IPE wins Publication of the Year award from WTW

first_imgIPE has won the prestigious Institutional Investment Publication of the Year Award at this year’s Willis Towers Watson Media Awards, which celebrate excellence in business journalism.The winners of these coveted awards, which celebrate excellence in business journalism, were chosen by an expert panel of judges including senior industry figures and leading journalists, and announced during a virtual awards ceremony this week.Nicolas Aubert, head of Great Britain, Willis Towers Watson, said: “In today’s challenging times, the need for good journalism has never been greater, so we are pleased to recognise these individuals for their outstanding work. These awards, whether they’re held in person or virtually, allow us to celebrate exceptional talent, which was present in so many of the submissions we saw this year. Congratulations to all of our winners and highly commended journalists.”Liam Kennedy, IPE’s editor, said: “I would like to thank WTW and the panel of judges for this honour. I am extremely proud of our editorial team, who have gone to great lengths to report quality material under these current unprecedented times while adapting to a challenging working environment.”last_img read more

Mubadala gearing up to drill three Thai wells

first_imgUAE-based Mubadala Petroleum is preparing to start a three-well drilling campaign on the Manora field, located in the G1/48 concession in the northern Gulf of Thailand, in November. Manora platform; Image: Mubadala PetroleumThe Manora field is operated by Mubadala Petroleum with a 60% interest and Tap Oil is its partner with a 30% interest. The field started production in November 2014.Tap Oil said on Wednesday that the partners had approved the drilling of three firm exploration wells and an appraisal side-track contingent upon exploration success.The first well in the program, Inthanin -1 is expected to spud in the last week of November 2019 and will be followed by Yothaka East-1 and Krissana-1. A contingent side-track, into the Yothaka structure will be dependent upon the results of the Yothaka East-1 and Krissana-1 exploration wells.All wells are located in the Manora Production Licence, and within 5km of the Manora platform.The Prospective Resource assessment was undertaken by Discover Geoscience in their capacity as an independent technical expert using data and information provided by Tap.These “near field” prospects are located in close proximity to Manora’s discovered producing reservoirs. The development of these volumes would take advantage of existing infrastructure and operating capability.The Inthanin prospect could be developed by deviated wells drilled directly from the Manora platform. Development of the Yothaka East – Krissana cluster would require investment in a new wellhead platform tied back to the Manora platform where the oil would be processed and stored on the existing FSO.Each prospect has multiple stacked reservoir objectives with largely independent geological risks. This independence, when consolidated, drives the high geological success rates and is supported by the high quality 3D seismic data and proven petroleum system in close proximity to Manora.Tap’s Executive Chairman, Chris Newton, said: “The planned exploration drilling campaign is consistent with Tap’s strategy to focus its resources and capability on incremental investment opportunities in and around the Manora Oil Field. That strategy is driven by infrastructure, knowledge and fiscal leverage and enabled by the continued downward trend in drilling costs achieved by the Operator, Mubadala Petroleum.“The $1.72 million pretax dry hole budgeted cost for 3 exploration wells was considered reasonable in light of Tap’s cash position. However, success would be material given the combined P50 success case of 1.1 MMSTB for a program of 3 exploration wells, given Tap’s 1P Reserves at 31 December 2018. The contingent Yothaka appraisal well was designed to accelerate the development of exploration success and realize the synergies of existing Manora Oil Field production.”Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Update on the latest sports

