DUBLIN--(BUSINESS WIRE)--The "Import Substitution in Oil and Gas Industry: Myths and Reality" report has been added to ResearchAndMarkets.com's offering.
The import substitution process was started in earnest after the imposition of sanctions in 2014. Six years is a substantial enough period to summarise interim results.
On the one hand, the figures are not that bad: the industry already depends on imports by less than 50 percent. On the other, this is a typical average, while details are all-important.
And an important question is what exactly should be deemed Russian equipment, considering active use of foreign parts and especially software.
Some import substitution examples are a success indeed, but there are also failures that are no less obvious. The latter in fact emphasise the effect of precisely aimed sanctions.
The new and much more demanding OPEC+ deal has led to large-scale closure of old wells whose operations did not require much-imported equipment. At once, however, the question arose about how Russia will withdraw from the deal in the future and whether it will be able to promptly increase production. Only new projects can compensate for the closure of the old wells. Meanwhile, dependence on imports is greater there. And here is where lagging behind in offshore technology and hydraulic fracturing can have an effect.
In the gas sector, the key problems are also of an "offshore nature"; this goes for LNG production as well as the construction of offshore gas pipelines.
The completion of Nord Stream 2 by Russia on its own has become the main "hit" and a real detective story - so far without a happy end for Russia though.
From the new report you will learn:
Key Topics Covered:
Introduction
1. Drivers behind Import Substitution
2. Criteria for Grouping Oil & Gas Sector Products under Imported Category. Official Results of Import Substitution in Russian Oil & Gas Industry
3. Import Substitution Success Story: National Drilling Equipment Buoys Upstream Segment
4. 'Pain Points' of Import Substitution in Russian Oilfield Services Industry Hydraulic Fracturing and Seismic Surveying
4.1. Hydraulic Fracturing
4.2. Seismic Surveying
5. Development Prospects for Russian Oil and Gas Industry Offshore in Context of Import Substitution
5.1. Pressure on Offshore Projects
5.2. Lack of Drilling Platforms and Subsea Production Systems
5.3. LNG Production: in Search of Russian Technology
5.4. Problems of Russian Shipbuilding
6. Regulation of Import Substitution in Oil and Gas Sector
Forecast
Appendix 1. Plan of Import Substitution Measures for Mechanical Engineering for the Oil and Gas Industry in the Russian Federation
For more information about this report visit https://www.researchandmarkets.com/r/reoxvq
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MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE American: REI) (“Ring”) (“Company”) announced today executive management changes effective December 31, 2020.
The Company has announced the promotion of Mr. Alex Dyes to Executive Vice President of Engineering and Corporate Strategy, the promotion of Mr. Marinos Baghdati to Executive Vice President of Operations, and the promotion of Hollie Lamb to Vice President of Compliance and General Manager of the Midland, Texas office. Mr. Dyes and Mr. Baghdati will report directly to Paul D. McKinney, Chief Executive Officer and Chairman of the Board and Ms. Lamb will report to Mr. Dyes.
Additionally, Mr. David A. Fowler will step down from his position as President, but will remain in Midland, Texas in a consulting capacity with the Company taking over for Bill Parsons managing Investor Relations. In this new role, Mr. Fowler will also be assisting Mr. Dyes with Business Development. Mr. Danny Wilson, who has served the Company as the Executive Vice President and Chief Operating Officer since 2013, will be leaving the Company following the conclusion of a transition period to explore new professional opportunities.
Paul D. McKinney, Chief Executive Officer and Chairman of the Board, commented, “I would like to thank Bill Parsons for his many years of service to this company and its shareholders and wish him the very best in retirement. I would also like to thank David Fowler and Danny Wilson for their contribution to the Ring Energy story since its early days in 2013. The conventional, low decline, and long-life producing assets that form the foundation of this company is the result of their foresight, knowledge, and experience on what it takes to build a great oil and gas company. We are grateful for the opportunity to build upon their success and continue building shareholder value.” Additionally, Mr. McKinney said, “I would like to congratulate and thank Mr. Alex Dyes, Mr. Marinos Baghdati, and Ms. Hollie Lamb for accepting their new executive roles working with me to forge the path to greater profitability and growth.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations in Texas and New Mexico. www.ringenergy.com
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2019, its Form 10Q for the quarter ended September 30, 2020 and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.
David Fowler
Ring Energy, Inc.
Office: (432) 682-7464
Bill Parsons
K M Financial, Inc.
(702) 489-4447
LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – today announced it has entered into definitive “operational phase” platform-sharing and initial manufacturing agreements with Magna International Inc. (collectively with its affiliates, “Magna”), which clarify and finalize key aspects of the framework agreement previously announced on Oct. 15, 2020.
