Strathclyde targets Glasgow Airport as it ramps up infrastructure holdings

first_imgStrathclyde, the UK’s largest local authority fund, is bidding to acquire a stake in Scotland’s Glasgow Airport, as the £13.5bn (€16.5bn) scheme further expands its infrastructure holdings.A spokesman for Strathclyde confirmed the fund’s interest to IPE, while the €30bn Partners Group said reports of its involvement in the consortium, as well as that of Zurich Airport, were accurate.Strathclyde’s potential acquisition of Glasgow Airport would further expand its infrastructure portfolio and existing commitments.The fund in December approved a £32m commitment to Lloyds Bank UK Infrastructure Partners, an investment that would grant Strathclyde a seat on the vehicle’s advisory committee and allow it to achieve its final target of £250m in capital. Sitting within its New Opportunities Portfolio (NOP), Strathclyde’s commitment would be drawn down over a four-year period, according to a presentation by executive director of financial services Lynn Brown, with self-liquidation within five years of the final drawdown date.Brown said the investment had “a number of attractive features”.She added: “It is run by an established team, which has been very successful in this sector for nearly 15 years and has completed 72 infrastructure transactions, 71 of which have now been successfully realised.”The commitment would also see Strathclyde take on construction risk, although the presentation outlined that these would be “mitigated”.The presentation concluded by asking the investment to be approved, adding: “The proposal offers the opportunity to invest in a fund with substantial visibility in respect of its seed investments, with the transactions being sourced and monitored by a very successful and experienced team.”The commitment now reduces the remaining capital within Strathclyde’s NOP to £90m, excluding its £100m in seed capital to the Pension Protection Fund-backed Pensions Infrastructure Platform.In a separate presentation from the same meeting, Brown outlined that Dalmore Capital, the manager appointed last December to manage the PIP’s assets, would invest “primarily” in the secondary public private partnership market.“The fund will target secondary equity stakes in traditional areas such as health, education and transport and also OFTOs (Offshore Transmission Operators)” the presentation said.“Alongside other stakeholders, this means the fund will receive a contracted level of income payments, based on the availability of the asset.”Brown also outlined that the PIP would have the option to invest “a small proportion in ungeared PPP or solar projects”, noting solar farms’ “very high” inflation-linkage.last_img read more

Hoff Tree Farm prepares for ‘Trees for Troops’

first_imgSunman, IN—The Christmas Spirit Foundation, Dull’s Tree Farm and FedEx will kick off their annual Trees for Troops program on this coming Tuesday, celebrating 15 years of delivering joy to military families. Volunteers, military officials, and FedEx team members will pack and ship 200 Indiana grown Christmas trees destined for military bases in Guam, Afghanistan and Kodiak, Alaska.The trees, donated by Indiana Christmas tree growers from throughout the state, will include letters of gratitude, homemade ornaments and will bring cheer to those not able to join their families for the holidays. Michelle and Dave Hoff owners of the Hoff Christmas Tree Farm harvested their trees Thursday to send for the state collection site. FedEx will deliver more than 17,000 real Christmas trees this year to nearly 80 bases at home and overseas. To date, the program has delivered over 225,000 trees in the U.S. and abroad.Trees for Troops is part of FedEx Cares, the company’s global charitable giving program where FedEx will positively impact 50 million people around the world by the company’s 50th anniversary in 2023.last_img read more

SON adopts American standards to boost oil, gas industry

first_imgRelatedPosts Influx of fake, substandard goods: FG moves to further strengthen SON COVID-19: ABU, RMRDC backed PPE kits pass SON test, set for launch Using 12.5kg cylinder as camp gas highly dangerous – SON The Standards Organisation of Nigeria says it has adopted 10 American Petroleum Institute standards for international best practices in the oil and gas sector in Nigeria. The Director-General of SON, Osita Aboloma, said in a statement on Sunday that the idea was made at a Joint Technical Committee meeting held with stakeholders in the oil and gas sector in Lagos. Aboloma, represented by the Director, Standards Development, Chinyere Egwuonwu, said all the standards were critically relevant to operations in the oil and gas industry. The director-general said hence, there was the need to adopt the standard in collaboration with stakeholders such as Nigerian Industrial Standards. He said that industry demands and the need to keep up with best international practices in the oil and gas sector in Nigeria had spurred SON to initiate and adopt API 10 international best practices to move the country’s oil industry forward. According to him, adopting international standards as national standard is not a new development, especially where the standards are elaborated by global leaders such as API. He said API had since 1919 established a clout for convening subject matter experts in establishing, maintaining and distributing consensus standards for the oil and gas industry. Aboloma noted that API standards being adopted were recognised not only for their technical specifications. “Their third party accreditation which facilitates acceptance by international bodies has been a cornerstone in developing standards for the worldwide oil and natural gas industry,” he said. Aboloma, however, cautioned: “In adopting international standards we must ensure that the standards are not in conflict with our statutory regulatory requirements. “Special consideration should be on environmental factors, economic considerations, security of products, national interest and most of all, global best practices.” He said the nation’s oil industry does not exist in isolation, therefore the standards adopted would ensure the availability of the NIS, enhancing market competitiveness, prevention of dumping of goods and promoting exports. The director-general said the standards would also ensure a reliable basis for technological transfer and industrial development. He said the API standards adopted and rechristened NIS include, API RP 50 2013 Natural Gas Processing Plant Practices for protection of the environment, API RP 520; 2014 sizing, selection and installation of pressure-relieving devices in refineries part 1 sizing and selection. It also include API RP 520 2: 2015, Sizing, Selection and Installation of Pressure- Relieving Devices in Refineries Part II Installation, API 553: 2012 Refinery Valves and Accessories for Control and Safety Instrumented Systems and API 554: 2007 Process Instrumentation and Control, Others are API 12L: 2008 Specification for Vertical and Horizontal Emulsion Treaters, API 2000:2014 Venting Atmospheric and Low-Pressure Storage Tanks, API 12F:2008 Specifications for Shop-Welded Tanks for Storage of Production Liquids. It also include API 12D: 2008 Specification for Field Welded Tanks for Storage of Production Liquids and API STD 610: 2011 Centrifugal Pumps for Petroleum Petrochemical and Natural Gas Industries. Aboloma said the Joint Chairmen of the Technical Committees on Oil and Gas/Petroleum and Petrochemicals, Prof. Joseph Ajienka, of the University of Port-Harcourt and Prof. Sunday Ojolo of the University of Lagos sitting in for Prof. Boniface Okorie of the UNN respectively, in their varying capacities spoke separately during the meeting. According to him, the representatives of the institutions appreciated SON for giving them the opportunity to serve. He said they advised all the participants to carry out what was described as a call to national duty with zeal and ensuring their comments and contributions were vibrant and robust enough to achieve the purpose of the TCs. He said stakeholders represented from the oil sector included Cakasa Nig. Ltd., Peachlite Engineering Consulting Services, Winelight Analytical Systems and Lopa Energy Ltd. Others are Addax Petroleum, Dorman Long Engineering, Mobil Producing Nigeria, Nigerian Society of Chemical Engineers, Federal Institute of Industrial Research Oshodi, Nigerian Institution of Mechanical Engineers and the Nigerian Institute of Welders.Tags: American StandardsCHINYERE EGWUONWUOsita AbolomaStandards Organisation of Nigerialast_img read more

