Over the past seven days we have seen the International Energy Agency call for more than USD48 trillion of energy investment by 2035 to meet global demand; billions of dollars have been earmarked for infrastructure projects in Queensland and the Australia
Meeting the world's growing need for energy will require more than USD48 trillion in investment over the period to 2035, according to a special report on investment released by the International Energy Agency (IEA) as part of the World Energy Outlook series.
Today's annual investment in energy supply of USD1.6 trillion needs to rise steadily over the coming decades towards USD2 trillion, claims IEA. Annual spending on energy efficiency, measured against a 2012 baseline, needs to rise from USD130 billion today to more than USD550 billion by 2035.
Billions of dollars have been allocated to fund key infrastructure projects in the 2014-15 budgets of Queensland and the Australian Capital Territory, Construction Industry News has reported.
Key projects to receive funding in Queensland include the Bruce Highway (USD 711.86 million), the Gateway Upgrade North, the Toowoomba Second Range Crossing, and the Warrego Highway Upgrade between Toowoomba and Miles. The new Lady Cilento Children's Hospital will also receive USD208.1 million of investment.
Another 11 road projects will receive funding, while USD120.5 million will be used to repair infrastructure damage sustained from natural disaster events that hit the states earlier this year.
The government also unveiled USD49.1 million to fund early works on the Commonwealth Games Village including demolition, bulk earthworks and trunk infrastructure.
A bidding consortium consisting of STRABAG and Salini Impregilo has been awarded a USD517.86million contract for the construction of the Brenner Base Tunnel in Austria.
The consortium will build 38 km of tunnels, including a twin-tube rail tunnel between Tulfes and Pfons as well as exploratory and rescue tunnels. Work is set to start in the second half of 2014 and will continue for approximately 55 months.
In other news, STRABAG SE intends to withdraw from the flue gas treatment business. It will sell the assets of its subsidiary STRABAG Energy Technology GmbH to Oslo based international industrial group Yara International ASA.
A joint venture led by SNC-Lavalin has received Full Notice to Proceed from Minera Panama S.A. (MPSA) to provide detailed EPCM services for the project infrastructure component of the Cobre Panama copper mine in Panama.
The joint venture's scope of services is approximately USD355 million in fees, and covers project infrastructure estimated at USD3.2 billion. The overall capital cost of the project is estimated at US$6.2 billion.
The EPCM contract covers infrastructure related to an open pit mine, supporting infrastructure related to concentrator and processing facilities, transmission lines, roads, bridges, camps and port facilities.
A joint venture between Black & Veatch and AECOM has been selected by PUB, Singapore's national water agency, to provide engineering services for Phase 2 of the Deep Tunnel Sewerage System (DTSS).
GE Power & Water's Distributed Power business revealed that its Clarke Energy subsidiary has been selected to supply Australia Pacific LNG with 19 new Jenbacher J620 gas engines for two on-site power projects in Queensland.
Siemens Energy has won a contract to supply eight 3MW wind turbines for a community wind power plant Klixbüll in Schleswig-Holstein, Germany.
KBR Inc has won a contract from Gulf LNG Liquefaction Company to provide Federal Energy Regulatory Commission (FERC) FEED engineering and FERC report pre-filing services to support the liquefaction and export capabilities of GLE's Gulf LNG Terminal in Missouri.
Austrian oil and gas company OMV AG has invested USD680.2 million in a gas field in Tunisia in partnership with the Tunisian National Oil Company, reports the Wall Street Journal.
Gas production from the Nawara gas field is expected to start in 2016, with peak production of around 10,000 barrels of oil equivalent per day.
Hydroworld.com reports that Asian firms Daelim, Korea Midland Power (KOMIPO) and Lotte Engineering & Construction have signed a MOU for the development of hydropower projects in Pakistan and Indonesia. The joint venture will develop the 640-MW Azad Pattan hydroelectric plant in Pakistan, and the 280-MW Muarra Juloi in Indonesia.
The European Investment Bank (EIB) will lend USD365.23 million to Poland's national rail operator, PKP Polskie Linie Kolejowe, for the upgrade of a 58 km electrified railway line between Katowice to Kraków.
Wood Group Kenny (WGK) has been awarded a USD60.3 million call-off contract with BP Azerbaijan under their 2007 Global Agreement. The contract will cover engineering and project management services for the Shah Deniz 2 Subsea Execute phase.
AMEC has been awarded two major framework contracts by National Grid. The multi-million pound contracts start immediately and will run for four years, with options to extend. AMEC will work on refurbishment and installation of overhead lines and installation of underground cables across England. Work packages will be tendered on an individual basis.
Turkish petroleum corporation Turkiye Petrolleri Anonim Ortakligi (TPAO) will increase its stake in the Shah Deniz natural gas site in Azerbaijan by purchasing the 10 percent share owned by Total, taking its overall share to 19 percent, reports Turkish publication Aksam.
Rio Tinto has completed the sale of its 50.1 percent share in the Clermont Joint Venture to GS Coal Pty Ltd, a company jointly owned by Glencore and Sumitomo Corporation, for USD1.015 billion.
Michael L'Estrange AO will join the Rio Tinto board as a non-executive director on September 1, 2014. Alfredo Barrios joined Rio Tinto as chief executive of its Aluminium business, succeeding Jacynthe Cote, on June 1, 2014.