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Author Topic: OIL & GAS PIPELINE INFO  (Read 510516 times)
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hotping
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All Prayers Will Be Answered in Time!


« Reply #340 on: May 30, 2009, 09:58:30 PM »

Thank You TM! 
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Prayers Will Bring Natalee Home!
May 2010 Bring Natalee Home to Rest In Peace!
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ARUBA: It's all about Natalee...we won't give up!


« Reply #341 on: May 30, 2009, 10:01:04 PM »

Thank You TM! 

You're welcome Hotping!   
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I stand with the girl, Natalee Holloway.

"I can look back over the past 10 years and there were no steps wasted, and there are no regrets,'' she said. "I did all I knew to do and I think that gives me greater peace now." "I've lived every parent's worst nightmare and I'm the parent that nobody wants to be," she said.

Beth Holloway, 2015 interview with Greta van Susteren
hotping
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All Prayers Will Be Answered in Time!


« Reply #342 on: May 30, 2009, 11:07:55 PM »


Gazprom's exploration and production abroad..



http://www.methanetomarkets.org/resources/oil-gas/docs/oilgas_stratplan_rus.pdf
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In God We Trust!
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May 2010 Bring Natalee Home to Rest In Peace!
hotping
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All Prayers Will Be Answered in Time!


« Reply #343 on: May 31, 2009, 01:13:51 AM »

http://www.pdvsa.com/informes/2003.html



We balance our crude oil and refined products supply and demand and manage a portion of our price risk by entering into petroleum commodity derivatives through CITGO.  Generally, CITGO’s risk management strategies qualified as hedges through December 31, 2000.  Effective January 1, 2001, we decided not to elect hedge accounting.  Petroleum Marketing International, A.V.V., a direct trading subsidiary of PDVSA in Aruba, and PMI Panama, S.A., a direct trading subsidiary of PDVSA in Panama, have limited involvement with commodity derivatives.  Both these entities manage commodity price risks associated with crude oil or refined products that arise out of their respective core business activities.  These entities do not use derivative financial instruments for trading or speculative purposes
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In God We Trust!
Prayers Will Bring Natalee Home!
May 2010 Bring Natalee Home to Rest In Peace!
texasmom
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ARUBA: It's all about Natalee...we won't give up!


« Reply #344 on: May 31, 2009, 07:15:45 PM »

HT Pearl at BFN

http://www.chron.com/disp/story.mpl/business/energy/6448729.html

Oil Patch digs in on tax issue

Companies say closing foreign loopholes to cost U.S. jobs

By BRETT CLANTON

Copyright 2009 Houston Chronicle

May 30, 2009, 6:04PM


FOREIGN PROFITS


Business leaders say:

White House plans to collect more taxes on foreign profits of U.S. companies would hurt firms nationwide, including many in Houston. Some numbers:

Multinational companies in Houston: 354

Employees: 150,000

Employees of U.S.-based global companies in the U.S.: 22 million

Contribution to U.S. gross domestic product: $2.5 trillion

Source: Greater Houston Partnership, office of U.S. Rep. Kevin Brady (R-The Woodlands)
Obama administration proposals to reap more tax dollars from the foreign-earned profits of U.S. companies are not going over well in the Oil Patch.

Billed as a way to make multinational corporations pay their fair share to Uncle Sam, the measures could add millions to the tax bills of some of some of the largest oil and gas companies, on top of the billions the industry says it already pays each year in taxes.

At the heart of the effort are calls to end certain tax benefits U.S. corporations have enjoyed, including one that allows indefinite deferral of U.S. tax payments on foreign income and another that offers credits against U.S. taxes for foreign taxes paid.

President Barack Obama’s administration also wants to close what it characterizes as loopholes that have enabled U.S. companies to avoid U.S. tax obligations by shifting foreign profits to subsidiaries located in tax haven countries.

The White House says strengthening international tax laws could raise $210 billion over 10 years, as well as create a greater incentive for multinational companies to invest in the U.S. rather than taking their money and jobs overseas.

But companies in the oil and gas industry, along with a chorus of U.S. business groups, say the measures would penalize them by adding costs, make them uncompetitive with foreign companies and possibly force them to downsize.

“Contrary to statements made by the administration, these proposals will not create U.S. jobs and could even result in U.S. job losses,” said Stephen Comstock, tax counsel for the American Petroleum Institute, an industry trade group in Washington.

The impact could be especially deep in the Houston region, home to more than 350 multinational companies with some 150,000 employees, U.S. Rep. Kevin Brady, R-The Woodlands, told a group of local business leaders last week. “This is going to cost us jobs,” he said, in a presentation to the Greater Houston Partnership.

The proposed changes make good on Obama campaign pledges to crack down on corporate abuse of the tax system and come as the administration is looking for new sources of revenue to fund government programs and plug ballooning deficits.

