| Today in manufacturing news we feature a press release from Ducab who have announced record sales in the first half of 2007. For full press details please read on:
Ducab Announces Record Sales of AED 1.1 Billion for the first half of 2007 |
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Ducab, the leading manufacturer of high-quality power cables in the Middle East, announced its sales results for the first 6 months of 2007 with all time record total sales rising to AED 1.1 billion, an increase of 55 per cent compared to the total sales income of AED 711 million for the first six months of 2006.
Mr. Walter Bailey, MD, Ducab, while commenting on Ducab sales performance for the first half of 2007, remarked “The financial performance of Ducab bears testimony to the phenomenal progress made by the company in 2007. The performance is all the more significant given the increasing competition in the geographical markets in which the company operates.” He thanked the company’s executive management team and employees for their commitment and dedication towards achieving these results and also the company’s customers, agents, and suppliers for the continued support and confidence reposed by them in Ducab.
“The company actively participates in the economic and development activities in UAE and the region while maintaining its vigilant approach and applying sensible management policies. The company’s robust business strategies have consistently generated solid growth and the financial results are a reflection of Ducabs’s position as the region’s leading manufacturer of high-quality power cables in terms of sales and diversity of its products and the quality of services offered. This achievement marks the beginning of a new era for Ducab. We have crossed the psychological AED one billion barrier and are now eager to embrace new challenges” Mr. Bailey added.
Ducab was established in 1979 as the first purpose-built cable manufacturing company in the UAE and is equally owned by the Government of Dubai and Government of Abu Dhabi. Its product range covers High voltage cables upto 132 kV, Ducab Powerplus medium voltage cables (up to 33 kV), low voltage power cables, control and auxiliary cables, wiring and lead-sheathed cables, and Ducab Smokemaster, low smoke and fume zero halogen cables. Ducab is also well known as the distributor of Ducab Connect cable accessories.
Ducab has always emphasized on quality in its organisation and is certified ISO 9001: 2000 Quality Management Standards and ISO 14001 Environment Management Standards. Ducab has undertaken many developments in the last ten years including the manufacture of Medium Voltage cables in 1998, its new factory in Abu Dhabi that was opened early in 2005, its PVC Compounding facility in Jebel Ali opened during 2006, and its Copper Rod casting plant currently under construction in Musaffah. All of these completed projects were finished on time and within budget. In January 2007 Ducab announced its biggest ever expansion plan at a cost of AED 660 million.
On completion of all of these developments Ducab will continue to be the most advanced power cable company in the region, with facilities that are truly World Class. The company will not stop there and is already considering the next major steps in its growth. |
Ducab Announces Record Sales of AED 1.1 Billion for the first half of 2007
August 20, 2007
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Aker Kvaerner Wins US$128 million CNOOC Contract
August 20, 2007| Today in our Project news we feature a subsea contract award to Aker Kvaerner for $128 million from the China National Offshore Oil Corporation. For full press details please read on:
Aker Kvaerner Wins US$128 million CNOOC Contract |
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Aker Kvaerner was awarded a contract by China National Offshore Oil Corporation (CNOOC) for delivery of drilling equipment and system for an ultra deepwater drilling semisubmersible unit. The contract value for Aker Kvaerner is approximately USD 128 million. “This first delivery of drilling equipment systems into the Chinese offshore market is a breakthrough for Aker Kvaerner. We are very pleased that CNOOC has chosen us and are committed to execute this project to a high quality and on schedule”, says Mads Andersen, executive vice president in Aker Kvaerner.
The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work is to deliver drilling equipment package, installation and commissioning supervision. “This contract proves Aker Kvaerner MH’s competitiveness and our reputation as a dependable and experienced supplier of drilling equipment packages”, says Roald Amundsen, President of Aker Kvaerner MH. This delivery is similar to previous drilling equipment packages delivered from Aker Kvaerner MH and will be a highly efficient system designed for deep water operations. The drilling rig will be the most advanced semisubmersible drilling rig designed for use in Chinese waters. The ultra deepwater drilling rig is scheduled for delivery early 2011. |
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PetroNeft makes oil discovery at Lineynoye No. 7
August 16, 2007| Today in project news we feature a press release about a discovery by PetroNeft in the Russian Oil Well Lineynoye. For full details please read on:
PetroNeft Makes Oil Discovery at Lineynoye No. 7 |
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PetroNeft Resources, 100% owner of Stimul-T, which is the sole owner and operator of License 61, Tomsk Oblast, Russian Federation, reports an oil discovery with its Lineynoye No. 7 exploration well on the West Lineynoye Prospect, based on the results of core data and initial log interpretation. This is the third well drilled in what has been a successful drilling campaign this year in License 61.
