A major project to support the safety and security of port facilities on vital trade routes in the in Eastern and Southern Africa and the Indian Ocean region is set to continue its work. Future plans include national workshops in each beneficiary country to assess law enforcement capacity in each of the three domains covered by the project. The members of the Steering Committee and Technical Committee of the Port Security and Safety of Navigation in Eastern and Southern Africa and the Indian Ocean project were updated on progress to ...

Qatar’s maritime sector saw higher vessel docking in May 2023 on an annualised basis with its three major ports recording robust jump in building materials and livestock traffic through them, according to official statistics. The ports – Hamad, Doha and Al Ruwais – showed a strong double-digit expansion in terms of livestock on monthly basis in the review period, according to the figures released by Mwani Qatar. The number of ships calling on Qatar’s three ports stood at 227 this May, which was 6.07% higher than those witnessed the previous ...

Kenya plans to lease the operations and management of five major ports through a 1.4 trillion Kenyan shillings ($10 billion) public private partnership (PPP) programme. Kenya Development Corporation (KDC), a development finance institution, has disclosed the Kenya Kwanza administration is scouting for private players to operate and maintain sections of Kilindini Harbour, Dongo Kundu Port, Lamu Port, Kisumu Port and Shimoni Fisheries Port, Business Daily newspaper reported. “The ports will be leased/concessioned to private operators with a landlord-type port management system,” KDC said in its proposition to potential investors. The ...

OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude, meaning its policy decisions can have a major impact on oil prices. Two OPEC+ sources said they did not expect the group ...

Climate and environmental considerations are increasingly a key component of investment decision-making. Not just by corporates but by the financial sector, too. So much so that most of the world’s major banks and institutional investors have policies to exit or lessen their exposure to coal. Oil and gas – fossil fuels that release carbon when combusted and, in turn, contributes to climate change – are likely to be the next commodities affected by the financing sector’s focus on “greening” their balance sheets. This paper aims to understand the current sources ...

The benchmark Dutch front-month contract rose slightly on Friday morning while British prompt prices eased amid a balanced supply and demand picture, after prices dropped heavily the previous day. The front-month contract on the Dutch title transfer facility (TTF) traded on the Intercontinental Exchange rose 0.80 euros to 23.90 euros per megawatt hour (MWh) by 0923 GMT. On Thursday, it hit a fresh two-year low of 22.94 euros/MWh on the exchange, as concerns over a disruption to Norwegian liquefied natural gas (LNG) supply waned. Equinor EQNR.OL had to shut production ...

Tanzania’s government said on Wednesday it had completed negotiations with the investors of its $42 billion liquefied natural gas (LNG) project, with the agreements set to be reviewed for approval next month. Energy minister January Makamba said the agreements for the approval of the long-delayed project – aimed at unlocking the country’s vast but remote offshore gas resources – would be presented to the government’s cabinet before they are signed. While Makamba did not provide a time frame in his address to parliament, the ministry of energy’s budget speech for ...

Mexico’s president took office in late 2018 pledging to boost local output of gasoline while phasing out imports, but so far state refineries have instead set a different course: bumper production of highly-contaminating fuel oil. To make Mexico self-sufficient, leftist resource nationalist President Andres Manuel Lopez Obrador wants the country to wean itself off dependence on foreign gasoline and diesel supplies, mostly from U.S. refiners, and replace them by 2024 with production from state oil company Petroleos Mexicanos (Pemex). The push to increase Pemex’s output, however, has ramped up fuel ...

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) won a 1.24-trillion-won ($937.36 million) contract to construct five massive liquefied natural gas (LNG) container ships for a Taiwanese shipper. HD KSOE, the intermediate shipbuilding holding company of HD Hyundai, said Thursday it has inked an agreement with Yang Ming Marine Transport Corporation, a Taiwanese container shipping company to build five 15,500 twenty-foot equivalent unit LNG-powered vessels. They will measure 365 meters (1,200 feet) in length, 51 meters in width, and 29.85 meters in height. The construction will take place at HD ...

The Arctic Aurora tanker is currently loading up at the Arctic Hammerfest liquefied natural gas (LNG) plant despite production being shut down, operator Equinor EQNR.OL said on Friday. “We can load even if production is halted, as long as we have LNG in the tank,” a company spokesperson told Reuters. Equinor stopped production at Hammerfest LNG located on the Melkoeya island on May 31 due to a leak in the cooling circuit, and currently plans a start-up to take place on June 8. In addition to the Arctic Aurora, tanker ...

ESPO congratulates Grand Port Maritime de Dunkerque (France), Volos Port Authority (Greece), Port of Den Helder (the Netherlands), Autoridad Portuaria de Castellón (Spain), Autoridad Portuaria de Melilla (Spain), Santander Port Authority (Spain), Peterhead Port Authority (United Kingdom), Shoreham Port Authority (United Kingdom) and Asyaport Liman (Turkey) for being certified through the EcoPorts’ environmental management standard (PERS). Isabelle Ryckbost, ESPO Secretary General, Zeno D’Agostino, ESPO Chair, and Valter Selén, EcoPorts Coordinator, announced the PERS-certified ports during the annual ESPO Conference in Bremen. Isabelle Ryckbost, ESPO Secretary General, commented: “It is great ...

The Saudi Ports Authority (Mawani) has revealed the inclusion of Jeddah Islamic Port, King Abdulaziz Port, and Jubail Commercial Port to the Al Maha shipping service launched by container liner Maersk. With a start date set for June, the new route will link the Kingdom’s three hubs to six ports across the Middle East including Tangier, Port Said, Salalah, Duqm, Jebel Ali, and Doha aboard seven vessels offering a weekly capacity of 8,500 TEUs. Adding new cargo connections is key to the Kingdom’s ambition of enhancing its global maritime connectivity ...

Adani Ports & Special Economic Zone Ltd’s auditor stated that insufficient disclosures about certain transactions mean it can only issue a qualified opinion on the company’s accounts, bringing the spotlight back to allegations made by short seller Hindenburg Research about Gautam Adani’s empire, stated bloomberg in its media report. According to bloomberg, Deloitte Haskins & Sells LLP expressed concerns on Tuesday about the port unit’s transactions with three unrelated firms. However, the auditor stated that it was unable to certify that the parties were unrelated, and that the firm has ...

Iraq exported about 102.46 million barrels of crude oil in May, generating 7.3 billion U.S. dollars in revenue, the country’s Oil Ministry announced Thursday. The average price for Iraqi crude oil in May was 71.3 dollars per barrel, said the ministry in a statement, citing statistics from the State Organization for Marketing of Oil, an Iraqi company. It said crude oil exports during the month were from oil fields in central and southern Iraq via the port of Basra. Iraq’s economy heavily relies on crude oil exports, which account for ...

Russia continues contacts with the members of the OPEC+ organisation of leading oil producers, Kremlin spokesman Dmitry Peskov said on Friday, before the group meets on Sunday to make a decision on its production policy. He declined to comment on the possible outcome of the meeting. OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was ...