While a range of U.S. industries could be affected, the measures could be acutely painful for oil and gas businesses since much of their product and profit is derived from foreign countries.

Hitting oil companies

One example is San Antonio-based Valero Energy Corp., the nation’s largest oil refiner, which has operations in the Caribbean. It stands to lose about $30 million in tax deductions per year if all the new rule changes are implemented, company spokesman Bill Day said. Major oil and gas producers could be hit worse.

In 2004, the most recent year for which data is available, U.S. multinational companies paid about $16 billion in U.S. taxes on about $700 billion of foreign profits, for an effective tax rate of about 2.3 percent, according to a recent White House estimate.

The administration said earlier this month that the tax code gives companies a competitive advantage to invest and create jobs overseas and is “rife with opportunities to evade and avoid taxes through offshore tax havens.” It points to a December 2008 report by the Government Accountability Office showing that 83 of the 100 largest publicly traded U.S. companies have subsidiaries in countries that have been labeled as tax havens. On the list are several oil companies, including Exxon Mobil, Chevron, Hess, ConocoPhillips, Marathon Oil, Valero and Sunoco.

The oil and gas industry and other business groups say there are legitimate business reasons for having foreign subsidiaries and that the tax code already contains provisions that prevent abuse.

Leslie Hiltabrand, a spokeswoman for Marathon, said the company creates foreign subsidiaries “to own assets in international projects and avail itself to international banking and corporate law facilities that are widely accepted around the world.”

Valero has subsidiaries in Aruba and the Cayman Islands because it owns and operates a large refinery in Aruba and has insurance in the Caymans, Day said.

Other oil and gas companies cited in the GAO study either declined comment or said they needed to see more details of the proposals before taking a position.

The industry says White House proposals neglect to mention how much the industry pays in U.S. taxes as well as foreign taxes and other costs of doing business internationally.

In 2007, the effective income tax rate of the major oil and gas industry producers was 40.3 percent, according to the U.S. Energy Information Administration. That’s higher than the U.S. corporate tax rate of 35 percent and partly reflects higher taxes paid in foreign jurisdictions.

The industry included at least $211 billion of foreign earnings in its U.S. taxable income for 2004 to 2006, the last year for which data is available, according to an estimate by Comstock using Internal Revenue Service data.

Wish list

But at the end of the day, analysts doubt the administration will get everything on its wish list, given the far-reaching list of programs it wants to tackle.

“Government has everything in the store sitting in the shopping cart,” said Kevin Book, with Clearview Energy Partners in Washington.

“But when it’s time to get to the cash register, they’re not going to buy it all.”


brett.clanton@chron.com
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I stand with the girl, Natalee Holloway.

"I can look back over the past 10 years and there were no steps wasted, and there are no regrets,'' she said. "I did all I knew to do and I think that gives me greater peace now." "I've lived every parent's worst nightmare and I'm the parent that nobody wants to be," she said.

Beth Holloway, 2015 interview with Greta van Susteren
texasmom
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ARUBA: It's all about Natalee...we won't give up!


« Reply #345 on: May 31, 2009, 10:45:13 PM »

It looks like Curacao, or at least some of the judges, are ready to take on Venezuela.

http://www.caribbeannetnews.com/news-16776--11-11--.html

Curacao rules against PDVSA refinery emissions

 
Published on Saturday, May 30, 2009   

By Carolina Nicolaas Amigoe

WILLEMSTAD, Netherlands Antilles (Reuters) -- A refinery on Curacao operated by Venezuela's state oil company is damaging people's health and must cut emissions or face multi-million dollar fines, a court on the Caribbean island ruled on Thursday.

Judge Erik van Unen ruled in favor of 26 people and two bodies that brought a civil case against the 320,000 barrel per day Isla refinery claiming excessive emissions of sulfur dioxide and particulates in the air had caused serious health problems.

From 2010, exceeding a maximum yearly average sulfur dioxide emission will cost the Venezuelan company, PDVSA, about $3 million. The refinery is permitted to exceed a particulate limit 18 times a year. Further violations will cost Isla $300,000 per day.

PDVSA said Isla, which it leases from Curacao and is trying to buy, was not the only polluter on the island of 130,000 people located 40 miles off the Venezuelan coast.

The company has not yet commented on the ruling but is expected to appeal. In the past PDVSA has said it would cost $1.5 billion to meet stricter emissions standards at the refinery. But Van Unen said in his ruling the company would need to invest just $100 million to comply.

In 2007, a Curacao court threatened to close Isla if it cannot meet emissions standards, citing a study estimating that 18 people die prematurely every year from contaminant exposure.