“I’m very pleased to have closed this definitive agreement, as planned, following the signing of the original framework deal,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “With the recent completion of the PPS gateway, the Fisker and Magna teams are working literally around the clock to ensure we can keep our rapid development program on track towards the delivery of the all-electric Fisker Ocean SUV, projected to commence in Q4 2022.”
The Fisker Ocean will initially be manufactured exclusively by Magna in Europe, where it currently produces several high-quality vehicles on behalf of global brands. Interest in the Ocean continues to build at an encouraging pace, with global paid reservations now standing at more than 10,400 as of today. Fisker plans to unveil a production-intent prototype of the Ocean in the summer of 2021.
“Our teams are fully engaged to enable the projected start of production in Q4 2022 and are working through a common set of program milestones,” said Frank Klein, President of Magna Steyr. “Our complete vehicle development approach is ideally suited to the Ocean program and its rapid development path to market.”
The Fisker Ocean SUV will use a modified version of a Magna-developed EV platform. According to Fisker, "Taking Magna's EV platform as the starting point, Fisker engineers are further developing FM29, and in the process, creating new IP that is unique to Fisker. To suit our requirements for the Ocean and other vehicles, we are redesigning the front-end structure and both lengthening and widening the platform. FM29 provides us the flexibility to accommodate a large battery, increase occupant space and enable the signature Fisker wide vehicle stance, while delivering purchasing cost efficiencies to bring the Ocean to market at a starting price below $40,000. Available on the range-topping Ocean Extreme model, the large battery format enabled by FM29 is also projected to support an Ultra Long Range (ULR) option with a potential range of more than 350 miles.”
“Complementing the FM29 platform will be an EE architecture that includes features not previously seen in automotive applications – developed in-house by Fisker,” continued Mr. Fisker. “Our powertrain team is working to optimize the drive unit in deep collaboration with our cell provider to deliver the expected class-leading output we are projecting for the battery pack. Further, as a digital car company we are creating smarter methodologies in digital and master data management (MDM) that enable smart platform sharing across different vehicle models. This helps us to deliver a seamless customer experience, as well as expedite the globalization of our supply chain and manufacturing.”
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About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.
Forward Looking Statements
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Form 8-K filed with the Securities and Exchange Commission on November 4, 2020 under the heading “Risk Factors” and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Fisker Inc.
Simon Sproule, SVP, Communications
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Dan Galves, VP, Investor Relations
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today that there will be no distribution paid for the month ended December 2020 to holders of record as of the close of business on December 31, 2020, as costs, charges and expenses attributable to the Trust’s royalty properties, and applicable reserves, exceeded the revenue received from the sale of oil, natural gas and other hydrocarbons produced from such properties, as reported by the working interest owners.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to the specified interest in certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by the volatility in commodity prices. There has been a substantial decrease in oil and natural gas prices in 2020 due in part to significantly decreased demand as a result of the COVID-19 pandemic and an oversupply of crude oil. Oil and natural gas prices could remain low for an extended period of time, which in turn could have a material adverse effect on Trust distributions. Continued low oil and natural gas prices, among other things, will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, and other factors described in the Trust’s Form 10-K for the year ended December 31, 2019 under “Part I, Item 1A. Risk Factors,” the Trust’s Form 10-Q for the quarter ended March 31, 2020 under “Part II, Item 1A. Risk Factors,” the Trust’s Form 10-Q for the quarter ended June 30, 2020 under “Part II, Item 1A. Risk Factors” and the Trust’s Form 10-Q for the quarter ended September 30, 2020 under “Part II, Item 1A. Risk Factors.” Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
Quinbrook Infrastructure Partners and Birch Infrastructure establish unique joint venture
HOUSTON--(BUSINESS WIRE)--Quinbrook Infrastructure Partners (“Quinbrook”), a specialist investor in lower carbon and renewable energy infrastructure, today announced the establishment of a joint venture with Birch Infrastructure PBLLC (“Birch”) to develop and construct renewables-powered hyperscale data center campuses in the US.
The joint venture has identified and is actively developing multiple, strategically-located sites to host next-generation, mission critical, hyperscale data centers which will be designed and configured with the objective to:
“Demand for high-performance computing and data storage is expanding at an extraordinary pace, as is the need for those resources to be powered by renewable energy, which makes now the opportune time to partner with a like-minded specialist data center developer. Birch is that partner for Quinbrook,” said David Scaysbrook, co-founder and managing partner of Quinbrook. “We are looking forward to combining our experience in renewable energy project development, construction and investment with Birch’s specialist expertise in data center siting and structuring of low cost power and utilities solutions, to address the acute demand for next generation, hyperscale data centers delivering a net zero carbon footprint.”