first_imgMajor League Baseball owners ratified a 17-page agreement with the union on Friday in the wake of the coronavirus pandemic, with players willing to extend the season as long as needed to cover as close to a full schedule as possible.This season was to start Thursday and Game 7 of the World Series was on track to be Oct. 28. With opening day postponed until mid-May at the earliest, the final pitch could come as Frosty the Snowman starts popping up. The sides have discussed a regular season extending into October and a postseason in November.The deal provides for $170 million in advances from salaries that total more than $4 billion and guarantees service time to players even if no games are played this year. That means Mookie Betts, George Springer, Marcus Stroman, Trevor Bauer and J.T. Realmuto (ree-al-MOO’-toh) remain on track for free agency next offseason.In other developments related to the coronavirus pandemic:—Olympic officials have confirmed that the 6,200 or so athletes who had already punched their ticket for the Tokyo Olympics will keep their spots for the rescheduled games in 2021. It resolves one of the key questions for marathoners, open-water swimmers and hundreds of other athletes whose qualifying process came early in the 2020 sports calendar, before the coronavirus started shutting down sports across the globe. Still to be determined is how the rest of the spots at the rescheduled games will be allocated. Typically, the individual sports determine their qualifying procedures. March 28, 2020 — The NCAA Division I Council is scheduled to vote on Monday whether to provide another year of eligibility to spring sport athletes. That includes sports such as baseball, softball and lacrosse. Those players had their seasons wiped out by the coronavirus pandemic. Providing similar relief to winter sport athletes, such as basketball and hockey players and wrestlers, will also be considered although there does not appear to be support for that.— Boston Celtics coach Brad Stevens says guard Marcus Smart is doing well and remains in good spirits following his positive test for coronavirus last week. Smart announced his diagnosis on March 19, seven days after Utah Jazz All-Stars Rudy Gobert (goh-BEHR’) and Donovan Mitchell tested positive for COVID-19. Boston played the Utah Jazz on March 6. Other Celtics players and staff were also tested as a precaution and those tests have all come back negative.— ESPN NBA broadcaster Doris Burke has tested positive for the coronavirus. Burke made the announcement Friday on an ESPN podcast. Burke says she started feeling extreme fatigue on March 11, the day the NBA was shut down once it was learned that Utah center Rudy Gobert had tested positive. Burke was assigned the Denver-Dallas game on that date and fought through her symptoms to work that night. She said she had a three-day period of such deep fatigue that she couldn’t remain out of bed for more than five minutes at a time. She was eventually tested and received the results on Wednesday.  — Santa Anita has stopped live racing because of the coronavirus after receiving instructions from the Los Angeles County Health Department. The track in Arcadia, California, was preparing to run eight races when the cancellation was announced. It’s not immediately known when racing will be allowed to resume. The Santa Anita Derby won’t be run on April 4 as scheduled. It’s the major West Coast prep for the Kentucky Derby, which itself has been pushed back from May 2 to Sept. 5.— Seven-time NASCAR champion Jimmie Johnson has joined the field for IndyCar’s inaugural online race as he contemplates driving in that series following his retirement from full-time stock car racing. IndyCar has followed NASCAR, IMSA and Formula One in setting up a virtual racing series to give fans content during the coronavirus pandemic that brought sports to a halt. IndyCar’s first race is Saturday and Johnson is the 26th driver to enter. ATHENS, Ga. (AP) — Georgia junior forward Rayshaun Hammonds says he is entering the NBA draft while protecting his college eligibility.The 6-foot-9, 235-pound Hammonds averaged 12.9 points while leading the Bulldogs with 7.4 rebounds per game. He was second on the team in scoring, behind freshman Anthony Edwards, who also has entered the draft.While Edwards could be the top pick in the draft, Hammonds’ draft outlook is far less certain. When announcing his plans on his Twitter account on Friday, Hammonds said he is protecting his option to return for his senior season.In other men’s basketball news:— Kentucky reserve guard Johnny Juzang will enter the NCAA transfer portal after one season with the Wildcats. The 6-foot-6 freshman from Los Angeles can transfer to another school without restrictions per NCAA rules. Juzang played well down the stretch for Kentucky, scoring in double figures twice the final nine games. He made 10 of his final 20 3-point shots to finish the season shooting 33% from beyond the arc. NHL-NEWSDucks sign ZegrasUNDTED (AP) — Trevor Zegras has signed a three-year contract with the Anaheim Ducks. Zegras was the ninth overall pick in last year’s NHL draft. The center had 11 goals and 25 assists in 33 games as a freshman at Boston University. He was tied for second among NCAA freshmen in assists and tied for third in points and points per game. Zegras was on the United States team at this year’s World Junior Championship. He was only the second player since 2004 to have nine primary assists in a single tournament.COLLEGE BASKETBALL-GEORGIA-HAMMONDS-NBAGeorgia’s Hammonds entering NBA draft, protects eligibility — The Detroit Lions have agreed to a contract with linebacker Reggie Ragland, according to a person with knowledge of the deal. Ragland started 32 games over the past three seasons with the Kansas City Chiefs. He played 14 games last season for the Super Bowl champions, making seven starts. He had two sacks.— The Minnesota Vikings re-signed two more of their own free agents, with new contracts for running back Ameer Abdullah and center Brett Jones. Abdullah had 203 yards from scrimmage with one receiving touchdown in a reserve role. Jones joined the Vikings in a trade with the New York Giants in 2018.— The Las Vegas Raiders have announced the additions of free agent linebacker Nick Kwiatkoski, safety Jeff Heath and defensive end Carl Nassib. All three players agreed to deals last week but those weren’t announced until after they all passed physicals. The Raiders also announced that long snapper Trent Sieg has signed his exclusive rights tender.