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Tuesday, May 21, 2019

Reuters News

Schlumberger CFO Ayat to Retire Soon

Schlumberger NV Chief Financial Officer Simon Ayat plans to retire this year and a company insider has emerged as top candidate to replace him at the world's largest oil services firm, three people familiar with the matter told Reuters.Stephane Biguet, currently vice president of finance, is the frontrunner to replace Ayat, according to the people who declined to be named because the matter is not yet public.Schlumberger declined to comment.The CFO change would come as rising oil prices and dwindling producer reserves are helping lift demand for oil services, which were hit hard by the 2014 oil

Photo courtesy of Equinor

Hundreds of Norway Oil Workers Go On Strike

a 16-day industrial action in 2012 cut the country’s output of crude by about 13 percent and its natural gas production by about 4 percent.Not Talking NowTalks between the two striking Norwegian unions and rig employers will not resume for a few days, the leader of Safe, Hilde-Marit Rysst, told Reuters."We have no contact with the employers yet. It will take some days at least before we hear from them ... If they want to contact us they will probably reach out to us before the bigger strike on Sunday," Rysst said.The Shipowners' Association, representing the employers, said it was

S.Korea: Five Shipbuilding Regions get "Industry Crisis" tag

from China.   These heavy industries, which helped propel South Korea's growth in past decades, have cut tens of thousands of jobs, hurting local economies and households.   The statement did not provide details on the timing or amounts of public support to be allocated.    (Reuters reporting by Cynthia Kim; Editing by Sam Holmes

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Norway Calls in Mediator to Avert Strikes

Norwegian employers and labor unions failed to reach a deal in initial wage talks on Thursday, union sources told Reuters, leaving it up to a state-appointed mediator to avert widespread strikes that risk impacting output in western Europe's biggest crude producer. Negotiations will resume after the upcoming Easter holiday, ahead of an April 7 deadline, after which most workers are allowed to go on strike. While Norway's production of oil and natural gas is unlikely to be targeted from the start since the contract for rig workers' is valid until June, unions may still hit the sector by shutting

Magnus Hall (Photo: Vattenfall)

Sweden's Vattenfall to Cut 1,500 Jobs

five straight years of losses, partly due to a disastrous expansion into continental Europe, Vattenfall in February swung to a pretax profit of 12.9 billion crowns for 2017 against a 5.0 billion loss a year earlier. The company is now also looking into a limited number of acquisitions, Hall told Reuters in February, and Vattenfall said earlier this month it would invest 1 billion crowns in solar power generation. Reporting by Lefteris Karagiannopoulo

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Oil Producer Norway Starts Wage Talks to Avert Widespread Strikes

rolls a majority of private sector firms into a single negotiation in a bid to resolve a stand-off over pension reform.   "We've understood that there is no real will among employers to compromise from the outset," labour union negotiator Asle Reime, who will represent oil workers, told Reuters ahead of the talks.   "Pension rights are important to all workers regardless of which industry they are in, that's why I think there is more weight behind the demands this year and also more willingness to strike," he added.   If initial talks break down, a state-appointed

© Feng Yu/Adobe Stock

17 Keppel Employees Pay for Petrobras Bribery Case

and departures. The measures were revealed after the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, including some at state-run oil company Petrobras. Singapore authorities are investigating individuals involved.   In the document seen by Reuters, U.S. authorities listed remedial measures taken by Keppel Offshore & Marine as part of 'relevant considerations' towards the deferred prosecution agreement the firm signed as part of the settlement.   Those included disciplinary action against 17 former or current employees which led

Rasmus Nord Jørgensen. Photo: BIMCO

BIMCO Appoints Head of Communications

maritime communications professional.   He has a BA in Journalism from the Danish School of Journalism and was part of the global communications team at A.P Moller-Maersk, with a particular focus on the developing growth markets of Latin America and Africa. He also previously worked for Reuters.    Rasmus Nord Jørgensen takes up his new role on Wednesday 1 November 2017.   

