Volume X - Issue VI - June 2008
Other News Affecting Projects & PM
Japan to Build 1,000 Elementary Schools in Africa According to the World Bank on Thursday, 24 April, "Japan will build about 1,000 elementary schools in Africa over five years, Foreign Minister Masahiko Komura (pictured) said on Wednesday, 23 April. Komura announced the African assistance plan at an international forum on education held in Tokyo. To build the schools, Japan will offer some 30 billion yen under the official development assistance program, he said. ..." [Jiji Press (Japan)/Factiva]
AFP added that "...The schools will have enough classrooms for 400,000 children to go to school, Komura said, adding that Japan would also train 300,000 teachers around the world in the same period. ..." [Agence France Presse/Factiva] Kyodo News noted that "...Citing the particular importance of instruction in mathematics and sciences during a speech in Tokyo, Komura said Japan plans to train about 100,000 teachers in Africa out of a total of 300,000 worldwide during the five-year period. ... Komura spoke before an audience of education experts, representatives of international agencies and nongovernmental organizations, and African diplomats. More efforts should be made so that issues such as environmental protection, prevention of the AIDS epidemic and natural disasters as well as sustainable economic development take prominent place in Africa's school curricula, according to Komura. Komura said that in order to turn these ideas into reality, the participation of experts, the private sector and nongovernmental organizations in and outside Africa will be imperative to complement the initiatives of Japan and African countries. The proposed assistance will be extended, possibly in cooperation with the World Bank and other institutions aimed at developing poorer economies, the minister said. ..." [Kyodo News (Japan)/Factiva] Source: World Bank Press Review, 24 April, 2008 Sovereign Wealth Funds Hit $ 3.5 Trillion in 2007 Sovereign wealth funds have mushroomed 24 percent annually over the past three years to hold a total of $3.5 trillion in 2007, a US economic firm said Monday. Global Insight said that projected on that annual growth pace, sovereign wealth funds (SWFs) would surpass the entire current economic output of the US by 2015, and the EU by 2016. ...Global Insight, a Massachusetts-based company specialized in economic and financial analysis and forecasting, noted that SWFs were changing the nature of ties between developed and developing countries. ..." [Agence France Presse/Factiva] Reuters noted that "...China, Russia and Kuwait were the owners of the largest funds, the report said - but with others including African oil-rich countries once more associated with instability and conflict following rapidly behind. Their growth may effectively reverse the trend in which rich western investors put money into emerging markets by making developed economies more dependent on emerging market cash. Even if growth slowed, they would likely eclipse the US within a decade, the group said. ... Sovereign wealth funds also account for around 10 percent of private equity investments globally, Global Insight said, making their activities even harder to scrutinize. So far, 93 percent of sovereign wealth fund equity investment had targeted the western financial sector, the report said. ...The report estimated sovereign wealth funds injected up to $80 billion in bank shares or bank equity stakes in the US in 2007, likely to provide even more capital this year and next. ..." [Reuters/Factiva] According to Dow Jones, "...Funds from developing countries are advancing at a scorching pace, with Nigeria growing 291 percent, Oman 256 percent, Kazakhstan 162 percent and Angola 85 percent, all over the last five years. 'Armed with such large amounts of debt-free cash, sovereign wealth funds are the new financial power brokers, replacing the combined financial muscle of hedge funds and private equity, and usurping central banks as the international capital providers of last resort,' said Jan Randolph, the head of sovereign risk at the firm, in a statement. ..." [Dow Jones/Factiva] The Daily Telegraph reported that "...The research company said that in January 2008 alone, global acquisitions by the funds totaled $20.6 billion. The funds accounted for 35 percent of world merger and acquisition (M&A) activity in 2007, and 28 percent of all M&A in the US during January 2008. The organization said this shows that the funds are taking the place of private equity firms, where M&A activity has fallen as the credit crunch prevents them from raising finance. Meanwhile, Saudi Arabia is about to launch its first sovereign wealth fund, it was reported. The kingdom's Public Investment Fund is in the final stages of creating the vehicle, which will have initial capital of $5.3 billion. ..." [The Daily Telegraph (UK)/Factiva] Source: World Bank Press Review for 29 April 2008 Editor’s note: Will sovereign wealth funds become sources of project finance? How will these powerful investors influence development, markets, projects and even project-based industries around the world? Is this another reflection of globalization 2.0? We think this is a trend worth watching for its potential impact on the world of projects and project management. The Annual Budget for Development Programmes of ERSHA Reported by Getachew Alemu in Addis Ababa ERSHA (Ethiopian Rural Self Help Association) is an Ethiopian local NGO working on food security, water supply and sanitation, health, animal husbandry, afforestation, soil and water conservation, and poverty reduction. Quoted by ENA, on May 1, 2008, speaking at a workshop to rejoice the 10th anniversary of the association, the manager of the association Eshetu Yemer said, “ the association is undertaking various development projects in six woredas of Oromia, Amhara and SNNP Regional states”