Two meters of net oil pay was confirmed in a sandstone reservoir in the Upper Jurassic J1 interval from -2,395.5 to -2,397.5 metres subsea . This confirms the oil test in the same interval in the Lineynoye No. 5 well drilled in the 1974.
The data indicates a 22-meter gross oil column in the J1 interval at this location and indicates that the structure is filled with oil to the spill point.
The J1 interval will now be flow tested and the results will be reported as soon as they are available.
Lineynoye No. 7 is the last well to be drilled in this year’s drilling program. All three wells have encountered hydrocarbons and confirmed the Company’s structural interpretation of the License area.
The Lineynoye No. 6 appraisal well has 11.2 meters of net oil pay and has been successfully tested at a stabilized flow of 100 bopd on a 1/8th inch choke. This well will be put on pilot production/long term flow test this winter with the oil being sold to a local Tomsk refinery. The well also lowered the oil water contact (owc) for the Lineynoye Field at least 10 meters, which is likely to lead to a modest reserve upgrade for the field.
The Tungolskoye No. 4 appraisal well has 15 meters of net oil pay based on the core data and independent log interpretations. This represents the best reservoir interval encountered of the 17 wells drilled in the block to date. However, the Company has not to date achieved a representative flow test of this interval due to mechanical problems. The well will now be sidetracked to re-access and fully test the relevant reservoir interval. This process should take about 60 days including mobilization of necessary equipment and materials. Based on the wire line log and core data from this well, and the historic data from the Tungolskoye No. 1 well, which tested 332 bopd from the same interval in 1973, we are confident of a positive result.
2007/08 Exploration and Appraisal Programs The results of this year’s drilling program, along with the seismic programs undertaken over the last two years have already been taken into account in planning next year’s three well drilling program. This three well program, which is expected to commence in February/March 2008, will seek to further delineate the newly discovered West Lineynoye Oil Field and to drill two low risk exploration prospects in the Tungolskoye-Lineynoye oil productive fairway. These two prospects, Korchegskaya and West Korchegskaya, are estimated to contain about 50 million barrels of possible reserves.
These wells will be drilled under a turnkey contract utilizing the three drilling rigs currently active or located in License 61.
The necessary materials for these wells are currently being moved to the Negotka staging area by river barge and will be moved to the well locations when winter roads are in place later this year.
Development Planning
Once all of the well data has been analysed, both internally and by outside consultants SNIIGMS and Ryder Scott, it will be used to update the current feasibility study for field development, which will then serve as a basis for financing the field development. The export pipeline survey from the Lineynoye and Tungolskoye fields to the Transneft pipeline at the Raskino pumping station is currently underway.
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc commented:
“We are delighted with the results of this year’s three well drilling program. Not only have we further delineated the Lineynoye and Tungolskoye Oil Fields, but we have made an exciting new oil field discovery at West Lineynoye. While we will need to sidetrack the Tungolskoye No. 4 well in order to get a representative flow test, we are confident in the oil interval and anticipate a positive result in due course. Each of these results represents a significant step forward in the commercialisation of License 61 and are an important component of PetroNeft’s long term strategy.
The drilling results have further enhanced our understanding of the reservoir distribution in License 61 and have already been factored into next year’s three well drilling program in order to reduce risk.” |
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Liberty Wire & Cable already on Green path
August 15, 2007| The green issue is now effecting all industries including the Cable busienss, and the following press release is what Liberty Cable & Wire to remain on the green path. For full press details please read on:
Liberty Wire & Cable already on Green path |
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Government regulators are increasingly trying to make a difference by introducing “green” industrial standards. The EU’s Restriction on Hazardous Substances (RoHS) Directive, for one, calls for reduction in the use of lead and five other chemicals. RoHS went into effect in 2006; however, Liberty Wire & Cable—a provider of cable products and connectors—has been voluntarily developing compliant products for several years. More than 90% of the company’s approximately 6000 products are already RoHS compliant. The RoHS directive was adopted by the European Union in 2003 and became effective in 2006.
