Items filtered by date: Wednesday, 04 July 2018
Temile Development Company Limited, an indigenous shipping company operating in the Nigerian oil and gas industry, has signed a ship building contract with South Korean shipbuilder, Hyundai Heavy Industries (HHI) Limited. Under the terms, Hyundai will build one firm and one optional Liquefied Petroleum Gas (LPG) carriers. Both vessels are valued at over $120million with the first carrier expected to be delivered by the first quarter of 2020.
The contract, which was signed in London recently between Temile and HHI officials was witnessed by the CEO, Nigeria LNG Limited (NLNG), Tony Attah; Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabot; and Deputy Managing Director, Fidelity Bank, Mohammed Balarabe.
Fidelity Bank is the main banker to Temile Development Company.Temile Devt. is a 100 percent wholly-owned Nigerian company, which began its marine and offshore operations five years ago, with a vision to revolutionise the shipping business in Nigeria. The company’s fleet comprises of 16 offshore vessels, acquired within the last five years. The new carriers would be the first of their kind in the West African oil and gas market, and would enable the company service an on-going time charter LPG contract with NLNG.
“We have extensive experience in various sectors of the oil and gas industry in Nigeria, with particular interest in the offshore shipping and logistics. Our entrance into LPG market is exciting and we are in very safe hands to have ordered a LPG carrier from Hyundai Mipo Dockyard. This will no doubt increase the participation of Nigerian investors in the LPG space,” said the Chief Executive Officer, Alfred Temile.
Also speaking at the ceremony, Attah said the transaction was indeed ground breaking, explaining that it supports the quest to develop the domestic LPG market and aid the growth of indigenous companies in the process. “NLNG’s domestic LPG intervention scheme aligns with our business focus of bringing energy to the world and helping to build a better Nigeria” Attah stated.
Whilst commending Temile Development Company for the trailblazing move, Balarabe emphasized the need to increase local participation of indigenous companies in the oil and gas industry and reiterated the bank’s support for indigenous players to grow capacity. “The attendant effect on job creation and economic development is huge and unimaginable if Nigerian companies can participate more in the entire oil and gas value chain” he said.
Source: The Guardian
Published in Business
Chinese cities have some of the world's tallest skyscrapers, including the  almost 600m-tall Ping An Finance Centre in Shenzhen, the 540m-tall CTF Finance Centre in Guangzhou, and the 527m-tall China Zun tower in Beijing.
More recently. construction began on the mega-tall Shimao Shenzhen-Hong Kong International Centre in Shenzhen. 
At 688m tall, it could become the second tallest skyscraper in the world when it opens in 2024. (The even taller Dubai One Tower is also currently under construction.) As Dezeen notes, both high rises will surpass the 631m-tall Shanghai Tower, which currently holds the title of world's second tallest skyscraper.
Shimao Group, the Shenzhen-Hong Kong International Centre's developer, is not releasing many design details yet, but China Daily reports that the firm has invested about $7.5 billion in the project. It will have a floor surface area of over 315,000m².
The tower will be part of a larger complex that includes apartments, offices, a startup incubator, hotels, shopping centres, international schools, and a convention centre in Shenzhen's Longgang district.
The project builds on the city's urbanisation boom, which began in 1979 when China opened itself to capitalism and foreign investment. Shenzhen — a formerly poor fishing community of just 30,000 people — was the first city the country chose to rapidly develop. 
Since then, the city has transformed into one of China's largest tech hubs and epicenters of high-rise development. In 2017, Shenzhen completed more skyscrapers than any other city in the world.
By some estimates, Shenzhen's population now exceeds 12.5 million, making it one of the fastest growing megacities.
Source: Business Insider
Published in Engineering

Ethiopian Airlines announced that it had taken delivery of the largest “B737 MAX 8’’ in Africa into its fleet.

In a statement, the Airline’s Group Chief Executive Officer, Mr Tewolde GebreMariam, said it was an immense achievement for the airline “to reach the milestone a few days after it colourfully marked its 100 fleet milestone’’.

GebreMariam said that the latest acquisition was an affirmation of the airline’s continuing pioneering role in African aviation and the successful implementation of its fast, profitable and sustainable growth plan – Vision 2025.

“Today, we are glad to include the B737 MAX 8, the latest in Boeing’s single-aisle series, in our young and modern fleet family with an average age of less than five years.

