China striving to become global shipbuilding giant

On September 8, 2007, “New Asia”, the first 8530TEU ultra large container ship independently designed and manufactured by China, was delivered in Shanghai.

This indicates that China has made great breakthrough on the road of independent design and construction of high-tech ships. The ultra large container ship made in China will show more prominent features of large size and series-oriented. 8530TEU ultra large container ship is on the mainstream of the international container ship type with the characteristic of high technology content, high value-added economy and high construction difficulty. “New Asia” is the first one of the five vessels in same type independently designed and manufactured by Shanghai HuDong-ZhongHua Shipbuilding (Group) Co., Ltd for China Shipping (Group) Company. According to statistics made by Ship Industry Management Office of Commission of Science Technology and Industry for National Defense, in the first three quarters of this year, China’s ship industry maintained a growing momentum, the production and operation developed fast, and the economic benefit was improved obviously.

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Caspian gas pipeline deal signed

Russia, Kazakhstan and Turkmenistan have signed a landmark deal to build a gas pipeline cementing Moscow’s control over Central Asia energy resources.

The deal provides for the construction of a pipeline along the Caspian Sea to carry 20 billion cubic metres of gas from Turkmenistan and Kazakhstan to Russia. The pact dashes the hopes of the United States and the European Union to build an alternative pipeline across the Caspian to bypass Russia. The intergovernmental accord, which follows a preliminary agreement reached in May, was signed in Moscow in the presence of the Presidents of Russia and Kazakhstan, Vladimir Putin and Nursultan Nazarbayev. Describing the agreement as an “extremely important” one Mr. Putin said it “will make a new, important contribution of our nations to strengthening the energy security in Europe Asia and beyond.”

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Gas is the new oil for GCC countries

Gulf countries have pumped billions of dollars to develop their gas sector and are set to keep up spending within long-term plans to expand revenues and meet domestic and external demand.

Qatar, which controls the world’s largest gas resources after Russia and Iran, is spearheading such projects to become the dominant liquefied natural gas (LNG) exporter when it will pump in excess of 77 million tonnes within five years. The gas projects, a turnaround in the region’s policy that had long neglected that sector, have already started to pay off in terms of additional revenue, attracting foreign capital and meeting local and foreign demand. Three members of the six-nation Gulf Co-operation Council (GCC) - Qatar, the UAE and Oman - have become major gas exporters and their gas sales have largely boosted their revenues and gross domestic product.

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