It restricts the use of lead, mercury, cadmium, hexavalent chromium, two polybrominated biphenyls, and polybrominated diphenyl ether in electronic and electrical equipment. Other countries are implementing or considering the RoHS directive, and California already recognizes portions of it. |
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Posco to build US$4.5 billion steel plant in southern Vietnam
August 14, 2007| Today in our metals news we feature a story from Veitnam and the plans of South Korea’s Posco Group who are plannin gto build a steel plant worth US$4.5 billion. For full press details please read on:
Posco to build US$4.5 billion steel plant in southern Vietnam |
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South Korea’s Posco Group, the world’s third-largest steel manufacturer, will build a hot-rolled steel plant at a cost of $4.5 billion in central Vietnam’s Khanh Hoa province. The factory, to come up in Dam Mon peninsula, will have an initial annual capacity of 4 million tons which will later be doubled.
Posco has tied up with local shipbuilding giant Vinashin to develop the project.
Vinashin, known formally as the Vietnam Shipbuilding Corporation, will contribute 30 percent of the capital required for the project.
In a statement May the South Korean steel maker said it had signed a memorandum of understanding with Vinashin for a feasibility study to be completed by year-end ahead of construction next year.
The plant will be ready after 2010.
Posco began work earlier this month on a $1.13 billion cold-rolled and hot-rolled steel complex in the southern Ba Ria – Vung Tau province.
It will produce 700,000 tons of cold-rolled products annually from 2009 while the hot-rolled steel facility will see construction kick off only in 2010. The facility will have an annual capacity of 3 million tons.
Posco is also working on a $13.8 million, 100,000-ton plant in the southern Dong Nai province which will go stream in June 2008. Its feedstock will come partly from the Posco’s Ba Ria-Vung Tau province-based steel complex.
The Korean group hopes to develop Vietnam as a gateway to the Southeast Asian market.
Posco expects to secure a frontline production base in the region by pursuing its plan to link its Vietnamese operation to ones in China and India, enabling it to obtain greater global competitiveness in the production and supply of steel-based products. |
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Chavez to help Ecuador build US$5 billion oil refinery
August 13, 2007| Todai on our Petrochemical news we feature a story from South America and how Venzuelan President Chavez is helping Ecuador build a US$5 billion oil refinery. For full press details please read on:
Chavez to help Ecuador build US$5 billion oil refinery |
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Venezuelan President Hugo Chavez on Thursday offered to help Ecuador build a $5-billion oil refinery, as the socialist leader pledged to spread his government’s oil wealth to another South American ally. Chavez is on a four-country regional tour, seeking to expand his nation’s influence by leveraging its vast oil reserves and create a “grand South American alliance” to counter U.S. dominance.
The Venezuelan leader arrived in Ecuador after stops in Argentina and Uruguay. In Buenos Aires, he announced plans to buy up to $1 billion in Argentine bonds, while in Uruguay he discussed ways to expand its lone oil refinery and guarantee access to Venezuelan oil and gas.
Chavez arrived in Bolivia late Thursday where he and President Evo Morales will sign a deal for a $600 million investment in oil and natural gas exploration in a joint venture between their state energy companies.
Morales and Chavez were also planning to sign a $70 million deal to build a hydroelectric plant in Bolivia’s central region of Andean foothills known as the Chapare.
Earlier Thursday, Chavez and Ecuadorean President Rafael Correa signed an agreement for construction of a giant oil refinery on Ecuador’s Pacific coast expected to cost nearly $5 billion.
Chavez stressed the importance of energy integration in South America and remarked in a news conference on the difference between his efforts and “the savage hand of imperialism” in Iraq, referring to the United States.
The United States is like “Count Dracula,” he said. “It wants to suck (the blood) of the world.”
Correa, an admirer of Chavez, said the Venezuelan leader was acting out of solidarity with countries in the region and had no interest in earning a profit from the cooperation.
“Venezuela is the one that is pushing hardest for energy integration and it is one that least needs it,” Correa said.
Chavez and Correa signed an agreement to begin technical studies on the refinery, which would process 300,000 barrels of oil a day. The agreement contemplates the possibility of adding a petrochemical plant at an estimated cost of $10 billion.
