International Petroleum Investment Corporation (IPIC), an investment vehicle for the Abu Dhabi government, said it bought a five-year exchangeable bond issued by the PNG government. Upon conversion of the bond, IPIC will acquire PNG’s entire 17.6% equity stake in Oil Search thus becoming the largest shareholder in Oil Search. The PNG government will use the funds for its equity share of capital costs in the ExxonMobil-led PNG liquefied natural gas project. IPIC’s managing director Khadem Al Qubaisi said: “This is only the second acquisition in which IPIC has used a convertible instrument, and we envisage wider use of such mechanisms in future IPIC investments. We are excited about working with Oil Search, which IPIC considers to be a dynamic and innovative partner; we are very pleased to be participating in the PNG LNG project, which promises to deliver 30 years of clean energy supply to the growing Asia-Pacific market; and we are happy to have forged constructive links with the PNG government, which we hope will provide a platform for further Abu Dhabi investments in PNG."
Tuesday, March 17, 2009
Abu Dhabi snaps up Oil Search stake
The Abu Dhabi government has completed its US$1.1 billion purchase of the government of Papua New Guinea's equity in Oil Search, the country's leading oil and gas operator.
International Petroleum Investment Corporation (IPIC), an investment vehicle for the Abu Dhabi government, said it bought a five-year exchangeable bond issued by the PNG government. Upon conversion of the bond, IPIC will acquire PNG’s entire 17.6% equity stake in Oil Search thus becoming the largest shareholder in Oil Search. The PNG government will use the funds for its equity share of capital costs in the ExxonMobil-led PNG liquefied natural gas project. IPIC’s managing director Khadem Al Qubaisi said: “This is only the second acquisition in which IPIC has used a convertible instrument, and we envisage wider use of such mechanisms in future IPIC investments. We are excited about working with Oil Search, which IPIC considers to be a dynamic and innovative partner; we are very pleased to be participating in the PNG LNG project, which promises to deliver 30 years of clean energy supply to the growing Asia-Pacific market; and we are happy to have forged constructive links with the PNG government, which we hope will provide a platform for further Abu Dhabi investments in PNG."Read More
International Petroleum Investment Corporation (IPIC), an investment vehicle for the Abu Dhabi government, said it bought a five-year exchangeable bond issued by the PNG government. Upon conversion of the bond, IPIC will acquire PNG’s entire 17.6% equity stake in Oil Search thus becoming the largest shareholder in Oil Search. The PNG government will use the funds for its equity share of capital costs in the ExxonMobil-led PNG liquefied natural gas project. IPIC’s managing director Khadem Al Qubaisi said: “This is only the second acquisition in which IPIC has used a convertible instrument, and we envisage wider use of such mechanisms in future IPIC investments. We are excited about working with Oil Search, which IPIC considers to be a dynamic and innovative partner; we are very pleased to be participating in the PNG LNG project, which promises to deliver 30 years of clean energy supply to the growing Asia-Pacific market; and we are happy to have forged constructive links with the PNG government, which we hope will provide a platform for further Abu Dhabi investments in PNG."
Fincantieri launches 'Cruise Europa'
‘Cruise Europa’ was launched at Fincantieri’s Castellammare di Stabia shipyard on March 14.
The vessel is the third of a series of four cruise ferries ordered by Grimaldi Group of Naples, Italy. The ferries are co-financed by the European Investment Bank (EIB). Godmother to the ship was Iliana Grimaldi, wife of Emanuele Grimaldi, Chairman of Minoan Lines. After delivery, scheduled for next October, ‘Cruise Europa’ will be employed on the route Ancona - Igoumenitsa - Patras operated by Greek shipping company Minoan Lines, owned by Grimaldi Group. ‘Cruise Europa’ is the largest cruise ferry covering Mediterranean routes measuring 225 metres in length and 31 metres at the beam. The 54,310GT vessel has a loading capacity of 250 cars and 3,000 lane metres for coaches, trucks, campers and trailers. The ship will be able to operate at a 28-knot speed. The cruise ferry will be capable of accommodating up to 3,000 passengers in 413 cabins and will feature a range of on-board entertainment including a wellness centre, fitness area, restaurants, a casino, shops and special children’s areas. ‘Cruise Europa’ will also be awarded the “Green Star” certificate by RINA.Read More
The vessel is the third of a series of four cruise ferries ordered by Grimaldi Group of Naples, Italy. The ferries are co-financed by the European Investment Bank (EIB). Godmother to the ship was Iliana Grimaldi, wife of Emanuele Grimaldi, Chairman of Minoan Lines. After delivery, scheduled for next October, ‘Cruise Europa’ will be employed on the route Ancona - Igoumenitsa - Patras operated by Greek shipping company Minoan Lines, owned by Grimaldi Group. ‘Cruise Europa’ is the largest cruise ferry covering Mediterranean routes measuring 225 metres in length and 31 metres at the beam. The 54,310GT vessel has a loading capacity of 250 cars and 3,000 lane metres for coaches, trucks, campers and trailers. The ship will be able to operate at a 28-knot speed. The cruise ferry will be capable of accommodating up to 3,000 passengers in 413 cabins and will feature a range of on-board entertainment including a wellness centre, fitness area, restaurants, a casino, shops and special children’s areas. ‘Cruise Europa’ will also be awarded the “Green Star” certificate by RINA.
Handy Sized OSV for Gulf Resource
A new off shore supply vessel has joined the Gulf Resource Management Inc. (GRMI) fleet working the Gulf of Mexico.