Quinbrook considers that demand for data computing and storage capacity is likely to grow at unprecedented rates over coming years as internet adoption rates increase and the products and services used by these internet users also increase in size.
Added Scaysbrook, “As the scale of the energy and water consumption and resultant environmental impact of data centers expands, the provenance of their energy supplies and the carbon intensity of those supplies is becoming an increasingly critical requirement in site selection. Recent public announcements made by many of the hyperscale operators indicate that several of them have already committed to using 100% renewable energy and to reducing their carbon footprint significantly by 2030 and beyond. The Quinbrook/Birch joint venture is dedicated to the conviction that renewable power supply and site selection are now integrally related and completely symbiotic.”
“We are excited about the opportunities that come through partnering with an experienced energy investment firm such as Quinbrook,” said Kenneth Davies, co-founder and Chief Risk Officer for Birch. “Hyperscale, renewable-powered data centers are the future, and we’re thrilled to pair our experience with Quinbrook’s to help shape that future.”
About Birch
Birch Infrastructure (www.birch.coop) is an independent, employee-owned developer of shovel-ready data center industrial campuses (>50MW) designed to capture fundamental cost advantages related to land acquisition, renewable power supply and other infrastructure and utilities. Birch’s senior executive team have deep industry experience in data center site identification in the US that covers both power sector knowledge as well as hyperscale data center insider knowledge. The Birch team have an exceptional track record of innovative project development and origination of first-of-a-kind offtake structures for utility scale renewables.
About Quinbrook
Quinbrook Infrastructure Partners (www.quinbrook.com) is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the U.S., U.K. and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested over US $8 billion of equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of US $28.7 billion or 19.5 GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook's global investment and portfolio company teams are actively developing and constructing a portfolio exceeding 8GW of onshore wind, solar PV, reserve peaking power, battery storage projects, grid support infrastructure, Virtual Power Plants and Community Energy Networks across the U.S., U.K. and Australia.
Media Contact:
Amanda Coyle, Sloane & Company
212-446-1867
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HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners (NYSE: PSXP) executive management will host a conference call webcast at 2 p.m. EST on Friday, Jan. 29, to discuss the partnership’s fourth-quarter 2020 financial results, which will be released earlier that day, and provide an update on strategic initiatives.
To access the webcast, go to the Phillips 66 Partners Events and Presentations site, www.phillips66partners.com/events. A replay of the webcast will be archived on the Events and Presentations site approximately two hours after the live call, and a transcript will be available at a later date.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.
Jeff Dietert, 832-765-2297 (investors)
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Shannon Holy, 832-765-2297 (investors)
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Thaddeus Herrick, 855-841-2368 (media)
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250-megawatt wind and 250-megawatt solar assets join company’s existing investments in Big Sky Country
HOUSTON--(BUSINESS WIRE)--Broad Reach Power (“Broad Reach”), an independent power producer (IPP) based in Houston which owns a five-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas, announced today that it has acquired a 250-megawatt (MW) wind project and a 250-MW solar project, both located in Montana.
“I am looking forward to begin developing these projects as we continue investing in Montana,” said Broad Reach Power Developer Daniel Zolnikov. “Once completed, these projects will provide much needed reliability to the region’s grid while also contributing valuable local construction jobs and significant tax dollars to counties such as Yellowstone, Stillwater and Golden Valley.”
Located in Billings, the solar and wind projects were purchased from leading privately held developer of sustainable energy projects Invenergy and are expected to be online in 2022 and 2023, respectively. They join an existing portfolio of solar and battery storage assets also located in Billings owned by Broad Reach and are part of the company’s broader portfolio in the Pacific Northwest where it has a pipeline of more than 1,400 MW of renewable generation projects and more than 900 MW of storage projects.
“Similar to Texas, where we have become the leading owner of storage projects in the ERCOT interconnection queue in just over a year, we have also built a dynamic portfolio of both renewable power and standalone storage power plants in the Pacific Northwest through greenfield development and M&A in an equally short amount of time,” added Broad Reach Power Vice President of Development James Ferguson, whose company is backed by leading energy investors EnCap Investments L.P., Yorktown Partners and Mercuria Energy.
“Broad Reach has assembled the Pacific Northwest’s best in class diversified portfolio of renewables plus storage assets and is perfectly poised to serve the region’s large evolving needs,” said EnCap Energy Transition Managing Partner Shawn Cumberland.
About Broad Reach Power
Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners and Mercuria Energy. The company owns a five-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.
