Daily Archives: September 24, 2010

It is finally a done deal: Petrobras will sell about $70bn worth of shares in the biggest share issue in corporate history after enthusiastic investors asked for double that amount.

The price and size of the offer were revealed late on Thursday – the last day of bookbuilding – after a two hour meeting by video-conference from the Brazilian national oil company’s São Paulo office, joined by Sergio Gabrielli, chief executive and bankers from New York. At 29.65 Brazilian reals (US$17.25) per share, the ordinary shares are being sold at a fraction below Thursday’s stock market closing price. The preferred stock is going for R26.30.

Sheila McNulty

Is oil sands (or tar sands, as environmentalists like to call the fuel from Canada’s tar-like bitumen) really not as bad for the environment as traditional crude oil?

At first brush, the latest report on the controversial subject, this time from the well-respected IHS Cambridge Energy Research Associates, might have left me with that impression. The headline reads, “Oil Sands Greehouse Gas Emissions are Lower than Commonly Perceived.”

But a backlash by environmentalists, including the Natural Resources Defense Council, made me take a closer look at what was being said. And even CERA is not saying that oil from oil sands is less carbon intensive than traditional crude.

FT Energy Source

- Petrobras offering raises $70bn – FT

- KNOC declares victory in fight for Dana – The Times (£)

- China blocking minerals to Japan, say executives – NY Times

- Solar power subsidy under review – FT

- Carbon scheme is ‘overcomplex’ – FT

- Asia could overtake US on renewables, Congress warned – Reuters

- BP faces tough call on US – FT

- Scientists worry about distribution of BP research funds – LA Times

- Obama pledges post-Copenhagen climate action – Argus

- UK shipping emissions ‘up to six times higher than calculated – The Guardian

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