Tanzania's Energy Minister Resigns
Tanzania's Energy and Minerals Minister Sospeter Muhongo resigned on Saturday amid a graft scandal that has rocked the gas-rich country and led Western donors to delay aid, though he called himself "incorruptible" and denied wrongdoing. He becomes the third cabinet member, along with the attorney general and the minister for land, to lose his job over the scandal, involving the transfer of at least $122 million.
Oil Majors to Preserve Dividends Despite Oil Collapse
Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares. Having sold around $120 billion in assets in recent years to boost balance sheets and keep up dividend payouts, companies are expected to increase borrowing and further…
China's COSCO Group Returns to Profit
China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809.26 million) last year, said Ma Zehua, according to the official Xinhua news agency. Operating revenues were up 2 percent year-on-year…
Brent Closes Up, U.S. Crude Down After Saudi King Dies
Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Some traders did not want to believe that, "clinging on some faint hope that the news is wrong…
Peru Grants Permit for Chinese-owned Mine
The government has granted Chinese-owned Jinzhao Mining Peru the environmental permit for its proposed $1.5 billion Pampa de Pongo iron mine, estimated to produce 22.5 million tonnes per year.
Collision With lock Gate in Kiel Canal
Delays can be expected in the Kiel Canal following a collision this yesterday, 23 January, with the small north lock gate at Brunsbuettel. Only the big north lock chamber and the small south lock chamber at Brunsbuettel are currently available for transits. (For information about operations in Germany contact the GAC UK Hub Agency Centre at email@example.com) Source: Sartori & Berger – GAC agent
Petrobras Develops Technology to Cut GHG
A new technology to reduce the emission of greenhouse gases (GHG) is developing a demonstration scale in Shale Industrialization Unit (SIX) in Paraná, in partnership with Petrobras Research Center (Cenpes). Called CO2 capture, this technology is being tested in a prototype fluid catalytic cracking unit (FCC) - process that transforms heavy oil lighter oil derivatives. This is the first unit to preindustrial…
Naval Air Forces Holds Change of Command
Commander, Naval Air Forces (CNAF) held a change of command ceremony aboard the aircraft carrier USS John C. Stennis (CVN 74) at Naval Air Station North Island Jan. 22. During the ceremony, Vice Adm. Mike Shoemaker relieved Vice Adm. David H. Buss as CNAF. While serving as the Navy's "Air Boss" since October 2012, Buss ensured the material readiness, administration, and training for all Naval Aviation commands and provided operationally ready squadrons and aircraft carriers to the fleet.
Liebherr to Debut 5-Axle Mobile Crane
Liebherr will be showing its new 160-tonne mobile crane LTM 1160-5.2 at the Intermat 2015 in Paris, France. This crane on a five-axle chassis was presented to the public for the first time at the Conexpo Con/Agg 2014 exhibition in Las Vegas (USA). It is the successor to the LTM 1160-5.1. The load capacity of the new LTM 1160-5.2 has been increased by around 20-25 % compared to its predecessor whilst the telescopic boom has remained at the same length of 62 m.
MSC Sinfonia Upgradation at Fincantieri Shipyard
Extension operations on MSC Sinfonia, the second out of four MSC cruise ships to undergo the Renaissance Programme of enhancements, have begunin the past days at Fincantieri shipyard in Palermo. Only 2 months ago the conversion operations of the prototype MSC Armonia were completed and the ship left the shipyard on November 17. The remarkable feat of engineering of the Palermo shipyard -has started…