Norwegian Energy Company’s (Noreco) production in the third quarter of 2014 was basically unchanged from the previous quarter, significant impairments took down Noreco net results after tax to minus NOK 1 101 million.Revenues in the third quarter 2014 were NOK 296 million…
Keppel Infrastructure Holdings Pte Ltd (KI), through its wholly-owned subsidiary, has signed an agreement for the sale of its entire stake in Keppel FMO (KFMO) to Cofely GDF SUEZ for a cash consideration of S$44.72 million, subject to a post…
Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.Ali al-Naimi won the argument at Thursday's meeting…
Sweden's Vattenfall will drop plans to build new nuclear reactors because a new government, which includes the Green Party, doesn't support them, the company said on Friday.The previous centre-right government overturned a policy of phasing out nuclear power…
Total and Rosneft signed a Term Sheet that envisages the main terms and conditions of the purchase of 16.67% share in a refinery located in Schwedt, Germany (PCK Raffinerie GmbH). The document was signed in Sochi by the Head of Rosneft Igor…
Petrobras is now the world’s 12th largest oil and gas company, according to the 2014 edition of the Petroleum Intelligence Weekly (PIW) ranking, published by the Energy Intelligence Group. This annual ranking lists the 50 largest companies in the sector…
BIMCO has today launched the Bunker Non-Lien Clause, aimed at reducing bunker suppliers’ reliance on ship arrest as a means of resolving claims for bunkers ordered but not paid for by time charterers, often due to bankruptcy.If a time…
Van Oord has reached agreement on the acquisition of the activities of Ballast Nedam Offshore. The acquisition consists of the assets of Ballast Nedam Offshore, the dedicated EPCI staff (Engineering, Procurement, Contracting and Installation)…
China will raise consumption tax on oil products from Saturday, the Ministry of Finance said on Friday.Consumption tax on gasoline, naphtha and lubricants will be raised by 0.12 yuan ($0.0195) per litre, while consumption tax on diesel…
Kenya Power plans to spend 8.7 billion shillings ($96.6 million) on new power distribution stations to improve electricity supply aimed at curbing chronic power shortages that companies say have discouraged investments.Kenya Power, the country's main electricity transmission company…
Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply.At 1000 GMT, the rouble was around 2.2 percent below the previous close at 49.72 roubles per dollar…
BIMCO has today announced its support for a report identifying ways to reduce red tape for shipping which will be presented to the International Maritime Organization (IMO) next week in London.The report comes from the Ad Hoc Steering Group for Reducing Administrative Requirements (SG-RAR)…
The global shipping industry, which transports around 90% of world trade, only produced about2.2% of the world’s total Green House Gas emissions during 2012 compared to 2.8% in 2007. Shipping’s total emissions have reduced by more than 10% during the same period…
Starting in December 2014, IHC Sealing Solutions will operate under the new – but also old and trusted – name of Lagersmit. The new pay-off line ‘The Origin of Sealing Solutions’ pays tribute to the company’s rich history and its desire to supply the best sealing solutions…
Based on the Finland Ministry of Transport and Communication’s maritime strategy, the Finnish parliament has announced a final and lawful decision on the new fairway due law as follows:- The new fairway due law is temporary, being effective 2015-2017- New unit cost is 0…