— Terry Tausch, an All-American offensive lineman at Texas and eight-year NFL veteran who played for the Minnesota Vikings and San Francisco 49ers, has died. He was 61. The Longhorns announced that Tausch died Wednesday night at his home in Plano, Texas. His older brother, Gary Tausch, told San Antonio TV station KENS that the death was “sudden.” Tausch was a second-round draft pick by the Vikings in 1982, playing seven seasons for them. He was their starting right guard for five years, until joining the 49ers in 1989 in what was his final NFL season. It ended with a Super Bowl ring.—Stefen Wisniewski’s (wihz-NOO’-skeez) nomadic football journey has come full circle. The veteran NFL offensive lineman is now a Pittsburgh Steeler after agreeing to a two-year deal with the club. Wisniewski grew up in Pittsburgh and played on Heinz Field as a high schooler. Wisniewski helped the Kansas City Chiefs win the Super Bowl in February. Though the Chiefs expressed interest in bringing him back, Wisniewski says the chance to play for the Steelers was too good to pass up. UNDATED (AP) — The Baltimore Ravens won’t have Michael Brockers on their retooled defensive line after all, and now he’s headed back to Los Angeles. Baltimore reached agreement on a three-year contract with the Rams free agent last week but the deal was never sealed in part because Brockers could not take a physical at the team’s training facility due to restrictions by the NFL regarding the coronavirus.The Ravens had concerns over a lingering ankle sprain after Brockers had a physical administered by two independent doctors. Baltimore and Brockers ultimately failed to reach an agreement on an amended contract.In other NFL news:— The Dallas Cowboys say they have agreed to deals with kicker Greg Zuerlein and defensive tackle Dontari Poe. The Zuerlein agreement gives Dallas competition at kicker because they’ve also re-signed Kai Forbath. He was last year’s replacement for a shaky Brett Maher. Zuerlein was similar to Maher in being strong from 50-plus yards but struggling on shorter kicks. Zuerlein’s accuracy has tailed off since making a career-best 38 field goals on 40 tries in 2017. A deal with the nearly 350-pound Poe is another sign of the Cowboys seeking bigger defensive tackles under new coach Mike McCarthy.— Former Chargers running back Melvin Gordon says one of the biggest takeaways from his futile holdout in Los Angeles last year was realizing he still has so many detractors. This despite scoring 49 touchdowns at the University of Wisconsin and another 47 in the NFL. Gordon says he’s driven to prove he’s still an elite running back after scoring nine touchdowns in a dozen games once he ended his holdout last season. Gordon will now be teaming up with fellow Pro Bowl running back Phillip Lindsay in a dynamic Denver Broncos backfield. — Commissioner Roger Goodell has told NFL teams that the draft will go on as originally scheduled next month. In a memo obtained by The Associated Press, Goodell said the draft will still take place April 23-25, but will be scaled down and “televised in a way that reflects current conditions.” It was originally planned as a big outdoor production in Las Vegas, but those plans were scrapped because of the COVID-19 pandemic. Teams were told to plan “to conduct draft operations in a location outside of your facility, with a limited number of people present, and with sufficient technology resources to allow you to communicate internally, with other clubs, and with draft headquarters.”— The Evian Masters women’s golf tournament has been moved to August because of the coronavirus outbreak. The event originally scheduled for July 23-26 will now be held on Aug. 6-9 at the Evian Resort Golf Club. Evian is one of the five majors on the women’s circuit. The decision was made by the LPGA Tour, the Ladies European Tour and Evian organizers.— The Big Ten has extended the suspension of all organized team activities through May 4.— Top-ranked tennis player Novak Djokovic (NOH’-vak JOH’-kuh-vich), his wife and their foundation are donating about $1.1 million, to help buy ventilators and other medical equipment for hospitals in Serbia. Djokovic says his foundation’s staff “will be monitoring everything” to get the equipment in place.— Athletic trainers across the country are changing their routines and joining the fight against the coronavirus pandemic. The National Athletic Trainers Association put together an app aimed at helping trainers assist understaffed hospitals. The app was intended to give health care providers a database to look for help nationwide. More than 950 athletic trainers have signed up over the last week. OBIT-HUNTERLes Hunter has diedCHICAGO (AP) — Les Hunter, a star on Loyola Chicago’s barrier-breaking 1963 NCAA championship team, died Friday. He was 77.  Hunter helped Loyola — with four black starters — break down racial barriers and capture what remains the only NCAA Division I championship for an Illinois school by beating Cincinnati. The 6-foot-7 center from Nashville averaged 17 points and 11.4 rebounds as a junior that season and followed that up by turning in 21.4 and 15.3 as a senior. In an era when freshman did not play with the upperclassmen, Hunter had 1,472 points in three seasons and 1,017 rebounds — second on the school’s career list. He and LaRue Martin are the only Loyola players with 1,000 points and 1,000 rebounds.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Update on the latest sports Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSBaseball till Christmas?UNDATED (AP) — The final pitch of the 2020 baseball season could be thrown closer to Christmas than Halloween. Associated Press — Ottawa Senators radio color commentator Gord Wilson has tested positive for the coronavirus. Wilson’s wife, CTV Ottawa anchor Patricia Boal, confirmed the news Friday night during a newscast. The 59-year-old Wilson is recovering at home and both he and Boal, who has not tested positive for the coronavirus, have been in self-isolation since March 18. Boal said the diagnosis was confirmed Friday, about 11 days after Wilson was first tested.— The St. Louis Blues confirmed Friday that Fox Sports play-by-play announcer John Kelly has tested positive for the COVID-19 virus. The team said in a post on Twitter that Kelly has been in self-quarantine at home since March 13.— USA Curling says additional participants at a tournament this month in Laurel, Maryland, have tested positive for the coronavirus. The United States Curling Association Club National Championships were held March 7-14 at Potomac Curling Club. Fox 5 DC reported that at least 20 people who participated in the event are sick.NFL-NEWSRavens lose DT Brockers, who returns to Rams for 3-year deallast_img read more

