Tag: liquefied natural gas
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What you need to know about the energy crisis
In May I wrote about the emerging energy and food crisis gripping the world due largely to the Russia-Ukraine conflict. The crisis continues to unfold. However, most people are aware of it only via high prices—for gasoline, electricity, natural gas, and food—and through widespread chatter among economists about inflation and what should be done to […]
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Singapore to Impose Restrictions on Russian Financial and Crypto Transactions
In a rare move, Singapore is going to introduce restrictions on certain Russian financial transactions and crypto operations aimed at evading sanctions. The decision comes amid officially expressed concerns that Moscow’s invasion of Ukraine is a threat to the security of small states around the world. Singapore Becomes First Southeast Asian Nation to Impose Sanctions…
The post Singapore to Impose Restrictions on Russian Financial and Crypto Transactions appeared first on Bitcoin News Miner.
Mitsubishi Shipbuilding Holds Christening and Launch Ceremony in Shimonoseki for Japan’s First LNG-fueled Ferry
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The SUNFLOWER KURENAI is 199.9m long and 28.0m wide, with gross tonnage of approximately 17,300. The vessel has capacity to accommodate 716 passengers, an estimated 137 13-meter trucks, and roughly 100 passenger cars. The main engine is a high-performance dual-fuel engine - the first of its kind featured on a domestic ferry - that can run on both liquefied natural gas (LNG) and A-type heavy oil. It offers outstanding environmental performance, achieving a 20% reduction in CO2 emissions and close to zero emissions of sulfur oxides (SOx), thereby mitigating environmental impact.
Compared to earlier ferries, the SUNFLOWER KURENAI also features significantly more loading capacity for trucks, a more spacious lounge for truck drivers, and substantially greater space per passenger. Expansive public areas include enlarged bathing facilities, a more spacious restaurant, and an atrium extending through three stories. In these and other ways, the new ferry responds to today's modal shift in the transport industry(Note1) while simultaneously achieving advances in the casual cruise business.
As part of MHI Group's strategic initiatives to advance the energy transition, Mitsubishi Shipbuilding is reducing the carbon footprint of the maritime industry through construction of LNG-fueled ships, as a way of contributing to realization of a carbon neutral society. Japan today is undergoing a modal shift from land transport to maritime transport in a quest to reduce carbon emissions as well as to offset a shortage of long-haul truck drivers and achieve workstyle reform. In tandem with this shift, demand is increasing for ferries and RoRo ships(Note2) and for ever-larger ships. Going forward, Mitsubishi Shipbuilding, as a maritime system integrator, will continue building fuel-efficient and environmentally harmonious ferries and cargo-passenger ships supporting stable operation, working closely with its business partners to solve diverse issues needing to be addressed.
(1) The transition underway in cargo transport away from reliance on trucks and other vehicles, toward increased use of trains and ships, which have a lighter environmental footprint.
(2) Roll-on Roll-off ship: a ship enabling loaded trucks, trailers, and other cargo vehicles to board and disembark directly, under their own power.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comMitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, today held a christening and launch ceremony for the SUNFLOWER KURENAI, the first of two large LNG-fueled ferries being built for Mitsui O.S.K. Lines, Ltd. (MOL).
Myanmar Government Approved USD 3.82 Billion in Foreign Investment and USD 651 Million in Domestic Investment in First Year of State Administration Council
The Ministry of Information (MOI) and the Ministry of Investment and Foreign Economic Relations (MIFER) released the latest investment figures for the country for the period between 1 February 2021 - when a Proclamation was issued - and 20 January 2022.
The SAC was formed on 2 February 2021, a day after the Proclamation was issued after the failure to settle the issue of voter list fraud and malpractices in the 8 November 2020 elections, and to postpone parliament sessions. A state of emergency was declared in accordance with Article 417 of the 2008 Constitution of Myanmar.
Despite destruction of public property, attacks on Government personnel and attempts to sabotage the domestic economy by the so-called People's Defense Force - with clear support from foreign elements - the SAC had largely restored national stability by the second half of 2021.
