Turkey is preparing to sign more contracts with US and Russian companies to prospect for and develop oil and gas reserves in the Kurdish-controlled region of northern Iraq, Turkish officials said on Wednesday.
Officials gave no names of any companies involved or nor details of what sort of agreements may be signed beyond saying they would be “commercial” agreements. Continue reading »
One of the world’s largest fixed income fund managers expects Asia’s growing energy shortage to lead to investment opportunities in the credit markets.
Pimco, the US-based manager with $2.04tn in assets under management worldwide, said in a report released in Hong Kong on Tuesday that more oil and gas companies in Asia would tap the bond market, often to finance acquisitions outside the region as they come to terms with energy shortages caused by declining indigenous resources and increasing domestic consumption. Continue reading »
The Azeri dialect of Turkish may sound strange to Turkish ears but it is perfectly intelligible and the increasing economic and political cooperation between the two states represents as much a common culture as the geographical imperative that makes Turkey the perfect export route for Azerbaijan’s sizeable reserves of oil and gas reserves. Continue reading »
By Ben Aris of bne
Following a tragic accident in 2009 that killed 75 workers, Russia’s biggest hydropower station Sayano Shushenskaya is back in action and planning to treble its installed capacity as Russia gets serious about meeting demand for power. Continue reading »
Did Japan just win the protracted, $20bn plus contest to build Turkey’s second nuclear power plant?
As part of a regional tour, Shinzo Abe, Japan’s prime minister (pictured), is due to visit Turkey on May 2 and 3, a stop which, because of the context, stands out. Continue reading »
A $400m credit deal signed by Croatian energy company INA gives it the opportunity to push ahead with long-term growth plans while also providing a welcome vote of confidence in the country’s economy. Continue reading »
The fact that the axis of world energy consumption is moving east isn’t exactly new – but the International Energy Agency is finally responding to the inevitable.
As the FT reported on Thursday, the agency is seeking an association with emerging economies, including the four Bric states. So beyondbrics has put together a couple of charts that show the change in energy consumption – and where it could go in the next two decades. Continue reading »
Hungary’s fast-expanding re-nationalisation programme, led by former anti-Communist activist Viktor Orban, on Thursday took a great leap forward.
MVM, the state electricity company and emerging energy combine, is to pay around €870m for full control of E.ON Földgáz Trade and E.ON Földgáz Storage, the Hungarian gas trading and storage companies currently owned by Germany’s E.ON. Continue reading »
San Miguel Corp, the increasingly diversified Philippine conglomerate, surprised on the upside on Thursday by announcing consolidated net income in 2012 of 27.6bn pesos ($677m), up 57 per cent on 2011 and exceeding analysts’ expectations.
It is easy to take the figure as another sign of the success of San Miguel’s daring diversification strategy, in which the 122 year old company has expanded rapidly from its core food and drinks business to take in fuel, power and infrastructure. Continue reading »
Turkey’s ambitious privatisation programme scored another significant success Friday with the successful sale of four more of the country’s regional power distribution companies for a total of $3.46bn.
The sale of the four was completed after more than six hours of open bidding between 16 companies. Continue reading »
Such is the reliance of Thailand on gas from Myanmar that scheduled maintenance at a plant in April may cause Thailand’s cities go dark at the hottest time of year, when power consumption is highest. If the country’s energy plans are anything to go by, the dependence will only get greater. Continue reading »
Xi Jinping has picked Moscow as the first foreign capital he will visit as Chinese president, raising hopes that Russia and China will finally agree the terms of a gas supply deal that has been in the works for more than six years.
Gazprom sees the fast-growing Chinese market as critical to its plan to globalise Russian gas trade, but has so far been unwilling to reduce gas prices enough get China to sign up for supplies. But with rival Russian gas producers suddenly courting China, Gazprom may have to cave in. Continue reading »
If you’re an international energy major eyeing opportunities in Ukraine, you may want to speak with DTEK, the energy group owned by Rinat Akhmetov, the nation’s richest man (pictured).
He’s looking for a partner for a huge Black Sea hydrocarbon exploration project. Continue reading »
By Otilia Simkova, Europe analyst, Eurasia Group
Bulgaria faces snap elections after Prime Minister Boyko Borisov’s 20 February resignation spurred by ten days of protests against electricity bills, which in January averaged €100. That is a significant portion of monthly income in a country where average monthly wages are just €387 and the average pension is just €150. Despite Borisov’s decision to step down, protestors will not be appeased and are likely to turn the heat up on the energy sector. Continue reading »
By Riccardo Puliti of the EBRD
Ukraine has been an independent state for nearly 22 years. Yet its struggle for energy independence is still ongoing. Despite a generous endowment in both conventional and unconventional hydrocarbon reserves, Ukraine is still highly dependent on natural gas imports from Russia, which has impacts both on the country’s budget and on its geopolitical situation. Continue reading »