Van Unen also took into account excessive flaring that sometimes runs for days and weeks. The amounts to be paid were decided with the serious health consequences and the earnings of PDVSA in mind, the judge stated.

PDVSA is under pressure to keep Isla running as it struggles with repeated outages at its own refineries in Venezuela. Gasoline from Isla is exported mainly to other Caribbean nations and South America.

Critics also say PDVSA, which has been in talks to buy the refinery for two years, provides few benefits to the island.

Curacao took in less than 1 percent of Isla's 2007 sales of $5 billion, receiving a rent payment of less than $20 million and almost no taxes.

Curacao became an affluent trading port in the Atlantic slave trade in the 17th and 18th centuries. Now it is a territory of the Netherlands and draws tourists with its beaches, scuba diving and the Dutch colonial architecture of the capital, Willemstad.
 
 
 
 

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I stand with the girl, Natalee Holloway.

"I can look back over the past 10 years and there were no steps wasted, and there are no regrets,'' she said. "I did all I knew to do and I think that gives me greater peace now." "I've lived every parent's worst nightmare and I'm the parent that nobody wants to be," she said.

Beth Holloway, 2015 interview with Greta van Susteren
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« Reply #346 on: June 01, 2009, 01:56:45 PM »

Jen's Post from April

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   Re: Natalee Case Discussion #815 4/8/09 -
« Reply #86 on: April 09, 2009, 10:47:21 AM » 

--------------------------------------------------------------------------------
Here were Chevron's plans for the area - it just looks like it takes a long time to get things in motion:


Sept 12 2005

Chevron Awarded Cardon III License in Venezuela's Rafael Urdaneta Bid Round
SAN RAMON, Calif., Sept. 12 -- Chevron Corporation's local affiliate company in Venezuela has been awarded the exploration license for the Cardon III exploration block, located offshore western Venezuela. The Cardon III block was one of seven blocks offered by the Venezuelan Ministry of Energy and Mines in the Rafael Urdaneta bid round. The block is located in an offshore region with natural gas potential on trend to the north of the prolific Maracaibo producing region
http://www.theautochannel.com/news/2005/09/12/142713.html

Chevron to Start Cardon III Seismic Work in January (2007)
     
BNamericas     
Friday, December 15, 2006 


US oil major Chevron (NYSE: CVX) will start a 3D data collection program in January at the Cardon III hydrocarbons block offshore Venezuela's Falcon state, a company official told BNamericas.
"We are going to shoot seismic for the block and the planning for it is going very well," Chevron Latin America Upstream president Ali Moshiri said.

The program start will depend on equipment availability, he added.

Chevron, which bid US$5.6mn for Cardon III, was formally awarded the block in October 2005 at a ceremony attended by Venezuela's President Hugo Chávez and Moshiri.
http://www.rigzone.com/news/article.asp?a_id=39195
 


Craig Broussard     VP Gulf of Mexico
http://www.petrology.com/inv_forum.php?in=23&n=2&id=189

Subsea 7�s vice president Gulf of Mexico, Craig Broussard commented, �We are pleased to be selected by Chevron for this project further enhancing Subsea 7�s reputation as a full service deepwater contractor
http://www.subsea7.com/subsea_press.php?news_id=131

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« Reply #347 on: June 01, 2009, 02:58:55 PM »

Thanx Jen3560..Just keep in mind SubSea7 subsidiary(Veripos) has a contract with GeoLab...
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« Reply #348 on: June 01, 2009, 05:11:38 PM »

Thanx Jen3560..Just keep in mind SubSea7 subsidiary(Veripos) has a contract with GeoLab...

Veripos Wins Major Offshore Contract
 
08/06/2008

Veripos’ Houston-based Americas Region has been awarded major offshore positioning contracts by DOF Subsea, LSP, Tidewater and WesternGeco for vessels operating in Brazilian, Mexican and US waters. The contracts also cover supply of proprietary integrated demodulator and GNSS receivers and associated software modules to ensure seamless high-precision sub-metre positioning for survey, construction support, seismic and general offshore operations.
Facilities being provided to LSP for its well-testing vessel, Aires Swan, operating in Mexican waters on long-term contract to PEMEX include Veripos’ dual-beam Standard and Standard HF augmentation data services together with LD2 and LHD2 integrated demodulator and GNSS receivers. Meanwhile, WesternGeco’s seismic support vessels Toisa Crest and Toisa Coral are to use the Veripos Ultra Precise Point Positioning (PPP) service for decimetre-level accuracies supported by LD2-G2 receivers and Verify-QC processing software.
In Brazil, Verify-QC software is additionally being provided for DOF Subsea’s Skandi Fluminense support vessel using Veripos dual-beam Ultra PPP and D-Glonass positioning. Also in Brazil, Tidewater’s Kehoe Tide and Dalan Tide have both been equipped with LD2-GS receivers with added UHF systems in readiness for operations later this year.
According to Stephen Browne, Regional Manager for Veripos’ Americas Region, these latest contracts represent a further stage in the continuing growth in demand for the company’s multi-sourced GNSS positioning services throughout North, South and Central America from leading operators of seismic, survey, construction support and well-testing vessels. Earlier this year, in anticipation of rising demand for its services, the Houston office relocated to larger premises comprising increased workshop and storage facilities in addition to a dedicated training and technical support centre. Similar support facilities are also maintained in Macaé, Brazil and Cuidad Del Carmen, Mexico.

http://www.underseatechnology.com/mt/mtStories.aspx?ShowStrory=1025282093
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« Reply #349 on: June 01, 2009, 08:30:49 PM »

I don't know if this one's been posted or not.  Sorry if it has!   


http://www.seadiscovery.com/mt/mtStories.aspx?ShowStory=102884

J. Ray Wins PEMEX Deal
04/09/2009

Houston-based J. Ray McDermott won a contract by PEMEX Exploración y Producción for transportation and installation of the Ixtal-B and Maloob-C drilling platforms. These projects are located in the Bay of Campeche, Mexico, in 216 and 272 feet of water, respectively. Contracts of this nature are typically valued at more than $40 million.
“This is the first installation contract PEMEX has awarded directly to J. Ray and follows on the heels of our contract for the Maloob-C platform construction in December 2007,” said John Nesser, J. Ray’s Executive Vice President and COO. “Our Altamira, Mexico fabrication facility was fast-tracked and constructed in record time, and its deepwater fabrication capabilities and strategic access to the Gulf of Mexico make it the ideal location for deepwater project construction. J. Ray has a reputation as an industry leader known for delivering quality products with schedule certainty, and we look forward to further developing a partnership with PEMEX on future projects.”
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I stand with the girl, Natalee Holloway.

"I can look back over the past 10 years and there were no steps wasted, and there are no regrets,'' she said. "I did all I knew to do and I think that gives me greater peace now." "I've lived every parent's worst nightmare and I'm the parent that nobody wants to be," she said.

Beth Holloway, 2015 interview with Greta van Susteren
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ARUBA: It's all about Natalee...we won't give up!


« Reply #350 on: June 01, 2009, 09:27:32 PM »

http://www.deepwateroperations.com/index.html

MANAGING THE WAVES OF CHANGE
As deepwater production becomes increasingly complex and expensive, companies are seeking solutions to better handle resulting operational challenges.  At the Deepwater Operations Conference & Exhibition in 2009, participants and attendees will discuss how to succeed under these changing conditions.

The eighth Deepwater Operations Conference & Exhibition will be held on November 10 – 12, 2009 in Galveston, Texas and will see a return to the luxurious Moody Gardens Hotel and Conference Center.
Plan to attend, sponsor and exhibit at the 2009 conference and exhibition as the conference technical focus shifts to “Managing the Waves of Change.” As with our past conferences, proceedings will not be published and the press will not be invited to assure confidentiality between the attendees and the speakers. This allows the most up–to–date information to be shared.

The Conference
PennWell’s Deepwater Operations Conference & Exhibition is a highly–focused event developed to provide maximum relevance and benefit for both exhibitors and attendees. This highly topical conference provides a setting where suppliers and customers meet, learn and build business relationships.
The Deepwater Operations Conference & Exhibition provides a rich learning and marketing environment and is ensured to focus on the complexities of deepwater operations worldwide through:
> High–visibility sponsorships
> Topic specific technical presentations solicited and written for this event
> Technically credited, expert attended sessions

As with our past conferences, proceedings will not be published and the press will not be invited to assure confidentiality between the attendees and the speakers allowing the most up–to–date information to be shared.

Who Should Attend
> Engineers and Managers of Deepwater Operations
> Field Supervisors and Operators of Deepwater Operations
> Operations Planning Personnel involved Deepwater Operations worldwide
> Service and Equipment suppliers who have product line expertise 
> Consulting Companies who need to stay abreast of current industry standards and trends
> Business Development Managers pursuing deepwater operations business opportunities

http://www.deepwateroperations.com/index/conference-information/conference-program.html?CFC_cK=1242939624790&CFC_scrollTop=0

TUESDAY, NOVEMBER 10, 2009 
   
5:00 –
6:30 p.m.
 
