Marine link
 

Tankering

Philippine Govt Eyes Sale of PNOC Tankers Anew

According to reports, the Philippine government has revived plans to dispose its interest in the shipping and transport arm of Philippine National Oil Co. (PNOC) as part of aggressive privatization efforts. The government is inviting prospective financial advisors to submit their offers for the sale of PNOC Shipping and Transport Corp. (PSTC). Interested bidders have until Dec. 12 to submit their offers. The financial advisor will be tasked to advise, guide, and assist in the design, planning, preparation, and implementation of the program for the privatization of the wholly-owned subsidiary of PNOC. Bidders should have Philippine and Asian experience as financial advisors to governments on privatization and knowledge in the shipping and maritime sector. Since 1979, PSTC provides reliable petroleum marine transport service in the country. It is engaged in shipping, tankering, lighterage, barging, towing, transport of goods, chattels, petroleum, and other products, marine and maritime industry. In 1994, the government included PSTC among the PNOC subsidiaries considered for privatization in support for the government’s program to hand over all business operations to the private sector. However, it failed to attract interested bidders. Three years later, PNOC tried to enter into a joint venture partnership for PSTC as part of its privatization efforts but failed to enter into an agreement with prospective partners.


Lack of Shuttle Tankers: Problem for GOM?

Shuttle tankers meeting rigorous federal safety and environmental standards will be ready to begin transporting crude oil to U.S. ports whenever the first Floating Production, Storage and Offloading (FPSO) vessel is deployed in the Gulf of Mexico, Houston-based American Shuttle Tankers L.L.C. (AST) said today. "In the weeks since the Minerals Management Service (MMS) approved the use of FPSOs in the Gulf of Mexico, companies evaluating development options for deepwater oil discoveries in the U


OPEC Set To Slash Production

OPEC's president said on Monday a likely cut in oil supply by the exporting cartel was no threat to global economic growth, but aimed at avoiding a price collapse in the second quarter of the year. Chakib Khelil, who is also Algerian Energy and Mining Minister, told Reuters Television that current OPEC exports were 1.5 million barrels per day (bpd) above forecast world demand this year, but that some members wanted to reduce by as much as two million to safeguard revenues.


OPEC Set To Slash Production

OPEC's president said on Monday a likely cut in oil supply by the exporting cartel was no threat to global economic growth, but aimed at avoiding a price collapse in the second quarter of the year. Chakib Khelil, who is also Algerian Energy and Mining Minister, told Reuters Television that current OPEC exports were 1.5 million barrels per day (bpd) above forecast world demand this year, but that some members wanted to reduce by as much as two million to safeguard revenues.






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright