Production work has begun on the last of six Baynunah corvettes being built for the UAE Navy by Abu Dhabi Ship Building in the region’s largest-ever naval construction program.
The Commander of UAE Naval Forces, Rear Admiral Ahmed Al Sabab Al Tenaiji, activated a computerized plasma cutting machine at ADSB’s Musaffah complex to begin cutting the steel for the sixth and final 72m vessel. The Baynunah Class vessels are highly sophisticated multi-mission corvettes equipped with cutting-edge combat systems and have the capability to perform a wide range of military operations, including defense against both air and surface threats. The vessel has been designed by the French company Constructions Mecaniques De Normandie (CMN). The first of class vessel is now being outfitted at CMN’s. Cherbourg Yard under sub-contract from ADSB and the remaining five are under construction at ADSB. As well as starting the steel cutting for the sixth vessel, Admiral Al Tenaiji also performed the ceremonial keel laying of the fifth vessel.
Read More
Wednesday, October 29, 2008
Timken JV breaks ground on wind plant
Canton, Ohio: Timken XEMC (Hunan) Bearings Co., a joint venture of The Timken Company, has broken ground on a new wind energy plant to be constructed in China.
First announced in December 2007, the US$38 million facility will be located in Xiangtan in China's Hunan province to manufacture high-performance ultra-large bore bearings for the main shafts of large scale wind turbines. Bearings produced at the facility are destined solely for the China region and are expected to be available in 2010.Xiangtan Electric Manufacturing Co. Ltd. (XEMC) is partner in the joint venture. Timken holds an 80-percent ownership stake in the venture with XEMC. According to Timken, its alloy steel expertise, power-transmission design and precision manufacturing capabilities combined with XEMC's leadership position in Chinese heavy equipment manufacturing are well-positioned for China's rapidly growing wind energy industry. The joint venture is expected eventually to employ more than 100 people.
Read More
First announced in December 2007, the US$38 million facility will be located in Xiangtan in China's Hunan province to manufacture high-performance ultra-large bore bearings for the main shafts of large scale wind turbines. Bearings produced at the facility are destined solely for the China region and are expected to be available in 2010.Xiangtan Electric Manufacturing Co. Ltd. (XEMC) is partner in the joint venture. Timken holds an 80-percent ownership stake in the venture with XEMC. According to Timken, its alloy steel expertise, power-transmission design and precision manufacturing capabilities combined with XEMC's leadership position in Chinese heavy equipment manufacturing are well-positioned for China's rapidly growing wind energy industry. The joint venture is expected eventually to employ more than 100 people.
Read More
Tuesday, October 28, 2008
BG confirms A$5.6bn QGC takeover
UK gas giant BG Group is to acquire Australian coal bed methane leader Queensland Gas Company (QGC) in a friendly on-market takeover valued at about A$5.6 billion.
BG has agreed to buy all outstanding shares of QGC for $5.75 each for A$5.2 billion, an 80% premium to QGC’s share prior to the suspension of trading on Friday. The company already owns 9.9% of QGC under the terms of an alliance struck earlier this year to develop a CBM-fed liquefied natural gas project in Queensland. As part of today’s deal, AGL, QGC’s biggest single shareholder, said it would sell its 22% stake to BG for A$1.18 billion. BG said it would also buy the stakes of major shareholders ANZ Infrastructure Services and Sentient Group, as well as shares held by QGC’s senior management, together comprising an additional 17.1% of the company. BG said its offer was final and would not be increased in the face of any competing bid. QGC’s management recommended the offer to shareholders. Managing director Richard Cottee said that BG and QGC remained committed to developing the planned Curtis LNG project in Queensland. As part of plans to develop the Curtis project, BG earlier this year took a 20% stake in QGC’s CBM assets in the Surat basin in Queensland.
Read More
BG has agreed to buy all outstanding shares of QGC for $5.75 each for A$5.2 billion, an 80% premium to QGC’s share prior to the suspension of trading on Friday. The company already owns 9.9% of QGC under the terms of an alliance struck earlier this year to develop a CBM-fed liquefied natural gas project in Queensland. As part of today’s deal, AGL, QGC’s biggest single shareholder, said it would sell its 22% stake to BG for A$1.18 billion. BG said it would also buy the stakes of major shareholders ANZ Infrastructure Services and Sentient Group, as well as shares held by QGC’s senior management, together comprising an additional 17.1% of the company. BG said its offer was final and would not be increased in the face of any competing bid. QGC’s management recommended the offer to shareholders. Managing director Richard Cottee said that BG and QGC remained committed to developing the planned Curtis LNG project in Queensland. As part of plans to develop the Curtis project, BG earlier this year took a 20% stake in QGC’s CBM assets in the Surat basin in Queensland.