EXHIBIT HALL NETWORKIING RECEPTION Sponsored by:
 
WEDNESDAY, NOVEMBER 11, 2009 
snip

OPENING PLENARY SESSION Exhibit Hall A
 
WELCOME & INTRODUCTION
Eldon Ball - Conference Director - PennWell Corporation 

CHAIRMAN’S OPENING REMARKS
Gary Mitchell - Anadarko Petroleum Corporation 

KEYNOTE PRESENTATION
What I Learned About Energy This Last Year
Scott Tinker - The University of Texas at Austin Sponsored by:

snip

SESSION 1 Exhibit Hall A
 
NEW PROJECT START-UPS
     Co-Chairs: Rusty Sawyer - Murphy E&P USA
     Dwight Johnston - Shell E&P Company 
Blind Faith Start-Up Review
     Emile Boudreaux - Chevron
     
Lessons learned from the Blind Faith start-up. 
 Review of Thunder Horse Start Up
     Sammy McDaniel - BP
     
The review of Thunder Horse Start Up presentation will discuss the actions taken to prepare for start up and the lessons learned during start up and ramp up of the facility. 
 Start-Up of FPSO P-54
     Carlos Alberto Martins Lastres - Petrobras 
   
snip
 
SAFETY PLANNING AND MANAGEMENT
     Co-Chairs: Bobby Fisher - Chevron Global
     Mike Autin - BHP Billiton 
 
 
Helicopter Safety
     Joe Gross - BHP Billiton

A review of recent major accidents, recent trends, and new initiatives in industry with a focus on the deepwater Gulf of Mexico. 
 
 
Search & Rescue / Emergency Evacuation Response
     Michael Worsham - StatoilHydro USA E&P 
 
 
The Benefits of Developing HSE Cases
     Kim Carswell - Shell 
   
snip

SESSION 3 Exhibit Hall A
 
OPERATIONAL SOLUTIONS AND CONTINUOUS IMPROVEMENT
     Co-Chairs: Don Armijo - Shell International E&P
     Dwight Beadle - ConocoPhillips Company     
 Implementation of a Remote Operations Center for the Blind Faith Project in Deepwater Gulf of Mexico
     Birlie Bourgeois - Chevron
This presentation will review the development of the Blind Faith Operations Center, focusing on why it was developed, the main lessons learned during development and some success cases from implementation during the start-up of the facility. 
 Independence Hub: Operational Challenges and the Impact on the MEG Reclamation System
Bob Buck - Anadarko Petroleum Corporation
A review of the operational problems associated with the produced oil and with calcium from the produced water, and what Anadarko is doing to improve the MEG reclamation process on Independence Hub. 
 Technological Risk Assessment
John Illeman - TOTAL E&P USA, INC.
This presentation will include the justification for and methods used to develop a "Technological Risk Assessment" for major offshore assets. 
   
snip
 
THURSDAY, NOVEMBER 12, 2009 
   
snip
 
SESSION 4 Exhibit Hall A
 
 NEW PROJECTS AND START-UPS
     Co-Chairs: Shawn Lurry - Baker Energy
     Mike Lynch - TOTAL E&P USA 
 Neptune TLP Reaches Capacity in 15 Days
     Michael Autin - BHP Billiton
 
BHP Billiton’s Neptune TLP achieved facility capacity in 15 days from first oil.  This presentation covers operations preparedness and commissioning activities leading to an incident free start up and high up-time operation.   
 
Operation Preparedness - Tahiti
     George Nix and Ali Al-Abdullah - Chevron
The Tahiti Operations Team ensured operational readiness by joining the project early and by executing a structured process that leveraged experience and resources from across Chevron Global Upstream. 
 
Start Up of Agbami FPSO – Deepwater Nigeria
     Bruce Williams - Chevron 
   
snip

SESSION 5 Exhibit Hall A
 
GULF OF MEXICO REGULATORY ISSUES
     Co-Chairs: Bob Nickola - Marathon Oil Company
     Cathy Thornton - J. Connor Consulting 
ISIP
     Rick Meyer and Grant Johnson – Shell and BP 
MMS Update for OCS Deepwater Operations
     Michael Saucier - Minerals Management Service
     
This presentation will cover deepwater leases, technology
and projects. 
 
Subpart O
     David Dykes - Minerals Management Service
Subpart O, what is working, what is not, what are the lessons learned? 
   
snip
 
SESSION 6 Exhibit Hall A
 
SUBSEA
     Co-Chair: Sergio Matos - Petrobras
     Craig Sherer - Chevron
     Jerome Meaux - Plains E&P 
Thunder Horse Subsea: An Overview
     John Bednar - BP
 
The presentation will provide an overview of the subsea system supporting Thunder Horse, with emphasis on path to recovery from weld issue. 
 
Subsea Integrity: How Do You Assure It When You Can't Inspect It?
     Dr. Bill Nisbet - Shell Exploration & Production Company 
   
snip
 
REMEMBER CHARLIE
     Charlie Morecraft
 
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I stand with the girl, Natalee Holloway.

"I can look back over the past 10 years and there were no steps wasted, and there are no regrets,'' she said. "I did all I knew to do and I think that gives me greater peace now." "I've lived every parent's worst nightmare and I'm the parent that nobody wants to be," she said.

Beth Holloway, 2015 interview with Greta van Susteren
texasmom
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« Reply #351 on: June 01, 2009, 10:11:44 PM »

http://www.amigoe.com/artman/publish/artikel_57414.php

Aruba
Energy Conference Carilec

1 Jun, 2009, 16:10 (GMT -04:00)




ORANGE CITY - Carilec, a Caribbean association of energy companies and partners, in July this year and hold a conference in Aruba. Moreover, the organization celebrates its twenty year anniversary. On this occasion are approximately 300 to 350 managers and engineers to the meeting entitled'20 years of application harness the power of participants.

The conference of 27 and 29 July last, is co-organized by Water and Power (WEB). Besides the conference also held a Supply Chain for warehouse managers. The aim of the seminar is for participants to learn techniques they can save money and their internal customers better service. At the end of the seminar will present a personal action plan to determine where improvements in their business possible.

According to WEB, the conference because of the large number of participants' lie 'in the low season. It is expected to more than 50 companies in the energy sector in the Caribbean their services and products to show in a subsequent exhibition at the Renaissance Conference Center. The themes of the conference will include alternative energy, energy meters and modern techniques. For more information about the conference can explore the website www.carilec.org visits.
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I stand with the girl, Natalee Holloway.

"I can look back over the past 10 years and there were no steps wasted, and there are no regrets,'' she said. "I did all I knew to do and I think that gives me greater peace now." "I've lived every parent's worst nightmare and I'm the parent that nobody wants to be," she said.

Beth Holloway, 2015 interview with Greta van Susteren
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« Reply #352 on: June 01, 2009, 10:51:19 PM »

Caribbean: Ships moving fuel oil East double on arbitrage trade

 

NEW YORK
Petroleumworld.com, June 01, 2009

The number of supertankers transporting fuel oil to Asian markets from the Caribbean between March and May has doubled since a year ago as traders seize on a profitable arbitrage, shipbrokers said.

Traders can take advantage of the price difference for fuel oil between the two markets, which is now greater than the cost to charter a vessel. Petroleos Mexicanos, China National Petroleum Corp ., Glencore Holdings AG and Chemoil Energy Ltd . have chartered ships since the end of last month, according to shipping data compiled by Bloomberg.

“There is interest on the part of traders,” said Megan McCurdy, head of marine research at New York-based Poten & Partners brokerage in New York. “It's driven by the arbitrage. When it's there, people are looking to move those cargoes.” The voyage from the Caribbean to Asian ports takes about 47 days, McCurdy said.

At least five vessels are under charter to load oil between May 7 and June 5 for the voyage, Bloomberg data showed. Four ships were chartered in April, and one in March.

Potential Profit

A supertanker shipment can return a profit of about $800,000 if traders buy high-sulfur fuel oil in the Gulf Coast spot market and sell July-settlement swaps in Singapore, according to data compiled today by Bloomberg.

Three months ago a trader would have lost money on the trade, as prices in the Gulf Coast were higher than in Singapore. One year ago, the arbitrage was open, but the price spread was volatile and a tanker cost nearly four times as much.

Carlos Ramirez Fuentes, a Pemex spokesman, said he couldn't immediately comment. Ray Bartoszek, a managing director at Glencore Holdings, didn't immediately return a call.

George Pence, a manager of sales and marketing at Chemoil in San Francisco, and John Novitsky, a trader at PetroChina in Jersey City, New Jersey, didn't return calls seeking comment.

The difference between the price of prompt-delivery high- sulfur fuel oil in the Gulf Coast and July-settlement swaps in Singapore is about $19 per metric ton. The market rate for a supertanker to carry fuel oil to Singapore is around $3 million, according to London-based E.A. Gibson Shipbrokers Ltd., equal to approximately $11 a ton.

July-settlement swaps for 180 CST fuel oil in Singapore were valued around $361 per metric ton today, and prompt- delivery high sulfur fuel oil in the Gulf Coast approximately $342 per metric ton. In addition to the freight cost, traders pay about $5 a ton to transfer oil from smaller ships to the supertankers.

Chinese Demand

Six or seven supertankers carrying fuel oil are leaving the Caribbean for China per month, according to Bruce Kahler , a shipbroker at Lone Star, R.S. Platou in Houston. Chinese fuel oil imports rose 0.5 percent in April from a year earlier, the Customs General Administration of China said May 21. Chinese imports of diesel fuel fell 63 percent during the same period.

Fuel oil exports from Venezuela to China more than quadrupled in April from the year before, according to customs data. Venezuela shipped 168,000 barrels a day of crude and fuel oil to China in 2008, less than its target rate of 400,000 barrels.

