Europe

The Iraqi Ministry of Oil has signed a joint venture agreement with Shell, the South Gas Company and Mitsubishi Corporation on an initiative to capture natural gas in southern Iraq.

The South Gas Company (SGC), an affiliate of the Ministry of Oil, will take 51 per cent in the joint venture, the Basrah Gas Company (BGC). Shell will take 44 per cent and Mitsubishi will take five per cent.

Bridge Energy’s balanced portfolio of exploration and production oil and gas projects across the North Sea makes it an attractive investment as it sets out to list in London as well as Oslo.

Automotive giant Toyota has announced an investment of more than £100 million into one of its UK manufacturing sites.

The investment will be made at Toyota’s Burnaston, Derbyshire factory, to manufacture new generation hatchbacks.

Manufacturing the C-segment family sized hatchback models will create up to 1,500 additional jobs in the next two years.

Commenting on the news, the UK’s prime minister David Cameron said: “This major announcement from Toyota is fantastic news and a massive vote of confidence for UK manufacturing.

The UK’s Weir Group has agreed to acquire US-based Seaboard Holdings for $675 million (£431 million).

Based in Houston, Texas, Seaboard manufactures engineered wellhead and pressure control equipment for the oil & natural gas exploration and production industries. The company also provides a range of field and support services, including equipment rental for the onshore oil & gas drilling, completion and production markets.

Norway’s AGR Group has agreed to sell its field operations business, AGR FO, to the Norwegian subsidiary of Oceaneering International.

Headquartered in Bergen, Norway, AGR FO is a provider of inspection, maintenance, subsea engineering and field operations services, principally to the oil and gas industry.

UK automotive output has recovered to pre-recession levels, according to a report released today by the Society of Motor Manufacturers and Traders (SMMT).

The SMMT’s 12th Annual Sustainability Report showed that manufacturing turnover in 2010 was up 20 per cent year-on-year to £49 billion, while output was up 27.8 per cent—a return to pre-recession volumes.

The number of vehicles exported rose by 31 per cent, totalling £29 billion in value.

DHL is the global market leader in the logistics industry. At a time when many market sectors are struggling to find growth, we look at the key role DHL’s Supply Chain division plays in keeping its customers within Eastern Europe, Middle East and Africa competitive.

Centrica, the parent company of British Gas, and Norway’s Statoil have signed a strategic agreement for the supply of 50 billion cubic metres (bcm) of gas to the UK.

The 10-year, NBP-linked gas supply contract begins in 2015 and secures sufficient gas to meet around five per cent of the UK’s total annual demand—enough for 3.5 million homes.

The UK currently imports around 50 per cent of its gas requirements.

France’s Technip and its joint venture partner Odebrecht Oil & Gas have won a $1 billion contract for the charter and operation of two flexible pipeline installation vessels for Petróleo Brasileiro (Petrobras).

The contract is for a period of five years with the option to extend for a further five years. The twin vessels will be employed principally to install umbilical and flexible flowlines and risers to connect subsea wells to floating production units in waters up to over 2,500 metres deep offshore Brazil.

Healthcare products provider Covidien has announced it is to undertake six research and development projects in Ireland, representing an investment of €25 million.

The projects will be carried out in partnership with the company’s facilities in Galway and Athlone, with the support of the Irish government’s investment promotion agency, IDA.

Covidien manufactures, distributes and services a range of product lines across three segments: medical devices, pharmaceuticals and medical supplies.