Morgan Moritz
Pierpont Communications
+ 1 512 448-4950 (O)
+ 1 512 745-2575 (C)
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) executive management will host a conference call webcast at noon EST on Friday, Jan. 29, to discuss the company’s fourth-quarter 2020 financial results, which will be released earlier that day, and provide an update on strategic initiatives.
To access the webcast, go to the Phillips 66 Investors site, http://www.phillips66.com/investors, and click on “Events and Presentations.” A replay of the webcast will be archived on the Investors site approximately two hours after the live call, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Jeff Dietert, 832-765-2297 (investors)
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Shannon Holy, 832-765-2297 (investors)
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LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announces that ICE has been appointed to host emissions auctions on behalf of the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS).
As announced on December 14, 2020, the UK Government and Devolved Administrations will launch a UK Emissions Trading Scheme (UK ETS) from January 1, 2021, to replace the UK’s participation in the EU ETS.
Further details on the auction calendar and the spot and futures contracts ICE intends to launch in connection with the new UK ETS will be announced in due course. ICE plans to commence auctions and launch the related futures contracts as soon as feasible and no later than the second quarter of 2021, subject to regulatory approval.
“We congratulate the UK Government for its commitment and vision for a UK emissions trading scheme and are delighted to continue hosting auctions on its behalf,” said Gordon Bennett, Managing Director, Utility Markets at ICE. “Market-based mechanisms like carbon cap and trade programs are pivotal in allowing policy makers to control the quantity of carbon to align with their net-zero commitments and consequently put a price on the externality of pollution to reach those goals in the most cost-effective manner.”
ICE has conducted Phase III EUA auctions on behalf of the UK Government since November 2012 and the first EUAA auction on ICE took place in September 2014.
ICE has been a leader in environmental markets for nearly two decades. A wide and increasing group of stakeholders use the price signals from ICE’s markets and indices to help assess climate transition risk in their portfolios, and access liquidity pools for compliance purposes, managing risk and allocating capital to benefit from energy transition opportunities.
On December 4, EUA open interest (OI) hit a record value for notional equivalent of more than €51.4 billion. EUA futures and options are part of ICE’s environmental complex which also includes futures and options connected to ICE’s California Carbon allowances (CCA), Regional Greenhouse Gas Initiative (RGGI) and renewable energy credits (RECs). ADV in the environmental complex is up by approximately 20%, with OI up by approximately 16% from the end of 2019.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.
Source: Intercontinental Exchange
ICE-CORP
ICE Media Contact
Rebecca Mitchell
+44 7951 057351
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LONDON--(BUSINESS WIRE)--#floatingpowerplant--The floating power plant market is poised to grow by 1204.04 Megawatt during 2020-2024 progressing at a CAGR of over 2% during the forecast period.
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The report on the floating power plant market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by the need for alternate power solutions.
The floating power plant market analysis includes the technology, geography, and geography landscape. This study identifies the continued growth of market activities in renewable power as one of the prime reasons driving the floating power plant market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters
The floating power plant market covers the following areas:
Floating Power Plant Market Sizing
Floating Power Plant Market Forecast
Floating Power Plant Market Analysis
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LONDON--(BUSINESS WIRE)--#NavalCombatSystemsMarket--The new naval combat systems market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the greater focus on ISR operations,” says a senior analyst for Industrials at Technavio. As the markets recover, Technavio expects the naval combat systems market size to grow by USD 7.56 billion during the period 2020-2024.
Naval Combat Systems Market Segment Highlights for 2020
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (OTC: PACDQ) announced today the final voting results on the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”). The voting results indicate overwhelming acceptance of the Plan by the two classes entitled to vote on the Plan. The Company has received votes in favor of the Plan from (a) 97.87% in number of the holders of Class 3 First Lien Notes Claims that voted and 99.98% in amount of Class 3 First Lien Notes Claims that voted and (b) 100% in number and amount of the Holders of Class 4 Second Lien Notes Claims that voted. Based on the voting results, the Company believes that it remains on track for Plan confirmation at or shortly following the Plan confirmation hearing currently scheduled for December 21, 2020 in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) and for emergence from the Chapter 11 proceedings by year-end.
The Plan, if confirmed by the Bankruptcy Court, will de-lever the Company’s balance sheet by eliminating over $1 billion of funded debt obligations and provide the Company with access to additional liquidity to operate going forward through an $80,000,000 senior secured delayed draw term loan exit facility. The Company expects to emerge by year-end with approximately $180 million of liquidity, consisting of new capital in the form of the exit facility and approximately $100 million of cash and cash equivalents on hand.
Voting on the Plan ended on December 14, 2020. Prime Clerk LLC, the Company’s claims, noticing, and solicitation agent, has certified and filed the final voting results with the Bankruptcy Court on December 16, 2020.
