Tag: Casting Equipments Exporter

Following prime ministerial level bilateral agreement between India and Bhutan, both the countries have finally signed tariff protocol for the output of 720 Megawatt Mangdechhu hydropower project. First yield of this Rs 4,500-crore Bhutan project is set to get into India’s national power pool by May-June this year.

The agreement was signed by Bhutan’s economic affairs secretary, Dasho Yeshi Wangdi and the power secretary of India, Ajay Kumar Bhalla in Bhutan’s capital Thimphu.

Prior to this protocol finalisation, basic tariff structure was agreed upon by Indian Prime Minister Narendra Modi and his Bhutanese counterpart Lotay Tshering in December last year.

As per the finalised protocol detail provided by Bhutan Government’s Ministry of Economic Affairs, the starting tariff for a term of 35 years is Ngultrum 4.21 (Eqv. INR 4.21) per unit. That will go up at a rate of 10% every 5 years till Bhutan’s loan for the project is repaid and 5% afterward. Government of ..

Source:
https://economictimes.indiatimes.com/industry/energy/power/india-bhutan-sign-rs-4500-crore-mangdechhu-hydro-projects-power-tariff-protocol/articleshow/69053103.cms

Traffic congestion is the bane of all commuters in cities around the world, and Yangon is no exception. According to calculations by the Asia Development Bank (ADB) and the Japan International Cooperation Agency (JICA), there are roughly 2.8 million commuters in Yangon. About 70,000 of these ride the trains, while very few people take the water buses that run along Yangon River.

The situation can be enough to raise the blood pressure, at times. It has needed attention, and now efforts are under way to curb the congestion.

Yangon Regional Government has launched multi-transport projects in Pazundaung and Kyeemyindaing Townships. To accomplish the goal of reducing traffic snarls and delays, they plan to integrate three different means of transport: trains, cars and ships.

“In order to provide more efficient, effective, and convenient transportation, we will try to integrate road and waterway transport,” U Phyo Min Thein, Chief Minister of Yangon, said. “We are currently doing feasibility studies for these projects, in the hopes of easing traffic congestion.”

Currently, water buses run along the Yangon River, and plans are in the works to expand the service in Ngamoeyeik Creek, following feasibility studies of the projects and their safety. Plans are in the works to dismantle the old bridge.

The regional government chose Kyeemindaing and Pazundaung Townships because they are located at the juncture of road and waterway transport routes. Plans to improve them in both the short and long term are in the works.

Daw Ni Lar Kyaw, Regional Minister for the Ministry of Electricity, said: “Now, we are building jetties along the bank of Ngamoeyeik Creek for ships. Moreover, projects to renovate the circular railway are nearly complete in western areas. We will connect the waterway and railway.”

Source:https://www.mmbiztoday.com/articles/yangon-region-launch-projects-ease-traffic-two-townships-0

US-based Capstone Turbine Corporation (Nasdaq: CPST) has announced today that it has secured an order for two C600 Signature Series microturbines to provide 1.2 megawatts (MW) of energy to power a triethylene glycol (TEG) dehydration facility in the Basra region of Southern Iraq.

The order also includes Capstone’s new self-cleaning pulse filtration system which will allow the microturbines to endure the remote and sandy conditions with minimal maintenance. The order was secured by Technical Solutions to Industry FZE (TSI), Capstone’s authorized distributor to Iraq and United Arab Emirates (UAE).

Fueled by available raw gas, Capstone’s two C600S microturbines will power 100% of the new dehydration facility. The new facility is part of a larger 25-year joint venture between local gas and leading oil producer’s efforts to capture, treat and monetize associated gas currently being flared from three southern Iraq oilfields.

Capstone recently developed a new line of self-cleanable severe environment air filtration systems for its Signature Series line of microturbine products to facilitate its expansion into the oil and gas business in the Middle East as part of its overall double digit revenue growth strategy.

The company announced its intentions to expand its business into the Middle East a couple of years ago and has previously delivered successful projects in Oman, Qatar, Saudi Arabia and the UAE. Capstone expects that higher oil prices and the move towards reduced gas flaring will continue to drive demand and should provide a positive backdrop for Capstone’s low emission microturbine solutions.

Darren Jamison, President and Chief Executive Officer of Capstone, said:

“Flaring is the traditional way to dispose of unwanted gas produced during oil exploration activities, but the long standing practice creates an immense amount of carbon dioxide emissions and adds to climate change.