NFF Crisis: Abdulmumuni Aminu Heads Elders Stakeholders’ Reconciliation Committee

first_imgThe Committee was set up following a decision taken at the Stakeholders Roundtable on Governance Challenges of the NFF held on July 24.Inaugurating the Committee, Sports Minister, Solomon Dalung, noted that the lingering crisis in the NFF which has impeded the desired growth and development of football in the country.He said that except personal interests were set aside, the crisis will continue unabated.“Unless we put aside our parochial interests and differences and work towards the common goal of combating the evil plaguing Nigerian football, it will continue its free fall.“This, any responsible government will not allow, hence the need for this committee of distinguished elders.”Dalung also charged the members “to identify the causes of the current leadership crisis in the NFF, evaluate the dimensions of the leadership crisis and the contribution of actors to the issue, invite both boards of the two factions to the reconciliation table with a view to addressing their concerns towards achieving a sustainable and win-win solution to the crisis and make recommendations to ensure smooth leadership succession without adversely affecting the development and management of football in Nigeria.”The Committee was given two weeks to submit its report. A secretariat to provide proper documentation of all activities of the Committee comprises Danjuma Muhammed Acting Director, Legal Services, Stanley Okebugwu and Reuben Tiyatiye.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Former Chairman of the then Nigeria Football Association (NFA), Col. Abdulmuninu Aminu (rtd) is the head of a six-man Elders Stakeholders Reconciliation Committee constituted by the Federal Ministry of Youth and Sports to ensure a peaceful resolution of the lingering crisis in the Nigeria Football Federation.According to a media release by the ministry, the committee which has been inaugurated has two other former NFA chairmen – Alhaji Ibrahim Galadima and Anthony Kojo Williams.The other members are Prof. Onye Gyd-Wado, Dr Sam Sam Jaja, and Bolaji Ojo-Oba.last_img read more

