Oil Majors to Raise $27Bln in Selling Spree
Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.“The expected transactions mean some of the majors are poised to exit certain regions…
DSC Dredge Wins USACE Dredge Bid
DSC Dredge, LLC wins bid for a new, non-propelled, cutter suction head dredge solicited by The Marine Design Center (MDC) of the U.S. Army Corps of Engineers (USACE) earlier this month. When completed, the new cutter suction head dredge will operate out of Astara, Azerbaijan to not only maintain the harbor depth and harbor entrance but the US Government is purchasing this dredge for the country of Azerbaijan as a part of Azerbaijan’s support of the US in anti-terrorism efforts.
DP World’s Topaz, P&O Merger Complete by Year-end
Port operator DP World's planned merger of its P&O Maritime and recently acquired Topaz Energy and Marine businesses is expected to be completed by the end of the year, Topaz CEO Rene Kofod-Olsen said on Monday.DP World bought Dubai-based oil services company Topaz in July with the intention of combining it with P&O Maritime as part of efforts to diversify beyond its core port operations to other marine-related sectors.The merged entity, to be known simply as P&O, will give Topaz…
Topaz Revenue Climbs
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's…
Iran's Amirabad Port Gets Investments
Iran's Amirabad port is attracting huge investments - 239 companies already committed investments, 13 of which are being under construction with 6700 billion Rials ($160mln ) worth of investment.“A new transit corridor will be formed on the axis of Amirabad - Dogharoon - Chabahar”, said Amirabad ports and maritime Manager Siavash Rezvani.He said that to increase the transit influence of Iran in the region, the new corridor will be formed with the transit axis of Amirabad-Dogharoon-Chabahar…
Azerbaijan- U.S. Maritime Meet
Azerbaijan Caspian Shipping Company (ASCO) has hosted a meeting with the guests from the United States of America.The meeting was attended by Robert Sekuta, former US Ambassador Extraordinary and Plenipotentiary to Azerbaijan in 2015-2018, former Read Admiral Ron MacLaren, director of the US Joint Reserve Forces, and Afghan Niftiyev, Director of the Caspian Research Center.ASCO Chairman Rauf Veliyev informed the guests about crucial projects implemented in Azerbaijan for the development of the transport system in recent years.
DP World Set to Acquire Topaz Energy
The world’s largest port operator DP World is in advanced discussions to acquire Topaz Energy & Marine, marking the Dubai-based company's first potential foray into the oil and gas industry.Britain’s Sky News, citing sources, earlier reported that a $1.3 billion deal for DP World to take over Topaz could be announced as early as Monday. The report didn't specify whether the valuation was referring to the equity or enterprise value of the transaction.However, Bloomberg reported that the port operator is in “very advanced” discussions to acquire Topaz Energy.
DP World to Invest in Kazakhstan Ports
The global port operator are in discussions with Kazakhstan government to invest in new infrastructure in the country’s ports and logistics sectors.The potential of DP World investing in new infrastructure in Kazakhstan’s ports and logistics sectors was the focus of discussions between global trade enabler DP World’s Chairman and CEO Sultan Ahmed Bin Sulayem and Kazakhstan’s Prime Minister H.E. Askar Mamin in Astana today.This follows the signing of two framework agreements with…
Oil Shipments From Georgia's Batumi Drop 45%
Oil and oil-related shipments from Georgia's Black Sea port of Batumi fell by 45.3 percent in the first eight months of 2018 from a year earlier, an official at the KazMunaiGas operated terminal said on Monday.Some crude oil has been re-routed to the Baku-Tbilisi-Ceyhan pipeline and to the Caspian Pipeline Consortium this year, the official added, while some fuel oil has been sent to the port of Taman in Russia and Georgia's other Black Sea port of Kulevi.The fall is partly because Azerbaijan prefers to send its oil through the pipeline or by rail in Georgia via its own terminal in Kulevi, rat
Azerbaijani Vessels Completes Filanovsky Mission
