Blog

April 28, 2021 / 9:10 AM Authorities launch plans to create a greener canal, including a pilot program utilizing electric vehicles and alternative fuels to power equipment.

The Panama Canal is advancing its sustainability goals, with plans to become carbon neutral by the end of the decade, canal officials said this week.

The Panama Canal Authority said Monday it has launched a process to decarbonize its operations by 2030 through a combination of operational efforts and national incentives. Those include the purchase of four electric vehicles for a pilot program aimed at transitioning its fleet away from fossil fuels as well as efforts to transition to alternative fuels for powering tugboats, launches, and facilities. Officials also said the canal has joined the “50 First Carbon-Neutral Organizations,” an initiative by Panama’s Ministry of Environment to integrate national efforts to accelerate so-called measurable climate actions. As part of that program, the canal will develop an annual greenhouse gas inventory, as well as an action plan with measurable targets to reduce emissions, officials also said.

“We at the Panama Canal are committed to sustainability, and therefore are laying the foundation, creating the tools, and identifying the changes needed to achieve efficiencies that will allow us as an organization to reach carbon neutrality. This is a fundamental strategy for the waterway’s long-term operation and sustainability,” Panama Canal Administrator Ricaurte Vásquez Morales said in a statement Monday. “This process will build on our long-standing efforts to minimize our environmental impact, including encouraging customers to use clean fuels and reduce their carbon footprint.”

The Panama Canal first began tracking its carbon footprint in 2013, and bolstered those efforts in 2017 with the launch of the canal’s Emissions Calculator, a tool that allows shipping lines to measure their greenhouse gas (GHG) emissions per route and also strengthens the canal’s analysis of the emissions produced by its own day-to-day operations.

The Panama Canal has taken other steps to reduce its environmental impact, including implementing water conservation measures and optimizing transits, officials also said.

 

Source: dcvelocity.com

April 27, 2021 / 11:30 AM The agreement between the two firms, announced in October, was terminated after they failed to finalise terms, Dana Gas said in a statement

Dana Gas PJSC’s $236 million deal to sell oil and gas blocks in Egypt to Texan company IPR Energy Group has fallen through.

The agreement between the two firms, announced in October, was terminated after they failed to finalise terms, Dana Gas said in a statement on Sunday to the Abu Dhabi stock exchange.

Dana Gas said it will now keep the assets, which accounted for output equivalent to 31,000 barrels a day of oil in 2019. The company, one of the Middle East’s biggest private-sector gas producers, will also drill an exploration well in the offshore Block 6 in the first quarter of 2023.

The Sharjah, United Arab Emirates-based firm was set to receive $153 million in cash and as much as $83 million in contingent payments. While Dana Gas is still assessing the financial implications of the cancellation, it believes the Egyptian assets will improve its balance sheet and profitability “in the coming years,” it said.

Dana Gas said last year the sale would help it pay back a $309 million sukuk. While the Islamic bond was redeemed at the end of November, the firm took on a $90 million bridge loan from Dubai’s Mashreq Bank. Dana Gas did not say in Sunday’s statement how it would repay the loan.

 

The company had intended to focus on expanding output in the Kurdish region of northern Iraq after the sale. Dana Gas said on Tuesday that the Kurdistan Regional Government – which has been late paying invoices for production in the past – was settling its bills “in a timely manner”.

 

Source: Arabianbusiness.com

Founded in 1995 by a group of Maritime & Business Professionals, Navieramar International came out as a Company fully committed to providing the highest level of service to its clients ... Read more

Please publish modules in offcanvas position.