Within the last 10 years, the association has invested over 60 million birr to boost the food security situation of the people of its operating localities. The cumulative number of beneficiaries from the endeavors of the association has raised 300,000. ERSHA is currently operating in three regions of Ethiopia at four different locations, serving over 250,000 marginalized people (men, women, older persons, children and the youth) living in rural areas. Different development projects are undertaken by ERSHA with the assistance and support of partner organizations and agencies to alleviate the problems of the community. ERSHA has developed a five year strategic development program with emphasis on gender sensitive projects and focused on poverty reduction and in areas that would avert the problem of the HIV/AIDS disease. For more on ERSHA look at http://www.devinet.org/ershaethiopia. Unimaginable Cyclone Disaster in Myanmar - Followed by Disastrous Emergency Response by Government Cyclone Nargis, which made landfall in the Irrawaddy delta region of Myanmar late Friday, May 2, with winds of 125 mph and a 12 foot wave of water, left tens of thousands of people dead in its wake and hundreds of thousands without shelter. The storm, which also hit Myanmar's largest city Yangon (Rangoon) later that same night, tore down trees and power lines and caused widespread flooding. As of Thursday, May 8, estimated dead and missing had reached 40,000 with the possibility that the number could eventually reach 100,000. This was by far the deadliest storm in the region in the last 30 years. According to a United Nations news release on 8 May, the UN’s humanitarian chief voiced disappointment at the limited progress made in gaining access to Myanmar, where some 1.5 million people are believed to be severely affected by the recent cyclone and indicated that the situation is becoming “increasingly desperate.” Apparently, the military government of Myanmar has been reluctant to allow foreign aid workers into the country, especially those from countries that have been critical of the government, including the United States. “There’s a real danger that an even worse tragedy may unfold if we cannot get the aid that’s desperately needed in quickly,” Sir John Holmes, Under-Secretary-General for Humanitarian Affairs and UN Emergency Relief Coordinator, told journalists.
He said that while there had been a little bit of progress in gaining access to the country since he last briefed the press yesterday, much more was needed in terms of the granting of visas and easing of regulations, given the “increasingly desperate situation” on the ground. “Frustrations have been growing that this humanitarian response is being held back because of difficulties of access in different ways,” he said, noting that many visas are still pending. Mr. Holmes reported that two members of the UN Disaster Assessment and Coordination (UNDAC) team that is supposed to travel to Myanmar to coordinate relief efforts together with the national authorities are now in Yangon. However, two other members were not allowed in when they arrived “for reasons which we are still trying to establish.” Since yesterday, the authorities have agreed that customs charges and clearances should be waived for aid delivery, he said, adding that it is not clear whether that has been made fully operational on the ground. Secretary-General Ban Ki-moon is attempting to talk to Senior General Than Swe to urge him to facilitate access. Speaking to reporters in the United States city of Atlanta, where he is on an official visit, Mr. Ban said he has been “urging the authorities of Myanmar to be flexible in opening their boundaries” so that aid workers can enter. “I am concerned that if we lose time at this very critical time, then many more people will die because of this crisis,” he stated. In terms of humanitarian aid getting through, Mr. Holmes reported that the UN World Food Programme (WFP) was able to get four flights containing relief supplies into Yangon today. There are now more than 40 tons of high energy biscuits available on the ground in Yangon which will be distributed as soon as possible to those that need them.
In addition, the UN Children’s Fund (UNICEF) is in the process of sending 3 million water purification tablets – enough to provide clean water to 200,000 people for a week – and have pre-positioned emergency supplies, including enough family health kits for 155,000 people. Meanwhile, the UN Development Programme (UNDP) – the only UN agency located in the Irrawaddy Delta – has sent rotating teams of national staff to four affected townships to make disaster assessments, deliver small relief items and provide support to the population UNDP serves. But all relief efforts are being hampered by lack of responsiveness and cooperation by the military leaders in Myanmar. World Bank announces new Assistance Strategy for Ethiopia Reported by Getachew Alemu in Addis Ababa The World Bank group has launched a new Country Assistance Strategy (CAS) for Ethiopia. The new CAS for Ethiopia announced on April 29, 2008 will cover a period from July 2008 - June 2011. It has an aim of scaling up the assistance that has been given to Ethiopia with regard to economic growth and protection of basic services.