The 140 by 34 ft M/V Luke Thomas was designed at the owners direction with an accommodation space that extends the full 34 ft width of the hull to maximize crew comfort. In addition to a crew of four, the OSV can accommodate up to 16 offshore workers or 22 passengers. The vessels distinctive design is from Sterling Marine LLC and was built by Master Marine LLC in Bayou LaBatre Alabama. The large, 88 by 30 ft, after deck has the capacity to carry 350 tons of cargo while the hull contains tankage for 53,000 gallons of fuel and 113,000 gallons of potable water. A pair of Cummins Tier 2 compliant QSK19-M3 engines each delivering 660 hp into Twin Disc gears provides propulsion power for 12 knots. Two Cummins 6BTA5.9(DM) powered generators supply the vessel with 88 kW of electrical power each. A fifth Cummins engine, a 340 hp QSL9, powers the bow thruster for the ABS DP 1 classed vessel.Read More
The 140 by 34 ft M/V Luke Thomas was designed at the owners direction with an accommodation space that extends the full 34 ft width of the hull to maximize crew comfort. In addition to a crew of four, the OSV can accommodate up to 16 offshore workers or 22 passengers. The vessels distinctive design is from Sterling Marine LLC and was built by Master Marine LLC in Bayou LaBatre Alabama. The large, 88 by 30 ft, after deck has the capacity to carry 350 tons of cargo while the hull contains tankage for 53,000 gallons of fuel and 113,000 gallons of potable water. A pair of Cummins Tier 2 compliant QSK19-M3 engines each delivering 660 hp into Twin Disc gears provides propulsion power for 12 knots. Two Cummins 6BTA5.9(DM) powered generators supply the vessel with 88 kW of electrical power each. A fifth Cummins engine, a 340 hp QSL9, powers the bow thruster for the ABS DP 1 classed vessel.
Danish port to be world's first 'fossil-fuel free' city
Denmark’s northern port of Frederikshavn is not waiting for the rest of the world.
It has launched a green revolution to become, within seven years, the first city ever powered solely by renewable energy. Nestled between green rolling hills and the Kattegat sea facing Sweden, this former naval base home to 25,000 residents wants to be a showcase for clean energy technology and serve as a model for other cities. “We have set our goal—by 2015 to be the first city in the world to run on alternative energy,” Frederikshavn Mayor Erik Soerensen said. The goal was born out of trauma when Frederikshavn was “sucked dry a decade ago by the closure of the shipyards, which left 7,000 people jobless,” he said. “At the time we decided to fight for our survival, to find innovative solutions with companies to create new opportunities and jobs. And this project is part of our survival strategy,” he said. Wind power is expected to generate 30 percent of the city’s electricity needs. Mikael Kau, the head of the Frederikshavn Energy City project started in 2008 by the city council, concedes that it’s an “ambitious, pioneer” project that presents a “real challenge”.Read More
It has launched a green revolution to become, within seven years, the first city ever powered solely by renewable energy. Nestled between green rolling hills and the Kattegat sea facing Sweden, this former naval base home to 25,000 residents wants to be a showcase for clean energy technology and serve as a model for other cities. “We have set our goal—by 2015 to be the first city in the world to run on alternative energy,” Frederikshavn Mayor Erik Soerensen said. The goal was born out of trauma when Frederikshavn was “sucked dry a decade ago by the closure of the shipyards, which left 7,000 people jobless,” he said. “At the time we decided to fight for our survival, to find innovative solutions with companies to create new opportunities and jobs. And this project is part of our survival strategy,” he said. Wind power is expected to generate 30 percent of the city’s electricity needs. Mikael Kau, the head of the Frederikshavn Energy City project started in 2008 by the city council, concedes that it’s an “ambitious, pioneer” project that presents a “real challenge”.
Australian oil spill worse than expected
Swire Shipping, the owner of the ‘Pacific Adventurer’ has admitted that the damage to the hull of the vessel was worse than its initial announcement.
According to The Age, a diver’s examination found that the hull’s damage was worse than initially believed to be, and that this would mean that the amount of oil spilt off Moreton Bay would be more than the initial estimation of 42.5 tonnes. The Age reported that authorities are now saying that over 100 tonnes of oil may have been spilt. Maritime Safety Queensland added that the effects of the spill would probably get worse before they got better.Read More
According to The Age, a diver’s examination found that the hull’s damage was worse than initially believed to be, and that this would mean that the amount of oil spilt off Moreton Bay would be more than the initial estimation of 42.5 tonnes. The Age reported that authorities are now saying that over 100 tonnes of oil may have been spilt. Maritime Safety Queensland added that the effects of the spill would probably get worse before they got better.
Auction for Dubai World
Dubai World is glad to announce a public auction for Marine Hardware;
*Unused & used Marine Equipments & Fittings, Scrap Steel, Aluminum etc. on 17th March 2009 at Jebel Ali Port R/A 10 at 0900 hrs. Please Contact: +971 4 8835222 / 8833323
Email: subair.ca@platinum.gov.ae, mohammad.alghaithi@drydocks.gov.ae
Read More
*Unused & used Marine Equipments & Fittings, Scrap Steel, Aluminum etc. on 17th March 2009 at Jebel Ali Port R/A 10 at 0900 hrs. Please Contact: +971 4 8835222 / 8833323
Email: subair.ca@platinum.gov.ae, mohammad.alghaithi@drydocks.gov.ae
Read More
Subscribe to:
Posts (Atom)
