Anglo-Dutch supermajor Shell has agreed to sell an annual 2 million tonnes of liquefied natural gas to China in a 20-year deal, the company's China unit said.
The agreement was signed between the oil giant and PetroChina International, a wholly-owned subsidiary of PetroChina, Asia's top oil and gas producer. Part of the supplies to PetroChina would be tapped from the proposed Gorgon gas project off Western Australia, said a Reuters report citing Xinhua news agency. No other details were provided. Shell has a 25% stake in the multi-billion dollar project as does ExxonMobil. US energy giant Chevron operates and holds a 50% stake in the project.
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Tuesday, November 25, 2008
Piraeus port concession agreement to be signed today
Amid new protests scheduled by dockworkers, the Chinese delegation visiting Hellas since Monday, headed by Chinese President Hu Jintao, is expected to sign the concession agreement between Cosco Singapore and OLP (Piraeus Port Authority).
Hu is scheduled to sign a 3.4 billion euro deal to manage and upgrade facilities at Piraeus Port (OLP) for up to 35 years. The amount will be paid over the duration of the contract. Speaking in a press conference organized yesterday in Athens, Cosco’s s President and CEO, Capt. Wei Jafu said the concession would profit Cosco in the long term and would bolster Greece's cargo business. OLP has already said it expects the deal to boost profit by at least 60 percent over five years. "We don't expect the crisis to last for 35 years," said Wei, laughing. "In 35 years, we can make a reasonable return on this investment." Cosco will invest at least 350 million euros to upgrade the port’s facilities and raise annual handling capacity from 1.6 to 3.7 million TEU’s (twenty-foot equivalent units). But, Captain Wei Jiafu also commented on the recent downturn of the dry bulk shipping industry. He expressed his hope that demand would rebound in the first half of next year, instead of lasting for years. "The financial tsunami affects real shipping demand. Shipping is diving due to the panic of investors ... but the diver has to come up eventually," Cosco CEO said.
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Hu is scheduled to sign a 3.4 billion euro deal to manage and upgrade facilities at Piraeus Port (OLP) for up to 35 years. The amount will be paid over the duration of the contract. Speaking in a press conference organized yesterday in Athens, Cosco’s s President and CEO, Capt. Wei Jafu said the concession would profit Cosco in the long term and would bolster Greece's cargo business. OLP has already said it expects the deal to boost profit by at least 60 percent over five years. "We don't expect the crisis to last for 35 years," said Wei, laughing. "In 35 years, we can make a reasonable return on this investment." Cosco will invest at least 350 million euros to upgrade the port’s facilities and raise annual handling capacity from 1.6 to 3.7 million TEU’s (twenty-foot equivalent units). But, Captain Wei Jiafu also commented on the recent downturn of the dry bulk shipping industry. He expressed his hope that demand would rebound in the first half of next year, instead of lasting for years. "The financial tsunami affects real shipping demand. Shipping is diving due to the panic of investors ... but the diver has to come up eventually," Cosco CEO said.
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Fincanteri falters with cruise ship order delays
Italian cruise ship builder Fincantieri has admitted that several cruise ship buyers have requested for a slowdown of delivery dates.
The state shipbuilder, which cited the weak dollar and high cost of raw materials as the reasons for the order delays, said that it had also lost a major superyacht order. The Uilm metalworkers’ union said that the Muggiano, Castellamare di Stabi, Sestri Ponente and Ancona shipyards would be affected. Furthermore, Fincantieri now fears that two ships that were to be ordered by Grimaldi might not take place at all. Military orders on the other hand continue to thrive. Fincantieri recently received a number of military orders and will takeover the US military shipbuilder Manitowoc by the end of this year.
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The state shipbuilder, which cited the weak dollar and high cost of raw materials as the reasons for the order delays, said that it had also lost a major superyacht order. The Uilm metalworkers’ union said that the Muggiano, Castellamare di Stabi, Sestri Ponente and Ancona shipyards would be affected. Furthermore, Fincantieri now fears that two ships that were to be ordered by Grimaldi might not take place at all. Military orders on the other hand continue to thrive. Fincantieri recently received a number of military orders and will takeover the US military shipbuilder Manitowoc by the end of this year.
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Debt laden C& Heavy likely to start workout program
Seoul: C& Heavy Industries, a flagship unit of the cash-strapped C& Group, is expected to ask Woori Bank and other creditors to place it under a workout program this week in a bid to stay afloat amid the deepening credit squeeze and a global economic downturn, the Korea Times reported.
