Daily Archives: November 16, 2010

By Paul Francis-Grey of mergermarket

Vallar, the mining investment vehicle of UK businessman Nathaniel Rothschild, has staked its future on Indonesia’s coal boom – in a deal which would create the first Indonesian-controlled company on the London Stock Exchange.

The company has paid $3bn for 75 per cent of Berau Coal Energy and 25 per cent of Bumi Resources – respectively Indonesia’s biggest and fifth-biggest coal miners. Part of the price will be paid in Vallar stock, with Bumi’s owners, the Bakrie Group, becoming the largest shareholder in the company.

Kiran Stacey

A fascinating (and ever so slightly gruesome) story from Leslie Hook, reporting from Beijing in today’s FT.

The Chinese government’s commitment reduce energy consumption per unit of GDP by 20 per cent from 2005 levels has led to power rationing, which in turn has fuelled a boom in diesel-powered electricity generators.

FT Energy Source

- Gazprom to drill for oil in Cuban waters – NY Times

- Nigerian rebels attack Exxon, taking seven hostages – Bloomberg

- Saudi Arabia: Peak oil forecasts ridiculous, we’ll keep prices low – Business Insider

- Union fears job cuts as Eon discusses sale – The Times (£)

- RWE submits plans to convert UK plants to biomass – Argus

- China hits rocky road over diesel demand – FT

- Carmakers gearing up for mass market electric vehicle – Reuters

- US approves 500MW solar power plant in Nevada – WSJ (£)

- Globalising the energy revolution – Foreign Affairs

- Waxman expects stalemate under GOP-controlled committee – The Hill

- Climate scientist at heart of email row says he did nothing wrong – The Guardian

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