According to the country director of World Bank, Ken Ohashi (pictured) “Ethiopia’s achievement on growth and basic services delivery is remarkable; at the same time, sustaining this good performance will require addressing several looming challenges. With this regard, the bank will support Ethiopia in all ways possible.” The bank has planned to invest $635 million for the fiscal year 2008 in support of various projects. The Bank’s strategy will support the Governments’ Plan for Accelerated and Sustained Development to End Poverty (PASDEP) and will be focused around four main pillars:
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is expanding its reengagement in Ethiopia to support the development of the private sector. IFC has recently approved an investment in the cement industry, the IFC’s first investment project in Ethiopia in over 18 years. The Bank’s program for Fiscal Year 2008 is based on an initial International Development Association (IDA) allocation of about $635 million at current exchange rates. The size of the lending program for the rest of the CAS period will depend on IDA’s 15th replenishment, which envisages significant funding increases for IDA borrowers. The annual IDA allocation reflects a country’s policy and institutional performance, portfolio quality, per capita income levels, and population. More could be found on www.worldbank.org. EBRD announces new strategy for Romania Reported by Florin Gheorghiu in Romania The European Bank for Reconstruction and Development (EBRD) has announced a new strategy for Romania in which the Bank has reaffirmed its commitment to the country and set out its priorities for the next three years. In the coming period, the EBRD will focus on private sector companies, energy and infrastructure to support the production side of the economy and assist Romania in maximizing the benefits of EU membership.
According to the EBRD’s press release on 16 May, the EBRD will provide support to local private companies to increase their competitiveness and support expansion. The Bank is prepared to assume increased risks, by providing equity capital to support the restructuring and expansion of local companies on the Romanian market and promote cross-border investments in the region. The Bank will pay particular attention to the development of businesses in the rural parts of Romania in order to promote regional integration within the country, create jobs and encourage economic growth. The Bank will continue to support the energy sector, especially the rehabilitation of electricity generation. To help Romania reduce its energy intensity, the EBRD will promote energy efficiency and renewable energy projects as part of EBRD’s Sustainable Energy Initiative. This is not the Bank’s first initiative of this kind; back in the mid 90’s the EBRD along with IBRD EBI has financed consistently the first Rehabilitation Program for Power Sector enrolling in the first instance 12 fossil units throughout Romania’ most representative power plants as feasible candidates for the retrofitting wave. With a view to enhancing cooperation and improving trade links across the region, the Bank will provide support for improvements to Romanian infrastructure. The EBRD will help bring private sector capital into transport infrastructure projects and focus on smaller municipalities with the aim of assisting them in the utilisation of EU structural and cohesion funds. To date, the London headquartered EBRD regional development Bank has invested more than €3.5 billion in 248 projects in Romania and has helped mobilize a further €6.5 billion from external sources resulting in total investments of over €10 billion.
The European Bank for Reconstruction and Development (EBRD) was established in 1991 to nurture the private sector in central and eastern Europe and ex-soviet countries. Today the EBRD uses investment to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. The Bank uses its close relationship with governments in the region to promote policies that will bolster the business environment. The EBRD only works in countries that are committed to democratic principles and respect for the environment. For more information, visit http://www.ebrd.com/index.htm. Euro turns 10! The Euro is ten years old! The single European currency experiment seems to be working. Speaking at the Brussels Economic Forum 2008, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn praised the economic stability promoted by the euro in its first decade, but also called for economic reforms-as well as a stronger European political voice—to maintain its success in the decades ahead. Some of the benefits that Europeans had seen from the euro include:
"At 10 years old, the euro area is still a club that people want to join. This is perhaps the strongest indication of its continued success and good prospects," Mr. Strauss-Kahn (pictured at right) said. But the currency has not yet been tested by very adverse conditions. "Currency crises within the euro area are a thing of the past, but the discipline that used to be exerted by bond and foreign exchange markets on individual countries has also largely disappeared. The Stability and Growth Pact has been only an imperfect substitute," he argued. Financial market risks may also have increased along with financial integration, he warned. At the national level, Mr. Strauss-Kahn said, countries can adapt fiscal policies to contain public deficits and debt while taking care of aging populations, reforming in a way that increases incentives to work in the private sector. "At the euro and EU levels, integrated financial markets need to be matched by integrated financial stability arrangements. Crisis resolution mechanisms need to be developed further, drawing also on lessons learned in recent months," he said. In addition, measures to address Europe's problems with enhancing productivity will need to encompass both labor and product market reforms. In the area of labor markets the focus should be on creating conditions for new jobs, rather than on protecting old ones. And in the area of product markets, service industries need to be opened to competition in the same way that industries that make tradable manufactured goods are already open. Recovery Projects in Myanmar still hampered by Government According to a press release by the World Bank on 20 May 2008, ASEAN-led coordination and access are key to Myanmar's recovery from the recent cyclone-caused devastation. The World Bank is actively supporting efforts by ASEAN and the United Nations to get access for humanitarian activities and to manage the complicated task of coordinating international efforts.
