News Wrap

IN THIS morning’s News Wrap: World investors query big oil’s survival plan; iron ore price casts shadow on Downer EDI contract; and BHP brings in new tug operator for Port Hedland after year of industrial unrest.

Lou Caruana

World investors query big oil’s survival plan

Some of the world’s largest investors are increasing pressure on oil and gas companies to explain how their businesses will cope in a low-carbon world, as United Nations negotiators in Peru consider taking unprecedented steps to tackle climate change, according to the Australian Financial Review.

The report, released by a coalition of investor groups representing more than$13.3 trillion in assets, reflects fears that accelerating global action on climate change will threaten the business models of traditional fossil fuel-based energy companies.

Iron ore price casts shadow on Downer EDI contract

Sliding iron ore prices are rattling some of Downer EDI's investors amid concerns over the contractor's exposure to the iron ore market through a $3 billion contract for Fortescue Metals Group, according to the Sydney Morning Herald.

Downer signed a $3 billion six-year contract to provide mining services to Fortescue’s Christmas Creek mine, north of Newman in the east Pilbara, in 2010.

BHP brings in new tug operator for Port Hedland after year of industrial unrest

BHP Billiton has moved to increase the number of tugboats operating in Port Hedland and introduced a new shipping company to the port, in a move that comes after a year of industrial threats at the port, according to the Sydney Morning Herald.

Exports through Port Hedland have been growing rapidly on the back of huge volume increases from the iron ore industry, and the busier port has increased demand for tugboat services, which are needed for every single shipment in and out of the port.

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