Latest news with #Completion
CBS News
29-04-2025
- Business
- CBS News
Johns Hopkins University to use endowment to offset federal funding cuts
Johns Hopkins University will use a portion of its $13.2 billion endowment to help compensate for major cuts to research funding by the federal government, according to The Baltimore Banner. The cuts are attributed to actions by the Trump administration, specifically through the Department of Government Efficiency (DOGE), which has implemented reductions in federal funding to research institutions, including NIH grant terminations and limits on indirect research costs. Last month, JHU said it was laying off 2,200 workers, because of a loss of funding from USAID. How can JHU's Endowment fund be used? According to the Banner, JHU officials say that the university's endowment fund is required to be used for specific purposes, which are prioritized by donors. "That said, we are using flexible resources — some of which are tied to endowment earnings — to help sustain critical research in this moment of uncertainty," Hopkins said Monday. Hopkins announces new research grants and programs JHU announced two new research grants on Monday. The grants are intended to "support faculty with work challenged by federal grant delays, terminations, and other interruptions." "We are deeply committed to sustaining the people and projects that power discovery at Johns Hopkins. While we cannot make up the full measure of recent or potential federal research cuts, we are striving to provide several new supports to faculty, students, and staff directly affected to temper some of the most immediate impacts on our research enterprise," JHU officials said in a statement to faculty Monday. Faculty facing unexpected federal research funding cancellations can apply for JHU Pivot grants offering up to $150,000 for a maximum of 12 months. The awards support researchers with terminated federal grants or subcontracts by providing flexible funding to redirect their research focus. JHU Bridge Grants provide temporary funding to sustain research programs affected by significant federal funding delays in review and renewal cycles. The University also announced a new PhD Student Thesis and Postdoc Research Completion Program, and the expansion of the Summer Provost's Undergraduate Research Awards (PURA)program. Information on the new research funding is available on JHU's Research Support Program webpage.
Barnama
21-04-2025
- Business
- Barnama
J. Satine Project To Resume for Soho Units And Two Blocks
GENERAL KUALA LUMPUR, April 21 (Bernama) – The J. Satine development project, previously halted due to structural cracks in Block C, has been approved to resume for the SOHO units, as well as Blocks A and B. Kuala Lumpur City Hall (DBKL) in a statement said the decision followed the Independent Check Consultant Progress Report dated February 24, prepared by a Certified Professional Engineer. However, Blocks C and D must first undergo structural repairs and foundation reinforcement before construction on those buildings can continue. 'This recommendation has been supported by the independent engineer and certified for building safety and stability by the structural design engineers involved in the J. Satine development,' the statement said. DBKL has also required the project's consulting engineers to submit a Monthly Progress Report and Repair Completion Report, which must be reviewed and verified by the Independent Consultant, at the end of each month. In addition, the developer, Jayyid Land Sdn. Bhd., has been instructed to conduct an engagement session with J. Satine unit buyers and relevant agencies including the Office of the Member of Parliament for Wangsa Maju, the Federal Territories Department, and the National Housing Department within two weeks from the issuance date of the Stop Work Order Withdrawal Letter. 'DBKL is committed to ensuring that all actions taken regarding the J. Satine development are guided by the principles of accountability, safety, transparency, and integrity. 'DBKL will also continue to monitor the implementation of repairs and the progress of the project closely and responsibly, in the interest of all stakeholders,' the statement added. Previously, DBKL issued a stop-work order for a construction site in Wangsa Maju following structural cracks in Block C of the J. Satine project.
