Friday, November 19, 2010

BP to conduct test to show if Gulf well dead

HOUSTON - BP Plc has conducted a pressure test on its ruptured Gulf of Mexico oil well to make sure that cement pumped into the bottom killed it for good, the company said.

The test is the last step toward declaring the well dead and closing the seabed chapter of the worst oil spill in US history. The disaster began nearly five months ago with a blowout and explosion that killed 11 men and sank a drilling rig. No announcement declaring the well dead is expected until Sunday.

BP faces years of litigation, multiple investigations and the daunting job of repairing its tattered image in the United States, where the London-based oil giant conducts 40 percent of its business. That includes the Gulf, where BP is the largest producer.

The blown-out Macondo well spewed more than 4 million barrels of oil into the Gulf before BP sealed it shut with a cap on the wellhead on July 15. The spill damaged coastlines along the US Gulf Coast, killing wildlife and hurting the livelihood of fishermen and others.

BP pumped cement into the well from the top on Aug. 5. Repeating that procedure at the bottom through a relief well has long been considered the final assurance the well is dead.

The relief well intercepted the Macondo well late on Thursday near its bottom about 13,000 feet (4,000 meters) beneath the seabed. On Friday, BP pumped in cement for seven hours and waited for it to finish curing on Saturday before conducting the final test.

Retired Coast Guard Admiral Thad Allen said last week that if the test showed the reservoir was completely sealed off from the well and no oil could flow upward, he would declare the Macondo well dead.

Related Articles

Vietnamese Business Forum in Europe opens

The fifth Vietnamese Business Forum in Europe opened in Moscow on Saturday, drawing representatives of 500 enterprises from over 10 European countries and Vietnam.

Addressing the two-day forum, Industry and Trade Minister Vu Huy Hoang said the forum was an opportunity for Vietnamese enterprises in Europe to meet, exchange experiences, seek cooperation opportunities and discuss measures to boost investment at those countries and to Vietnam.

The minister further said that the forum will help enterprises update themselves on the latest policies back home through direct dialogue with representatives from Vietnamese ministries, sectors and agencies.

Deputy Foreign Minister, Chairman of the State Committee on Overseas Vietnamese Nguyen Thanh Son spoke about Vietnamese Party and State policies, which aim to encourage Overseas Vietnamese and the Vietnamese business community abroad to contribute to economic development in Vietnam and promote the image and products of the country to the world.

He stated that Vietnamese enterprises abroad are bridges to link Vietnam with other countries and countries with Vietnam.

Meanwhile, Tran Dang Chung, President of the Vietnamese Business Association in Russia, said that enterprises, particularly Vietnamese enterprises the Europe need to boost solidarity and exchange information and experiences to overcome difficulties, especially impacts of the global economic and financial crisis.

Participants to the forum will focus their discussions on four issues: debt crisis in Europe and challenges to Vietnamese enterprises; linkage and sharing as the basis for successes of the Vietnamese business community in Europe; Vietnam’s policies to support exports to Europe; and investment into Vietnam, responsibility of Vietnamese business community toward home country.

Within the framework of the forum, the Ministry of Industry and Trade held a ceremony to honor outstanding Vietnamese entrepreneurs in Europe.

Related Articles

Crisis impacts on two-thirds of local SMEs

Two-thirds of the small and medium-sized enterprises (SME) in Vietnam were affected by the global financial crisis but most of them said these challenges were temporary.

This is the result of a survey conducted at SMEs in 10 cities and provinces nationwide, which was announced at a seminar held in Hanoi Friday by the Central Institute of Economic Management (CIEM) under the Ministry of Planning and Investment.

Prof. Finn Tarp, coordinator and supervisor of the survey, said the business environment of SMEs in Vietnam seemed to worsen between 2007 and 2009, when SMEs faced more barriers, including the falls in both demands for products and supply of credits.

The rate of SMEs that annually survived the crisis dropped, while a large number of other SMEs were forced to halt operations, said the professor.