“In Iraq alone, 16 billion cubic meters (bcm) of natural gas is flared annually, making it a wasted resource that could instead provide electricity or other benefits to meet the predicted doubling demand by 2030.”

Iraq is one of the world’s biggest energy producers and is set to become the fourth-largest oil-producer by 2030 behind the United States, Saudi Arabia and Russia according to the IEA report, Iraq’s Energy Sector: A Roadmap to a Brighter Future 2019.

At the same time, 60-70% of gas produced is being flared due to the lack on infrastructure causing Iraq to import natural gas from the neighboring country of Iran. To improve efficiency and help with shortfalls due to rising electricity demand, the Iraqi government is working with international gas companies to capture and utilize its resources versus flaring.

Jim Crouse, Executive Vice President of Sales and Marketing for Capstone, said:

“As pressure for more efficient and environmentally conscious oil and gas production increases, we continue to see an increased demand for microturbines for flare reduction applications.

“Capstone, through its distributor network, is committed to do its part by educating and working with producers and local operators for a more profitable production. Flare reduction applications like this in Basra can have a payback as short as one year which makes it an economic win as well as an environmental win.”

Source:http://www.iraq-businessnews.com/2019/06/05/capstone-wins-order-to-microturbines-in-basra/

Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad.

“We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi cities of Sulaymaniyah and Karbala.

“The embassy of the Islamic Republic of Iran in Baghdad, as well as the affiliated organizations and consulates and other governmental agencies of Iran in Iraq, have taken invaluable strides and actions at various political, economic and security levels to strengthen relations between the two countries in recent years,” the diplomat noted.

Masjedi further pointed to historical, cultural and ideological commonalities of the two countries and said closer ties in all fields are in line with the interests of both Iran and Iraq.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Heading a high-ranking delegation, Iranian Foreign Minister Mohammad Javad Zarif recently paid an official visit to Iraq to boost ties with the Arab country in the sanctions era.

US President Donald Trump’s administration announced plans in March to extend a 90-day waiver for the second time to let Iraq continue energy imports from Iran.

(Source: http://www.iraq-businessnews.com/2019/06/07/invaluable-steps-to-cement-ties-with-iraq/)

The chairman of Iran-South Korea Joint Chamber of Commerce said following last year’s move by the US to renew sanctions against the Islamic Republic, some Korean companies went bankrupt.

Speaking to Tasnim, Hossein Tanhayee pointed to the 70 percent fall in bilateral trade between Iran and South Korea after the re-imposition of the US sanctions and said the reduction of exchanges have been against the will of the Korean companies.

After the anti-Tehran sanctions, major Korean corporations were forced to look at their trade relations with Iran with great consideration, the official said.

Two major banks of the East Asian country had also many problems in their cooperation with the Islamic Republic due to the embargoes, he added,

Tanhayee went on to say that all of these problems led to the decline in Iran-South Korea economic relations, causing the bankruptcy of many so-called SMEs or small and medium-sized enterprises in South Korea that had ties with Iran.

Back in February, South Korea’s Foreign Minister Kang Kyung-wha voiced Seoul’s willingness to sustain the age-old relations with Iran regardless of the Western sanctions against Tehran.

Earlier, South Korean Ambassador to Tehran Ryu Jeong-hyun said that despite many European companies leaving Iran under the pressure of the US sanctions, South Korean firms understand the significance of the Iranian market and have chosen to stay.

In response to US sanctions, Iran and its trade partners have been negotiating the reduction of the US dollar’s share in mutual trade.

Russia, Turkey, India, Iraq, Qatar, China, and others have been actively taking steps to switch to national currencies in settlements in order to bypass Washington’s pressure.

Source:http://www.iran-bn.com/2019/04/18/korean-smes-go-bankrupt-due-to-sanctions-on-iran/

An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer.

Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a ceiling set on the contract between the two neighbors.

He noted that the exports will be rising as the hot season is looming with a surge in Iraq’s electricity consumption, adding that the daily export is expected to hit 40 million cubic meters.

Baghdad and Basra are the main export destinations of Iranian natural gas, the official added.

On a gas deal with Turkey, Montazer Torbati said Tehran and Ankara are planned to enter negotiations to extend the gas export contract during the last five years of the deal, adding that serious talks to renew the contract will kick off next year.

