News

Damen Opens JV Yard in Vietnam

On March 20, 2014, Vietnamese Minister of Transport Nguyen Hong Truong, cut the ribbon for the latest addition to Damen Shipyard Group’s portfolio. Damen Song Cam is a new yard,

Colombia Pipeline Shutdown Cuts Oil Output 7%

The month-long closure of a key Colombian oil pipeline following a bomb attack has cut the Andean nation's daily crude output by about 72,000 barrels, or about 7 percent,

Iranians Face Fuel Price Surge as Subsidies Cut

Iranians have rushed to gas stations to fill their cars before a price surge expected at midnight on Thursday, as President Hassan Rouhani pushes ahead with a policy to cut fuel subsidies.

Word Bank to Help Fund Hydro Dams in Burundi

The World Bank has approved a $100 million grant for power-starved Burundi to help fund two hydropower projects that will almost double the east African country's tiny electricity output,

Saipem CEO: Russia "Extremely Determined" on South Stream

Russia is very keen to press ahead with construction of the South Stream pipeline that will carry Russian gas to Europe avoiding Ukraine, the CEO of Italian oil service group Saipem said on Thursday.

Puma Energy to Build Terminals, Boost Oil Sales in Asia

Puma Energy, partly-owned by Trafigura, expects to get a quarter of its revenue from the Asia-Pacific region in the next few years by building new oil import terminals and raising fuel sales volumes,

Access Ocean Observatories for Trials and Research

An opportunity is coming up for small and medium enterprises and marine research organizations to apply for access to a network of European ocean observatories

Judicial Proceedings Halted Against AdvanFort Charges

Prosecution for the charges of trespassing and firearms possession against AdvanFort stopped until quash petition hearing. The Madras High Court started hearing

Mammoet Uses World’s Biggest Crawler Crane to Install Legs on Ship

Mammoet, a global company in engineered heavy lifting and transport, said it is currently employing its LR13000, the biggest crawler crane in the world, to install

Huisman Debuts Rope Luffing Knuckle Boom Crane

In order to provide reliable solutions for subsea installation in increasingly deeper water and offshore construction in severe weather conditions, Huisman introduces

Scafi Expands Fleet with Italian Damen Tug

Damen is to construct a new ASD 3212 tug for Scafi, the Italian shipping group that includes a number of international towing companies. The contract cements their

Knightsbridge, Frontline to Form US Capesize Company

Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge.

Russia's Lukoil Targets More Oilfields in Iraq

Russia's No.2 crude oil producer Lukoil said on Thursday it plans to develop more oilfields in Iraq after it began commercial production from the giant West Qurna-2 field last month.

IHC Merwede Strengthens N. American Presence

IHC Merwede has strengthened its North American operations and reinforced its presence in Houston, Texas with a strategic appointment at the IHC Merwede America Corp.

Laborde Hosts Mitsubishi Training Seminar

Laborde Products hosted a three-day Mitsubishi engine training sminar in Covington, Louisiana for its North American dealers. The company welcomed representatives

Exxon Reopens UK Oil Pipeline After Theft Discovery

ExxonMobil said on Thursday that its Midline UK pipeline had resumed operations after its closure following the discovery of fuel theft and a tapping device.   Exxon,

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

Spot Down on Warmer, Windy Weather

European spot power prices dropped on Thursday on forecasts for warmer weather and a rise in wind power production in Germany and France.   German baseload for Friday delivery was 1.

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Fire Still Burning at Wyoming Natgas Facility

Fire is still burning at the Williams Cos Inc's natural gas processing plant in Opal, Wyoming, that exploded on Wednesday afternoon, a company spokeswoman said on Thursday.

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