The World Bank has still not received any request for financial support from the Government of Myanmar. Right now, the biggest issue remains getting access to the country for international parties who stand ready to assist the people devastated by the cyclone. A structured process to coordinate international efforts through the ASEAN-led Coalition of Mercy and the ASEAN-UN meeting of donors in Yangon also appears to be needed. Much of the available relief has not yet entered the country and has not yet reached the victims. The World Bank’s experts in damage assessment and disaster recovery are poised to support the ASEAN-led effort to engage with the Government of Myanmar on accessing the country, assessing the extent of long-term damage. World Bank experts are also prepared to assist with establishing a program for reconstruction and recovery that is transparent, well-targeted and focused on unlocking Myanmar's potential for economic recovery and improving the lives of its people. In the weeks and months ahead, the focus should shift from emergency relief to reconstruction. This is an area in which the World Bank has considerable experience and expects to be engaged. Source: World Bank press release May 20, 2008. Myanmar finally opens doors to International Aid United Nations (UN) Secretary-General Ban Ki-moon announced on Friday, May 23 that Myanmar’s Senior General Than Shwe has finally agreed to allow international aid workers, regardless of their nationality, into the areas worst affected by Cyclone Nargis after the two men held talks today. Speaking to the press after the discussions, held in the country’s new capital Naypyidaw, Mr. Ban reported that he had held a “good meeting” with the Senior General.
“He has taken quite a flexible position on an issue that, until now, has been an obstacle to organizing coordinated and fully effective international aid and assistance operations,” Mr. Ban (pictured) said. “He has also agreed that the ‘visa issue’ will be speeded up.” The Secretary-General said the Senior General had agreed that the main airport at Yangon, Myanmar’s most populous city, can be used as a logistics hub for international aid so that relief can be distributed more quickly to those in need. Aid can also be delivered to the country via civilian ships and small boats. Mr. Ban said this commitment by Myanmar was “quite a breakthrough” and that “substantive progress was made on all critical issues at hand regarding humanitarian assistance,” according to his spokesperson. “I hope all these agreements can produce results quickly. Implementation will be the key,” he added. Cyclone Nargis has left up to 2.4 million people in need of humanitarian assistance in Myanmar. The UN estimates that more than 100,000 people may have been killed since the storm struck on 2 May. Mr. Ban toured some of the worst affected areas in the Irrawaddy delta and spoke with families who had been forced to leave their homes. “I am humbled – humbled by the scale of this natural disaster, the worst your country has ever experienced, and humbled by the courage and the resilience of the Myanmar people.” Saying he was encouraged by his meeting with Myanmar’s leadership, the Secretary-General said: “From all I have seen, the Government, with help from the international community, have put in place a functioning relief programme. But I told them that more needs to be done. Their efforts need to be reinforced, quickly, by international experts with tested experience in handling emergencies.” UN agencies, including the World Food Programme (WFP), the UN Children’s Fund (UNICEF) and the UN High Commissioner for Refugees (UNHCR), have been mounting a major relief effort for victims of the severe storms, bringing in shelter, tents, food and medical supplies, though they say many people have still not been reached with aid. WFP has now distributed almost 2,500 tons of food to nearly 450,000 people and has secured the Government’s permission to purchase 20,000 tons of food, mainly rice, inside the country. The UN Office for the Coordination of Humanitarian Assistance (OCHA) says that 130 aid flights have arrived in Yangon so far, including 22 from the UN. OCHA is also trying to obtain more boats to reach many of the small islands scattered through the delta area. New Climate Investment Funds to be established for Developing Countries to address Climate Change with New Technologies According to the World Bank on Friday, May 23, developing and donor countries have agreed a strategy for two new "Climate Investment Funds". Representatives of 40 developing and industrialized countries have reached an agreement to create two international investment funds that will provide innovative financing for developing countries to pursue cleaner development paths and protect themselves from the impacts of climate change. The agreement came Thursday, May 22, after a two-day meeting in Potsdam, Germany, where the two proposed Climate Investment Funds (CIF) were discussed among donor and developing countries.