Good start vital for Tipp in minor semi-final

first_imgThe Lilywhites beat Cavan by 2 points in the quarter final and will be formidable opposition for Tipp who defeated Galway in their quarter final.Kerry await the winners in the All Ireland final and the Premier county will hope to set up a repeat of this years Munster final in the grade.Former Tipperary and Waterford manager Tom McGlinchey says there’s an intriguing game in store next Sunday. The Newport native believes Tipp will need a good start to ensure they are ahead at the finishThrow-in is at 1.30 on Sunday and Tipp FM will have full live commentary in association with John Corbett Motorvillage, main Suzuki dealer, Thurleslast_img

Sexton in Leinster XV for Zebre clash

first_imgThe Ireland out-half has been rested recently as he aims to recover from injury. Also in the side is Robbie Henshaw who partners Gary Ringrose in the centre.Meanwhile, Rory Best, Iain Henderson, Paddy Jackson and Luke Marshall all return for Ulster’s trip to Scarlets.last_img

Aaron Ramsey Signs Juventus Deal Worth £400,000 a Week

first_imgHe will be the highest-earning British player ever based on basic salary.The Wales international’s Arsenal contract expires on 30 June and the Gunners will receive no fee when he leaves.In confirming the deal, Juventus said the club would incur costs of 3.7m euros (£3.2m) but did not specify what the fee was for.On his Instagram page, Ramsey thanked Arsenal’s fans and said he will “continue to give the team 100%”.He wrote: “You welcomed me as a teenager and have been there through all the highs and lows I’ve encountered during my time at the club.“It is with a heavy heart that I leave after 11 incredible years. Thank you.”The Juventus website welcomed Ramsey by stating he will become the third Welshman to represent the club, following the John Charles and Ian Rush.Ramsey, who joined Arsenal from Cardiff City in 2008 for a fee of around £4.8m, held preliminary talks with Barcelona and also received an offer from Paris St-Germain.Bayern Munich, Inter Milan and Real Madrid also showed interest, with Real forward Gareth Bale understood to have encouraged his Wales team-mate to link up with him in Spain.Arsenal did present Ramsey with the offer of a new deal in September but it was turned down and the club were not prepared to meet his salary demands.Head coach Unai Emery had reservations about Ramsey’s role in his squad.Ramsey’s desire to play as a number eight, running on to the ball from an advanced central midfield position, clashed with Emery’s vision.Emery does not usually deploy a number eight, meaning the Welshman has mainly been used in a strict deeper role without license to roam or in the number 10 position with his back to goal.Ramsey has played 259 times for Arsenal, scoring 61 times.In his 11 seasons at the club, he has struck double figures in a season three times, with a best mark of 16 in all competitions in 2013-14.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Arsenal midfielder Aaron Ramsey has signed a pre-contract agreement to join Juventus in the summer in a deal that will earn him over £400,000 a week.The 28-year-old has agreed a four-year contract that will see him join the Italian champions as a free agent, ending his 11-year spell with Arsenal.Ramsey passed a two-part medical in January, having picked Juve following talks with a host of European clubs.last_img read more