In June 2017, Iran started to export natural gas to Iraq after years of negotiations and settlement of financial problems.

Tehran and Baghdad had signed a deal on the exports of natural gas from the giant South Pars Gas Field in 2013.

Under the deal, the Iranian gas is delivered to Sadr, Baghdad and al-Mansouryah power plants in Iraq through a 270-kilometer pipeline.

Last month, Iraq’s Ministry of Electricity said the Arab country’s gas imports from Iran are planned to rise by 13 percent by January 2020.

Source:http://www.iran-bn.com/2019/05/17/iran-boosting-gas-exports-to-iraq/

It is essential that Iran fully implements its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA), IAEA Director General Yukiya Amano told the Agency’s Board of Governors on Monday.

Mr Amano noted the announcement by Iran’s Supreme National Security Council on 8 May that it had “issued an order to stop some of Iran’s measures” under the JCPOA.

“I am worried about increasing tensions over the Iranian nuclear issue,” he said. “As I have constantly emphasised, the nuclear-related commitments entered into by Iran under the JCPOA represent a significant gain for nuclear verification. I therefore hope that ways can be found to reduce current tensions through dialogue. It is essential that Iran fully implements its nuclear-related commitments under the JCPOA.”

Since January 2016, the IAEA has been verifying and monitoring Iran’s implementation of its nuclear-related commitments under the JCPOA.

“The Agency continues to verify the non-diversion of nuclear material declared by Iran under its Safeguards Agreement. Evaluations regarding the absence of undeclared nuclear material and activities in Iran continue,” Mr Amano told the 35-member Board, which is holding its regular, quarterly session this week.

Technical cooperation

Mr Amano informed the Board about the Agency’s continued efforts to build and strengthen partnerships and to increase the visibility of the IAEA technical cooperation programme.

“We highlighted the contributions of nuclear science and technology to the Sustainable Development Goals at two important events – the United Nations High-level Political Forum on Sustainable Development, and the International Conference on Public–Private Partnerships for the Implementation of the 2030 Agenda for Sustainable Development,” he said.

Mr Amano reported on his recent visit to Cuba to attend the 35th anniversary of ARCAL, the Regional Cooperation Agreement for the Promotion of Nuclear Science and Technology in Latin America and the Caribbean. “Working closely with the Agency, ARCAL has become an excellent example of south-south cooperation, with more advanced users of nuclear technology sharing their expertise with their neighbours.”

Mr Amano reminded the Board of the importance of maintaining Member States’ contributions to the technical cooperation programme at “a level that ensures the Agency can meet the growing demands for our services.”

Noting that cancer remains a key focus of the IAEA’s work, Mr Amano provided an overview of the Agency’s work in this area. Support to many developing countries has included establishing and strengthening radiotherapy and nuclear medicine services and training specialists, including radiation oncologists and medical physicists, he said.

Cancer will be the subject of the 2019 IAEA Scientific Forum in September.

Nuclear applications

Mr Amano informed the Board about the recent inauguration of a new linear accelerator facility at the IAEA’s Dosimetry Laboratory in Seibersdorf, Austria, which has equipped the Agency to provide expanded dosimetry services and training to Member States. Read this article for more details on the opening of the facility.

Updating the Board on the IAEA’s efforts to modernize its nuclear applications laboratories, he said: “I am grateful that Member States made available the 3.75 million Euros that we requested to equip and bring the two new laboratory facilities into full operation. Work is on track for all new facilities to come into operation over the next 10 months.”

Mr Amano said that VETLAB, the Veterinary Laboratory Network established by the IAEA in collaboration with the Food and Agriculture Organization of the United Nations (FAO), is working to help Mozambique to prepare for a possible outbreak of animal or zoonotic diseases after the country was hit by two major tropical cyclones this year, in which more than 300,000 farm animals were killed and another six million were put at risk.

Nuclear safety and security

Mr Amano said preparations were underway for the next IAEA Ministerial Conference on nuclear security in 2020. “I hope that the Ministerial Conference will consolidate the achievements of the Agency in nuclear security in the past decade and help to shape our approach in the coming years.”

Nuclear energy

Turning to nuclear energy, Mr Amano informed the Board that next month the IAEA will launch a new initiative to assess the status of current and planned decommissioning projects throughout the world. “The aim is to identify possible cooperation opportunities among Member States,” he said.