The leaders did not say how much each country would contribute to the project, noting that it would depend on the feasibility studies. They said construction of the refinery, to be located in the Pacific port of Manta, would begin next year and take four to five years to finish.
Ecuador currently produces 535,000 barrels a day of oil. But with limited refining capacity, it must export crude oil and import fuels at much greater cost to cover its needs.
Chavez has also spoken of $500 million in as-yet-unspecified financing for Ecuador, probably by purchasing Ecuadorean bonds.
Although Chavez is a popular figure in Ecuador, some are concerned about Ecuador’s close relations with Venezuela.
“It would be tragic and dangerous if we went from a supposed dependency on the United States to being dependent on Venezuela,” investment analyst Ramiro Crespo said. |
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Oknoite, America’s oldest wire and cable company, add new jobs
August 13, 2007| Oknoite, America’s oldest wire and cable company, add new jobs |
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The Okonite Company announced this week it is adding $18 million in new capital investment and 40 new jobs in Orangeburg. Founded in 1878, Okonite is America’s oldest independent wire and cable manufacturer. Since 1976, Okonite has operated under an employee stock ownership trust form of ownership. Okonite also maintains the largest direct sales network in the industry. This network is electronically linked to six service centers, providing access to a nationwide stock inventory. Six manufacturing plants, all located in the United States, provide customers with an array of wire and cable products to satisfy their requirements. The Okonite Co. has a two-plant complex in Orangeburg. One is a three-story, 83,000-square-foot compounding plant that produces a synthetic rubber compound to insulate copper conductors. The other is a 368,793-square-foot facility that makes power and control cables. Administrative offices and a distribution center are also housed in the cable plant. The expansion will increase total employment at Okonite’s Orangeburg operations to 277. Wages will be above the average manufacturing wage of $12 an hour in the county. |
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Joint venture between Technip & Subsea 7 awarded contract for Alve Field Norway
August 10, 2007| Today in project news we feature a subsea story about Technip and Subsea 7 awarded a joint venture contract in the Alve Field Norway. The contract is worth over Euro 37 Million. For full press details please read on:
Joint venture between Technip & Subsea 7 awarded contract for Alve Field Norway |
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Technip and Subsea 7 have been awarded by Statoil a contract worth approximately EUR 37 million for the development of the Alve field located offshore Norway. The contract covers project management, engineering, procurement, installation, installation support and pre-commissioning of a rigid production flowline(1). This 16km-long carbon steel flowline with internal corrosion resistant alloy cladding will have a direct electrical heating cable with a mechanical protection system. It will be installed between the existing Norne FPSO(2) and the Alve L template.
Technip’s operations and engineering center in Oslo (Norway) will execute the contract.
The flowline will be welded at Technip’s spoolbase located in Orkanger (Norway). The Apache, one of Technip’s pipelay vessels, will install the flowline during the summer 2008.
This project falls within the scope of the two-year frame contract for reeled pipe installation services in Norway awarded to the Technip-Subsea 7 joint venture in July 2006. Available resources from both companies are used on a project by project basis to deliver against the overall scope of work(3).
(1) Flowline: a pipe, laid on the seabed, which allows the transportation of oil/gas production or injection of fluids. Its length can vary from a few hundred meters to several kilometers.
(2) FPSO (Floating, Production, Storage and Offloading): a converted or custom-built ship-shaped floater, employed to process oil and gas and for temporary storage of the oil prior to transhipment.
(3) This includes project management, engineering, fabrication and installation of all Statoil’s reeled pipe applications for 2007 and 2008. The project management and engineering work is performed both at Technip’s operations and engineering center in Oslo, Norway, and Subsea 7’s offices in Stavanger, Norway. The fabrication of the flowlines takes place at welding bases in Orkanger, Norway for Technip or at Subsea 7’s fabrication spoolbase in Norway.
Pipelay, construction and survey vessels from the Technip and Subsea 7 fleets are provided as part of this contract for the offshore installation activities.
Technip
With a workforce of 22,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services.
Headquartered in Paris, the Group is listed in New York and Paris.
The Group’s main operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia.
In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.
Subsea 7
Subsea 7 is one of the world’s leading subsea engineering and construction companies offering expertise and assets that make Subsea, Umbilical, Riser and Flowline (SURF) field development possible.