China National contracted the Suezmax Wilana for $3.25 million in late March. The ship sailed from Curacao on April 15 and is due in Zhanjiang, China, May 25, Bloomberg data showed.

The company chartered the Samco Scandinavia for an unknown price to transport oil from Bonaire on April 17 to Hong Kong May 22. The supertanker Harad is under charter for a voyage to Singapore on June 5.

China Oil and Gas Group Ltd. chartered the Elektra Glory for 3.4 million to sail from Galveston, Texas, to Singapore on March 30.

Pemex's PMI trading unit fixed the Suezmax Sonangol Girassol in Los Angeles on April 12 for delivery in Singapore, which took place May 17. Chemoil chartered the Front Vista $2.8 million for a May 30 loading, according to shipping fixture data compiled by Bloomberg.

Glencore Holdings AG chartered a supertanker Astro Chloe on May 11 from the U.S. Gulf to Singapore for $3 million. Four ships were fixed by Glencore between March and May 2008.

http://www.petroleumworld.com/story09060116.htm
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« Reply #353 on: June 01, 2009, 10:56:13 PM »

Poland sells shipyards after EU ruling

VALENTINA POP

29.05.2009 @ 09:17 CET

EUOBSERVER/BRUSSELS - Poland announced Thursday that it has sold two of its historic shipyards to an offshore-registered company.

The move came after the European commission ruled that the state aid flowing for years to the three shipyards, the birthplace of the Solidarity anti-communist movement, was in breach of EU competition rules.

The fate of Gdansk shipyard is still depending on a verdict by the EU commission

United International Trust, a company registered in the Netherlands Antilles, paid a total of €82 million for the yards at Gdynia and Szczecin on Poland's northern Baltic coast.

While the government reassured angry trade unions and the roughly 9,000 employees that UIT has pledged to continue producing ships at the yards, it could give little details about the buyer and its intentions, adding just that the company was also planning "other forms of economic activity" in parallel to shipbuilding.
 
more of the article at:
http://euobserver.com/9/28209
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« Reply #354 on: June 02, 2009, 12:46:09 AM »


I tried to get the rest of the story but was unable too...maybe someone else can try for the 7 day free trial...go to the link below....





Superior-BP Settlement Withstands Investor's Assault
Law360, New York (May 29, 2009) -- A district judge has backed a bankruptcy court’s approval of bankrupt Superior Offshore Inc.’s settlement with BP PLC and Cross Logistics Inc. related to payment for a $116 million construction project off the coast of Trinidad, despite a prominent shareholder's objection to the deal.

Judge Nancy F. Atlas of the U.S. District Court for the Southern District of Texas on Thursday affirmed the bankruptcy court’s February approval of the settlement requiring BP Trinidad and...

http://bankruptcy.law360.com/registrations/user_registration?article_id=103887&concurrency_check=false



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« Reply #355 on: June 02, 2009, 12:57:34 AM »

I don't remember if this was posted or not....please forgive if it was 

 Posted On: February 9, 2009 by Shepherd Smith & Edwards Merrill Lynch, J.P. Morgan and Others fail to Obtain Dismissal of IPO Case by Houston Judge
In Texas, a Houston judge has ruled that a would-be class securities lawsuit filed against JP Morgan Securities, Inc., Merrill Lynch, Pierce, Fenner and Smith and a number of other defendants can move forward. The plaintiffs were investors in Superior Offshore International Inc., a company that collapsed following a failed initial public offering. The four other defendants are former Superior company executives.

In the US District Court for the Southern District of Texas, Judge Nancy Atlas found that the plaintiffs met their burden when pleading material misrepresentations and omissions in Superior's registration statement. She denied the defendants’ request to dismiss the complaint.

Superior Offshore International Inc. had provided commercial diving services and subsea construction to the natural gas and crude oil industry in the Gulf of Mexico. The company began IPO proceedings of about 10.2 million commercial shares at $15/share in April 2007. Merrill Lynch and JP Morgan acted as the primary underwriters. It was after this that Superior experienced major losses and its price dropped until it reached $1.08/share in April 2008. Soon after, Superior announced that it was shutting down operations.

In their consolidated class action, the plaintiffs claimed that while the registration statement revealed that the Superior board chairperson’s two sons were receiving salaries of $48,000 and $120,000, it failed to note that the two men weren't doing any significant tasks for their respective incomes. The plaintiffs also questioned Superior’s claims that there was a high demand for its services and that certain hurricane-related projects were expected to continue for a number of years when, in fact, that work had declined significantly. They challenged Superior’s claim that it had multiple customers and maintained that the company had provided materially misleading data about its management team.