“Climate change is happening here and now and this initiative will provide crucial support to developing countries to bridge the gap to 2012,” said Gareth Thomas (pictured), Minister for Trade and Development for the United Kingdom, which would be one of the principal donors to the funds. “Rich and poor countries have come together to collectively match urgency with action – the common path agreed in this meeting will enable developing countries to use their expertise to now take this fund forward to the best advantage for their people.” Claudia Grayeb Bayata, Deputy Director General of Mexico’s Ministry of Finance, said that climate change is a priority on Mexico’s national agenda, so she welcomes “the agreement to establish the Climate Investment Funds as an innovative way to help developing countries meet this challenge.” Donor contributions to the Climate Investment Funds will be new and additional to existing aid commitments. The overall CIF is a framework that consists of two separate funds. One is a “Clean Technology Fund”, designed to accelerate investments in state-of-the-art technological solutions to help developing countries mitigate the rise in greenhouse gas emissions. United States Under Secretary of the Treasury, David McCormick, said: "We welcome the successful discussion among donors and recipients on the Clean Technology Fund, which will pave the way for strong financial support to developing countries.” A second fund, the “Strategic Climate Fund”, will help more vulnerable countries adapt their development programs to the impacts of climate change while also addressing issues of forest management and access to green energy. Shmelis Fekadu Admasu, head of Planning and Programming at the Federal Environment and Protection Authority in Ethiopia, said: “Climate change is bringing new challenges to poor and vulnerable countries. We expect the Strategic Climate Fund to improve the way we handle the challenge of climate change and to provide input to the UNFCCC negotiations and existing funds.” The Strategic Climate Fund would provide significant resources to build adaptive capacity in the form of grants - with the option of additional highly concessional loans where countries want them. A critical breakthrough was agreement on how multilateral development bank assistance for strengthening the climate resilience of poverty reduction efforts can most effectively support the recently established Adaptation Fund of the Kyoto Protocol. The Potsdam meeting also included representatives from the multilateral development banks, the United Nations, and civil society organizations. The next step is for the CIF to be considered by the World Bank Board for approval so that the funds may be launched in the next few months. “We are delighted at this agreement,” said Katherine Sierra (pictured at left), World Bank Vice President for Sustainable Development. “We have worked closely with client countries and donor partners, the Global Environment Facility, and other UN and multilateral financing agencies to develop an innovative source of financing to help developing countries in their strategies to fight climate change between now and 2012. Today’s result is a giant step forward.” The World Bank, along with the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and the Inter-American Development Bank, will help their client countries to access the funds. Aid now flowing into Quake-stricken Region in China International aid is now flowing into China's Sichuan province, the area devastated by last week's massive earthquake, where victims of the disaster are still being uncovered and millions are homeless. The UN Development Programme (UNDP) is among the UN agencies helping with relief efforts by distributing hundreds of tents and quilts to provide emergency shelter for quake victims. The first batch of 358 large tents and 1,500 quilts was due to arrive in quake-affected areas on Saturday, May 24, and follows the clothing, food, drinking water and medicines that have already been provided.