If creditors accept its request, the shipbuilder will undergo drastic restructuring in return for the extension of loan maturities and an injection of fresh capital. The main creditor, Woori Bank, recently demanded that C& Heavy Industries submit a self-rescue plan, after the company had failed to pay back maturing loans for the past two months. ‘We received the self-restructuring scheme from the shipbuilder. We are currently studying the feasibility of the plan. If the company files for a workout program, we will hold a meeting with other creditors and decide what to do,' a Woori Bank official said. Industry experts expect C& Heavy Industries to apply for the restructuring program Wednesday, when C& Group holds a bidding for its ailing construction arm, Woobang Engineering, in an attempt to sell the builder at a higher price. If 75 percent of creditors approve the plan, the shipbuilder will have its debts rescheduled or receive new loans. But in return, the company will be required to sell assets and take a range of self-rescue measures, along with a management reshuffle. It is estimated that commercial banks and savings banks have extended a total of 1.3 trillion won to 41 subsidiaries of C& Group.
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If creditors accept its request, the shipbuilder will undergo drastic restructuring in return for the extension of loan maturities and an injection of fresh capital. The main creditor, Woori Bank, recently demanded that C& Heavy Industries submit a self-rescue plan, after the company had failed to pay back maturing loans for the past two months. ‘We received the self-restructuring scheme from the shipbuilder. We are currently studying the feasibility of the plan. If the company files for a workout program, we will hold a meeting with other creditors and decide what to do,' a Woori Bank official said. Industry experts expect C& Heavy Industries to apply for the restructuring program Wednesday, when C& Group holds a bidding for its ailing construction arm, Woobang Engineering, in an attempt to sell the builder at a higher price. If 75 percent of creditors approve the plan, the shipbuilder will have its debts rescheduled or receive new loans. But in return, the company will be required to sell assets and take a range of self-rescue measures, along with a management reshuffle. It is estimated that commercial banks and savings banks have extended a total of 1.3 trillion won to 41 subsidiaries of C& Group.
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Monday, November 24, 2008
Petrobras makes significant light oil find off Brazil
Rio De Janeiro: Petrobras has completed drilling two new wells in the pre-salt layer off the coast of Espírito Santo and proved a discovery of light oil (30 degrees API) in the area known as Parque das Baleias.
The recoverable volume of the discoveries, made in pre-salt reservoirs located underneath the Baleia Franca, Baleia Azul and Jubarte heavy oil fields, is estimated between 1.5 billion BOE and 2 billion BOE. The 6-BFR-1-ESS and 6-BAZ-1DB-ESS wells were drilled about 80 kilometers (50 miles) off the coast and five kilometers and six kilometers (3.1 miles and 3.7 miles) to the north and to the south, respectively, of discovery well 1-ESS-103A. The discovery well, located in the pre-salt section under the Jubarte heavy oil field, has been producing at a high flow since last September. In the two latest wells, the reservoirs were discovered under a layer of up to 700 meters of salt and at depths ranging from 1,348 to 1,426 meters (4,448 ft to 4,706 ft) from the water line. The reservoirs are located 4,200 meters to 4,800 meters (13,860 ft to 15,840 ft) below sea level and have oil-bearing porous thicknesses of 190 meters and 300 meters (627 ft and 990 ft), proving the major potential of the discoveries. So far, six wells have been drilled in the Espírito Santo pre-salt layer, all of which have been successful.
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The recoverable volume of the discoveries, made in pre-salt reservoirs located underneath the Baleia Franca, Baleia Azul and Jubarte heavy oil fields, is estimated between 1.5 billion BOE and 2 billion BOE. The 6-BFR-1-ESS and 6-BAZ-1DB-ESS wells were drilled about 80 kilometers (50 miles) off the coast and five kilometers and six kilometers (3.1 miles and 3.7 miles) to the north and to the south, respectively, of discovery well 1-ESS-103A. The discovery well, located in the pre-salt section under the Jubarte heavy oil field, has been producing at a high flow since last September. In the two latest wells, the reservoirs were discovered under a layer of up to 700 meters of salt and at depths ranging from 1,348 to 1,426 meters (4,448 ft to 4,706 ft) from the water line. The reservoirs are located 4,200 meters to 4,800 meters (13,860 ft to 15,840 ft) below sea level and have oil-bearing porous thicknesses of 190 meters and 300 meters (627 ft and 990 ft), proving the major potential of the discoveries. So far, six wells have been drilled in the Espírito Santo pre-salt layer, all of which have been successful.
