A couple of updates from the latest CapProCon e-newsletter can be seen here.
ExxonMobil has outlined an aggressive growth strategy to more than double earnings and cash flow from operations by 2025 at today’s oil prices. In the upstream sector, ExxonMobil expects to significantly increase earnings through a number of growth initiatives and investments in US tight oil, deepwater and LNG projects.
Meanwhile, Engie, in its latest annual report, highlighted the renewable energy projects it has invested in. They include the acquisition of a wind energy portfolio of more than 400 MW with the takeover of La Compagnie du Vent in France. The company also launched a joint venture with Abraaj Group to develop a 1 GW-plus portfolio of wind energy projects in India.
In the mining arena, Clean TeQ completed an underwritten institutional placement which has raised AUD150 mn (USD118.1 mn). Proceeds raised will be used to fund early works and long lead items to accelerate the development of its Sunrise nickel/cobalt/scandium project, located 350 km west of Sydney.
In Europe, Skanska will invest EUR41 mn in the first phase of a new office development in Gdansk, Poland. The first-phase of the project will be 14 stories high with two levels of underground parking.
The Capital Projects and Contracts (CapProCon) e-newsletter, distributed every Monday, includes dozens more updates and developments. To learn more, click here.
Engie will sell its 40 percent share in the NuGen joint venture back to Toshiba, which owns a 60 percent stake.
This is in response to the bankruptcy of Westinghouse, owned by Toshiba. NuGen is in charge of developing three Westinghouse AP1000 nuclear reactors in Moorside, West Cumbria, UK.
Published every week and sent by email, the CapProCon e-newsletter contains a useful overview of development and construction contracts awarded to, or by, engineering, procurement and construction (EPC) organisations, oil and gas majors, mining and civil engineering companies, energy groups and original equipment manufacturers (OEM). Contracts that are likely to involve significant project logistics opportunities.
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Engie, in partnership with Doosan Heavy Industries & Construction, has received an engineering, procurement and construction (EPC) contract for the USD1.2 bn Fadhili independent power project (IPP) in Saudi Arabia.
The 1,507 MW plant will be developed 50 km northwest of Jubail Industrial City. Siemens will supply the turbines for the project.
Total investment for the project is estimated to be USD1.2 billion.
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