Read More
Wärtsilä China to start New Year with new president
Shanghai: John Zhu will take over as president of Wärtsilä China as of January 1, 2009 from current president Clas-Eirik Strand who is to retire in February when he reaches his retirement age.
Zhu has significant experience in leading and developing industrial business operations, his most recent appointment having been as country manager for Eaton Truck & Bus Components in Shanghai, China, a position he has held since 2005. He has also held other managerial positions in the automotive industry and in the consultancy business, both in China and in the USA. Wartsila China currently has approximately 1600 individuals employed in its subsidiary and joint venture companies, located in Shanghai, Dalian, Guangzhou, Beijing, Hong Kong, Panyu, Wuxi, Zhenjiang and Qingdao. During recent years, it has begun the production of propulsion and engines at its subsidiary and joint venture companies' plants. Last year, Wärtsilä opened a large new reconditioning workshop in Shanghai.
Read More
Zhu has significant experience in leading and developing industrial business operations, his most recent appointment having been as country manager for Eaton Truck & Bus Components in Shanghai, China, a position he has held since 2005. He has also held other managerial positions in the automotive industry and in the consultancy business, both in China and in the USA. Wartsila China currently has approximately 1600 individuals employed in its subsidiary and joint venture companies, located in Shanghai, Dalian, Guangzhou, Beijing, Hong Kong, Panyu, Wuxi, Zhenjiang and Qingdao. During recent years, it has begun the production of propulsion and engines at its subsidiary and joint venture companies' plants. Last year, Wärtsilä opened a large new reconditioning workshop in Shanghai.
Read More
Cosco Pacific suffers its biggest plunge
Hong Kong: Cosco Pacific Ltd, Asia's third-largest container-terminal operator, plunged the most ever in Hong Kong trading on concerns that a global economic slowdown will damp ocean traffic.
The company dived 26% yesterday, the most since its 1994 initial public offering, to close at HK$3.40. Parent China Cosco Holdings Co, Asia's biggest shipping company by market value, dropped 23%, the most since its 2005 IPO, to HK$2.62. Hong Kong's Hang Seng Index also plunged the most in more than a decade on concerns the economic slowdown with damp earnings. "The shipping industry is going through a downturn and shipping companies tend to be hurt badly when the market slumps,'' said Cai Bin, an analyst at Pingan Securities Co in Shenzhen. Sinotrans Shipping Ltd plunged 20% to HK$1.00. Orient Overseas (International) Ltd slipped 18% to HK$9.94. In Singapore, Neptune Orient Lines Ltd dropped 11% to S$1.03.
Read More
The company dived 26% yesterday, the most since its 1994 initial public offering, to close at HK$3.40. Parent China Cosco Holdings Co, Asia's biggest shipping company by market value, dropped 23%, the most since its 2005 IPO, to HK$2.62. Hong Kong's Hang Seng Index also plunged the most in more than a decade on concerns the economic slowdown with damp earnings. "The shipping industry is going through a downturn and shipping companies tend to be hurt badly when the market slumps,'' said Cai Bin, an analyst at Pingan Securities Co in Shenzhen. Sinotrans Shipping Ltd plunged 20% to HK$1.00. Orient Overseas (International) Ltd slipped 18% to HK$9.94. In Singapore, Neptune Orient Lines Ltd dropped 11% to S$1.03.
Read More
Drydocks World to open US$300 million marine centre
Dubai: Drydocks World is set to open a US$300 million marine services centre in Indonesia as part of their expansion plans in South East Asia.
Chief Executive Officer Geoff Taylor said that it was a joint venture with Dubai-based steel fabrication firm Fabtech, in which Drydocks will command 80 percent of the stakes. The centre is estimated to be 1.72 square kilometres in size, which makes it Drydock’s most ambitious project to date.
Read More
Chief Executive Officer Geoff Taylor said that it was a joint venture with Dubai-based steel fabrication firm Fabtech, in which Drydocks will command 80 percent of the stakes. The centre is estimated to be 1.72 square kilometres in size, which makes it Drydock’s most ambitious project to date.
Read More
United States to help save Coral Triangle
The United States Agency for International Development has pledged almost US$40 million to support the preservation of the Coral Triangle, in the Solomon Islands.
The Triangle is a large area around the Solomon Islands, Philippines, Papua New Guinea and Indonesia that contains mangroves, coral and fish. It is vulnerable to climate change, pollution and human activity. The US Ambassador to the Solomon Islands Leslie Rowe told that the five-year project to protect the coast and its biodiversity would benefit the people of the Solomon Islands.
Read More
The Triangle is a large area around the Solomon Islands, Philippines, Papua New Guinea and Indonesia that contains mangroves, coral and fish. It is vulnerable to climate change, pollution and human activity. The US Ambassador to the Solomon Islands Leslie Rowe told that the five-year project to protect the coast and its biodiversity would benefit the people of the Solomon Islands.
Read More
Subscribe to:
Posts (Atom)