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Pirates move Saudi VLCC to unknown destination
The hijacked Saudi supertanker Sirius Star has been moved from the port of Haradheere to an unknown destination, an official of the Transitional Federal Government (TFG) of Somalia said, citing information from tribal leaders and mediators negotiating with the pirates.
However, the claim could not be verified from port authorities at Haradheere where the Sirius Star was sighted after it was hijacked last weekend. Yousif Adso, Secretary of the TFG Ministry of Foreign Affairs, said that the rival administration of the Islamic Courts movement had been negotiating with the pirates to free the vessel, and that the pirates themselves showed signs of disagreement over the size of the ransom and methods of payment. The hijackers have reportedly asked for a $25 million ransom. Ados said that the situation had been complicated by demands from the hijackers of 12 other vessels seeking joint negotiations. The TFG, led by President Abdullah Yousif and Prime Minister Nour Hasan Hussien, is in contact with the head of Puntland, Atallah Mousa, as well as tribal leaders and mediators to release the Sirius Star. Adso said they had urged Mousa to put an end the crisis which he expected to be over shortly. Adso said that although a ransom could be paid to free the Sirius Star, it would encourage piracy in the future.
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However, the claim could not be verified from port authorities at Haradheere where the Sirius Star was sighted after it was hijacked last weekend. Yousif Adso, Secretary of the TFG Ministry of Foreign Affairs, said that the rival administration of the Islamic Courts movement had been negotiating with the pirates to free the vessel, and that the pirates themselves showed signs of disagreement over the size of the ransom and methods of payment. The hijackers have reportedly asked for a $25 million ransom. Ados said that the situation had been complicated by demands from the hijackers of 12 other vessels seeking joint negotiations. The TFG, led by President Abdullah Yousif and Prime Minister Nour Hasan Hussien, is in contact with the head of Puntland, Atallah Mousa, as well as tribal leaders and mediators to release the Sirius Star. Adso said they had urged Mousa to put an end the crisis which he expected to be over shortly. Adso said that although a ransom could be paid to free the Sirius Star, it would encourage piracy in the future.
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Cochin Shipyard building 20 offshore vessels
The public sector Cochin Shipyard Ltd is in the process of constructing 20 offshore vessels, valued at Rs 3,000 crore, for European and American clients.
The projects being undertaken excludes the indigenous aircraft carrier for the Indian Navy, which is also under construction, Commodore M. Jitendran, Chairman and Managing Director, CSL,said. He was speaking on the occasion of the naming ceremony of two platform supply vessels for the Greek company Hellespont Steamship Corporation. He said that the yard was able to achieve the highest ever turnover of Rs 967 crore during the year 2007-08. The profit after tax was also the highest ever in the year at Rs 93.85 crore. The two platform supply vessels were named as Hellespont Dawn and Hellespont Daring. The vessels are of the popular UT-755-LN design for the offshore industry. The vessel is designed for satisfying the specific demands of transport of deck cargo, pipes, liquid cargo, cement, barite and so on and unloading to rigs and production platforms, pipe laying barges etc. They are the workhorse of the offshore oil field industry, which acts as a lifeline carrying all operational supplies and stores to far-off offshore installations.
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The projects being undertaken excludes the indigenous aircraft carrier for the Indian Navy, which is also under construction, Commodore M. Jitendran, Chairman and Managing Director, CSL,said. He was speaking on the occasion of the naming ceremony of two platform supply vessels for the Greek company Hellespont Steamship Corporation. He said that the yard was able to achieve the highest ever turnover of Rs 967 crore during the year 2007-08. The profit after tax was also the highest ever in the year at Rs 93.85 crore. The two platform supply vessels were named as Hellespont Dawn and Hellespont Daring. The vessels are of the popular UT-755-LN design for the offshore industry. The vessel is designed for satisfying the specific demands of transport of deck cargo, pipes, liquid cargo, cement, barite and so on and unloading to rigs and production platforms, pipe laying barges etc. They are the workhorse of the offshore oil field industry, which acts as a lifeline carrying all operational supplies and stores to far-off offshore installations.
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