(EnergyAsia, July 9, Monday) — Two US firms, New York Life Investment Management and Wachovia Corporation, have each bought an 8.5% stake in India’s Bhilwara Energy through a private placement. The sale values the Indian power generation company at around Rs12.3 billion. (US$1=Rs41). Bhilwara Energy, the power business unit for the LNJ Bhilwara group, has...
(EnergyAsia, July 9, Monday) — NYSE-listed Yingli Green Energy Holding Company Limited, a leading photovoltaic (PV) product manufacturer in China, said it has been awarded a “significant” sales contract to supply 9.55 megawatts of PV modules to Spain’s Control y Montages Industriales CYMI SA. (CYMI). The contract’s value was not disclosed. Liansheng Miao, Yingli Green Energy’s...
(EnergyAsia, July 9, Monday) — China’s Guangdong Yueneng (Group) Co Ltd is expected to start construction of a large windfarm in Guangdong’s Xuwen county later this year. The company said it invest 1.3 billion yuan in the 120,000kw windfarm. (US$1=7.6 yuan). The project is expected to be completed by 2010, producing more than 240 million...
(EnergyAsia, July 9, Monday) — Fortune Oil said it is progressing to create an integrated gas business in China by acquiring a liquefied natural gas (LNG) and compressed natural gas (CNG) production and distribution enterprise called Fortune Green Energy Henan Development Company Limited. Fortune Oil said it will invest in new shares totalling 51% of...
(EnergyAsia, July 9, Monday) — Environmental leader Al Gore has denounced last month’s G8 deal on curbing greenhouse gases as a “disgrace disguised as an achievement”. US President George Bush, who defeated Mr Gore in the controversial 2000 Presidential elections, wants to set up a separate agreement with other countries after the expiry of the Kyoto...
(EnergyAsia, July 9, Monday) — Woodside Petroleum has won the crucial support of a local environmental group for its proposal to build a pipeline to deliver natural gas to the Burrup Peninsula in northern coast of Western Australia state. The Cultural, Heritage and Environmental Advocacy for the Kimberley (CHEAK) opposes any plans to develop gas...
(EnergyAsia, July 9, Monday) — NYSE-listed Cypress Semiconductor Corp said it has donated six 90-watt solar panels supplied by its subsidiary, SunPower Corp, to power up MIT’s First-Step Coral reef rehabilitation project in the Sagay Marine Reserve in the Philippines. The solar panels are powering an innovative coral reef rehabilitation process called BioRock™ which is...
(EnergyAsia, July 6, Friday) — Australian upstream company said it has appointed David Know to the newly created position of Executive Vice President for Growth Businesses. Mr Knox, 49, has extensive global experience in the petroleum industry. He is currently managing director for BP Exploration and Production in Australasia a position he has held since...
(EnergyAsia, July 6, Friday) — The Renewable Energy and Energy Efficiency Partnership (REEEP) said it will finance 35 new projects in its sixth funding round. “The REEEP portfolio is moving beyond a collection of good projects to being more strategic. We have started the replication and scale-up of successful projects in the past and have...
(EnergyAsia, July 6, Friday) — Yang Liangsong, chairman of the China Economic Herald, has been named to lead the newly established state agency to manage China’s strategic petroleum reserves. The newspaper is a media of the powerful National Development and Reform Commission, China’s main economic planning agency....
(EnergyAsia, July 6, Friday) — The International Monetary Fund (IMF) said the South Korean economy is in good shape, and its near-term risks are manageable. The IMF made the assessment following a visit to the country by a mission led by Jerry Schiff, the Assistant Director in its Asia-Pacific Department. The mission met with a...
(EnergyAsia, July 6, Friday) — The Asian Development Bank (ADB) said it has agreed to provide Karachi Electric Supply Corp (KESC) a $150 million loan to help it increase power supply and coverage in Pakistan’s largest city and industrial and commercial heartland. Karachi has long been struggling with an energy crisis and its 16 million...