Additional information regarding the restructuring and Chapter 11 proceedings, including the Plan, can be found (i) on our website at www.pacificdrilling.com/restructuring, (ii) on a website administered by Prime Clerk, at http://cases.primeclerk.com/PacificDrilling2020, or (iii) via our dedicated restructuring information line at: +1 877-930-4314 (toll free) or +1 347-897-4073 (international).
Advisors
Greenhill & Co. is acting as financial advisor, Latham & Watkins LLP and Jones Walker LLP are serving as legal counsel, and AlixPartners is acting as restructuring advisor to Pacific Drilling in connection with the restructuring. Houlihan Lokey is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to an ad hoc group of noteholders.
About Pacific Drilling
With our best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. For more information about Pacific Drilling, including the Chapter 11 proceedings and the Plan of Reorganization, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the potential outcome of the Chapter 11 proceedings; the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; expectations regarding the outcome of the ongoing bankruptcy proceedings of our two subsidiaries against whom the arbitration award related to the drillship known as the Pacific Zonda in favor of Samsung Heavy Industries Co. Ltd. (“SHI”) was rendered and the potential impact of the arbitration tribunal’s decision on our future operations, financial position, results of operations and liquidity.
Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially from our expectations include: the potential outcome of our Chapter 11 proceedings; evolving risks from the COVID-19 outbreak and resulting significant disruption in international economies, and international financial and oil markets, including a substantial decline in the price of oil during 2020, which if sustained would continue to have a material adverse effect on our financial condition, results of operations and cash flow; changes in actual and forecasted worldwide oil and gas supply and demand and prices, and the related impact on demand for our services; the offshore drilling market, including changes in capital expenditures by our clients; rig availability and supply of, and demand for, high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions of existing drilling contracts; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that the Company receives for our drillships; actual contract commencement dates; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs and costs to reactivate a stacked rig; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes or accidents; our small fleet and reliance on a limited number of clients; the outcome of our subsidiaries’ bankruptcy proceedings and any actions that SHI or others may take in the bankruptcy or other proceedings against the Company and our subsidiaries; our ability to continue as a going concern; our ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 proceedings; our ability to confirm and consummate the prearranged Plan; the effects of the Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, customers, suppliers, banks and other financing sources, insurance companies and other third parties; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings; risks associated with third-party motions in the Chapter 11 proceedings, which may interfere with our ability to confirm and consummate the prearranged Plan; increased advisory costs to execute the prearranged Plan; the potential adverse effects of the Chapter 11 proceedings on our liquidity, results of operations, or business prospects; increased administrative and legal costs related to the Chapter 11 proceedings and other litigation and the inherent risks involved in a bankruptcy process; the potential effects of the delisting of our common shares from trading on the New York Stock Exchange, including how long our common shares will trade on the over-the-counter market; the potential effects of the anticipated suspension by the Company of its reporting obligations to the Securities and Exchange Commission (“SEC”); and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the SEC on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 8, August 7, and November 6, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.
Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
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Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
+713 334 6662
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PARIS LA DÉFENSE--(BUSINESS WIRE)--The BlueGuard project, developed under a partnership between Thales and the start-up MyDataModels, specialized in data processing and artificial intelligence, was selected on 3 December 2020 after a call for projects for the Nice Côte d’Azur metropolitan council's Blue Innovation Challenge. The Blue Innovation Challenge aims to support local jobs and develop an innovation ecosystem focused on the maritime sector as an area of strategic importance for the region.
As the threat environment evolves, it is crucially important to protect the maritime and underwater space around sensitive coastal infrastructure such as ports, industrial facilities and sites of economic or military importance, and to ensure security for major events. The BlueGuard project involves developing a demonstrator of a smart surveillance system designed to monitor sensitive coastal sites and protect populations and the coastline reliably at all times from new and emerging threats such as unmanned underwater vehicles.
MyDataModels has a unique set of skills in AI-based data analytics and will be providing expertise in automatic data classification. Thales has already worked with the MyDataModels through AI@Centech, a start-up accelerator programme in Montreal, Canada.
With more than 60 years of experience in undersea defence and global recognition for its underwater systems expertise, Thales will provide its technical and operational insights as well sonar transmit and receive arrays and electronic systems.
"The city's support for the BlueGuard project and Thales' investment will enable the launch of a new surveillance product against coastal threats. This project illustrates the co-innovation developed by Thales with more than 160 startups," Alexis Morel, Vice President, Underwater Systems, Thales.