UNDP said the emergency supplies are part of the $2 million assigned to the agency out of the $8 million in relief grants contributed by the UN through its Central Emergency Response Fund (CERF). In a statement issued by his spokesperson last night, UN Secretary-General Ban Ki-moon announced the grant, saying it will be used by a variety of UN agencies, funds and programmes to help Chinese authorities meet the most urgent humanitarian needs. ” “The United Nations stands ready to provide further support, as required, to the Government of China in its efforts to respond to the humanitarian needs caused by the disaster,” the statement added. State media report that the number of dead and missing as a result of the 12 May quake, which measured 7.8 on the Richter scale, has climbed to more than 80,000, with about 280,000 others injured and nearly 5.5 million homeless. The UN World Food Programme (WFP) is buying a second round of relief supplies, including rice, wheat flour and cooking oil, and a shipment comprising 473 tons is expected to arrive in Sichuan by the end of the week. The World Health Organization (WHO) is rushing additional medical supplies so that it can treat as many as 130,000 people. It is also sending experts to work with the Chinese Government on rebuilding its health infrastructure. The UN Population Fund (UNFPA) is also mobilizing reproductive health supplies, including clean delivery kits and hospital equipment required for Caesarean deliveries and blood transfusions. India joins mega gas pipeline project Reported by Raju Rao in Chennai Rising oil prices are sources of great concern today with the Indian government exploring varying options to reduce supply some times by increasing prices. There is also a feeling there could be shortage of availability of gas in the coming months. In this light the announcement last month of India joining an inter country gas project has a lot of meaning. Here is a brief report on it.
The plan India has formally joined the Turkmenistan-Afghanistan-Pakistan (TAP) pipeline project as it seeks to import more natural gas to fuel an economy that is growing at 8-9% an year. The project has now been officially renamed as the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. The decision to go-ahead with the Tapi project comes at a time when India and Pakistan are yet to resolve key differences over a similar project to transport natural gas from Iran through a pipeline. The Tapi project also has the backing of the US, which opposes the Iran-Pakistan-India gas pipeline project on the ground that Teheran fulfill its nuclear ambitions. The project was conceived in 2002 to transport gas from Turkmenistan to the other three Asian nations. The gas is expected to flow to India in 2014. Transportation tariff will be based on the cost of service method. The 1,680-km long pipeline will supply 90 million metric standard cubic meters of gas per day (mmscmd). Implementation During the meeting in Islamabad, an Intergovernmental Framework Agreement to facilitate implementation of the Project was initiated by oil ministers of the four countries. As per the text of the agreement, the pipeline will be executed by a consortium. The next meeting of the Steering Committee will be held in India. The gas will be supplied from Douletabad and other fields in Turkmenistan and the principle of unobstructed transit of natural gas, in accordance with international norms, will be followed. The safety and security of the pipeline and related infrastructure will be provided by concerned governments in their respective territories, the official said. The length of the pipeline in Turkmenistan, Afghanistan and Pakistan up to India border is 145 km, 735 km and 800 km, respectively. Gas utilization by Afghanistan will be about to 5 mmscmd in the first two year and 14 mmscmd from the third year onward, with the remaining quantity of gas would be equally shared by India and Pakistan. (In photo: Indian Petroleum Minister Murli Deora) Indian petroleum minister Murli Deora who was present at the meeting also called on Pakistan Prime Minister Syed Yousaf Raza Gilani during the visit. Mr Deora’s visit marks the first high-level contact between the two sides after formation of the new government in Islamabad. Source: The Economic Times Dated Apr 25, 2008 URS Corporation Selected to Manage U.S. Department of Energy Hanford Site in USA Reported by Marc Zocher in Washington State URS Corporation has announced that a team led by the Company has been awarded the contract to manage the remediation of the U.S. Department of Energy's (DOE) radioactive and hazardous underground waste tanks located on the Hanford Site in southeastern Washington state. The performance based, cost-plus award-fee contract, valued by the DOE at approximately $7.1 billion, covers a five-year base performance period and an additional five-year option. The team - Washington River Protection Solutions, LLC (WRPS) - is a new company formed by the Washington Division of URS and EnergySolutions with dedicated subcontractor AREVA. The WRPS team will be responsible for safely retrieving, treating, storing, and disposing of Hanford's tank farm waste and closing single shell tanks. Nearly 53 million gallons of highly radioactive and hazardous waste is stored in 177 underground tanks grouped in 18 farms at the 560-square-mile Hanford Site.
"We are delighted to have been selected as Hanford's Tank Operations contractor," said Tom Zarges (pictured), President of URS' Washington Division. "URS and all of our team partners have a long history of supporting the DOE in environmental management and nuclear operations, including many successful projects both past and present at the Hanford Site. We look forward to validating the trust placed in us by the DOE through this selection by delivering safe, quality, results-oriented performance on this project." URS Corporation (NYSE: URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; and decommissioning and closure services. URS provides services for power, infrastructure, industrial and commercial, and federal projects and programs. Headquartered in San Francisco, the Company operates through three divisions: the URS Division, the EG&G Division and the Washington Division. URS Corporation has more than 50,000 employees in a network of offices in more than 30 countries (www.urscorp.com).
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