The IAEA International Conference on Climate Change and the role of Nuclear Power in October this year will highlight “the many ways in which nuclear technology can offer proven solutions to some of today’s most pressing climate-related challenges,” the Director General added.

Nuclear verification

Mr Amano informed the Board that, using open source information and satellite imagery, the IAEA continues to monitor the nuclear programme of North Korea, also known as the Democratic People’s Republic of Korea (DPRK). “We remain ready to play an essential role in verifying the DPRK’s nuclear programme if a political agreement is reached among countries concerned.”

Mr Amano called upon North Korea “to comply fully with its obligations under Security Council resolutions, to cooperate promptly with the Agency, and to resolve all outstanding issues, including those that have arisen during the absence of Agency inspectors from the country.”

Source:http://www.iran-bn.com/2019/06/11/iaea-important-for-iran-to-implement-jcpoa/

Dubai Airports is “pleased” with its relationship with Huawei despite a US blacklisting over national security concerns, according to a Dubai Airports spokesperson.

Huawei provides IT and communications technology to over 50 airports and 15 airlines around the world, including Singapore’s Changi Airport Group and Dubai Airports.

The services also include video surveillance technology and cloud systems.

“Based on our evaluation of their capability as a supplier and their fulfilment of our criteria, Dubai Airports partnered with Huawei for a modular data centre project to boost reliability and operational reliance,” the spokesperson told Arabian Business.

The spokesperson added that “the facility was delivered on time and to specification and we have been pleased with the outcome and the professionalism of all parties involved.”

Earlier this week, Eman Liu, the president of Huawei’s global transportation unit, said the company’s aviation business has so far been untouched by the American blacklisting.

“Until now, there is no effect,” he said at the International Air Transport Association (IATA) conference in South Korea.

According to Liu, the company’s customers present at the event pledged to “keep cooperating” despite US pressure.

“Because this trust is not one day trust,” he added. “It’s a long-term trust for the past 15 years, even 30 years.”

Around the world, a number of countries have also blocked Huawei from working on their mobile network, and a number of prominent firms have stepped back from the company.

“We cannot change the situation right now because we are businessmen,” he said. “But we hope the United States can change their way.”

Source:https://www.arabianbusiness.com/transport/421749-dubai-airports-pleased-with-huawei-amid-us-blacklist

Business conditions in the UAE’s non-oil private sector economy have shown the greatest improvement since October 2014.

According to the Emirates NBD UAE Purchasing Managers’ Index, the indicator rose to 59.4 in May from 57.6 in April – a third successive monthly increase.

Stronger market demand, marketing activity and the start of new projects all reportedly contributed to the latest increase, with growth expected to continue over the coming year, while business optimism was only fractionally weaker than the previous month’s record high.

The rate of growth in new business in the sector also quickened at a near-record pace. As well as improving underlying demand, price discounting helped secure new orders. New export orders, meanwhile, rose at the fastest pace in the near ten-year survey history, with new business from Saudi Arabia and Oman mentioned.

Price discounting was reflected in an eighth consecutive monthly reduction in output prices as companies were able to lower charges due to muted cost inflation. While overall input prices rose only marginally in May, and at the slowest pace in nine months.

Increased purchasing activity
Higher new orders led companies to increase their purchasing activity, which rose at a survey-record pace. And positive expectations regarding future workloads encouraged stock building midway through the second quarter. Inventories of purchases rose to the greatest extent since March 2018.

However, while both new orders and business activity increased at substantial rates in May, this was not reflected in employment rats, which were “broadly unchanged” during the month, with staffing levels remaining stable.

Khatija Haque, Head of MENA Research at Emirates NBD, sounded a word of caution. She said: “While the rise in the headline PMI indicates faster GDP growth in the UAE’s non-oil private sector, the environment remains a challenging one for businesses.

“The strong rise in both output and new orders last month was on the back of continued price discounting by firms as well as stronger growth in export orders. Moreover, when the headline PMI was last at a similar level (in October 2014 and January 2015) the survey showed solid growth in private sector jobs, which is not the case this time.

“The employment index in May 2019 was only fractionally above the “no-change” level and wages were stagnant as well, so the sharp rise in the volume of business activity is not yet benefitting households.”

Source:https://www.arabianbusiness.com/politics-economics/421750-business-sentiment-in-uae-at-near-record-high