The defendants had tried dismissing the complaint by citing a failure to state a claim. They said they could not be held liable for events that transpired after the IPO. While the Texas court said it recognized that Superior’s registration statement included warnings about possible risks that could arise, it determined that the plaintiffs were not questioning the accuracy of the potential risks that were noted. Rather, the court said they were challenging the completeness and accuracy of the information Superior had provided about its current state at the time of the IPO.

Related Web Resources:

Superior Offshore International, Inc., Securities Class Action Clearing House, Stanford Law School

Superior Offshore International Confirms Plan of Liquidation, Stockhouse.com, January 30, 2009

Our Texas securities fraud lawyers would like to offer you a free consultation to discuss your case.


http://www.stockbrokerfraudblog.com/2009/02/merrill_lynch_jp_morgan_and_ot.html
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« Reply #356 on: June 02, 2009, 03:22:10 AM »

Creditors’ Committee in Superior Offshore International Case Reconstituted
November 6, 2008 · No Comments


The United States Trustee has filed a notice that the Official Committee of Unsecured Creditors in the Superior Offshore International, Inc. bankruptcy cases has been reconstituted.  The membership of the reconstituted committee is as follows:

■Cross Logistics, Inc./CrossMar, Inc.
■L&L Oil and Gas Services, LLC
■American Marine & Logistics Services, Ltd.
■Infinity Investment Funds, LLC

http://netdockets.wordpress.com/page/49/
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« Reply #357 on: June 02, 2009, 12:52:34 PM »

Superior plunges into Ch. 11

After defaulting on its loans and being smacked with several class-action lawsuits, Superior Offshore International Inc. has taken a dive into bankruptcy. The provider of subsea construction and commercial diving services to the offshore oil and gas industry filed for Chapter 11. Although the company didn't state why it filed, it was facing at least two class-action lawsuits and was in default with its creditor, J.P. Morgan Chase Bank NA, which is owed $1.8 million. - Jamie Mason

http://www.thedeal.com/dealscape/2008/04/bankruptcy_update_superior_cit.php
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« Reply #358 on: June 02, 2009, 12:55:14 PM »

Superior plunges into Ch. 11

After defaulting on its loans and being smacked with several class-action lawsuits, Superior Offshore International Inc. has taken a dive into bankruptcy. The provider of subsea construction and commercial diving services to the offshore oil and gas industry filed for Chapter 11. Although the company didn't state why it filed, it was facing at least two class-action lawsuits and was in default with its creditor, J.P. Morgan Chase Bank NA, which is owed $1.8 million. - Jamie Mason

http://www.thedeal.com/dealscape/2008/04/bankruptcy_update_superior_cit.php


Superior-BP Settlement Withstands Investor's Assault
Friday, May 29, 2009

A district judge has backed a bankruptcy court’s approval of bankrupt Superior Offshore Inc.’s settlement with BP PLC and Cross Logistics Inc. related to payment for a $116 million construction project off the coast of Trinidad, despite a prominent shareholder's objection to the deal.

http://bankruptcy.law360.com/
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« Reply #359 on: June 02, 2009, 01:01:25 PM »

Superior plunges into Ch. 11

After defaulting on its loans and being smacked with several class-action lawsuits, Superior Offshore International Inc. has taken a dive into bankruptcy. The provider of subsea construction and commercial diving services to the offshore oil and gas industry filed for Chapter 11. Although the company didn't state why it filed, it was facing at least two class-action lawsuits and was in default with its creditor, J.P. Morgan Chase Bank NA, which is owed $1.8 million. - Jamie Mason

http://www.thedeal.com/dealscape/2008/04/bankruptcy_update_superior_cit.php


Superior-BP Settlement Withstands Investor's Assault
Friday, May 29, 2009

A district judge has backed a bankruptcy court’s approval of bankrupt Superior Offshore Inc.’s settlement with BP PLC and Cross Logistics Inc. related to payment for a $116 million construction project off the coast of Trinidad, despite a prominent shareholder's objection to the deal.

http://bankruptcy.law360.com/

On January 28, 2009, the bankruptcy court First Amended Joint Plan of Liquidation Submitted by Superior Offshore International, Inc. and the Official Committee of Unsecured Creditors.  Superior Offshore International filed for bankruptcy protection on April 24, 2008.

The First Amended Joint Plan of Liquidation was filed with the bankruptcy court on December 16, 2008.  The bankruptcy court entered an order approving the Disclosure Statement with respect to the First Amended Plan on January 9, 2009 and held a confirmation hearing on January 28, 2009.

The confirmation order also provides that the following individuals shall constitute the initial members of the Post-Confirmation Committee for Superior Offshore International:

Ms. Claire Davis
Mr. Michael Parker
Mr. Bruce Lucas
Mr. Terry Braud
Mr. L. Don Miller


Does anyone know what a post confirmation committee does?TIA
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MOHANDAS GANDHI
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