“As a customer-centric airline with a high adaptability to emerging technologies, we have been pioneering Africa’s aviation with latest-technology fleet throughout our 72 years history.

“In line with our growth targets under Vision 2025, we will keep on investing in further expansion of our fleet and in acquiring the latest aircraft the industry has to offer.

“The B737 MAX 8 features the new Boeing sky interior, highlighted by modern sculpted sidewalls and window reveals LED lighting that enhanced the sense of spaciousness ultimately boosting customers’ experience.

“The environmentally-friendly aircraft has a minimal carbon-emission and consumes 15 per cent less fuel than the 737-NG,” he said

Also, Marty Bentrott, Boeing Sales Vice President for Middle East, Turkey, Russia, Central Asia and Africa, said that with the delivery of the new ultra-modern aircraft, Ethiopian Airline’s fleet of Boeing airplanes had grown to 73 jets. He said that the fleet included the 787 Dreamliner, 777, 737 MAX and the 757 and 767 series.

Bentrott said that the airlines had continued to fly at the forefront of Africa’s commercial aviation industry by operating the most advanced airplanes.

“We are honoured by Ethiopian’s continuing confidence in Boeing airplanes and we look forward to growing our five-decade long partnership,” he said.


Published in Travel & Tourism
Oil extended gains to near $75 a barrel after an industry report showed U.S. inventories shrunk as global output disruptions continued to stoke concerns over supply shortfalls.
Crude in New York increased as much as 1 percent as the premium on front-month futures surged even higher against later contracts. The American Petroleum Institute was said to report nationwide stockpiles dropped 4.51 million barrels last week. While the Saudi Cabinet affirmed the kingdom is ready to use its spare capacity as needed, the Middle Eastern nation also reiterated with Russia that OPEC’s agreement with allies is to boost output by 1 million barrels a day.
Oil is trading near the levels last seen in 2014 as a drop in global output due to disruptions from Libya to Canada and Venezuela were seen outweighing production gains by the Organization of the Petroleum Exporting Countries. Morgan Stanley increased its Brent crude forecast to $85 a barrel next year, while President Donald Trump continued to push OPEC’s biggest producer Saudi Arabia to pump more and reduce petroleum prices for consumers.
“Recent up moves have been surprising and the disruptions have caught a lot of traders by surprise,” Michael McCarthy, a chief market strategist at CMC Markets, said by phone from Sydney. “We’re likely to see further gains as the shift from a surplus to a deficit will come faster than expected. The supply side is constrained and markets are vulnerable to upside risks, and larger-than-anticipated draws in the U.S. are very supportive in the short term.”
Oil Prices:
West Texas Intermediate crude for August delivery traded at $74.59 a barrel on the New York Mercantile Exchange, up 45 cents at 11:28 a.m. in Singapore. Prices rose 20 cents to close at $74.14 on Tuesday, after breaching $75 for the first time since 2014. The premium for front-month futures widened to $2.64 a barrel against September delivery contracts. Total volume traded was about 35 percent below the 100-day average.
Brent for September settlement was 0.5 percent higher at $78.16 a barrel on the London-based ICE Futures Europe exchange. The global benchmark traded at a $6.11 premium to WTI for the same month.
Yuan-denominated futures for September delivery slid 0.9 percent to 498.8 yuan a barrel on the Shanghai International Energy Exchange. The contract closed 0.4 percent higher on Tuesday, capping the longest run of daily gains since their debut in late March.
Supplies Shrink:
As well as declines in nationwide stockpiles, inventories in the key storage hub of Cushing, Oklahoma dropped by 2.6 million barrels, the API was said to report. If confirmed by U.S. government data Thursday, that would be the seventh consecutive decline. Nationwide stocks are forecast to have fallen by 5 million barrels, according to a Bloomberg survey.
Saudi Arabia said the country would “use its spare capacity when needed to deal with any future changes in oil supply and demand rates, in coordination with other producing countries,” according to a report in the Saudi Press Agency. Earlier, the kingdom and Russia’s energy ministers reiterated the agreement reached last month in Vienna, following President Trump’s tweet over the weekend that said he’d received assurances from the Middle Eastern nation that it could increase production by double that volume.
Source: Bloomberg News
Published in Business
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