WSP Holdings Limited (NYSE:WH), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), and other pipes and connectors, announced that its wholly-owned subsidiary, Wuxi Seamless Oil Pipes Company Limited ("WSP China"), received twenty six new purchase orders for API and non-API casing pipe, API tubing pipe and line pipe from PDVSA Services B.V. ("PDVSA") in Venezuela.
PDVSA is the state procurement office of the Venezuelan state-owned oil corporation, Petroleos de Venezuela, S.A., which constitutionally owns the country's oil reserves.
These new purchase orders are for a total of 36,667 tonnes of API and non-API casing pipe, 11,359 tonnes of API tubing pipe and 6,298 tonnes of line pipe worth a total of approximately $91.8 million. The Company expects to complete delivery of these orders by February 2011. These are follow-on orders to three purchase orders WSP China received from PDVSA in May 2010 for a total of 12,583 tonnes of API and non-API casing pipe and 8,399 tonnes of line pipe, the delivery of which has been substantially completed.
WSP Holdings develops and manufactures seamless OCTG, including seamless casing, tubing and drill pipes used for on-shore and off-shore oil and gas exploration, drilling and extraction, and other pipes and connectors. Founded as WSP China in 1999, the Company offers a wide range of API and non-API seamless OCTG products, including products that are used in extreme drilling and extraction conditions. The Company's products are used in China's major oilfields and are exported to oil producing regions throughout the world.
American Video Teleconferencing Corp. (Pink Sheets:AVOT) is pleased to announce that it is presently in final discussions to enter into a formal agreement to acquire an exclusive option on a molybdenum property in the Otter lake area in the province of Quebec, Canada.
The property has been dormant since the 1960's when Hupon Mining and Exploration carried out surface work, stripping, trenching and a minor drill program of 445 feet contained in 11 drill holes. Some of the sample results from the trenching in 1962 showed 0.94% to 25% molybdenum averaging 5-10%. These values were obtained from assessment files in the Department of Mines in Quebec City.
This property is only one of several advanced stage properties American Video has under consideration in the province of Quebec.
The 17 elements that are classified as "rare earth" are becoming an increasingly important part of our daily lives. Rare earth metals are the life blood of modern computers, batteries and alternative energies. For example, there are nearly ten pounds of the rare earth element, lanthanum, in every Toyota Prius engine. In addition, rare earth elements are vital to military technology. Contrary to the name, rare earth metals aren't particularly rare and can be found in most any continent. In recent weeks the US government has made important steps to increase production of these metals, as they will play an important part in President Obama's overhaul of U.S. energy.
Stepped-up mining operations and expanded manufacturing schedules in Africa, Australia, Canada, Malaysia, America, Vietnam and elsewhere may well provide supply-chain choices to China, which controls more than 95 % of the world’s rare earths. The U.S. House of Representatives, worried the U.S. military could possibly become dependent on Chinese-made electronics, approved H.R. 6160, the Rare Earths and Critical Materials Revitalization Act of 2010
Japan, one of the countries hardest hit by the tightening of rare earth supplies, has fast-tracked efforts both to recycle rare earths from discarded electronics and also to develop alternate options to the materials for use in electric engines and the nickel-metal-hydride batteries deployed in hybrid vehicles.
The company will aggressively continue to search world-wide for opportunities in Precious, Base and Rare Earths metal projects.
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