However, Tarp said super-small companies suffered fewer impacts from the crisis than bigger enterprises, as the crisis helped improve their business conditions, make competition less tough and push the government to offer them better assistance programmes.

According to the survey, SMEs in Hanoi, Ho Chi Minh city and the central province of Nghe An were hardest hit by the crisis, while those in the provinces of Phu Tho, Khanh Hoa and Lam Dong and Hai Phong city suffered fewer negative influences.

Almost 40 percent of the SMEs facing credit-related difficulties were in rural areas and household businesses in cities.

The survey, the sixth of its kind, was jointly carried out by CIEM, the Institute of Labour Science and Social Affairs under the Ministry of Labour, War Invalids and Social Affairs, and the Faculty of Economics at Copenhagen University.

Related Articles

Vietnam, Russia plan to hold FTA negotiations

Vietnam and Russia agreed to soon begin negotiations on a bilateral Free Trade Agreement (FTA) with the participation of the nations in the Customs Union ( Russia , Belarus and Kazakhstan).

The first meeting of the joint working group for the Vietnam-Russia FTA will be held in Hanoi next month to embark on steps needed for the negotiations.

The consensus on this issue was reached at the 14th meeting of the Vietnam-Russian Inter-government Committee for Economic, Commercial, Scientific and Technological Cooperation, which closed in Moscow Friday.

Minister of Industry and Trade Vu Huy Hoang, and his Russian counterpart, Viktor Khrristenko, co-chaired the meeting.

The two sides focused discussions on ways to step up cooperation in the fields of economy, commerce, science and technology, and raise two-way trade.

Both sides noted with pleasure that economic and trade relations have seen progress since the 12 th meeting. Bilateral trade reached a decade-high record of almost US$1.83 billion in 2009, including $414.89 million from Vietnamese exports.

However, the officials said economic and trade ties remain modest, failing to reach their full potential, and match with the excellent political relations, traditional friendship and strategic partnership between the two countries.

Vietnam affirmed its desire to cooperate closely and effectively with Russia in energy, with top priority given to oil and gas, and construction of power plants and coal mining.

Other fields that need to receive a boost include mechanical engineering, automobile assembly, trade, finance, banking, education, training, agriculture, science, technology, telecoms, aviation, sports, culture, tourism and space research.

Both Hoang and Khrristenko affirmed the two governments’ support for companies to explore business and investment opportunities in each other’s markets.

The two sides agreed to hold the next meeting in Vietnam in 2011.

Related Articles

Vietnamese Business Forum in Europe opens

Vietnamese Business Forum in Europe opens

The fifth Vietnamese Business Forum in Europe opened in Moscow on
Sept. 18, drawing representatives of 500 enterprises from over 10
European countries and Vietnam .


Addressing the two-day forum, Industry and Trade Minister Vu Huy Hoang
said the forum was an opportunity for Vietnamese enterprises in Europe
to meet, exchange experiences, seek cooperation opportunities and
discuss measures to boost investment at those countries and to Vietnam.


The
minister further said that the forum will help enterprises update
themselves on the latest policies back home through direct dialogue with
representatives from Vietnamese ministries, sectors and agencies.


Deputy
Foreign Minister, Chairman of the State Committee on Overseas
Vietnamese Nguyen Thanh Son spoke about Vietnamese Party and State
policies, which aim to encourage Overseas Vietnamese and the Vietnamese
business community abroad to contribute to economic development in
Vietnam and promote the image and products of the country to the
world.


He stated that Vietnamese enterprises abroad are bridges to link Vietnam with other countries and countries with Vietnam .


Meanwhile,
Tran Dang Chung, President of the Vietnamese Business Association in
Russia , said that enterprises, particularly Vietnamese enterprises the
Europe need to boost solidarity and exchange information and
experiences to overcome difficulties, especially impacts of the global
economic and financial crisis.