Los Angeles Lakers show growth in 101-91 win over Kings

first_imgRussell became frustrated his rookie season over losing his starting spot and sitting out at the end of games under Byron Scott’s more stern and less innovative approach. After feeling empowered with his role and growth under Lakers coach Luke Walton, Russell did not close out the game.He may have gone 7 of 12 from the field. But he also had five of the Lakers’ 21 turnovers. Those turnovers happened more times than Russell collected an assist (one). So after Jordan Clarkson was called for traveling with the game tied at 82 with 5:34 left, Walton decided not to substitute him for Russell. Instead, Walton chose Young.That unit, including Brandon Ingram, Williams, Randle and Mozgov went on a 12-7 run that featured plenty of theatrics. Young grabbed a defensive rebound that set up an open look for Ingram. Williams made a 3-pointer. After grabbing a rebound, Young converted a layup. He took a 25-foot 3-pointer that literally bounced Young’s way into the basket for a 92-82 lead with 3:35 left. “You have a scorer and have guys willing to make extra passes and cut hard, scorers will get good opportunities,” Walton said. “It’s more of a credit to how he’s moving without the ball and his teammates willing to pass the ball. We’re trying to encourage that style of play.”The Lakers also are encouraging Young to defend. He raised eyebrows when he defended Sacramento guard Arron Afflalo on one play in the post and forced him to travel. Newsroom GuidelinesNews TipsContact UsReport an Error “He’s better defensively than offensively with his awareness,” Walton said. “Offensively he can score the heck out of the ball. He’s been great for us. But he gets lost out there on some play calls. Defensively he’s been in and tagging cutters and has been mixing it up with the bigs on the rebounding and all the things we’ve asked our guys to do. He’s been doing it consistently.”The Lakers defended the Kings enough to hold them to fewer than 100 points.Sacramento center DeMarcus Cousins scored 28 points on 10 of 25 shooting by remaining dangerous both inside and from 3-point range (3 of 6). Rudy Gay (15 points) and Ty Lawson (11) also cracked double figures. The Kings scored 27 points off of the Lakers’ 21 turnovers. Yet, the Lakers still prevailed by ensuring team play, making key shots and adjusting to their roles. All of which helped the young Lakers grow before everyone’s eyes. center_img SACRAMENTO >> The Lakers looked fun to watch. They fought double-digit deficits. They featured a balanced offense. They made timely shots. The Lakers also looked painful to watch. They could not defend in the paint and along the perimeter. They could not hold onto the ball. They could not stop Sacramento’s late-game flurry.Yet for all the weaknesses the Lakers might still have with their consistency, they still found a way to close out a 101-91 victory over the Sacramento Kings on Thursday at Golden Center 1. It left the Lakers (5-4) giddy over collecting their second road win. It left the Lakers feeling encouraged that team balance ensured the comeback, including Lou Williams (21 points), D’Angelo Russell (17), Nick Young (16), Julius Randle (15) and Timofey Mozgov (10). It also included an interesting case study of players adjusting to their role without complaint.last_img read more

Cilic overcomes Fognini fightback to make last eight in Paris

first_imgSteam emission over Taal’s main crater ‘steady’ for past 24 hours Dave Chappelle donates P1 million to Taal relief operations China population now over 1.4 billion as birthrate falls Jury of 7 men, 5 women selected for Weinstein rape trial Del Potro reaches first French Open quarterfinal in six years Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Lacson: Calamity fund cut; where did P4 billion go? LATEST STORIES Croatia’s Marin Cilic reacts during his men’s singles fourth round match against Italy’s Fabio Fognini on day nine of The Roland Garros 2018 French Open tennis tournament in Paris on June 4, 2018. / AFP PHOTO / Eric FEFERBERGThird seed Marin Cilic overcame a typically colourful fightback from Fabio Fognini to make the French Open quarterfinals on Monday with a 6-4, 6-1, 3-6, 6-7 (4/7), 6-3 win.Cilic fired 44 winners past Fognini who twice needed treatment on an ankle injury.ADVERTISEMENT MOST READcenter_img Winfrey details her decision to withdraw from Simmons film Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Volcano watch: Island fissures steaming, lake water receding The former US Open champion next faces fifth seed Juan Martin del Potro who brushed aside John Isner 6-4, 6-4, 6-4 to reach the quarter-finals for the first time since 2012.Cilic trails the big Argentine 10-2 in career meetings.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crown Jiro Manio arrested for stabbing man in Marikina Sports Related Videospowered by AdSparcRead Next Don’t miss out on the latest news and information. View commentslast_img read more