(EnergyAsia, July 6, Friday) — Singapore’s Swiber Holdings Limited, a service provider to the offshore oil and gas industry, plans to raise up to S$120.4 million through a private placement by issuing up to 55,350,000 new ordinary shares at a price of S$2.1748 per placement share. (US$1=S$1.53). The shares represent 15% of the company’s existing...
(EnergyAsia, July 6, Friday) — Nasdaq-listed FuelCell Energy Inc, a manufacturer of ultra-clean power plants using a variety of fuels for commercial and industrial customers, said its distribution partner POSCO Power has sold 5.1MW of new power plants to electric utility customers in South Korea. The plants generate clean energy and comply with the country’s...
(EnergyAsia, July 6, Friday) — The same week that Carlos Ghosn was advocating the auto industry help fight climate change, Nissan Motors and Renault SA, which he heads, said they were looking to build and sell a $3,000 car for India’s 1.1 billion people. By making cars easily affordable to one of the world’s fastest...
(EnergyAsia, July 6, Friday) — One of the key players responsible for greenhouse gas emissions, the auto industry, must play a more active role in the fight against global warming, said Carlos Ghosn, the CEO of France’s Renault and Japan’s Nissan. The world’s automobile makers have generally adopted a low public profile in the growing...
(EnergyAsia, July 6, Friday) — The organisers of Singapore’s APPEC are introducing a new satellite forum, Asia Carbon Forum, during APPEC week in September. Asia Carbon Forum will be held at the VIP Room, Level 4, Raffles City Convention Centre on Wednesday, September 12. The forum will focus on the potential structure, opportunities and benefits...
(EnergyAsia, July 5, Thursday) — The Vietnamese government is encouraging its business groups to invest in mining and hydroelectric power projects in neighbouring Laos. Officials and business executives from both sides met a recent conference to promote crossborder investments. The Lao Planning and Investment Committee said the two governments have licensed 65 businesses to invest...
(EnergyAsia, July 5, Thursday) — Indonesia has pledged to extend the contract of its natural gas exports to Japan, starting from 2011. However, the volume committed will be reduced to three million tons per year, down from the current volume of f 12 million tons annually, said an official of state oil-and-gas firm Pertamina. He...
(EnergyAsia, July 5, Thursday) — The recent surprise use of aerial power by Tamil Tiger rebels to strike targets in Colombo has sharply raised the risk and cost of doing business in Sri Lanka. Air strikes hit Colombo airport and the oil storage facilities of Shell and Indian Oil Corporation. Insurance premiums for airlines and...
(EnergyAsia, July 5, Thursday) — Australian resources giant BHP Billiton said it has approved the development of the Pyrenees oil and gas project located in licence block number WA-12-R in the Exmouth Sub-basin, off the coast of northwestern Australia. Production is expected to start up in the first half of 2010. Project costs for the...
(EnergyAsia, July 5, Thursday) — Australia may not be able to meet its modest production target of 350 megalitres of biofuels by 2010 if the country’s drought condition continues to ravish farmland and the world prices of wheat and other grains stay high. The government has been promoting biofuels and ethanol production from sugar cane...
(EnergyAsia, July 5, Thursday) — The state government of Western Australia is promoting the use of small wind turbines on rooftops of houses to help citizens reduce dependence on the grid for electricity while potentially generating an income for themselves. Premier Alan Carpenter said his government will fund the two projects to install small wind...
(EnergyAsia, July 5, Thursday) — The Dubai Mercantile Exchange Limited (DME) has completed its first month of trading, with 4,000 Oman crude oil futures contracts, equivalent to nearly four million barrels of crude oil going for physical delivery in August. DME said this high number of contracts going for physical delivery has only been exceeded...
(EnergyAsia, July 5, Thursday) — India is planning to generate 80,000 MW of electricity by 2032 and to provide electricity to around 75 million rural households in the next five years, said Vilas Muttemwar, Minister of State for New and Renewable Energy. He said that India has the largest government-initiated programmes in renewable energy in...