ICTSI Expands Batumi Container Terminal
Philippines-based port operator International Container Terminal Services, Inc. (ICTSI) has inaugurated the newly-expanded Batumi International Container Terminal (BICT) in Georgia.The expansion encompasses both the waterside and landside areas of the multipurpose terminal, intended to optimize the processing of existing cargo flows and install additional capacity to accommodate new business.Marking the importance of the occasion, the inauguration was attended by Giorgi Kobulia…
APM Terminals Makes Progess in Poti Sea Port Expansion
In Georgia, APM Terminals Poti and Poti New Terminals Consortium have submitted a conceptual design for a first stage construction permit for the expansion of the Poti Sea Port.The plans were received by the Ministry of Economy and Sustainable Development of Georgia., said a release from international container terminal operating company headquartered in The Hague, Netherlands.“After high-level and in-depth negotiations with authorities, cargo owners, equity partners and financial…
Safety Award for APM Terminals Poti
APM Terminals Poti has been named the 2018 Corporate Social Responsibility (CSR) Award winner for the Best Project in the Human Rights Category: Increasing Safety Awareness for Truck Drivers. Organised by the UN Global Compact Network and the CSR Club of Georgia, the 2018 Corporate Social Responsibility Awards promote and support the development of corporate sustainability practices within the Republic of Georgia. This year, an independent jury evaluated 23 projects and named winners in three CSR categories: Human Rights…
APM Terminals Poti to Build Cargo Terminal
APM Terminals Poti and Poti New Terminals Consortium signed a Memorandum of Understanding (MOU) for a USD 100 million dollar investment in a new bulk cargo terminal that can process 1.5 million tons of dry bulk cargo annually and generate new trade opportunities for customers in the Georgian transit corridor. The new terminal is expected to be built on APM Terminals Poti land and infrastructure and will entail the construction, development and operation of a new breakwater, dry bulk cargo terminal and related infrastructure to serve bulk cargo customers.
Orest Sychenikov, First Head of Novorossiysk Shipping Company, Passed Away
It is with great sadness that the Sovcomflot management and team must announce a monumental loss to the Russian shipping community. On 9 October 2017, Orest Sychenikov, first Head of Novorossiysk Shipping Company, passed away at the age of 95. On 9 October 2017, we lost a highly educated man, a talented leader who made a massive contribution to the strengthening and development of Russian maritime navigation. Orest Sychenikov was born on 28 June 1922. In 1941, he was called up to the Red Army to fight in the Second World War, during which was seriously wounded in 1943.
Gazpromneft-Lubricants Bolsters Caspian Sea Ports Supplies
Gazpromneft-Lubricants, the Gazprom Neft oil business operator, has started delivering marine lubricants in the sea port of Makhachkala, Republic of Dagestan. The first supply to the Dniester dredging vessel was carried out as part of the three-year agreement with Rosmorport signed in spring, 2017. According to the agreement, Gazpromneft-Lubricants is going to deliver 1500 tons of marine lubricants to the company's vessels. The sales territory of Gazpromneft-Lubricants’ marine products under the present agreements include the Northwestern…
Iran, Russia Rail Link as Rival to Suez Canal
Russia and Iran plan railway link through Azerbaijan that would aim to grab a share of the cargo now being shipped through the Suez Canal, reports Tasnim. Russia’s transport minister, Maxim Sokolovm, said Tehran and Moscow are considering establishing a rail link that would foster trade connectivity through a less trodden path than the Suez Canal. The International North-South Transport Corridor (NSTC), a multi-model route to link India and the Middle East to the Caucasus, Central Asia and Europe, is being nurtured for significantly reducing costs and travel time and boosting trade.
Statoil 2Q 2015 Earnings Slip
Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.1 billion, including gains from divestments. "In the second quarter, Statoil delivered encouraging operational performance with good production growth and high regularity, whilst continuing to reduce cost. Our financial results were characterised by gains from divestments and lower prices.
APM Terminals Reaffirms Poti Mega-Port Plans
Speaking at the 4th Annual Black Sea Ports and Shipping Conference 2015 on May 29th on the subject of Black Sea Ports as agents of economic growth for the region, APM Terminals Poti Deputy Managing Director Joseph Crowley discussed the advantages of Poti Seaport as the prominent gateway for Black Sea, Mediterranean and Central Asian trade. “While recent World Bank economic growth forecasts for the broader Caucasus region have been reduced, APM Terminals is committed to our ongoing investment in Poti Seaport to anticipate and satisfy the future demand potential” said Mr.
Statoil's 2Q 2014 Results
Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter, with continued high production regularity on the Norwegian continental shelf and project execution according to plan. We have deferred gas production to enhance value, but remain on track for delivering on our production guiding for 2014. Our quarterly earnings were impacted by divestments, seasonal effects and lower gas prices.
Gas Prices Help Offset Statoil's Output Drop
Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter, with continued high production regularity on the Norwegian continental shelf and project execution according to plan. We have deferred gas production to enhance value, but remain on track for delivering on our production guiding for 2014. "Our quarterly earnings were impacted by divestments, seasonal effects and lower gas prices.
Total Sells Its 10% Interest In Shah Deniz To TPAO
Total today signed an agreement to sell its 10% interest in the Shah Deniz field and the South Caucasus Pipeline to TPAO, the Turkish state-owned E&P company. The transaction is valued at $1.5 billion and is subject to customary approvals. “The sale of our interest in Shah Deniz is in line with Total’s active portfolio management and the focus of its investment capability on more strategic assets,” said Michael Borrell, Senior Vice-President Continental Europe and Central Asia at Total’s Exploration and Production. “This sale is another step forward in achieving our asset sale program.
