, to further enhance consistency in practices in the delivery of bunkers for ships calling at Singapore’s port. The launch of this national standard for bunker suppliers and surveyors – a first in the world – was announced by Mr. Raymond Lim, Minister for Transport and Second Minister for Foreign Affairs, at the Singapore International Bunkering Conference (SIBCON 2008).SS 600 sets out guidelines and procedures to ensure that the correct quality and quantity of bunkers are being delivered safely and efficiently. By enhancing the procedures and requirements for the delivery of bunkers by bunker tankers to vessels as well as the work of bunker surveyors, the new standard will boost Singapore’s position in the bunkering industry.SS 600 will be enforced by MPA for all bunkering operations and bunker surveying works in Singapore. This standard which will replace the two current standards: SS CP 60: 2004 (Bunkering by Bunker Tankers) and SS CP 77: 1999 (Bunker Surveying) will be adopted by the bunkering industry in the second half of 2009.
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SPRING Singapore and the Maritime and Port Authority of Singapore have launched a new standard, the Singapore Standard SS 600: 2008 – Code of Practice for Bunkering, to further enhance consistency in practices in the delivery of bunkers for ships calling at Singapore’s port. The launch of this national standard for bunker suppliers and surveyors – a first in the world – was announced by Mr. Raymond Lim, Minister for Transport and Second Minister for Foreign Affairs, at the Singapore International Bunkering Conference (SIBCON 2008).SS 600 sets out guidelines and procedures to ensure that the correct quality and quantity of bunkers are being delivered safely and efficiently. By enhancing the procedures and requirements for the delivery of bunkers by bunker tankers to vessels as well as the work of bunker surveyors, the new standard will boost Singapore’s position in the bunkering industry.SS 600 will be enforced by MPA for all bunkering operations and bunker surveying works in Singapore. This standard which will replace the two current standards: SS CP 60: 2004 (Bunkering by Bunker Tankers) and SS CP 77: 1999 (Bunker Surveying) will be adopted by the bunkering industry in the second half of 2009.
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Malaysian firm in $2bn Kerala port project
Mumbai: A consortium comprising India's Lanco Group of Companies and Malaysia's Pembinaan Redzai Sdn Bhd has secured a US$2 billion (RM7 billion) deal to develop the Vizhinjam International Transshipment Terminal Port in India.
Last month, the Kerala state government issued a Letter of Intent to Lanco, and the licence agreement for the project is expected to be signed next month. In a statement, Lanco said the licence agreement will be signed between the Kerala state government and the Special Purpose Company (SPC) to be incorporated by the Lanco-Pembinaan Redzai consortium members. The Kerala state government will hold a 24 per cent equity stake in the SPC, while the balance equity will be held by the consortium. Lanco said the port project was awarded to the consortium of Lanco and Pembinaan Redzai after the Indian government formally granted the security clearance to the consortium earlier last month. Pembinaan Redzai owns some 40 per cent stake in Westports Holdings Sdn Bhd, the holding company for Westports Malaysia Sdn Bhd that runs Westports at Port Klang. The Vizhinjam port project involves the development of an international container transshipment port. The port was put on tender by the Kerala state government in August last year.
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Last month, the Kerala state government issued a Letter of Intent to Lanco, and the licence agreement for the project is expected to be signed next month. In a statement, Lanco said the licence agreement will be signed between the Kerala state government and the Special Purpose Company (SPC) to be incorporated by the Lanco-Pembinaan Redzai consortium members. The Kerala state government will hold a 24 per cent equity stake in the SPC, while the balance equity will be held by the consortium. Lanco said the port project was awarded to the consortium of Lanco and Pembinaan Redzai after the Indian government formally granted the security clearance to the consortium earlier last month. Pembinaan Redzai owns some 40 per cent stake in Westports Holdings Sdn Bhd, the holding company for Westports Malaysia Sdn Bhd that runs Westports at Port Klang. The Vizhinjam port project involves the development of an international container transshipment port. The port was put on tender by the Kerala state government in August last year.
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Ecuador and Petrobras reach deal
Ecuador will receive an average of 60% of oil production for Block 18, operated by Brazilian giant Petrobras, up from the current 51%, Mining and Oil Minister Derlis Palacios said.
President Rafael Correa said over the weekend that Petrobras has agreed to sign a new temporary oil participation deal for Block 18. The temporary deal will be changed in one year to a service contract. Under the current participation contracts, the state receives a percentage of profits from oil production. Under the new service provider contracts, companies would be paid a production fee and be reimbursed for investment costs, although all of the recovered crude oil will belong to the state. Petrobras currently produces about 32,000 barrels of oil a day from Block 18, said a Dow Jones Newswire report. "According the agreement signed on Friday, the state will increase its participation in the block oil production to 60%. In exchange, the windfall tax for the company will be reduced from the current 99% to 70%," Palacios said. Palacios added that although the temporary contract is for a year, he hopes to sign a service contract quickly, "maybe in around three months" because it could benefit both the government and the company. Last month Ecuador and Petrobras agreed to finish the contract for Block 31, another block operated by the Brazilian company, and transfer it to the state. Block 31, with an area of 200,000-hectares, lies partly within Yasuni National Park, which the United Nations Educational, Scientific and Cultural Organisation have declared a World Biosphere Reserve. Petrobras has not started production in Block 31.
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President Rafael Correa said over the weekend that Petrobras has agreed to sign a new temporary oil participation deal for Block 18. The temporary deal will be changed in one year to a service contract. Under the current participation contracts, the state receives a percentage of profits from oil production. Under the new service provider contracts, companies would be paid a production fee and be reimbursed for investment costs, although all of the recovered crude oil will belong to the state. Petrobras currently produces about 32,000 barrels of oil a day from Block 18, said a Dow Jones Newswire report. "According the agreement signed on Friday, the state will increase its participation in the block oil production to 60%. In exchange, the windfall tax for the company will be reduced from the current 99% to 70%," Palacios said. Palacios added that although the temporary contract is for a year, he hopes to sign a service contract quickly, "maybe in around three months" because it could benefit both the government and the company. Last month Ecuador and Petrobras agreed to finish the contract for Block 31, another block operated by the Brazilian company, and transfer it to the state. Block 31, with an area of 200,000-hectares, lies partly within Yasuni National Park, which the United Nations Educational, Scientific and Cultural Organisation have declared a World Biosphere Reserve. Petrobras has not started production in Block 31.
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