"It is rare for a major corporation to work successfully in agile mode with a start-up. BlueGuard is a prime example of a win-win partnership focused on developing disruptive technology and demonstrating its capabilities in real-life conditions around the port of Nice thanks to the Nice Côte d’Azur metropolitan council." Denis Bastiment, CTO, MyDataModels
About MyDataModels
Founded in March 2018, MyDataModels offers TADA, a predictive analytics platform powered by artificial intelligence. Powerful and easy to use providing fully interpretable models, TADA helps every professional to deeply analyse their data and make more informed decisions. As such, MyDataModels technology is the preferred solution for healthcare, research, industry and embedded systems. MyDataModels is based in France and employs 30 people. Learn more: www.mydatamodels.com
About Thales
Thales (Euronext Paris: HO) is a global high technology leader investing in digital and “deep tech” innovations – connectivity, big data, artificial intelligence, cybersecurity and quantum technology – to build a future we can all trust, which is vital to the development of our societies. The company provides solutions, services and products that help its customers – businesses, organisations and states – in the defence, aeronautics, space, transportation and digital identity and security markets to fulfil their critical missions, by placing humans at the heart of the decision-making process.
With 83,000 employees in 68 countries, Thales generated sales of €19 billion in 2019 (on a basis including Gemalto over 12 months).
Press contact
Thales
Faïza Zaroual
+33 (0) 7 81 48 80 41
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Francine Fichter
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LONDON--(BUSINESS WIRE)--#apac--The Oil and Gas Storage Market is poised to experience spend growth of more than USD 2 billion between 2020-2024 at a CAGR of over 3.13%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
Read the 120-page research report with TOC and LOE on "Oil and Gas Storage Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend."
SpendEdge's reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and the latest market data to help your company overcome sourcing challenges. Our Oil and Gas Storage Market procurement intelligence report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights into the best procurement practices to mitigate losses.
Information on Latest Trends and Supply Chain Market Information Knowledge centre on COVID-19 impact assessment
Insights into the Market Price Trends
Insights to help buyers identify and shortlist the most suitable suppliers for their Oil And Gas Storage Market requirements. This procurement report answers the following questions:
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Insights into strategies that will help buyers optimize their category management practices. The report answers the following questions:
Some of the top Oil And Gas Storage Market suppliers enlisted in this report
This Oil And Gas Storage Market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
Get access to regular sourcing and procurement insights to our digital procurement platform- Contact Us.
Table of Content
Executive Summary
Market Insights
Category Pricing Insights
Cost-saving Opportunities
Best Practices
Category Ecosystem
Category Management Strategy
Category Management Enablers
Suppliers Selection
Suppliers under Coverage
US Market Insights
Category scope
Appendix
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more https://www.spendedge.com/request-for-demo
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LONDON--(BUSINESS WIRE)--#apac--The new Aviation Fuel market research report from SpendEdge indicates an incremental growth during the forecast period as the business impact of COVID-19 spreads.
As the markets recover SpendEdge expects the Aviation Fuel market size to grow by USD 19 billion during the period 2020-2024.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the Aviation Fuel market. Download free report sample
Aviation Fuel Market Analysis
Analysis of the cost and volume drivers and supply market forecasts in various regions are offered in this Aviation Fuel research report. This market intelligence report also analyzes the top supply markets and the critical cost drivers that can aid buyers and suppliers to devise a cost-effective category management strategy.
Insights Delivered into the Aviation Fuel Market
This market intelligence report on Aviation Fuel answers to all the critical problems faced by investors who seek cost-saving opportunities in a competitive market. It also offers actionable anecdotes on the industry structure and supply market forecasts including highlights of the top vendors in this market. Our procurement experts have determined effective category pricing strategies that are attuned to the dynamics of this market which can be leveraged to maximize revenue generation against minimum investments on the products.
Information on Latest Trends and Supply Chain Market Information Knowledge center on COVID-19 impact assessment
The reports help buyers understand:
This Aviation Fuel Market procurement research report offers coverage of:
For more information on the exact spend growth rate and yearly category spend, download a free sample.
This market intelligence report identifies the major costs incurred by suppliers and provides additional information on:
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Notes:
Get access to regular sourcing and procurement insights to our digital procurement platform- Contact Us.
Table of Content
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more https://www.spendedge.com/request-for-demo
SpendEdge
Anirban Choudhury
Marketing Manager
Ph No: +1 (872) 206-9340
https://www.spendedge.com/contact-us
LONDON--(BUSINESS WIRE)--#Bits--The new PDC drill bits in oil and gas industry market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the PDC drill bits in the oil and gas industry market.
Get FREE report sample within MINUTES
"One of the primary growth drivers for this market is the increased use of horizontal and multilateral wells,” says a senior analyst for the industrials industry at Technavio. Vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the PDC drill bits in oil and gas industry market size to grow by USD 31.70 million during the period 2020-2024.