Zawya
09-04-2025
- Business
- Zawya
OQ8 successfully completes lenders reliability test, unlocking $4bln in shareholder guarantees
This milestone marks OQ8's transition from startup to full-scale operations, reinforcing its long-term growth strategy and operational maturity. As a strategic joint venture between OQ and KPI, OQ8 continues to drive innovation and efficiency, strengthening Oman's position in the global energy sector. Muscat: Duqm Refinery and Petrochemical Industries Company (OQ8), a strategic joint venture between OQ in Oman and Kuwait Petroleum International (KPI), has successfully completed the Lenders Reliability Test (LRT), marking a major milestone in its operational journey. This achievement fulfills all lender requirements and establishes the Actual Completion Date (ACD), unlocking over $4 billion in shareholder guarantees. The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period. With ACD now secured, OQ8 has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. David Bird, CEO of OQ8, highlighted the significance of this moment: "The successful completion of the Lenders Reliability Test and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey. This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders. As we transition into a new phase of growth, we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market." OQ8 has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. Within just 10 months of mechanical completion, the refinery has successfully transitioned to full-scale operations, underscoring its efficiency and reliability. 'As we move forward, our focus remains on optimising financial performance and maintaining strong governance. We appreciate the continued trust and support from our lenders, shareholders, and partners, who have played a key role in our journey,' said Mubarak Al Naamani, Chief Financial and Commercial Officer at OQ8. This underscores the strength of the partnership between OQ and KPI, cementing OQ8's evolution into a leading regional energy player. With full operational stability, the company is well-positioned to explore new growth opportunities, further contributing to Oman's energy sector and long-term economic development in line with Oman Vision 2040. In this regard, Azzan Al Abdullatif, Chief Portfolio Officer at OQ, stated: 'Our partnership with Kuwait Petroleum International underscores the strength of regional collaboration and the growing strategic role of Oman as a global energy hub. Successfully passing the lenders' reliability test affirms the project's strategic importance to the region's energy landscape and underscores the company's commitment to driving strategic growth and delivering exceptional results.' Eng. Shafi Taleb Al Ajmi, Kuwait Petroleum International President and CEO "Achieving the ACD is a clear signal of our operational readiness and technical capabilities, placing OQ8 among the most advanced refineries globally. Securing this reinforces our confidence in OQ8's growth potential and commitment to pioneering new possibilities in the refining industry." As the first merchant refinery in the Middle East, OQ8 demonstrates remarkable flexibility, processing a diverse range of crude and feedstocks—including Basra Heavy and West African crude—to enhance sourcing options and optimise production. Maintaining a 100% operational rate throughout 2024, the refinery has exported over 4.1 million tons of refined products globally. Additionally, its advanced feedstock strategies have reduced reliance on shareholder crude, improving commercial agility and profitability. Beyond operational excellence, OQ8 is committed to innovation and sustainability, leveraging cutting-edge technology to enhance efficiency and minimise environmental impact. The refinery plays a key role in advancing national sustainability goals, with significant contributions to Oman's economic and social development. Since 2018, the company has invested over $2 billion in local suppliers and dedicated $5.4 million to social initiatives, reinforcing its commitment to long-term national growth and prosperity.
Asharq Al-Awsat
09-04-2025
- Business
- Asharq Al-Awsat
Duqm Refinery Secures $4 Billion from Shareholder Guarantees
Oman's Duqm Refinery and Petrochemical Industries Co. (OQ8), a joint venture between state-owned OQ Group and Kuwait Petroleum International (KPI), said it has successfully passed a critical Lenders Reliability Test (LRT), allowing it to access shareholder guarantees exceeding $4 billion. The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery's ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period, the company said. With ACD now secured, Duqm said it has fully met its contractual obligations, seamlessly transitioning into stable commercial operations. 'The successful completion of the LRT and achievement of our Actual Completion Date marks a pivotal milestone in OQ8's journey,' David Bird, CEO of OQ8, said. 'This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders,' he noted. Bird also said that as the company transitions into a new phase of growth, 'we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman's role as a leading energy hub in the global market.' He stressed that OQ8 has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. Within just 10 months of mechanical completion, Bird added, the refinery has successfully transitioned to full-scale operations, underscoring its efficiency and reliability. Shafi Taleb al-Ajmi, President and CEO of Kuwait Petroleum International, said Duqm is the first independent commercial refinery in the Middle East with exceptional operational flexibility, setting a model in operational efficiency and industrial excellence. Executive Vice President of Manufacturing at Kuwait Petroleum International Imad Al-Hadlaq said this significant achievement required exceptional cooperation among all partners, financiers and suppliers. He said the project faced various challenges and intense scrutiny from financiers, making this accomplishment even more remarkable. Mubarak Al-Naamani, Chief Financial and Commercial Officer at OQ8, said: 'This milestone reinforces the strength of the partnership between OQ and KPI, cementing OQ8's evolution into a leading regional energy player.' Maintaining a 100% operational rate throughout 2024, the refinery has exported over 4.1mn tons of refined products globally. Additionally, its advanced feedstock strategies have reduced reliance on shareholder crude, improving commercial agility and profitability.
