DNV, UAE Ministry of Infrastructure & Energy to Set Up Maritime Decarbonization Center
Suhail Al Mazrouei, United Arab Emirates (UAE) Minister of Energy and Infrastructure, and Knut Ørbeck-Nilssen, CEO of DNV Maritime, representing the Foundation Det Norske Veritas, signed a Memorandum of Understanding (MOU) on establishing a new UAE Decarbonization Center. The MOU was signed at a ceremony at the International Maritime Organization's headquarters in London, H.E "The Marine Environment Protection Committee’s (MEPC) 80th session this month showed that shipping is now on an accelerating path towards full decarbonization.
Vattenfall Launches Maiden Green Bond
Swedish energy company Vattenfall has issued a EUR500mln green bond, its first such issuance, with the proceeds earmarked for a number of projects, including renewables.The bond with a tenor of seven years is offering investors the chance to “support the transformation of the energy system”.The proceeds from the bond issue are earmarked for projects defined in Vattenfall's green bond framework, with four categories: renewable energy and related infrastructure, energy efficiency, electrification of transport and heat, and industrial projects.The framework has been reviewed by Cicero and given their highest rating, “Dark Green”. Citi, Deutsche Bank…
Chinese, Greek Ports Teams Up to Boost Container Traffic
Piraeus Port, operator of Greece's biggest port and majority-owned by China's COSCO Shipping, has agreed to team up with the operator of Shanghai port, the world's largest container port, to promote container shipping traffic. Piraeus, COSCO Shipping and Shanghai International Port Group (SIPG) have agreed to cooperate in project planning, staff training and information exchange, Piraeus said in a statement on Monday. It said the agreement would create synergies to boost trade and create new business opportunities.
Empire State Stake, Melbourne Port Among Q3 Sovereign Fund Acquisitions
An Australian port and a stake in the Empire State Building's operator were among assets acquired by sovereign investors such as wealth funds and state pension funds in the third quarter of 2016, with deals totalling $21.2 billion. The combined value of deals was up 38 percent from the previous quarter, helped by a handful of jumbo-sized transactions in the infrastructure, energy and real estate segments, although the number of direct investments fell to 35 from 43 in the second quarter, according to data from Thomson Reuters.
EBRD buys into Turkish Port Operator
The European Bank for Reconstruction and Development (EBRD) has acquired stake in Turkish cruise port operator Global Ports Holding (GPH), one of the world’s largest port operating companies. In a statement, the bank said the minor stake would be used to finance GPH's expansion in Turkey and abroad. GPH became the world's largest cruise port operator following its acquisition of Spanish operator Creuers a year ago. GPH (or Global Liman Isletmeleri AS, as it is formally known in Turkey) has eight ports in five countries in the Mediterranean and Asia Pacific region. It is an arm of Global Yatirim Holding AS (Global Investment Holdings) which operates in the infrastructure, real estate, energy and financial services sectors in Turkey.
Philippines: South China Sea not on APEC Agenda
Energy ministers from the Asia-Pacific Economic Cooperation (APEC) group will discuss climate change and business opportunities at a meeting in the Philippines next month but not the South China Sea. China claims most of the potentially energy-rich South China Sea, through which $5 trillion in ship-borne trade passes every year. The Philippines, Vietnam, Malaysia, Taiwan and Brunei also have overlapping claims. The Philippines has filed a case with an international arbitration tribunal over rival claims in the South China Sea but China has rejected the proceeding and says disputes must be handled bilaterally. China is a member of APEC.
Russia’s Novatek Sells 10% Of Yamal LNG To Chinese Fund
Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project to a China’s Silk Road infrastructure fund, reports Reuters. The deal, first discussed in August, was inked as part of a visit by President Vladimir Putin to Beijing to mark 70 years since the end of World War Two in Asia. Following the completion of the deal, Novatek will own 50.1% stake in Yamal LNG, Total and CNPC will hold 20% each, while SRF will have a 9.9% stake in the Arctic LNG project. “We consider Yamal LNG to be one of the most prospective and competitive LNG projects in the world. Such observation supports our interest in becoming its shareholder.
China Shipbuilder CSIC Diversifies Operations
China Shipbuilding Industry Corporation (CSIC) signs agreement with Sansha Municipal Government to work on infrastructure energy & water resources. China's major ship-building conglomerate will start infrastructure, energy and water resources projects in Sansha, the country's southernmost city in the South China Sea, reports China Daily. The Sansha Municipal Government signed a package of cooperation agreements with China Shipbuilding Industry Corporation, the state-owned conglomerate that engages in manufacturing and scientific research in a number of maritime industries. Sansha is China's youngest city, set up in July on Yongxing Island in the South China Sea to administer the Xisha, Zhongsha and Nansha islands and their surrounding waters.
