Poland first to acquire new Dreamliners; UAE invests in processing toxic waste

17 Jan

$500m builds special relationship between Poland and US Ex-Im

Poland has become the first European country to acquire Boeing 787 Dreamliners, thanks to a $500m loan guarantee by Ex-Im.

The US Export-Import Bank has assumed responsibility for collecting on the loan to Polskie Linie Lotnicze LOT S.A. (LOT Airlines), on behalf of the American manufacturer. This arrangement falls under its Supply Chain Finance Guarantee program.

At the end of financial year 2012, Ex-Im Bank’s credit exposure in Poland totalled just $5.5m, so the deal is a significant financial leap. Yet the relationship is not without precedent; LOT was the first Central and Eastern Europe to operate American-manufactured aircraft after it was founded in 1928. It is the only airline to offer non-stop flights between Poland and the US.

“This landmark transaction brings American state-of-the-art aircraft to a competitive marketplace in Europe,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “By leveling the playing field, the Bank’s financing benefits business in both America and Poland and supports thousands of jobs in the U.S.”

Bank estimates put the number of American jobs created from the deal at 2,500, according to data and methodology from the Departments of Commerce and Labor.

Nippon Export and Investment Insurance of Japan is co-financing the transaction. Apple Bank for Savings of New York extended the loan.

UAE’s Spectrum Draws on British IT Expertise to Help Automate its Environmental Innovations.

UAE-based multinational company Spectrum has commissioned a facility to treat incinerator bottom ash (IBA), toxic residue resulting from burning coal and waste in power plants.

IBA Green, a wholly owned subsidiary of Pioneer Exploration Inc (PIEX), professes to be dedicated to “designing disruptive innovations.”

President and CEO of IBA Green Angelo Scala commented: “IBA Green’s technology to treat and convert incinerator bottom ash into viable and environmentally responsible construction materials provides a safe and environmentally sensitive method of diverting what was previously hazardous material into commercially viable products, a good thing for any place in the world.”

The Emirates Center for Strategic Studies and Research, (ECSSR) has formed a strategic alliance with the Chartered Institute of IT to consult on expanding technological infrastructure in the region. The Gulf Cooperation Council (GCC) is also participating in discussions.

In recompense, the ECSSR has offered to assist in helping the London-based Chartered Institute IT, in making a success of the 2013 International IT Conference. Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Investigation, has also offered his patronage.

Head of the conference and President of the Oriental Section of BCS Dr. Al-Suwaidi said the group could aid expansion in many directions: “The experts in ECSSR have not spared emphasis in the search for ways of utilizing developments and employing them in economy, industry, agriculture, water, energy and renewable, and to accelerate the process of sustainable development in the UAE.”

Engineer Adel Alkaff Al Hashmi said: “We recognise the importance of the potential of ECSSR and its experience in organising international conferences and workshops, about everything to do with the IT sector.”

Pangea wants to bring natural gas to all global buyers, without discrimination.

Pangea LNG (Holdings, LLC) is seeking approvals necessary to build a liquefied natural gas export facility on Corpus Christi Bay in South Texas.

It has filed an application with the U.S. Department of Energy, seeking authority to export up to eight million metric tons per year of liquefied natural gas to all current and future countries with which the U.S. has a Free Trade Agreement. It intends to quickly file a similar application for LNG exports to any country with which the U.S. does not have a Free Trade Agreement.

Pangea has had the site under option since June. It is planning a separate pipeline project to link the LNG plant to the national gas transmission pipeline network in South Texas.

Its global portfolio of export facilities includes an offshore floating LNG liquefaction project in the Eastern Mediterranean Sea.

In brief….

Uranium Resources has appointed a new independent director, Mark K. Wheatley, bringing it in line once again with NASDAQ guidelines on corporate governance. He is currently a director of Xanadu Mines and Goliath Gold, and was a director of Gold One International until the end of 2012. He was previously a director of Uranium One Inc from 2005-10 and was CEO and then Chairman of Southern Cross Resources before it merged to become Uranium One.Image


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