Shell Nabs Sinochem Crude Trader for Singapore Desk

Royal Dutch Shell has hired a former manager in Sinochem's London office to help bolster its crude oil trading into the Chinese market, sources told Reuters. Zheng Qingpu, who worked as the deputy general manager for Sinochem in London, has joined the Shell crude oil trading desk in Singapore, the sources said. Major trading houses and independent oil firms are chasing qualified and well-connected staff for their Asia trading desks, spurred on by the opening up of China's oil imports to include independent refineries. Shell declined to comment on staff moves. Qingpu, who managed West African

France Approves of Siemens/Alstom Tie-up if Jobs Spared

companies are working together if synergies do not come at the expense of jobs," he said. Siemens has held tie-up talks with both Alstom and Canadian group Bombardier and had been expected to pick a preferred partner for detailed negotiations within days, a person familiar with the matter told Reuters on Thursday. If the deal with Alstom goes through, Siemens would have a slight majority, 50 percent plus several shares, but Alstom's French CEO Henri Poupart-Lafarge would head the merged company, a source familiar with the transaction told Reuters on Friday. But there was no decision yet

Colombia's Ecopetrol Names New CEO, Echeverry Resigns

prices, has resigned for family reasons, Ecopetrol said in a statement to the Andean country's financial regulator. Bayon, an engineer who spent 20 years working at BP PLC, will take over from Sept. 15, the company said. He has been a vice president at Ecopetrol since February 2016. Echeverry told Reuters in an interview last week that the company will focus on exploring for unconventional deposits in the center and north of the country over the next few years in a bid to increase oil reserves. Ecopetrol is Colombia's largest company and its top crude producer. The government controls 88.49

APM Terminals to Cut 160 Staff at Gothenburg after Strikes

at its Gothenburg terminal in Sweden, the largest in Scandinavia, as labour disruptions had caused container volumes to drop by 25 percent over the past year. "We have lost about 70,000 containers in revenue over the past year," Henrik Kristensen, head of APM Terminals in Gothenburg, told Reuters on Tuesday. Around half of all Swedish container traffic moves through the terminal in which APM Terminals invested 800 million Danish crowns ($120 million) in 2012-16, and is currently investing a further 250 million crowns. "This has been a very difficult but necessary decision caused

Port Workers in Argentine Grains Hub to Hold Wage Protests

half in 2017.   "We are going to hold days of protests in front of the gates of different port facilities. We will hold them one or two days a week until the end of the month up and down Rosario's industrial corridor," local representative of the CGT labor union Edgardo Quiroga told Reuters by telephone, adding the exact times and locations would not be announced ahead of time.   He said protesters would not block all of Rosario's terminals at the same time.   A spokesman for Argentina's port operators' chamber could not be reached for comment.   Argentina's is

Jim Hagemann Snabe (Photo: A.P. Moller-Maersk)

A.P. Moller-Maersk Elects New Chairman to Steer Digital Transformation

steps up its drive to become more efficient and save costs at a time of low oil prices and declining freight rates. The more than 100-year-old conglomerate's digital push will mean that in theory, it should be as easy to book a container as booking an airline ticket, Chairman Jim Hagemann Snabe told Reuters shortly after he was elected. "We transport goods in the physical world and that won't change as we won't start beaming things around the world," the former co-CEO of German software company SAP said. "It is not about replacing the current product but about making it more efficient

Spanish Dockers Call Strike over Non-union Labor

; Dockers last week called off a planned three-day strike after the government said it would put its reforms on hold and open talks, but the decision to push ahead with a bigger strike came after the government signaled it would not change parts of the plan, El Pais said, citing the CETM union.   Reuters could not reach CETM for comment.   The proposals would allow companies operating in ports to hire staff that do not belong to unions, a move unpopular with union members but which would help bring Spain in line with European Union regulations.   The nine days of stoppages across dozens

(Source: Central Intelligence Agency World Factbook)

Djibouti Breaks Ground on Massive FTZ

95 percent of the inbound trade for neighbouring Ethiopia, population 99 million.   "(Djibouti) aims to become a gateway not only to Ethiopia but to South Sudan, Somalia and the Great Lakes region," Aboubaker Omar Hadi, chairman of the Djibouti Ports and Free Zone Authority, told Reuters.   "This new free zone will be the country's first employment reservoir, with more than 15,000 direct and indirect jobs created."   China's largest public port operator, Dalian Port Corporation Limited, is building the free trade zone. The Djibouti Ports and Free Zone Authority

Oil Rises on Expected U.S. Inventory Decline

.7 mln barrels; Kuwait Petroleum committed to output cut.   * OPEC deal compliance meeting set for Jan. 21-22 in Vienna   * Saudi expected to lift Asian crude export prices - traders (Adds details on OPEC compliance meeting, updates prices)   By Karolin Schaps   LONDON, Jan 4 (Reuters) - Oil prices ticked higher on Wednesday on expectations that U.S. crude inventories are falling and signs that oil producers will stick to agreed output cuts that took effect this week.   Global benchmark Brent crude futures were up 10 cents at $55.57 a barrel by 1110 GMT. The contract reached

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