USS Taylor Bunkering in Batumi, Georgia
Marine Fuels supplier arranged Bunker delivery to US navy ship USS Taylor in Batumi port, Georgia. "Generally, physical bunker supply by tankers is not available in Georgian ports since beginning of 2013. Vessels arriving to Georgian ports are supplied with MGO (Marine Gasoil) by tank trucks, while IFO (Fuel oil) delivery still does not exist", Says Marine Supply & Services specialist in Georgia - Jaba Tarimanashvili. There are about 2500 port calls annually in Georgia. Batumi and Poti are two main ports, and two oil terminals: Supsa and Kulevi.
Statoil Completes Sale of Shah Deniz Stake
On May 1, 2014 Statoil completed the farm down of 10% of its interest of 25.5% in the Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company Limited to BP (3.33%) and SOCAR (6.67%). The consideration for the sale and transfer of these assets is USD 1.45 billion. The divestment that was announced in December 2013, is in line with Statoil’s strategy of portfolio optimisation based on rigid prioritisation of future investments, and capturing value created from a significant gas position.
Statoil to Cut Expenditure by $5 Billion
Statoil's fourth quarter 2013 net operating income was NOK 43.9 billion. In 2013, net operating income was NOK 155.5 billion. At today's Capital Markets Update, Statoil presents its plan for reduced capital expenditure by more than $5 billion (USD) from 2014-16 compared to previous plans. This will enable positive organic free cash flow after dividend from 2016. Statoil expects to deliver around 3 % average rebased organic production growth from 2013-16. Adjusted earnings for the fourth quarter of 2013 were NOK 42.3 billion, compared to NOK 48.3 billion in the fourth quarter of 2012.
Statoil Makes Final Investment Decision on Shah Deniz Stage 2
Statoil ASA has together with partners in the Shah Deniz consortium in Azerbaijan made a final investment decision for the Stage 2 development of the Shah Deniz gas field, in the Caspian Sea, offshore Azerbaijan. Statoil also enters an agreement to divest a 10% share of its 25.5% holdings in Shah Deniz and the South Caucasus Pipeline. The BP operated Shah Deniz consortium announces the final investment decision for the Stage 2 development of the Shah Deniz gas field, in the Caspian Sea, offshore Azerbaijan. This decision triggers plans to expand the South Caucasus Pipeline (SCPX) through Azerbaijan and Georgia, to construct the Trans Anatolian Gas Pipeline (TANAP) across Turkey and to construct the Trans Adriatic Pipeline (TAP) across Greece, Albania and into Italy.
U.S. Interest in Arctic Asserted by Clinton
In a visit to Northern Norway U.S. Secretary of State Hillary Clinton asserts her country’s interest in the Arctic Clinton’s aim was to emphasize that the U.S. is keeping its eye on the Arctic and remains very keen, according to a recent Reuters report. Testifying earlier in May before the U.S. Senate, Clinton said that as the Arctic warmed: “It is more important that we put our navigational rights on a treaty footing and have a larger voice in the interpretation and development of the rules. You will see China, India, Brazil, you-name-it, all vying for navigational rights and routes through the Arctic." The visit is part of an eight-day trip to Scandinavia, the Caucasus and Turkey.
APM Terminals Expands into Eastern Black Sea Port
APM Terminals Poti in Georgia is Europe’s newest gateway to the Caucasus and Central Asia, projected to be among the pace-setters ineconomic development and trade growth. Poti, Georgia – In line with APM Terminals investment strategy in high growth markets, the company has announced the acquisition of an 80% share in Poti Sea Port, which is located on Georgia’s Black Sea coast. The shares have been bought from Ras Al Khaimah Investment Authority (RAKIA) of the United Arab Emirates.
Changing Russian Export Patterns
Russia has the seventh largest oil reserves in the world (6% of total), after 5 Middle East Countries (totalling 63%) and Venezuela (7%). The other Former Soviet Union (FSU) republics Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan have together less than 2% of the total world reserves, estimated by BP to be some 1048 thousand million barrels. The Russian reserves are spread over a huge area: West Siberia, Volga-Urals, North Caucasus, the Caspian area, the Far East regions, and Eastern Siberia. The last region is estimated to be 90% unexplored, and also the Caspian area and the Far East regions were said by the Deputy Minister of Natural Resources, Ivan Glumov, to be to a great extent unexplored, according to INTERFAX.
Waterway Traffic Jams Worry Turkey
A rise in sea traffic in Turkey's straits could strain what are already two of the world's busiest waterways, a government minister warned. The Bosphorus and Dardanelles straits, separating Asia and Europe, are the single outlet for the Black Sea and Caucasus states to transport oil and commodities to world markets. "Currently, the straits are narrowly able to put up with the traffic level," State Minister Ramazan Mirzaoglu, in charge of maritime affairs, said. "But our study says a five percent rise in the number of ships carrying dangerous material would cause delays in passages of at least 23 hours," he said. Turkey is concerned about the safety of some 12 million people living around the straits in Istanbul, its largest city, and Canakkale in the Dardanelles.
BP Finds Major Gas Field
According to a Bloomberg report, BP Plc discovered a gas deposit in the Caspian Sea that may double production from the largest natural gas development in Azerbaijan. BP shares rose 2.8 percent, the most in a month, in London trading after the company announcement. With the latest discovery, the field may be able to pump enough gas to supply Belgium and Luxembourg together. BP and partners including StatoilHydro ASA plan to spend $4.2b on the site's first stage, which started pumping fuel to Turkey in July, easing Europe's dependence on supplies from Russia's OAO Gazprom. The announcement is the second ``major'' discovery within a week after Petroleo Brasileiro SA said an offshore field could be Brazil's biggest ever oil find.