Caterpillar says Wall St "too optimistic" on 2017 Profit Estimate
Caterpillar Inc, the world's largest construction and mining equipment maker, said analysts' earnings expectations for 2017 were "too optimistic" as oil prices continued to remained volatile. The company, however, said it was encouraged by the potential of a U.S. infrastructure bill, tax reforms, commodity prices and the recent announcement by the Organization of the Petroleum Exporting Countries (OPEC) to curb production. Oil prices soared more than 10 pct on Wednesday as some of the world's largest producers agreed to curtail production for the first time since 2008 in a bid to support prices.
Caterpillar Could Shed 2,000 Belgium Jobs
Heavy machinery maker Caterpillar Inc said it could lay off about 2,000 employees at a plant in Belgium, as it considers shifting production to other facilities as part of a restructuring program announced last year. The company, which manufactures construction equipment at the plant in Gosselies, Belgium said it may shift the production to its facility at Grenoble, France and other locations outside of Europe. Caterpillar said in September 2015 that it will cut as many as 10,000 jobs through…
Chinese Firms Active While Ven's Factories Remain Idle
Five years after Chinese home appliance maker Haier agreed to build a $912 million factory in Venezuela, its washing machines and refrigerators are almost the only ones available in the country's department stores. Those appliances, however, are not made in Venezuela. They are instead imported from Haier factories in China and paid for through an oil-for-loans deal dating from 2007 under which China lends cash and is repaid in crude and fuel. The cost of leaving Haier's facility idle is primarily borne by Venezuela's socialist government…
Reps to Negotiate End to Colombian Mine Strike
Mechanics at Colombia's largest coal mines will meet on Tuesday with contractor Dimantec and representatives from the labor ministry in an effort to negotiate an end to a 12-day strike. The 3,500-strong mechanics group is demanding improved pay, after Dimantec maintained the same salary offer made in previous negotiations, a union leader said. The meeting will begin at 10:00 (1500 GMT) in the northern city of Valledupar, Sintraime union head Felix Herrera told Reuters. "There's a lot of hope that there will be an accord which benefits everyone and we can lift the strike," Herrera said.
Europe Coal Prices Edge Up
European physical coal prices edged up along with natural gas and wholesale power markets on Monday, and because of an ongoing mining strike in exporter Colombia, but overall price levels remain low as a result of oversupply. European physical coal for delivery in August rose 25 cents to $73.25 per tonne, and cargoes for delivery in September rose almost a dollar between Friday and Monday to $73.25 a tonne. "We saw some pretty heavy price rises in gas trading today on the back of some North Sea gas production outages…
Colombia Coal Mechanics' Strike in 6th Day
Contractors maintaining heavy machinery at Colombia's largest coal mines remained on strike for a sixth day on Monday after fresh attempts to reach a negotiated settlement ended without a deal, a union leader said on Monday. Felix Herrera of the Sintraime union said Dimantec, a third-party contractor providing around 3,500 mechanics to Colombia's biggest miners including joint-venture Cerrejon and U.S.-based Drummond Co, had rejected a union proposal for a wage increase. The company in turn made a new wage offer but workers rejected it because it was almost identical to the company's prior offer, Herrera said.
First PNG LNG Cargo Shipped by Exxon Mobil
Exxon Mobil Corporatio says it has shipped the first cargo of liquefied natural gas (LNG) from the $19 billion PNG (Papua New Guinea) LNG project ahead of schedule. PNG LNG, operated by ExxonMobil affiliate ExxonMobil PNG Limited, is expected to produce more than 9 trillion cubic feet of gas over its estimated 30 years of operations. The first cargo is bound for LNG customer Tokyo Electric Power Co. Inc. (TEPCO) in Japan. Production from the first train started in April, 2014, and production from the second train has also started as additional wells came online.
Exxon's $19 Bln PNG Plant could change country's fortune
ExxonMobil's $19 billion liquefied natural gas (LNG) project in Papua New Guinea, which is shipping its first cargo, is set to dramatically transform one of Asia-Pacific's most unstable countries, for better or for worse. The LNG venture, which is expected to produce more than 9 trillion cubic feet of gas over 30 years, is the largest private investment in the South Pacific nation's history. ExxonMobil is relying on projects like this one for much-needed production growth, while the Papua New Guinea government hopes it might double its $15 billion dollar economy, now slightly larger than Botswana's.
Beijing's bid to move polluting firms adds pressure on nearby regions
China's capital has ordered more than 50 companies to shut down this year in an effort to cut pollution but pushing factories out could raise objections in surrounding areas reluctant to host Beijing's polluters. Smog-shrouded Beijing and the surrounding province of Hebei have become a front in a "war against pollution" declared by Premier Li Keqiang last month. But experts say efforts to cut coal consumption and industrial output in big cities like Beijing is likely to put pressure on other regions to endure more pollution to keep the economy growing…
Construction and Drilling Training Center Opens
TQ Construction and Drilling Training Center Inaugurated in Dammam. Leading representatives from Saudi’s oil and gas sector gathered in Dammam on Thursday, February 27, to launch the newest Saudi Petroleum Services Polytechnic (SPSP), the Construction and Drilling Training Center. His Royal Highness Prince Saud bin Naif bin Abdulaziz attended the Inauguration, along with His Excellency, Eng. Ali Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources; Dr Ali Nasir Al-Ghofais, Governor of TVTC and His Excellency Mr Khalid Al-Falih, President and CEO of Saudi Aramco.
GPA Posts Double-Digit Growth for August
The Georgia Ports Authority saw a strong August, with increased business across all categories, both month-over-month and fiscal year to date. Totals for all terminals hit 2.3 million tons, up 13 percent on the month. For the fiscal year, 4.52 million tons of cargo have crossed GPA docks, for an increase of 5.6 percent. “The GPA’s growth despite a relatively flat economy reflects the level of efficiency and service our customers receive, which helps Georgia’s deepwater ports maintain existing business and expand our market share,” said GPA Executive Director Curtis Foltz.