Myanmar faced a second crisis, a health pandemic that arose from the outbreak that was first detected in the country in March 2020. However, due to intense efforts to contain COVID-19, schools, universities have reopened, and most commercial activities have resumed in recent months with the vaccination of at least 60% the country's population (above 18 years) to date.
The MOI and MIFER said among the 50 domestic (citizens') investments approved in the past year, seven were for projects in the services sector with investment value of USD 427.34 million equivalent and 29 were for manufacturing projects with investment value of USD 74.58 million equivalent. The mining, power and construction sectors also attracted sizeable citizens' investments during this period.
Foreign investments approved in the past year included a USD 2.5 billion project to construct a liquefied natural gas (LNG) power plant, the two Ministers said.
The People's Republic of China (PRC), apart from being the largest trading partner of Myanmar, is the largest foreign investor in the country. Among the non-PRC foreign investments approved in the past year were one from Japan (USD 516.43 million), four from Singapore (totaling USD 442.20 million), two from Thailand (totaling USD 75.50 million) five from South Korea (totaling USD 66.17 million) and seven from Hong Kong (totaling USD 60.09 million).
The Government estimates that the foreign investments over the past year led to the creation of 25,383 new jobs while domestic investments added a further 11,879 new jobs, or a total of 37,262 jobs.
Myanmar Government is accelerating efforts to improve trade flows with and investments from countries such as Russia that, until recently, have not been among its leading economic partners. Prior to the pandemic, which curtailed business travel and activities, Myanmar-Russia bilateral trade had increased 30% in FY2019-2020 (November to October) compared to the year earlier.
Despite the challenges of the pandemic Myanmar and Russia are actively formulating a Bilateral Strategy for Development of Economic Cooperation. The latter has already led to a first virtual business matching session attended by dozens of business leaders from both countries last September. A second such virtual session will be held on 31 January 2022.
The two countries, which signed an Inter-Governmental Joint Commission for Trade and Economic Cooperation in August 2014, plan to hold its third Joint Commission meeting, physically, in Nay Pyi Taw in the near future.
Russian corporations have invested USD 94 million in Myanmar, mostly in the oil and gas sector, and the country currently ranks 22nd out of 52 foreign investors. Myanmar Government will support the extension of Russian investment interest to sectors such as mineral processing, solar energy, railway and ICT, aviation, automobiles and tourism.
"Economic recovery is a major priority as the country recovers from two crises and prepares for multi-party elections to be held by August 2023," said MOI Minister Mr. Maung Maung Ohn and MIFER Minister Mr. Aung Naing Oo in their joint statement.
"Due to good weather, Government financial support such as concessionary loans, and the relatively low impact of the pandemic compared to other sectors, the agriculture, fisheries and livestock sectors are reporting healthy growth. As workers return to workplaces in the past few months, the influx of new domestic and foreign investments will also contribute to job creation," they said.
These factors along with national stability and improved vaccination rates will help Myanmar register a modest economic recovery in 2021-2022 after a single-digit contraction of its Gross Domestic Product in 2020-2021 - which is less dire than forecasts of some international economists.
"While certain quarters of the international community publicly discourage economic cooperation with Myanmar, the country continues to record substantial trading volume as well as domestic and foreign investments. Many of our foreign partners choose to work quietly with us, fully recognizing Myanmar's economic potential as well as its unique challenges," the two Ministers said.
"We have shared with foreign partners our efforts to deal with economic sabotage in the form of attempts to boycott Government revenue, shake confidence in financial institutions and destabilise the kyat. Despite these challenges, our Ministries and Government departments have been working diligently away from public glare to increase trade and investment flows," they added. "These efforts have clearly borne fruit and we seek to increase such activities domestically and with foreign partners."
* All equivalents based on exchange rate of approximately USD1.0 to 1,771 kyat as at 26 January 2022.
Issued by Ministry of Information, Union Government of Myanmar
Please see https://www.moi.gov.mm/moi:eng/announcements/5962
Contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comThe Myanmar Government said today it has approved USD 3.82 billion of foreign investments and USD 651 million equivalent(1) in domestic investments in first year since the State Administration Council (SAC) took office. The investment commitments underscore confidence in the country's economic potential amid a return to national stability and efforts to increase vaccination rates to contain the COVID-19 pandemic.
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