Saipem Awarded $600 million for FPSOs in Brazil

Saipem has been awarded contracts for the extension of leasing and upgrading works of the Cidade de Vitoria FPSO (Floating Production Storage and Offloading vessel) in Brazil. The company has also been awarded a lease extension and operation contract for the Gimboa FPSO in Angola. These contracts are worth in total approximately $600 million.
Saipem has been awarded by Petrobras a four-year extension to the Cidade de Vitória FPSO lease contract at Petrobras’ Golfinho Field, in Brazil’s Espirito Santo Basin, as well as a contract for modification and upgrading of the leased FPSO vessel. The total value of the two contracts is approximately $450 million.

The Cidade de Vitória FPSO, owned and operated by Saipem, has been under a lease and operation contract to Petrobras since 2005. The contract has now been extended by four years, until 2022.

The modification works that Saipem will carry out on the vessel are valued at approximately $110 million. The works will increase the produced water treatment capacity and allow the connection of two additional gas wells with a high level of condensates by the first quarter of 2016.

Saipem Execution Centre in France is responsible for the upgrade work, while pre-fabrication and installation of the topside will be done in Brazil.

In Angola, Saipem has been awarded by Sonangol P&P a two-year extension of the Gimboa FPSO lease and operation contract. The Gimboa FPSO is owned and operated by Saipem, and has been under a lease and operation contract in Block 4/05  since 2006.

The contract is extended to the first quarter of 2017 and the two-year extension has a value of approximately $150 million.

Saipem operates in the Engineering & Construction and Drilling businesses, with a strong bias towards oil & gas-related activities in remote areas and deep-waters.  Saipem is a leader in the provision of engineering, procurement, project management and construction services with distinctive capabilities in the design and execution of large-scale offshore and onshore projects, and technological competences such as gas monetization and heavy oil exploitation.

For more information, please visit: Saipem

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Vedanta mulls 5 mt steel unit at Bellary; may invest Rs. 30k cr.

NRI billionaire Anil Agarwal-led Vedanta Resources is mulling a 5 million tonnes per annum (mtpa) steel plant in Karnataka which may entail an investment of Rs. 30,000 crore. The mining and metals conglomerate has already initiated a feasibility study for its proposed foray into the steel sector through a joint venture, but is yet to commence talks with a potential partner, said a source. "The company is looking at all opportunities to grow in iron and steel sector. As far as steel-making is concerned, it looks very serious about development of Bellary Steel. It owns 700 acres and is looking at a stage-wise increase and may put up a five mtpa steel plant," he said. Agarwal is likely to announce the plan at the company's annual general meeting slated for August 1 in London. A senior official, when contacted, declined to comment on the issue. India�s largest iron ore producer and maker of various non-ferrous metals such as aluminium and zinc, Vedanta had in 2011 acquired the assets of Bellary Steel and Alloys (BSAL) for Rs. 220 crore through a competitive bidding process. Iron ore is one of the key raw materials for steel-making and having a captive source helps a company remain competitive. HBL

Budget 2014: Cotton textile industry has potential to invest upto Rs. 4,000 crore.

The cotton textile industry has a potential to invest up to Rs. 4,000 crore leading to generation of 50,000 new jobs if the government accepts the sector's demands in the forthcoming Budget, a top industry official has said. "We have urged the government that Technology Upgradation Fund Scheme (TUFS) should be extended during the blackout period from June 29, 2010 to April 27, 2011, when the scheme was suspended to all cases which have been left out for no fault of the industry," Cotton Textiles Export Promotion Council of India (Texprocil) Deputy Chairman R K Dalmia told PTI here. Dalmia urged Textile Minister Santosh Kumar Gangwar to restore the benefit as investments made during the 18 month gap are eligible investments before and after extension of the TUFS. ET

Rs. 9,000-crore fund for Sardar Sarovar dam.

Lagging behind the schedule for the Sardar Sarovar dam project with majority of sub-minor canal works to be completed, the state government has announced Rs. 9,000-crore fund for the project in its budget which also includes Rs. 500 crore for its ambitious Statue of Unity project recently. Giving details of the Sardar Sarovar project, Finance Minister Saurabh Patel said, "In the last three years, works of 5,342 kms have been completed by acquiring 10,726 hectares of land from 70,840 farmers with their consent. Till date, canal works of the length of 25,079 km have been completed and irrigation capacity for total 9.75 lakh hectares has been created." "In order to accelerate the works of canal construction, about 232 works costing Rs. 9,091 crore have been taken up during April 2010 to May 2014. Now, we are planning to complete the remaining works of canals and distribution network in a phased manner in 2015-16," he added. Patel also added that for construction of canals, provisions of Rs. 1,406 crore for Saurashtra region, Rs. 1,422 crore for north Gujarat and Rs. 1,138 crore for Kutch region have been made this year. THE INDIAN EXPRESS