Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia
Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…
Keep it Clean & Green
When dealing with oil and other hazardous contaminants on vessels and in marine facilities, there are some common misconceptions about the way hydrocarbons biodegrade. “The words biodegrade and bioremediate are not interchangeable,” said Jay H. Murland, CEO of EnviroLogic Biobased Technologies Inc. who manufacturer a line of over 30 EPA-approved bioremediation products. To explain further, let’s look at the difference between the processes of bioremediation, bioaugmentation and encapsulation. • Bioremediation occurs naturally all over the earth.
Bioremediation Goes Mainstream
A reliable solution for response and prevention that can save money, time and regulatory aggravation is here. The threat of oil pollution has long been a problem in the shipping community. You don’t have to look too far to review the myriad of oil spills that have plagued the industry. The Exxon Valdez spill that occurred 25 years ago has recently come to the forefront once again as there is evidence that the ramifications of the spill are still being felt in the fragile eco-system of several Alaska beaches.
Total Says Nigeria’s Oil Bill Will Hurt Industry
According to a September 21 report from the Associated Press, a top official at French oil major Total SA warned that a proposal to overhaul Nigeria's oil industry would hobble foreign investment, just as the firm prepares to bring a major offshore field into production. Analysts said the petroleum bill would sharply reduce the profits of foreign oil companies like Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and Total, all of whom have subsidiaries operating oil fields in Nigeria. Government officials said the bill would allow more oil money to return to Nigeria's people. The bill also would require the government-run Nigerian National Petroleum Corp., which partners with all foreign oil firms, to seek profits like a private business and not rely on government subsidies.
Cheap Seats Hurt Princess Cruises
Cheaper tickets for Caribbean cruises filled the decks but hit the finances of P&O Princess Cruises Plc last year when profits fell 11 percent. Most of the damage was reported in the fourth quarter, when operating profits fell more than 70 percent to $15.9 million due to high fuel prices, choppy exchange rates and the suspension of cruise calls to ports in Israel because of Middle East violence. And with prices of cruises booked so far through next autumn still lower than last year, trading conditions at the company -- which cast off from British shipping giant P&O last year -- are likely to remain tough in 2001. "We are already fully booked in the first quarter. But when you look further forward, there is still a competitive price situation in the U.S.
