After five weeks of intense talks with up to 1000 resource owners, relevant provincial governments and PNG's national government agreed to a 20 billion kina ($9.5 billion) deal over the 30-year life span of the LNG project. The signing secured landowners and provincial government seven per cent equity in the multi-billion dollar project. That figure comes from PNG government's 19.4 per cent equity in the project that Exxon Mobil estimates will double the country's gross domestic product through taxes and gas sales.Southern Highlands Governor Anderson Agiru was one of the key negotiators with PNG's cabinet ministers.
Monday, May 25, 2009
ExxonMobil secures PNG gas for $9.5bn, eyes Chinese custom
Port Moresby: Papua New Guinean landowners across the sites where the ExxonMobil-led Liquefied Natural Gas project will be built have signed a crucial multi-billion dollar benefit sharing agreement.
Rizhao launches iron ore trading platform
Dalian: China's first electronic trading platform for iron ore will launch today, 25 May, at Rizhao city in northeast China's Shandong province.
This is a significant moment in the liberalization of China’s freight trade. Caofeidian to the north is setting up a similar scheme, but for coal. Meanwhile, the Shanghai Shipping Exchange is pushing ahead with its own freight derivatives scheme as part of the city’s bid to become an international maritime centre.
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This is a significant moment in the liberalization of China’s freight trade. Caofeidian to the north is setting up a similar scheme, but for coal. Meanwhile, the Shanghai Shipping Exchange is pushing ahead with its own freight derivatives scheme as part of the city’s bid to become an international maritime centre.
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Ship finance gathering highlights overwhelming order book
Ship financier Paul Slater spoke recently at a Lloyd’s Shipping Economist finance gathering.
During the meeting, Mr. Slater said that the present global order book was overwhelming and that the present fleet was already 25 percent larger than required.According to Mr. Slater, “reckless owners” spent some US$750 billion on new build contracts in the five years leading up to 2008, with US$500 billion still on order; not very many contracts have been cancelled and far more have been deferred. He added that yard capacities were not declining as Chinese yards have been filling deferred spaces with new local orders for Chinese owners with cargo contracts to industrial groups. Mr Slater foresaw that this would create an enormous negative impact on the dry cargo markets and said that it would delay the market’s recovery by several years
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Economic conditions slow down Jotun
The economic downturn resulted in stagnating growth for Jotun in the first four months of the year.
The figures so far are still relatively high in relation to record levels seen last year. In litres and kilos the group sold two per cent less paint than it did for the same period last year. The Powder Coatings Division saw a marked fall in volumes while other important areas continued to grow. The weaker Norwegian kroner exchange rate was one of the factors that contributed to a relatively strong increase in operating income. The operating profit totalled NOK 339 million compared with NOK 363 million in the first four-month period last year. Weaker performance is expected. The group’s operating income amounted to NOK 3.7 billion compared to NOK 3.2 billion last year.
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The figures so far are still relatively high in relation to record levels seen last year. In litres and kilos the group sold two per cent less paint than it did for the same period last year. The Powder Coatings Division saw a marked fall in volumes while other important areas continued to grow. The weaker Norwegian kroner exchange rate was one of the factors that contributed to a relatively strong increase in operating income. The operating profit totalled NOK 339 million compared with NOK 363 million in the first four-month period last year. Weaker performance is expected. The group’s operating income amounted to NOK 3.7 billion compared to NOK 3.2 billion last year.
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