Business
Siemens Wins Steel Innovation Award
The Siemens energy sector received the special award for “Climate Protection with Steel” at the German Steel Innovation Awards for its new SGTS-8000H gas turbine.
The machine is deployed as a prime mover in combined cycle power plants. In combination with a steam turbine, it will attain world-record efficiency of over 60 per cent.
High efficiency levels are essential for saving fuels and thus conserving national resources, and for significantly reducing carbon dioxide (Co2) emissions to protect the climate. Combine cycle power plants currently attain efficiencies of over 58 per cent. An increase in efficiency of two percent points translates into annual C02 saving totaling approximately 40,000 metric tons that is equivalent to the C02 emissions of approximately 10,000 mid-range automobiles clocking up 20,000 kilometres a year. Siemens invested approximately Euro 500 million in development of the new turbine, construction of the gas turbine plant in Irsching and subsequently trial operation.
Approximately 95 percent of the new siemens gas turbine weighing a total of 444 metric tons is made of steel.
In spite of this, these machines are not “heavy metal” but special “high tech” products in which steel contributes toward climate and environmental protection. The new gas turbine is a unique combination of classic heavy mechanical engineering and ultramodern manufacturing technology. Miniscule parts and parts weighing several tons in total more than 7000 individual parts were assembled together using the most advanced methods with the precision of a watchmaker. The combustion chamber housing constitutes a manufacturing innovation.
In addition, the new turbine features a number of design improvements such as an innovative air cooling system for the turbine blades and vanes, which are exposed to temperatures as high as 1500 degree centigrade. The air cooling makes a significant contribution toward faster gas turbine start-up. This is becoming increasingly important because modern power plants are more and more frequently deployed as a backup for mind farms.
The new siemens H class gas turbine has an output of approximately 340megawatts (MW) in simple cycle operation.
That is sufficient to provide electricity for entire population of a city the size of Hamburg.
In combined cycle duty the output will be approximately 530 MW, which would be enough to supply the city of Berlin with its more than 3 million inhabitants with eco-friendly electricity. The turbine was produce at a gas turbine manufacturing plant in Berlin, which has since 1972 delivered over 6000 gas turbines for deployments in power plants to customers in more than 60 countries around the globe.
High-efficiency gas turbines are an important feature of the siemens environment portfolio. In 2008, revenue from the products and solution of siemens environmental portfolio was nearly Euro 19 billion, which is equivalent to around a quarter of siemens total revenue.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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