SANTA ANITA AUTUMN STAKES SCHEDULE UNVEILED IN ADVANCE OF SEPT. 27 OPENER

first_imgSANTA ANITA AUTUMN STAKES SCHEDULE UNVEILED IN ADVANCE OF SEPT. 27 OPENER; A TOTAL OF 43 STAKES, INCLUDING 14 BREEDERS’ CUP WORLD CHAMPIONSHIP EVENTS NOV. 1 & 2, TO BE OFFERED OVER 23-DAY MEETING OPENING DAY TO BE HIGHLIGHTED BY TWO GRADE I, $300,000 BREEDERS’ CUP ‘WIN & YOU’RE IN’ QUALIFYING STAKES, IN ADDITION TO THE GRADE II, $200,000 EDDIE D. STAKES ARCADIA, Calif. (Aug. 8, 2019)–With opening day set for Friday, Sept. 27 and the two-day Breeders’ Cup World Championships returning for a record 10th time on Nov. 1 & 2, Santa Anita’s 23-day Autumn Meet, which will conclude on Nov. 3, will offer fans and horsemen a full complement of world class racing highlighted by a total of 43 graded stakes–18 of which are Grade I events.For the first time ever, a total of three graded stakes, two of them Grade I Breeders’ Cup “Win & You’re In” qualifying events, will be carded on opening day.  In addition to the traditional meet opener, the Grade II, $200,000 Eddie D. Stakes, the Grade I, $300,000 American Pharoah Stakes, for 2-year-olds at 1 1/16 miles and the Grade I, $300,000 Chandelier Stakes, for 2-year-old fillies at the same distance, will no doubt help to make Santa Anita the focus of the racing world on Sept. 27.“We’re excited to get the meet started with these two outstanding Grade I races on opening day,” said Santa Anita Vice President, Racing and Racing Secretary Steve Lym.  “It will get the ball rolling in a big way.  In addition, the Eddie D. has been upgraded to a Grade II and we’ve also doubled the purse on it, so we’re expecting an outstanding field at five furlongs on turf, which will serve as prep for many horsemen who are hoping to run under the same conditions in the Breeders’ Cup Turf Sprint on Nov. 2.“The American Pharoah and the Chandelier are both traditional preps for the Breeders’ Cup Juvenile and Breeders’ Cup Juvenile Fillies and we’re confident both of these races will attract big, competitive fields that our fans across the country will enjoy playing.”(Lym also noted that while there will be no downhill turf sprints at 6 ½ furlongs, Santa Anita will for the first time, offer a limited number of 5 ½ furlong turf sprints, with the starting gate set on the main track. The utilization of the downhill course will be revisited in advance of the 2019-20 Winter Meeting).Santa Anita will present five stakes on opening weekend, Sept. 28 & 29 and three of them, the Grade I, $300,000 Rodeo Drive Stakes and the Grade I, $300,000 Awesome Again Stakes on Sept. 28, and the Grade II, $200,000 Zenyatta Stakes on Sept. 29, will serve as Breeders’ Cup “Win & You’re In” qualifiers.Additionally, the Grade II, $200,000 John Henry Turf Championship, for 3-year-olds and up at a mile and one quarter, and the $75,000 Unzip Me Stakes, for 3-year-old fillies at 5 ½ furlongs on turf, will also be run on Sept. 28, making day two a thoroughly compelling afternoon.Santa Anita’s final 2019 Breeders’ Cup “Win & You’re In” qualifier, the Grade I, $300,000 Santa Anita Sprint Championship, will be run on Saturday, Oct. 5.In conjunction with the California Thoroughbred Breeders Association, Santa Anita will again offer a pair of $200,000 stakes for horses bred or sired in California–the Golden State Juvenile and the Golden State Juvenile Fillies, both at seven furlongs on Friday, Nov. 1.Santa Anita’s complete 2019 Autumn Meet stakes schedule is now available at http://www.santaanita.com/stakes-schedule/. For additional information, please call the Santa Anita Racing Office at (626) 574-6352.last_img read more