Brazilian President Luiz Inacio Lula da Silva plans to invest $1.1 billion to develop Bolivia’s natural-gas reserves as the Andean nation struggles to meet supply contracts to Brazil and Argentina.
Brazil’s state oil company “has made the commitment to invest $1.1 billion in the coming years,” Lula said. “We need gas and we will act with the Bolivian government to fulfill that need.” Bolivia has struggled to keep up with supply contracts to Brazil and Argentina as investment dropped off under President Evo Morales’ administration. Petrobras suspended projects in Bolivia in 2006 after Bolivia raised taxes by 80%. Lula and Morales also visited the Bolivian town of Puerto Suarez and announced the two countries would work on exploration of new gas deposits in Bolivia, without elaborating.
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Saturday, January 17, 2009
Gazprom, ENI to handle South Stream project preparations
A joint working group of Gazprom and ENI (Italy) will meet to address preparations to the South Stream project.
The meeting was approved by Gazprom and ENI chiefs Alexei Miller and Paolo Scaroni. Miller gave Scaroni details of the ongoing gas dispute with Ukraine and steps Gazprom had been taking to resolve the standoff. Against the background of the gas row, the task of diversifying gas routes has become even more pressing. In particular, the two chiefs discussed the South Stream project which will link Russia directly to Europe and enhance its energy security.
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The meeting was approved by Gazprom and ENI chiefs Alexei Miller and Paolo Scaroni. Miller gave Scaroni details of the ongoing gas dispute with Ukraine and steps Gazprom had been taking to resolve the standoff. Against the background of the gas row, the task of diversifying gas routes has become even more pressing. In particular, the two chiefs discussed the South Stream project which will link Russia directly to Europe and enhance its energy security.
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Russia outlines Arctic waterway ambitions
Russia intends to substantially increase the volume of cargo transportation across the Arctic waterway in accordance with plans to develop the country's Arctic and Far Eastern regions, Russian Transport Minister Igor Levitin said.
Levitin is taking part in a ministerial conference on environment protection and energy in the transport sector that is being held in Tokyo. The Russian government plans to create a free economic zone at the Far Eastern port of Vanino that will be linked through the northern waterway to a transportation hub in Murmansk in the northwest of Russia, Levitin said. "This is the shortest waterway linking Russia's Far East, as well as Japan, with Europe," he said. To develop the Arctic Region, the government plans to upgrade existing ports and build new ones on Russia's northern coast, namely on the Barents Sea and near the mouths of major Siberian rivers, he said. New marine safety services should be created and all ships and shipping companies should be equipped with receivers of Russia's global satellite navigation system GLONASS, Levitin said.
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Ensco International Updates Contract Status of Offshore Rig Fleet
Ensco International Incorporated announced that its Contract Status of Offshore Rig Fleet Report has been updated as of January 15, 2009.
The Report is available on the Company's Web site at http://www.enscointernational.com and can be accessed from the home page by clicking on "Rig Contract Status." The Report also can be accessed through the SEC EDGAR System. The Company updates and files the Report with the SEC on Form 8-K on or about the 15th of each month. Ensco routinely posts all material information on its Website. Ensco, headquartered in Dallas, Texas, owns and operates a modern fleet of offshore drilling rigs servicing the petroleum industry on a global basis.
Vinalines receives bank loan for fleet and seaport development
Viet Nam National Shipping Lines Corp has signed a co-operative agreement with the Bank for Investment and Development of Viet Nam for a US$857 million loan for 2009 to 2011.
The capital will be invested in the development of seaports, fleets and marine services. Vinalines posted a 2008 revenue earning of US$1.2 billion, which is 41 percent higher than its 2007 figure.
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Friday, January 16, 2009
South Korea to deliver over 500 ships in 2009
South Korean builders seem unfazed by the global financial downturn as its largest shipbuilders are set to deliver the highest-ever number of ships in 2009.
According to the Korean Shipbuilders’ Association (Koshipa), nine of its member companies will deliver 522 ships this year, about a hundred ships more than in 2007. Hyundai Heavy Industries passed a major milestone last year when it delivered over 100 vessels for the first time, and other yards like Samsung, Daewoo, STX and Hanjin have all reported an increase in output levels. Nine of the member companies affiliated with Koshipa account for 90 percent of the total ship building production in Korea.
GL buys Singaporean oil and gas firm
Singapore-based "International Refinery Services Pte Ltd" (IRS) is the latest addition to Germanischer Lloyd (GL).
With the acquisition of the asset management expert company, the GL Group is expanding its service portfolio for the petroleum, oil and gas industry. "With IRS, the GL Group adds substantial expertise in risk management and capacity of advanced inspection techniques," said Pekka Paasivaara, Member of the Executive Board Germanischer Lloyd at the press conference in Singapore. Previous acquisitions in Great Britain, Canada, the U.S. and Malaysia over the past 18 months have strengthened the technical portfolio of the GL Group considerably. With its latest acquisition, GL will be able to provide extended services specifically to the oil and gas industry in the Asia-Pacific region. Germanischer Lloyd offers engineering consultancy, technical assurance, asset management, risk and safety consultancy, industrial inspections and software solutions to the oil & gas industry. The holistic service offering is directed at owners and operators of complex plants and installations. With the additional expertise of IRS, Germanischer Lloyd will now be able to further extend its network and service portfolio especially in Australia, Singapore, the Philippines and the Asia-Pacific region.
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