The oil concession in question is in lot 103 in northern Peru, in San Martin province. The companies ordered to halt exploration work are Brazil's Petrobras, Spain's Repsol and Canada's Talisman Energy said. The complaint alleges that drilling work in the area violates a law protecting a sensitive environmental area that overlaps with the lot, and that drilling would contaminate important watersheds relied on by local communities. "The final phase of exploration work and the production phase are forbidden," the Constitutional Tribunal said in a ruling that affects work within the protected environmental area, but not the whole lot. The court said work could eventually go forward, but only if the companies provide detailed plans showing how they will minimize environmental harm. Petrobras could not be reached for comment. Repsol said it was unaware of the ruling and said Talisman was the lead partner on the lot.
Sunday, March 1, 2009
Peru top court bans oil exploration work
Peru's top court has ruled that foreign petroleum companies must halt exploration work at a site in the Andes Mountains where environmentalists have complained about possible water pollution.
The oil concession in question is in lot 103 in northern Peru, in San Martin province. The companies ordered to halt exploration work are Brazil's Petrobras, Spain's Repsol and Canada's Talisman Energy said. The complaint alleges that drilling work in the area violates a law protecting a sensitive environmental area that overlaps with the lot, and that drilling would contaminate important watersheds relied on by local communities. "The final phase of exploration work and the production phase are forbidden," the Constitutional Tribunal said in a ruling that affects work within the protected environmental area, but not the whole lot. The court said work could eventually go forward, but only if the companies provide detailed plans showing how they will minimize environmental harm. Petrobras could not be reached for comment. Repsol said it was unaware of the ruling and said Talisman was the lead partner on the lot.Read More
The oil concession in question is in lot 103 in northern Peru, in San Martin province. The companies ordered to halt exploration work are Brazil's Petrobras, Spain's Repsol and Canada's Talisman Energy said. The complaint alleges that drilling work in the area violates a law protecting a sensitive environmental area that overlaps with the lot, and that drilling would contaminate important watersheds relied on by local communities. "The final phase of exploration work and the production phase are forbidden," the Constitutional Tribunal said in a ruling that affects work within the protected environmental area, but not the whole lot. The court said work could eventually go forward, but only if the companies provide detailed plans showing how they will minimize environmental harm. Petrobras could not be reached for comment. Repsol said it was unaware of the ruling and said Talisman was the lead partner on the lot.
Posco aims for profit despite output cuts
Seoul: Recently appointed Posco ceo Chung Joon Yang has stated that the steel producer is “confident” of turning a profit “with only 2m tons of output cuts,” (i.e. a 6% reduction to the previous year’s production) and is considering mergers and acquisitions.
The South Korea-based company said today it will cut output by as much as 800,000 metric tons between January and March. Posco slashed production in December for the first time in its 40-year history, joining moves by ArcelorMittal and Nippon Steel Corp., the world’s biggest steelmakers, as the global recession crimped demand. The slowdown and tumbling values may present acquisition opportunities for Posco, Chung is reported as saying. “At this time of economic recession, the cost to buy a steel company can come down to below $1,000 per ton, so we are positively considering M&As,” the newswire reports Chung saying at a press conference. “What we fear the most is the industry slump may last for the next two to three years. Then, we’ll have to cut output by 30%.” However, Posco may carry out output cuts if the slump continues after June. Chung said, “Global steelmakers need to cut output together to reduce inventories, and thus help the industry recover quickly.” Chung’s comments echo concern by UBS AG that steelmakers may have raised output too quickly in January in response to a bounce in Chinese demand.Read More
The South Korea-based company said today it will cut output by as much as 800,000 metric tons between January and March. Posco slashed production in December for the first time in its 40-year history, joining moves by ArcelorMittal and Nippon Steel Corp., the world’s biggest steelmakers, as the global recession crimped demand. The slowdown and tumbling values may present acquisition opportunities for Posco, Chung is reported as saying. “At this time of economic recession, the cost to buy a steel company can come down to below $1,000 per ton, so we are positively considering M&As,” the newswire reports Chung saying at a press conference. “What we fear the most is the industry slump may last for the next two to three years. Then, we’ll have to cut output by 30%.” However, Posco may carry out output cuts if the slump continues after June. Chung said, “Global steelmakers need to cut output together to reduce inventories, and thus help the industry recover quickly.” Chung’s comments echo concern by UBS AG that steelmakers may have raised output too quickly in January in response to a bounce in Chinese demand.
More time, money, needed for 'Admiral Gorshkov'
Russia has said that a further US$700 million would be required for the ‘Admiral Gorshkov’.
When the Indian Navy decided in January 2004 to acquire the former Soviet aircraft carrier, Moscow agreed to hand over the 1143 Kiev-class vessel for free, however Indian agreed to pay US$480 million for an extensive upgrade and retrofit of the ship. It also agreed to buy Russian aircraft and weapon systems worth US$1 billion. Since then, however, Russian shipyard Sevmash has run into a series of problems. The carrier’s refit program was delayed for three to four years due to an underestimation of technical problems discovered on the ‘Admiral Gorshkov’. India agreed to pay an extra US$1.2 billion for Russia to install new systems. The Russian aircraft carrier was supposed to replace the Indian Navy’s only aircraft carrier, INS “Viraat’. Launched in 1953, this vessel’s life can no longer be extended and if Russia were to further delay the delivery of the vessel, Indian may have to go without an active-duty aircraft carrier. Moscow has now asked for an additional US$700 million from India. This will bring the total cost to US$2.9 million. The vessel will be renamed INS ‘Vikramaditya’.Read More
When the Indian Navy decided in January 2004 to acquire the former Soviet aircraft carrier, Moscow agreed to hand over the 1143 Kiev-class vessel for free, however Indian agreed to pay US$480 million for an extensive upgrade and retrofit of the ship. It also agreed to buy Russian aircraft and weapon systems worth US$1 billion. Since then, however, Russian shipyard Sevmash has run into a series of problems. The carrier’s refit program was delayed for three to four years due to an underestimation of technical problems discovered on the ‘Admiral Gorshkov’. India agreed to pay an extra US$1.2 billion for Russia to install new systems. The Russian aircraft carrier was supposed to replace the Indian Navy’s only aircraft carrier, INS “Viraat’. Launched in 1953, this vessel’s life can no longer be extended and if Russia were to further delay the delivery of the vessel, Indian may have to go without an active-duty aircraft carrier. Moscow has now asked for an additional US$700 million from India. This will bring the total cost to US$2.9 million. The vessel will be renamed INS ‘Vikramaditya’.
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