On Energy Source:
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There is still risk of falling in to political quicksand but Iraqi Kurdistan continues to draw oil explorers eager to own a piece of the next big thing. For Gulf Keystone, that means exiting Algeria in favour of Kurdistan, if it can find a buyer for its Algerian joint venture interest before the joint venture falls apart. Read more
The decision by Nissan to site its European centre for battery production at Sunderland in the north-east of England is a very important move: a sign that behind all the hype and all the gloom, the industry really is changing.
The UK plant is expected to mean an investment of £200m, and create 350 direct jobs, which are not enormous numbers, but the announcement is nevertheless highly significant. The announcement is good news for the UK economy, and for the development of electric vehicles in Europe. Read more
Sinopec and CNOOC of China have agreed to pay $1.3bn for Marathon Oil’s 20 per cent stake in Angola’s offshore oil block 32, in the latest move by well-financed Chinese companies to secure resource assets at a time when prices are depressed by the global recession.
The big Chinese oil groups have been on a spate of acquisition activity in recent months, including Sinopec’s $8.8bn (including debt) agreed bid to buy Addax Petroleum, and M&A advisers say more deals are in the works.