Europe

French water utility Veolia Environnement has announced plans to divest several of its UK assets as part of its restructuring programme.

The €5 billion of assets it will sell include three UK-regulated water companies and its 50 per cent stake in public transport company Transdev.

The three companies are Veolia Water Central, Southeast and East—known until 2009 as Three Valleys Water, Tendring Hundred and Folkestone & Dover. Together, the companies have a combined turnover of £269 million and serve more than three million customers.

French power utility EDF has announced plans to construct a 900 MW supercritical coal-fired power plant on the Rybnik site in Poland.

The project, worth around €1.8 billion, will involve the replacement of the four oldest units at the Rybnik plant with a single, more efficient one.

EDF said the advantage of the supercritical technology is its capacity to achieve the highest net efficiency in the market—equivalent to 45 per cent.

Investec has agreed with the European Investment Bank (EIB) to establish a €100 million renewable energy funding facility to promote clean energy generation and energy efficiency initiatives in South Africa.

Investec and the EIB are to be equal partners in the programme, with each contributing €50 million.

Wood Group’s new Angola-based joint venture has been awarded a contract by BP, it has been announced.

Wood Group Kianda, a joint venture involving Amílcar Nascimento—Wood Group's Angolan business partner—and Wood Group, is to be officially launched in Luanda, Angola today. Wood Group Mustang, Wood Group Kenny and Wood Group PSN will all provide their services through the joint venture.

The Iraqi Ministry of Oil has signed a joint venture agreement with Shell, the South Gas Company and Mitsubishi Corporation on an initiative to capture natural gas in southern Iraq.

The South Gas Company (SGC), an affiliate of the Ministry of Oil, will take 51 per cent in the joint venture, the Basrah Gas Company (BGC). Shell will take 44 per cent and Mitsubishi will take five per cent.

Bridge Energy’s balanced portfolio of exploration and production oil and gas projects across the North Sea makes it an attractive investment as it sets out to list in London as well as Oslo.

Automotive giant Toyota has announced an investment of more than £100 million into one of its UK manufacturing sites.

The investment will be made at Toyota’s Burnaston, Derbyshire factory, to manufacture new generation hatchbacks.

Manufacturing the C-segment family sized hatchback models will create up to 1,500 additional jobs in the next two years.

Commenting on the news, the UK’s prime minister David Cameron said: “This major announcement from Toyota is fantastic news and a massive vote of confidence for UK manufacturing.

The UK’s Weir Group has agreed to acquire US-based Seaboard Holdings for $675 million (£431 million).

Based in Houston, Texas, Seaboard manufactures engineered wellhead and pressure control equipment for the oil & natural gas exploration and production industries. The company also provides a range of field and support services, including equipment rental for the onshore oil & gas drilling, completion and production markets.

Norway’s AGR Group has agreed to sell its field operations business, AGR FO, to the Norwegian subsidiary of Oceaneering International.

Headquartered in Bergen, Norway, AGR FO is a provider of inspection, maintenance, subsea engineering and field operations services, principally to the oil and gas industry.

UK automotive output has recovered to pre-recession levels, according to a report released today by the Society of Motor Manufacturers and Traders (SMMT).

The SMMT’s 12th Annual Sustainability Report showed that manufacturing turnover in 2010 was up 20 per cent year-on-year to £49 billion, while output was up 27.8 per cent—a return to pre-recession volumes.

The number of vehicles exported rose by 31 per cent, totalling £29 billion in value.