GE in US$8bn Abu Dhabi investment - 23/07/2008
General Electric (GE) is forming a joint venture with Abu Dhabi investment firm Mubadala Development with the aim of proving US$8bn of finance in the Middle East and Africa. The move is part of a concerted strategy by GE to move into higher growth areas. Both companies are set to establish projects in clean energy and water as .... more SemGroup files for bankruptcy - 23/07/2008
SemGroup L.P. was devised to shoulder the risks of commodities markets, but its backers did not count on US$150 oil. As a result, the company has folded after recording US$3.2bn in oil trading losses. SemGroup, an oil marketing company based in Tulsa, Okla., filed for Chapter 11 bankruptcy protection on June 22, brought under .... more UAE to cut oil output in October - 23/07/2008
The UAE will cut oil output by 150,000-200,000bpd for 40 days in October and November for maintenance, citing an official at state oil company Adnoc. The shutdown will reduce the country's oil output by up to 7.5 per cent. The UAE pumped around 2.6mbpd in June. Reported by Reuters .... more EU considers ambitious Sahara desert solar power plan - 23/07/2008
The EU is considering an ambitious plan to cut Europe's carbon emissions by harnessing the power of the desert sun in the Sahara, The Guardian reports June 23. Speaking at the Euroscience Open Forum in Barcelona, Arnulf Jaeger-Walden of the European Commission's Institute for Energy, said that the capture of just 0.3 per cent .... more Shell braced against Hurricane Dolly - 23/07/2008
Shell has started to evacuate workers from platforms in the western Gulf of Mexico ahead of Tropical Storm Dolly, the company said in a statement. The storm, which boasts winds of nearly 50mph, emerged from the Yucatan Peninsula over the warm waters of the Gulf of Mexico on the night of July 20. Shell said production in the .... more MMC signs US$2bn deal to build the UAE’s first coal-fired power plant - 22/07/2008
Malaysia Mining Corp Bhd (MMC) - an investment holding company with interests in transport, logistics, energy, engineering and construction - have signed a US$2bn deal to build the UAE’s first coal-fired power station. The 1000MW plant will be located in the emirate of Ajman, and is expected to take 40 months to complete. Fea .... more E.ON starts carving out capacities in Italy - 22/07/2008
Germany’s E.ON AG has started to select 1460MW of its power power capacity to be transferred to its Italian rival A2A in exchange for its 20 per cent stake in Endesa Italia, E.ON said on July 21. The transaction is expected to be concluded within the fourth quarter 2008. In late June E.ON acquired the Italian activities as .... more Malaysia looking at building its first nuclear plant - 22/07/2008
Tenaga Nasional Bhd, the company responsible for the bulk of Malaysia’s power generation and which holds the monopoly for transmission and distribution is considering building the country's first nuclear power plant at a cost of US$3.1bn but is braced for objections from the public, according to a report released 22 July. "We .... more E.ON takes 50 per cent stake in world’s largest offshore wind farm - 21/07/2008
E.ON has today joined with Danish utility DONG Energy to buy out Shell’s stake in the London Array offshore wind farm. E.ON and DONG Energy will become 50:50 partners in the project. London Array is the world’s largest offshore wind farm project with an estimated total power up to 1000MW. It is located around 15km from the Ke .... more Ireland looks to seaweed as a biofuel feedstock - 21/07/2008
Seaweed in Ireland has long been used in the country’s upmarket cosmetic farms or as part of subsistence farming in Irish speaking regions. Now some are wondering if it could play an important role in helping Ireland reduce its dependency on foreign oil and help meet the EU biofuel mandate. Dr Stefan Kraan, manager of the Iri .... more
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