The vessels of Azerbaijan Caspian Shipping Company (ACSC) have successfully completed their mission at the “Filanovski” oilfield in the Russian sector of the Caspian Sea.A press statement from ACSC said that the towing vessel “Yarnega”, owned by Azerbaijan Caspian Shipping Company and lift vessel “Gurban Abbasov” expolited by Shipping Company in alliance with Caspian Marine Services (CMS) successfully completed their missions in “Filanovski” oil field in the Russian sector of the Caspian Sea…
Caspian Littoral States Sign Environment Protocol for the Sea
Littoral countries to the Caspian Sea have made a groundbreaking commitment to evaluate the likely impact that development projects will have on the environment in each other’s states.High-level representatives from Azerbaijan, Iran, Kazakhstan, the Russian Federation and Turkmenistan today signed the Environment Impact Assessment Protocol under the Tehran Convention.Under the Protocol, countries must follow a set of harmonized practical procedures for assessing the impact that a project will have on the environment in another state.Impacts on human health…
Turkmenistan Seeks to Tap into East-West Cargo Flows with New Seaport
Turkmenistan on Wednesday opened a new $1.5 billion cargo and passenger seaport on the Caspian Sea aiming to boost its export revenues by handling shipping traffic between Asia and Europe.The Central Asian country's main source of hard currency is its gas exports, which took a hit when Russia, once its main customer, stopped all purchases in 2016 after a pricing dispute.The port, in the city of Turkmenbashi, will more than triple Turkmenistan's cargo handling capacity to 25-26 million tonnes a year…
Ferry Vessel Dagestan Completes Modernization
The vessel "Dagestan" with a length of 154.5 and a width of 18.3 meters was built in 1984 in Pula, the former Yugoslavia (currently Croatia). It was decided to repair and upgrade the ferry "Dagestan", withdrawn from operations 5 years ago. Modernization of the ferry, which is one of the unique vessels of its time, was completely executed by the engineering and technical personnel of the Azerbaijan Caspian Shipping Company at the "Zigh" Ship Repair and Construction Yard. It should be noted that the project of modernization…
DP World to Develop Kazakhstan's Special Economic Zones
Dubai Ports (DP) World, the global port operator of the United Arab Emirates (UAE), and the government of Kazakhstan signed two framework agreements in Abu Dhabi today relating to the acquisition, governance and management of Special Economic Zones (SEZ) in Aktau and Khorgos. DP World has been providing management services to the Port of Aktau, Kazakhstan’s main cargo and bulk terminal on the Caspian Sea, and Khorgos SEZ, which is strategically situated on the China-Kazakhstan border and has been acting as the primary transit point for trans-Eurasian cargo trains for more than four years.
Azerbaijan Caspian Shipping Company Overhauls Towing, Supply Vessel
Major overhaul of the towing and supply vessel "Andoga" belonging to the Caspian Sea Oil Fleet of the Azerbaijan Caspian Shipping Company has been completed, said a press release. The main engines, main and reserve pumps, pipeline systems, power plants and control equipment, steering and auxiliary steering device were repaired. Two new diesel engines were installed, damaged parts of the hull and a wooden deck cover were replaced, and the lighting system was updated. Along with this…
Oil Shipments From Georgia's Batumi Port Down 34%
Oil and related shipments from Georgia's Black Sea port of Batumi in January were down 34 percent from a year earlier, an official at the terminal, operated by Kazakh KazMunaiGas , said on Thursday. The official gave no reason for the fall, but state company KazMunaiGas continued to reroute some shipments to the Baku-Tbilisi-Ceyhan pipeline this year. January shipments of crude oil and refined oil products from Batumi totalled 108,464 million tonnes, down from 164,218 tonnes a year earlier and 221,210 tonnes in December, said the official, who asked not to be identified.
Tajikistan to Use Caspian Sea
Tajikistan is interested in supplying cargoes to international markets through the Caspian Sea, Ambassador Extraordinary and Plenipotentiary of the Republic of Tajikistan to Azerbaijan to Azerbaijan Soli Rustam said during his visit to the Azerbaijan Caspian Shipping Company (ACS). ACS Chairman of the Shipping Rauf Veliyev informed the guest about the activities, carried out in Azerbaijan in the field of maritime transport, the successes, achieved in the process of updating the fleets, and the contribution of AZerbaijan to the development of transport corridors.