PDC Drill Bits in Oil and Gas Industry Market Segment Highlights for 2020
Regional Analysis
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Related Reports on Industrials Include:
Global AC Electric Motor Sales in Oil and Gas Market- The AC electric motor sales in the oil and gas market is segmented by type (induction motor and synchronous motor) and geography (APAC, MEA, North America, Europe, and South America). Click Here to Get an Exclusive Free Sample Report
Global Air Particle Monitor System Market- The air particle monitor system market is segmented by application (indoor and outdoor), end-user (government, commercial and residential, and others), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a conference call webcast on Tuesday, Feb. 2, 2021, at 12:00 p.m. Eastern time to discuss fourth-quarter 2020 financial and operating results. The company’s financial and operating results will be released before the market opens on Feb. 2.
To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor Presentations section. You should register at least 15 minutes prior to the start of the webcast. The event will be archived and available for replay later the same day. A transcript will be available on the Investor Relations site.
--- # # # ---
About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," “budget,” "continue," "could," "intend," "may," "plan," "potential," "predict," “seek,” "should," "will," “would,” "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting company actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Concho Resources; the ability to successfully integrate the operations of Concho Resources with our operations and achieve the anticipated benefits from the transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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DUBLIN--(BUSINESS WIRE)--The "Global Electricity & Gas Utility Analysis & Forecasts Edition 2 - 2021" database has been added to ResearchAndMarkets.com's offering.
The purpose of this report is to provide a resource to quantify, segment and target the markets of utilities and their customers. The report provides an analysis of the customer bases of global electricity and gas utilities with historical data forecast to 2030 by country, and snapshots of individual utility customer bases in 2019.
The data provides market analysis in tiers; Global, Regional, National, Utilities and drills down to the Customer Bases of individual Utilities. 10 regions and 211 countries.
Locate and target market segments at different tiers and channel strategies can be developed to reach them.
901 electricity and 380 natural gas transmission utilities, 7,182 electricity and 4,089 natural gas distribution utilities, with 2,224 million electricity and 582 million gas customers analysed by country and utility.
These databases can be used in two ways. You can use them to target utilities as primary end customers if you are selling products or services to the utilities directly, and you can prioritise the utilities by size, region and country. For example, you could identify the 38 electricity discos in the world with over 10 million customers, or the 316 with 1 million or more. You might be more interested in the 6,865 smaller electricity utilities with under 1 million customers. Or you could pick the 213 small utilities in South America, and drill down further by size or country. Or, you can segment the 2.8 billion customers of the utilities, by country and utility size.
The databases have wider implications for other associated product fields. The discos supply power or gas and they are also channels to reach electricity and gas consumers for a multitude of other associated product offers. Many municipal discos have already developed ranges of products and services, some widely different from energy but carried via the channel of their energy supplies.
Zero straight in on your prime targets. Some products or services involve high investment and are designed for large utilities. Many more are in the intermediate or small range. Whichever category you are in, this database provides a basic marketing resource to segment and target your market. The electricity utility data is analysed globally, by 10 regions and 207 countries.
This electricity database has some surprises and without the information, opportunities could be missed and wrong directions were taken. For example, in the addressable markets of electricity utilities Europe and North America have 76% of the world's DSOs, with only 11% of the largest companies but 77% of the smallest. In contrast, Asia has only 4% of the total number, but 87% of the largest utilities. South America has only 3.6% of the total, but 16% of the mid-size. The database has many such comparisons, which demonstrates its value as a targeting resource.
The gas utility data is analysed globally, by 10 regions and 207 countries. However, whereas grid electricity is almost universal, albeit limited in the smallest countries, piped gas is supplied in only 84 countries. Most countries have tanked or cylinder LPG, often widely available.
The composition of the gas utility population is different from electricity utilities, in that it has fewer very large utilities and more mid-sized, reflecting the more concentrated asset base of the gas sector. The database will give you the resource to locate and navigate the gas utility sector.
For more information about this database visit https://www.researchandmarkets.com/r/5lw63e
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Colorado Companies Team up with Local Non-Profits from Coast to Coast
DENVER--(BUSINESS WIRE)--The Broe Group and its rail affiliate OmniTRAX, Inc. have pledged one million meals to community food banks throughout their U.S. operating region. As America faces unprecedented food insecurity, the Colorado companies are leading a multi-state commitment to help relieve the growing strain on local food banks.
“No one should go hungry, yet our nation’s food banks fight each day to meet the increasing community demand for food,” said The Broe Group’s Kiki Broe. “The communities we serve are home to our teammates, neighbors and partners, and we are committed to helping the local food banks serve this unprecedented need. We encourage everyone to help these vital community partners in any way they can.”
