PetroChina the biggest company

Petrochina yesterday became the biggest company in the world by market capitalization, speeding past ExxonMobil and the first trillion-US-dollar business.

Its crowning as No1 was due to an initial public offering of 4 billion shares on the Shanghai stock market, with the stock soaring to 2.6 times its initial price. The offer was 50 times oversubscribed. Now the list of the top 10 companies in the world includes five corporations owned by the Chinese government and just three US firms. The other non-Chinese survivors are Russia's Gazprom and Dutch-British company Royal Dutch Shell. And PetroChina and ICBC are the only Chinese firms among the top 50 companies in the world by sales.

Read More

Sampson set to join fleet

Sailors man the rails aboard guided-missile destroyer USS Sampson (DDG 102) during a rehearsal for the ship's commissioning ceremony.

Sampson is the 52nd of 62 Arleigh Burke-class destroyers, and is named for Rear Adm. William T. Sampson (1840-1902), a naval hero during the Spanish-American War. Three previous destroyers have been named for Sampson, and have all been commissioned in Boston. U.S.

Read More

Puffin delivers first crude cargo

AED Oil's wholly owned Puffin oil project delivered its first crude cargo of 328,000 barrels of oil.

The crude cargo was lifted from floating production, storage and offloading (FPSO) vessel Front Puffin to trading tanker Mayon Spirit. The API gravity for the crude cargo was calculated at 43.6, which corresponds with the previously published API. The next offtake from Puffin is now scheduled for mid-November. AED is completing the commissioning of the production facility, which was put on hold leading up to the offloading. The wells will be tested and oil production optimized after completing the commissioning. Drilling on Puffin-10, first began on Oct. 12, is expected to be complete by mid December.

Read More

Ship flying SAR flag seized with US$2b cocaine

A container ship which was involved in Mexico's biggest cocaine bust is not registered in Hong Kong though it was flying the SAR flag when seized, police said on Friday.

Mexican authorities have so far found 26 tonnes of cocaine worth US$2 billion onboard the Esmeralda after it arrived in the country from Colombia. The head of the Hong Kong police narcotics bureau, chief superintendent Peter Else, said a check with the registry of shipping showed no record of a ship registered under the name of Esmeralda. Police and marines discovered the first cache of 11 tonnes of cocaine on Tuesday after the ship had arrived from Buenaventura in Colombia. The statement said the cocaine was found in more than 21,000 packages and that authorities were still searching the vessel for more drugs. The Mexican government called it the largest drug seizure in the country's history.

Read More

Noel ‘no threat’ to Sable output

Production at the Sable natural gas project in the North Atlantic off the Canadian province of Nova Scotia is not expected to be hampered by the remnants of Hurricane Noel.

Noel, whose intense rains are blamed for as many as 100 deaths in the Dominican Republic this week, is forecast to become an intense extra-tropical storm and pass over Nova Scotia by late this weekend, according to private forcaster DTN Meteorlogix. The Sable project, which lies 250 kilometres south-east of Halifax, Nova Scotia, produces more than 400 million cubic feet a day. The gas is shipped to Atlantic Canada and New England. Sable's other partners are Shell, Imperial Oil, Pengrowth Energy Trust and Mosbacher Operating.

Read More

Tata NYK to induct 10 more dry bulk carriers

Singapore-based Tata NYK Shipping Pte Ltd, the 50:50 joint venture shipping firm set up by the world's sixth biggest crude steel maker, Tata Steel Ltd, and Japanese shipping major NYK Line, will expand its fleet by inducting 10 more bulk carriers to meet rising demand for shipping cargo into and out of India.

The joint venture started commercial operations in May and currently operates a fleet of six vessels, including four Handymax carriers and two Panamax vessels. The joint venture was set up to ship bulk cargo such as coal, iron ore, bauxite and steel arriving in and departing from Indian shores. Officials also said the shipping firm would cater to the needs of Tata Steel for moving raw materials and finished steel. The ships operated by Tata NYK are registered in Panama or Singapore, and fly the flags of these countries where the tax regime is conducive for shipowners.

Read More

90 boats nominated for Rolex Sydney Hobart Race 2007

This year Sydney will witness more participation for the Rolex Sydney Hobart Yacht Race.

The Cruising Yacht Club of Australia announced a larger than anticipated fleet of 90 yachts has been nominated for the Rolex Sydney Hobart Yacht Race 2007, Australia’s premier bluewater event. Once again the heavier classic yachts from a bygone era of boat building will line up with the sleek and modern on 26 December when the start of the iconic yacht race will showcase Sydney Harbour to the world for the 63rd time.

One of the stand out features of this year’s line up is the number of international entries, in particular the six UK entries, the largest British contingent in recent times. The Rolex Sydney Hobart 2007 fleet will represent the USA, UK, New Zealand and Mexico as well as every Australian state and the ACT. The first lead up regatta to the Boxing Day start will be the Rolex Trophy One Design Series from 7-9 December followed by the spectacular SOLAS Big Boat Challenge on Tuesday 11 December and finally, the Rolex Trophy Rating Series, an exciting preview to the handicap form guide for the Rolex Sydney Hobart, from 13-16 December.

Read More