Azerbaijan, Russia Introduces New Cruise
The Chairman of Azerbaijan Caspian Shipping Company (ACSC) Rauf Veliyev and Konstantin Anisimov, the General Director of Moscow River Shipping Company (MRSC) signed in Baku a memorandum of cooperation in cruise shipping in the Caspian region with the use of the new cruise passenger vessel "Peter the Great". The agreement was signed during the visit of the Russian delegation headed by Konstantin Anisimov to Baku. The agreement provides for joint activities on study and development of optimal routes for cruise passenger vessels…
ADELTE Strengthens Its International Presence
Port cities like Miami or Barcelona are global benchmarks for cruise ship traffic. Their infrastructures must ensure efficient, incident-free travel for passengers and, of course, impeccable safety standards and quality of service. This year, ADELTE will install tailor-made seaport passenger boarding bridges, the most innovative bridges in the transport sector. Each port has unique needs. Every architect aims for something new. Each company is distinguished by certain qualities. But everyone agrees that boarding bridges should deliver comfort and safety for passengers.
Iran, Kazakhstan Deal for Shipping JV
The chief executive officers of Islamic Republic of Iran Shipping Line (IRISL) and Kazakhstan’s KTZ Express – a subsidiary of the country’s national railways company- signed an agreement for establishing a joint company. The deal could lead to the creation of a new transport corridor connecting Iran’s southern ports to the upper parts of Central Asia - and even possibly Russia and China. On the sideline of Iran's president visit to Kazakhstan, an agreement for establishing a joint…
Ship Collision Kills Three in Bosphorus Strait
Three Turkish Coast Guard personnel were killed on Wednesday after their vessel collided with a bulk carrier in the Bosphorus strait, forcing officials to temporarily suspend traffic in the busy shipping lane. Their vessel capsized after colliding with the Tolunay, a Cook Island-flagged bulk carrier, which was sailing toward the Black Sea, shipping agent GAC said. Four members of the Coast Guard were in hospital, a spokesman at the Istanbul governor's office said. The collision occurred at 8:40 a.m.
Caspian Shipping Commissions 4 Vessels
Azerbaijan Caspian Shipping Company has put into commissioning four dry cargo vessels that will operate beyond the pale of the Caspian Sea, reports AzerNews. An event to raise Azerbaijan`s state flag in the “Vagif”, “Sabir” “Huseyn Cavid” and “General Hazi Aslanov” vessels was held at the Tersan shipyard in Yalova region of Turkey on June 11. Caspian Shipping Company has also opened its office in Istanbul within the framework of the event. The number of dry cargo vessels of Caspian Shipping Company operating outside the Caspian Sea currently amounts to 11.
Russian Hopes for Iran Trade Boom Run Aground at Caspian Port
When sanctions on Iran were lifted in January, Russia might have expected to be near the front of the queue for business opportunities. Moscow, after all, was one of Tehran's oldest allies and is now its partner on the battlefield in Syria. On the evidence of the commerce passing through the Caspian Sea port of Astrakhan, the main jumping-off point for Russian sea-borne trade with Iran, it's not playing out like that. The value of goods shipped from the Astrakhan region to Iran in the first four months of this year was down 16 percent on the same period last year…
Turkmenistan to Roll out International Transit Transport Corridors
AzerNews says that Turkmenistan publicized its plans on creating international transit transport corridors within the framework of the 96th meeting of the International Maritime Organization's (IMO) Maritime Safety Committee, ongoing from May 11 to 20, 2016. The heads of the railway and maritime agencies of Turkmenistan, Azerbaijan, Kazakhstan, Iran and Georgia recently held a five-sided meeting at the National Tourist Zone "Avaza" on the Caspian Sea coast. The meeting was also attended by representatives of the Ministry of Foreign Affairs of Turkmenistan.
Iranian Ships to Make Trips to Europe, Americas
Iran all set launch a shipping line to Europe, North and South American countries, as sanctions against Iran’s shipping industry has been recently lifted. The Islamic Republic of Iran Shipping Lines (IRISL) has resumed its routes to various destinations across Europe, says IRISL managing director Mohammad Saeedi. According to Tehran Times, Iran’s shipping lines to Europe had been cut for seven years under the western-led sanctions against the country, but shipping lines to Homburg in Germany…
DP World Chairman Meets Georgian PM
DP World Group Chairman and CEO, and Chairman of Ports, Customs and Freezones Corporation, HE Sultan Ahmed Bin Sulayem has met with the Prime Minister of Georgia, Giorgi Kvirikashvili, at the Annual Investment Meeting in Dubai to explore possible future opportunities for economic co-operation. During the meeting, which was also attended by DP World Vice Chairman Jamal Majid Bin Thaniah and senior company officials, HE Bin Sulayem suggested diverse solutions for Georgia’s trade and logistics development plans that would be cost effective and up-to-date with the latest industry trends.