Food bank recipients span from Colorado to California, Georgia, Indiana, Ohio, New Jersey and West Virginia. Community meal pledges are further supported by local employee volunteer service from OmniTRAX rail affiliates Great Western Railway, Georgia Woodlands Railroad, Northern Ohio and Western, Savannah Industrial Transportation, Stockton Terminal and Eastern Railroad, Brownsville & Rio Grande International Railway and Winchester and Western Railway.
“As communities across America face economic and public health challenges from the pandemic, food insecurity has become a serious problem,” said OmniTRAX COO Gord Anutooshkin. “By contributing our time and resources, we can help support the unprecedented need and combat food insecurity at the local level.”
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s fastest growing railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum, LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.
About OmniTRAX, Inc.
As one of North America’s fastest growing railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.
Ronald Margulis
RAM Communications
+1 908.272.3930
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MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto has committed to invest $10 million with the world’s largest steel producer China Baowu Steel Group over the next two years in low-carbon steelmaking projects and research. This investment is the next step in advancing the partnership formed between Rio Tinto, China Baowu and Tsinghua University in 2019 to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain.
Rio Tinto’s investment will fund the joint establishment of a Low Carbon Raw Materials Preparation R&D Centre, which will initially prioritise the development of lower carbon ore preparation processes. This will include creating two ore preparation pilot plants, one to use biomass and the other exploring using microwave technology. The investment will also support work on carbon dioxide utilisation and conversion at the China Baowu Low Carbon Metallurgical Innovation Centre, which is a Baowu-led open platform for advancing metallurgical technologies to support the low-carbon transformation of the steel industry.
These investments will advance technologies that will be crucial in reducing emissions from China’s prevalent iron and steel making process, and will support both the short and long-term decarbonisation goals of the steel industry. As the world’s largest steel producer, China Baowu’s leadership in advancing low-carbon steel solutions is an important pillar in supporting China’s target of striving to be carbon neutral by 2060.
Rio Tinto chief executive J-S Jacques said "This investment with our partners at China Baowu is an important step in our climate partnership. We have been able to identify research and development projects which have the potential to significantly reduce the carbon emissions associated with existing steelmaking processes, as well as developing technologies for the future of steelmaking to support the transition to a low-carbon economy.
“The initial priority areas identified by the partnership for investment show the value of working together to share resources and utilise the strengths of the respective teams to make progress towards a low-carbon steel value chain.”
China Baowu chairman Chen Derong said “To deal with global climate change and achieve green transformation through cooperation has become the consensus and common practices of the global steel value chain. It requires collective action of the steel enterprises, as well as upstream and downstream players. We highly appreciate Rio Tinto’s commitment to advancing a low-carbon future, and we hope to strengthen our partnership with Rio Tinto in contributing our joint efforts.”
About Rio Tinto
Rio Tinto produces materials that are essential to human progress. We have publicly acknowledged the reality of climate change for over two decades and have reduced our emissions footprint by over 30 per cent in the decade to 2020.
We have set ambitious emissions targets to reduce our carbon intensity by a further 30% and our absolute emissions by a further 15% by 2030, alongside establishing a $1 billion fund to invest in climate related projects. These targets will bring us a step closer to achieving our long-term goal of becoming net zero emissions by 2050.
In 2018, we completed the divestment of our coal assets, becoming the only major mining company not producing fossil fuels. In the same year, we also entered into the Elysis joint venture with Alcoa, with investments from the Government of Quebec and Apple, which is developing a revolutionary process to make aluminium that eliminates all direct greenhouse gas emissions from smelting.
In 2019, we entered into a partnership with the world’s largest steel producer, China Baowu Steel Group and Tsinghua University to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain.
About China Baowu Steel Group
The vision of China Baowu is to become a leader in the global steel industry, with a mission to build up a high-quality steel ecosphere together. Its core values of integrity, innovation, synergy, and sharing informs its commitment to advancing a green, high-quality and intelligent steel manufacturing industry, with coordinated effort across related industries including new materials, modern trade logistics, industrial services, urban services, and industrial finance, leveraging its leadership in technology, efficiency and scale.
The overall approach of China Baowu’s low-carbon metallurgical technology innovation is to explore and adopt key low-carbon technologies by continuously innovating and improving the existing steelmaking process in the short term, and to lead technology of the future in the longer term. China Baowu is building an open platform to work with partners to explore technology solutions and roadmaps to reinvent the steel-making process and reshape the low-carbon value chain for the steel industry’s low-carbon transformation.
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