Khalid al-Falih New Energy Minister of S. Arabia
Saudi Arabia, the world's largest crude oil exporter, on Saturday appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995. The change is unlikely to mean a shift in Saudi oil policy, which is being crafted to a large degree by Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom's energy and economic policies, and involves building consensus among top royals based on the advice of senior technocrats.
Russia Seeks Gains to Ease Possible Pain from Iran Deal
President Vladimir Putin urged the world to celebrate Tuesday's six-power nuclear deal with Iran, but the agreement carries risks for Russia because it could drive down oil prices. Moscow sees the deal, which offers Iran relief from sanctions in exchange for curbing its nuclear programme, as opening the way to selling Tehran missile defence systems and winning lucrative new nuclear energy contracts. But it also creates uncertainty for Moscow as the reintroduction of Iranian oil onto world markets could push down global prices and cause further damage to Russia's struggling economy…
Carstens: Mexico Needs to Implement Energy Reform ASAP
Mexico's landmark energy sector opening needs to be implemented as soon as possible, the country's central bank governor Agustin Carstens said on Wednesday, adding that the economy was growing but not as fast he would have liked. Speaking at an event in Mexico City, Carstens said Mexico was on target to meet its inflation goals, noting that aggregate demand is not growing fast enough to push up prices. He added, however, that certain economic data, such as industrial output, was not as strong as he might wish.
Kemp: Integrated Approach Needed to U.S. Electricity Policy
North America's peak electricity demand is forecast to increase by just 1 percent a year for the next decade, the slowest rate of growth on record. Energy efficiency and conservation programmes, as well as time-of-use pricing, have weakened the link between economic growth and electricity demand, and in some areas the correlation is no longer positive. But the electric industry is facing the biggest transformation in more than half a century as a result of federal and state regulations designed to cut greenhouse emissions, which threatens to strain supplies even as demand peaks.
Pacific Rubiales, Pemex Ink 3-Year Pact
Pacific Rubiales Energy Corp, Colombia's largest private oil producer, on Friday said it had signed a three-year deal to analyze potential oil and gas cooperation in Mexico with Pemex, that country's state oil company. The deal will include analysis of exploration, deep-water projects, mature fields and other activities, Pacific Rubiales said in a statement. "We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country…
Mexico Announces $4.9b in Electricity Projects
Mexico's state-run electricity company will announce on Monday tenders for nearly $4.9 billion in projects in a first round of auctions under a sweeping opening of the government-run energy sector, daily El Financiero reported. The Federal Electricity Commission will announce 16 projects, including four pipelines and three electricity plants, worth $4.899 billion, according to a document obtained by El Financiero. Last week, President Enrique Pena Nieto signed a package of laws needed…
Mexico Inks Landmark Energy Legislation
Mexican President Enrique Pena Nieto signed into law on Monday a package of laws setting out the fine print of a landmark energy reform that promises to lure billions of dollars in investment to the country's ailing oil, gas and electricity sectors. Pena Nieto has made the energy overhaul the top economic priority of his administration, which aims to boost slumping growth in the world's 15th biggest economy. He said at a ceremony at the national palace that the energy ministry will announce two next steps in the reform later this week.
Mexico's Senate OKs Bills Expanding Power of Energy Regulators
Mexico's Senate gave general approval on Monday to legislation laying out expanded powers for energy regulators, part of the fine print needed to implement a constitutional reform that overhauls the oil, gas and electricity sectors. Senators must still debate reservations to the regulatory legislation, which is likely to last into the night. The legislation forms part of the so-called secondary laws needed to flesh out the opening of the energy market, which is the centerpiece of the government's reform agenda.
Mexico's Senate OKs Changes to Pemex, CFE
Mexico's Senate passed two bills late on Sunday that set out modified structures for the country's two state-owned energy companies, part of a sweeping reform that overhauls the oil, gas and electricity sectors. The new laws that define the administration and new transparency measures for state-run oil company Pemex and national electricity utility CFE passed on a vote of 89 to 27. The legislation gives Pemex more budgetary autonomy and a new tax structure, while gradually requiring both Pemex and CFE to operate as competitive firms.
Pemex Likely To Form Energy Fund With Chinese Firms
Mexico's national oil company Pemex said on Wednesday it is in the final stages of negotiating to form an investment fund with two Chinese companies that could eventually finance up to $5 billion in Pemex energy infrastructure projects. The fund created by Pemex as well as Xinxing Ductile Iron Pipes and SPF Capital Hong Kong Limited will start with $1 billion and expects to finance up to an additional $4 billion in energy projects, Pemex said in a filing with the Mexican stock exchange.
