World’s largest invest fund shows interest in Polish Shipyards

Abu Dhabi Investment Authority, the world’s biggest sovereign wealth fund with estimated assets at US$875 billion is still interested in Polish shipyards.

The Polish State Treasury received an inquiry from ADIA in July 2008, but no offer was received. Deputy Treasury Minister, Zdzislar Gawlik, said: “When the European Commission questioned the shipyards’ restructuring programs, sales of shares in any of the plants to an investor cannot be carried out. “The only thing that can be done is to sell shipyard property in line with an alternative scenario proposed by the European Commission.” The Polish government has until November 3, 2008, to notify EU competition commissioner, Neelie Kroes, whether they agree to sell shipyard property or reimburse state subsidies.

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Petrobras signs Cuba offshore oil pact

Brazilian state-owned oil company Petrobras signed an agreement with Cuba to explore for oil in the country’s still untapped offshore fields, which Cuban energy officials say may hold more than 20 billion barrels of reserves.

Petrobras agreed to make an initial investment of $8 million to begin exploration of the block, just off Cuba’s northern coast east of Havana. The contract gives Petrobras seven years to explore and 25 years to produce oil and gas in a production-sharing contract with Cuba. Cuba has divided its offshore area in the Gulf of Mexico into 59 blocks, 29 of which have been leased for exploration to companies from around the world, but not the US due to prohibitions under the US trade embargo against Cuba. Brazil got block 37 near the onshore fields from which Cuba currently produces most of its 60,000 barrels per day of oil. The fields include onshore wells that use horizontal drilling to draw oil from reservoirs several miles offshore. Petrobras’ block covers 1600 square kilometre and includes waters 1640 feet (500 metres) to 5250 feet deep. Brazilian President Luiz Inacio Lula da Silva and Cuban President Raul Castro attended the signing ceremony in the Cuban capital.

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USNS Amelia Earhart delivered to US Navy

San Diego, USA: General Dynamics NASSCO delivered USNS Amelia Earhart to the US Navy on October 30, 2008.

“We have reduced the man-hours to build this sixth ship of the T-AKE class by nearly 50 percent when compared to the production time of the lead ship,” said Frederick J. Harris, president of General Dynamics NASSCO. “This is among the most efficient shipbuilding performances in the United States for a class of complex ships.” Construction of the ‘USNS Amelia Earhart’ began in December 2006.  NASSCO has incorporated international marine technologies and commercial ship design features into T-AKE class ships, including an integrated electric-drive propulsion system, to minimize operating costs during their projected 40 year service life. With a cargo capacity of more than 10,000 tonnes, the primary mission of T-AKE ships is to deliver food, ammunition, fuel and other provisions from shore stations to combat ships at sea.

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