Participants to the forum will
focus their discussions on four issues: debt crisis in Europe and
challenges to Vietnamese enterprises; linkage and sharing as the basis
for successes of the Vietnamese business community in Europe; Vietnam
’s policies to support exports to Europe; and investment into Vietnam
, responsibility of Vietnamese business community toward home country.


Within
the framework of the forum, the Ministry of Industry and Trade held a
ceremony to honour outstanding Vietnamese entrepreneurs in Europe./.

Related Articles

Japan ready to weaken yen again despite criticism

TOKYO - Japan's finance minister on Friday repeated his threat to intervene in currency markets if necessary to weaken the yen, illustrating government resolve in the face of overseas criticism.

"As we have been saying, our basic stance is that we will take decisive steps, including intervention, if necessary, and I'd like to maintain this stance," Yoshihiko Noda said at a news conference after a cabinet meeting.

Noda was retained in Prime Minister Naoto Kan's cabinet reshuffle Friday, following the premier's victory in a bruising leadership challenge this week from Ichiro Ozawa, his pro-intervention rival.

Kan likewise suggested Japan would take further action if necessary, saying at a press conference: "We cannot take our guard down when it comes to the economy."

"So far, the interventions have worked to a certain degree," he added.

Japan on Wednesday carried out its first global currency market intervention since 2004 in an estimated two trillion yen (US$23 billion) move to help safeguard an export-driven recovery.

The decision surprised markets as Kan sought to silence those accusing him of inaction and win over supporters of Ozawa.

A strong yen puts Japanese exporters at a disadvantage because it erodes their repatriated earnings and competitiveness, in turn threatening the nation's fragile growth.

However, any repeat foray into the markets if the yen resumes upward moves may provoke ire from Japan's Group of Seven partners, after its intervention Wednesday was rounded on in Washington and Brussels.

Luxembourg Prime Minister Jean-Claude Juncker on Thursday hit out at such action on currency markets, saying his eurozone partners "don't like unilateral intervention".

Juncker, who heads the Eurogroup of finance ministers who manage the shared currency, spoke out as US Treasury Secretary Timothy Geithner bluntly warned China it had to let the yuan rise against the dollar to end trade distortions.

Earlier, US Democratic Representative Sander Levin, who chairs the House Ways and Means Committee which has power over taxes and trade policy, called Japan's policy "predatory" and "deeply disturbing".

With a large trade and current account surplus, Japan has a relatively weak case to lower its currency to boost exports, some analysts argue.

And while the yen recently hit 15-year highs on nominal terms, it is still below its 1995 peak when adjusted for price changes and compared with a basket of currencies used by Japan's largest trading partners, say analysts.

Noda said he is "checking" the overseas response to the intervention, adding, "I understand there are various opinions."

The yen was at 85.72 Friday, nearly three yen off a 15-year high of 82.86 reached before the intervention.

Related Articles

IMF raises $8 bln for loans to poor countries

WASHINGTON - The International Monetary Fund said on Friday it had raised US$8 billion in new resources for poor countries from four donors, including China which has a growing presence in Africa.

The IMF said in a statement it had signed financing agreements with Britain, Japan, China and France as part of fund-raising efforts that would allow it to offer low-cost loans to the world's poorest countries.

In July last year the IMF unveiled a plan to help developing nations hard hit by the global financial crisis and recession by boosting lending by up to $17 billion through 2014. It also suspended interest payments on loan payments through the end of 2011 to temporarily free up resources for governments.

Funds for the effort have already been received from Norway, the Netherlands ($767 million) and Canada. The IMF is also raising money for poor countries by selling 403.3 tons of its gold holdings.

IMF lending to poor countries rose sharply to $3.8 billion in 2009 from $1.2 billion in 2008, and just 0.2 billion in 2007.

So far in 2010 commitments of $1.7 billion have been made to developing countries under the low-cost lending program.

The announcement on funds for poor countries comes days before a meeting of 140 world leaders at the United Nations to assess goals launched in 2000 to cut global poverty by 2015.

Related Articles