Category

International Trade

29 October 2020

International Maritime Organization Working Group Agrees to Emissions-Cutting Measures

On October 23, 2020, a week of climate discussions by the International Maritime Organization (IMO) Intersessional Working Group on Reduction of Greenhouse Gas Emissions From Ships concluded with draft measures to cut carbon emissions from ships. The new measures would amend the International Convention for the Prevention of Pollution From Ships (MARPOL Convention) and require ships to reduce their carbon intensity as part of IMO’s goal to reduce the carbon intensity of international shipping by 40% by 2030 from 2008 levels. If adopted, the amendments would require new ships to be built so that they are more energy efficient than the Energy Efficiency Design Index (EEDI) baseline. (more…)

SHARE
EmailShare
30 November 2016

Oilfield Supplier to Pay US$25 Million to Settle Economic Sanctions and Export Control Charges

The Texas-based oil and natural gas equipment company National Oilwell Varco, Inc., and its subsidiaries Dreco Energy Services, Ltd. (Dreco), and NOV Elmar (Elmar) (collectively NOV) recently settled potential civil penalties with the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce Bureau of Industry and Security (BIS) and executed a nonprosecution agreement (NPA) with the U.S. Department of Justice (U.S. Attorney’s Office for the Southern District of Texas). NOV, which did not voluntarily disclose the alleged violations to the government, will pay a total of US$25 million to resolve the charges.

(more…)

SHARE
EmailShare