With a multi-national workforce of over 4,500 people worldwide, the company’s global offshore operations are supported out of the North Sea, Africa, Brazil, Gulf of Mexico and Asia Pacific. Subsea 7 has a fleet of industry leading, dynamically-positioned ships capable of reeled steel and flexible pipelay, subsea construction and saturation diving and a portfolio of pipeline construction yards worldwide. (www.subsea7.com) |
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News Corp posts 18% increase in profits
August 9, 2007| Today in our communications news we feature a story about Rupert Murdoch’s News Corporation posting an 18% increase in profits in the last quarter of 18%. For full press details please read on:
News Corp posts 18% increase in profits |
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Rupert Murdoch’s News Corp on Wednesday said fourth-quarter profit rose 4.5 percent on higher advertising sales and affiliate revenue from the Fox News Channel and on more new subscribers at the Sky Italia satellite TV service. News Corp, which said revenue was lower at its 20th Century Fox movie studios, said its fiscal fourth-quarter net income rose to $890 million (437 million pounds), or 28 cents per share, from $852 million, or 27 cents per share, a year earlier.
Quarterly operating income rose 18 percent to $1.2 billion.
Revenue rose 8.6 percent to $7.37 billion. Murdoch secured a $5.6 billion deal to buy Dow Jones (DJ.N: Quote, Profile, Research), the publisher of the Wall Street Journal, for $60 per share last week.
Cable networks, including Fox News, posted operating income 46 percent higher and revenue 17 percent higher.
News Corp’s satellite television operation operating profit rose 84 percent and revenue rose 15 percent. It ended the quarter with 4.2 million customers.
Movie studios’ operating profit fell nearly 50 percent and revenue fell 18.5 percent compared with the same period last year when it saw strong box office sales from “Ice Age: The Meltdown,” the company said. Quarterly results were also dragged by costs from the release of “Fantastic Four.”
Newspaper segment operating income rose 19.4 percent, reflecting higher contributions from its papers in the United Kingdom and Australia. Newspaper revenue rose 13 percent.
UK newspaper ad and circulation revenue fell, but promotional and employee costs also fell, News Corp said. The Australian papers reported higher ad revenue, but that was offset by increased costs for newsprint and production.
News Corp shares trade at a premium to its media conglomerate peers.
Its enterprise value — market capitalization plus debt, minus cash — trades at 11.57 times its estimated 2008 earnings before interest, tax, depreciation and amortization, compared with Time Warner’s (TWX.N: Quote, Profile, Research) 7.75 and Walt Disney’s (DIS.N: Quote, Profile, Research) 8.45 multiples |
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New Solutions with Silver Fox at Offshore Europe 07
August 8, 2007New Solutions with Silver Fox at Offshore Europe 07
Silver Fox are proud to be present the latest technology in the Cable Labeling/Marking Industry at the forthcoming Offshore Europe Exhibition. Come join us at Stand 824 from the 3rd – 7th of September 2007.If you are an electrical, instrument, or process engineer, or even a construction manager; Silver Fox will be displaying an innovative range of market leading solutions, to fully optimize your time, expenditure and efficiency. In fact no matter what Industry you’re from our Stand is not to be missed.New solutions being premiered at the show include:
- Our unique CAD interface
This strips out thousands of man hours from major projects, while ensuring 100% accuracy for cable and core labeling - Our new laser printable two-part labels for instrument wires
No special printer is required - Our new Vista compatible software
Ensures that you are fully future-proof - Our USB Plug’N'Play thermal printer
Means that thermal printing labels works first time every time – ideal for heatshrink - New sizes for our widely acclaimed Endurance process pipeline identification tape
You can now choose from more messages in more colours, all made to your exact specification.
Please take a few moments to see us demonstrate all of the above applications at Stand 824, Offshore Europe 2007, AECC in Aberdeen on 3 – 7 September 2007.
Silver Fox, based just outside London, produce durable, innovative time saving labelling solutions for the Energy and Data and Telecom industries. Operating on a global market the customer base includes clients from the USA, Canada, Europe, Middle-East and Caspian region. As well as supplying direct to major users, we also produce private label solutions for Belden, Leviton and Tyco Electronics. Indeed, we have been so successful in exporting our solutions that in 2005 Silver Fox were honoured by the Queen’s Award for Excellence – International Trade.For more information please visit our website at www.silfox.com or contact our sales team on +44 (0) 1707 37 37 27 or via email at sales@silfox.com
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