Energy-hungry importers across Asia complain about an “Asian premium” in gas prices. India and Japan are even mulling clubbing together to cut costs.
But could such moves stymie major investment plans to move new gas supplies from west to east? Canada worries that they just might. Continue reading »
Kenya is already the world’s ninth largest geothermal power producer. It plans to do better by following an ambitious geothermal development plan. The east African state’s installed geothermal capacity is set to more than double by the end of the year after 280MW capacity is added to its existing Olkaria plant. Kenya’s government wants to keep the momentum going. State-owned Geothermal Development Company has kicked off the new year with a tender for another 300MW of geothermal capacity at Suswa, about 55 kilometres from Nairobi. Continue reading »
Kuwait has long grappled with its electricity supply. Every summer offers a reminder that the gap between power generation capacity and demand is woefully tight. In 2010, the working day stopped at midday to save power during the hottest months when Kuwaitis crank up their air conditioning. For the world’s ninth largest oil producer, this was pretty embarrassing. Continue reading »
When it comes to energy in Latin America, all eyes have been on Mexico’s plans to open its oil industry to private investment. But Peruvian officials stole some of that thunder at the weekend by saying the government planned to sell up to 49 per cent of state-run PetroPeru. Continue reading »
Martin Roman (pictured), the skilled political player who helped turn the Czech Republic’s CEZ into one of central Europe’s largest utilities, announced Friday that he was resigning as the company’s supervisory board chairman.
Making the announcement on the first day of the country’s two-day parliamentary elections, Roman said in a statement “I did not choose to exit by accident,” and made it clear that the political environment was key in his decision. Continue reading »
Some say it took millions of years, others say it took seven days, for the Amazon rainforest to be shaped. But it took just ten hours for Ecuador’s government-dominated assembly to authorise on Thursday “responsible” drilling in a pristine area of the jungle that is estimated to hold some 900m barrels of crude. Continue reading »
Mol, the Hungarian oil and gas group, offered what appears to be an olive branch to Croatia on Thursday in the ongoing row over the control of Ina, the Zagreb-based refiner in which Mol owns just short of 50 per cent. Continue reading »
The revolving door at Venezuela’s oil sector continued to spin on Wednesday after Lukoil, Russia’s second largest oil producer, said it was withdrawing from a multi-billion dollar oil project in the country’s heavy oil rich Orinoco basin.
The news comes just a month after Malaysia’s Petronas pulled out of another big project. Continue reading »
It’s not all grim news in Argentina’s energy sector, where entrenched problems have caused fuel imports to double over the last year, sapping the country’s precious foreign exchange reserves.
Despite serious reservations about Argentina among many foreign investors, both Germany’s Wintershall and the local subsidiary of the US’s Dow Chemical have announced investments this week to explore possibilities in the giant shale formation, Vaca Muerta. Continue reading »
Even after Venezuelan officials angrily denounced the US late Thursday for allegedly denying their president clearance to fly through its airspace on its way to China, Nicolás Maduro was still determined to get to Beijing this weekend.
With its economy in disarray, you can’t blame Caracas for wanting to cultivate closer ties with Beijing. Just this week, the country announced that it would partner with China National Petroleum (Sinopec) on a $14bn development project in the Orinoco heavy oil belt. Maduro will no doubt be hoping to secure more deals during his three-day visit to China – which kicks off on Saturday. Continue reading »
As China continues to be the world’s largest energy user, companies like Schneider Electric are trying to service Beijing’s growing energy demands. The FT’s Leslie Hook sits down with Jean-Pascal Tricoire, chief executive of Schneider Electric, to talk about the slowdown in China and why his company has relocated most of its executive committee to Hong Kong.
As the French author Victor Hugo put it: “All the forces in the world are not as powerful as an idea whose time has come.”
Hugo died long before electricity became commonplace in Europe’s major cities, but his aphorism could easily be applied to electricity itself – and even to Turkey’s Karadeniz Holding, which has come up with a novel and successful means of taking power to parts of the world where existing supply has problems meeting growing demand. Continue reading »
Shale gas and oil have more than usual appeal for Lithuania, where the government is eager to reduce its dependence on imports from Russia.
But a combination of environmental protests and government plans to hike royalties to the highest level in the world are creating daunting obstacles to investment. Chevron, the US oil major, could be the first to baulk at the new barriers. Continue reading »
Like Japan, Taiwan’s location on the edge of the Pacific makes it vulnerable to earthquakes and tsunamis. But with no oil and gas of its own, the island state lacks any kind of energy security. Sarah Mishkin visits a nuclear power station under construction which may never be turned on.
Donald Tusk, Poland’s prime minister, said on Thursday his government would go ahead after all with a plan to create the country’s second biggest power station despite the fact that it was scrapped in April by the state-controlled utility responsible, Polska Grupa Energetyczna (PGE), due to sagging energy prices and weak demand.
“We confirm the readiness of the government to build the power plant in Opole… The government will find the funds and a way for this investment to be carried out,” Tusk said at an IPO conference in Warsaw. Continue reading »