Kuwaiti Loan to Boost Greenville Port

first_imgThe Kuwait Fund for Arab Economic Development’s recent US$14 million loan to Liberia will help boost the physical infrastructure of the seaport of Greenville, National Port Authority (NPA) Managing Director Matilda Parker has observed. The loan agreement was consummated between the government of Liberia and the Kuwaiti Fund last year, but it requires a legislative ratification before implementation in line with the Liberian constitution. According to the loan agreement, the repayment period is 22 years with a four-year grace period.Providing some details of the agreement on SKY FM Phone-in Talk Show yesterday, Madam Parker declared that the interest rate on the loan is highly concessional at 1.5 percent interest rate and 0.5 percent service fees.The NPA boss assured the public that the return on investment on the loan is 22 percent conservatively. She noted that the Kuwaiti loan is directly for the development of the port of Greenville, Sinoe County and the purchasing of tugboat for that port.“This loan could not have come at a better time,” the NPA boss added as she praised the government of Liberia for contracting the credit from the Fund, which as she put it, “will help improve the economy of the southeastern region.”The NPA Managing Director declared that part of the money will be used to build a container park, fishing ram and other infrastructure for the port to enhance increase shipping activities.She noted that as part of the agreement, the government of Liberia through the NPA has completed the design and dredging of the port of Greenville. The US$14 million Kuwaiti loan is currently before the national legislature for approval.Madam Parker, who was expected to appear before a legislative committee for public hearing yesterday, announced that that the work on Greenville Port is expected to be completed in two years if the agreement is ratified.“We will advertise an international bid for tugboat which will take few weeks,” she stated. Greenville port currently handles 14 logging concessions and two oil palm concessions namely Equatorial Oil Palm and Golden Veroleum.Majority of the callers on the talk show praised Madam Parker for her excellent managerial style, which they observed, has led to improvement and gains including improved security, good wage structure for employees and port infrastructure development at the Freeport of Monrovia and other seaports in Buchanan, Greenville and Harper.The NPA boss also assured the public that her management team is operating with plans and that the loan will not be a burden that NPA would not repay.“I pray that I have plan in place to not only repay the Kuwaiti loan, but to replace myself as Managing Director of the NPA,” she said.Madam Parker, however, admitted that implementation is a challenge everywhere in Liberia, but expressed confidence that with the port will be strong enough to repay taking clue from the level of development at the port authority.She made specific reference to the port of Buchanan, Grand Bassa County, which she disclosed is handling 60 percent of Liberia’s thorough put (imports and exports).“Ports infrastructures are very expensive to build and so it is a challenging job to manage a port,” she stated. The NPA boss, who took over the NPA as Managing Director in 2009, noted that her dream is to improve Liberia’s port infrastructure in order to encourage more vessels to come to Liberia.                Meanwhile, the Kuwait Fund only extends loans on concessionary term to finance development projects in developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries.In addition, the Fund subscribes in the capital of international and regional development institutions. The Fund makes loans and provides guarantees, makes grants by way of technical assistance and providing other types of technical assistance and contributes to capital stocks of international and regional development finance institutions and other development institutions and representing the State of Kuwait in such institutions.The Port of Greenville is located in the southeastern region of the country, about 673.6 kilometers from the Freeport of Monrovia. The harbor is protected by a 400 meters long breakwater, and on its inner side, by two quays.There are two berthing facilities, 70 meters and 180 meters respectively, with an existing depth 8/9 meters below chart datum. With the signing of fourteen (14) logging, one (1) iron ore, and two (2) oil palm concessions, we anticipate high vessel traffic at this port in the coming years.The Port of Greenville is located in the southeastern region of the country, about 673.6 kilometers from the Freeport of Monrovia. The harbor is protected by a 400m long breakwater, and on its inner side, by two quays.  The Port of Greenville is an International Ship & Port Security (ISPS) certified Security Level Two port.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more