World Bank: Bosnia must invest $6.8 billion to combat climate change impacts
Bosnia and Herzegovina faces risks of flooding, wildfires, and severe air pollution. A World Bank report released on Wednesday said that the country needs to invest 6,8 billion dollars over the next 10 years to offset the effects of climate change. The report stated that climate-related damages, including floods, could shrink Bosnia’s economy by as much as 14% by the year 2050.
Gazprom raises its 2024 investment program by 4%, to $16,9 billion
Gazprom, the Russian energy giant, announced on Tuesday that it had increased its investment programme for 2024 by around 4%. The previous program was approved in December and consisted of 1.57 trillion Russian roubles. This has now been raised to 1.64 trillion Russian roubles (16.85 billion dollars). Gazprom reported that both domestic and export gas supplies were increasing, which…
Shell Accelerating Renewables Push in Germany
Royal Dutch Shell in Germany aims to produce aviation fuel and naphtha made from crops and renewable power and to increase to commercial scale an electrolysis plant that makes fossil-free hydrogen, as it seeks to move away from crude oil.The energy major told an online conference on Friday it had applied for subsidies to carry out the work from the European Union and from German funds earmarked for decarbonization.Fabian Ziegler…
Polaris Refuels in Finland
World’s first liquefied natural gas (LNG) icebreaker Polaris refueled for the first time at the Nordic countries’ largest LNG terminal in Tornio in the icy Röyttä Harbour.As of yet, LNG is the world’s most environmentally friendly ship fuel. It does not contain sulphur, and its combustion generates approximately 87% less nitrogen oxides in comparison to regularly used Marine Diesel Oil (MDO).
Gazprom brings Arctic Projects Onstream
The ceremonial inauguration of new production capacities and the Bovanenkovo – Ukhta 2 gas trunkline has been held at the Bovanenkovskoye field. The event was attended by Alexey Miller, Chairman of the Gazprom Management Committee, and heads of Gazprom's specialized structural units, subsidiaries and contracting organizations. The ceremony featured an address by Russian President Vladimir Putin, who spoke via a conference call.
Qatargas, Shell, UASC Ink LNG Fuel Promotion Deal
Qatargas, United Arab Shipping Company and Shell signed a Memorandum of Understanding (MOU) to explore the development of LNG as a marine fuel in the Middle East region. This is the second such agreement signed by Qatargas and Shell in as many months and establishes another core partnership within the shipping industry. The MOU was signed at a ceremony attended by Qatargas Chief Executive Officer…
ABB's GIS Substation to boost Iraq's Power infrastructure
ABB has won an order worth around $100 million from Mass Global Holding to deliver a gas-insulated switchgear (GIS) substation that will help integrate 3,000 megawatts (MW) of electricity generated by a combined cycle power plant, utilizing Iraq’s natural gas resources. The government is rebuilding the country, investing in national housing programs and has ambitious plans for developing its power infrastructure to meet electricity needs.
Obama's Call for $10 Oil Tax is DOA
President Barack Obama's final budget will propose a $10 per barrel oil tax, investing the proceeds in mass transit, high-speed rail, urban planning, highway upgrades and self-driving cars, among other programmes. "President Obama's 21st Century Clean Transportation System", outlined by the White House to reporters on Thursday, drew predictable praise from environmental groups and howls of outrage from oil producers.
$3 mln Funding for National Bioenergy Database - ARENA
The Australian Renewable Energy Agency (ARENA) today announced $3 million funding support for the Rural Industries Research & Development Corporation (RIRDC) to undertake a comprehensive biomass for bioenergy assessment. ARENA CEO Ivor Frischknecht said the $6.2 million project would uncover new opportunities and make it easier to develop biomass generation and biofuel projects in Australia.
SENER Group Reports Continued Growth
Turnover increased by 8 percent to reach 1.315 billion Euros, with net profit rising by 66 percent to reach 57.8 million Euros. The engineering and technology group SENER ended 2014 with a turnover of 1,315.7 billion Euros; an increase of 8.02 percent over the previous year. The group’s operating result came to 73.3 million Euros, representing an increase of 54.7 percent compared to 2013…
Gazprom to Stay Ahead in Global Energy
The Gazprom Board of Directors took notice of the information about new trends in the global energy sector and their possible impact on the world gas market structure. In order to evaluate the influence of such phenomena on the global gas market, the relevant stress-scenarios envisaging the conservation and development of the outlined mid-term and long-term trends, were formed and reviewed.
Petrobras finds Pre-salt Economically Viable
Regarding the article entitled "Oil desaba e já é ao ameaça pré-sal" (Oil and threat subsides and the pre-salt), released today, 6/1, in the newspaper "O Globo", Petrobras clarifies that is increasing its production capacity of oil and gas in the Brazilian pre-salt economically viable manner. The company reports that the break even (minimum price per barrel from which production is economically viable) planned at the time the projects pre-salt production were approved…
Samaraneftegaz Acquired New licensed Area
As a result of auctions Samaraneftegaz acquired the right to use subsurface resources of the Pilovsky licensed block with the purpose of exploration, development and production of hydrocarbons during next 25 years. With the acquisition of this license recoverable reserves of Samaraneftegaz will increase by almost 2.2 million tons of oil. The Pilovsky block is situated at the territory of Isaklinsk and Pokhvistnevsk administrative districts of the Samara Region.
Colombia to Invest $1.74 Billion in Oil Pipeline Network
Colombia will invest $1.74 billion over the next five years to expand the capacity of its oil pipeline network by 16 percent, state-owned Cenit which runs the network said on Wednesday. The investments will take transport capacity of the 9,000 km network to 1.4 million barrels from 1.2 million at present. Crude oil output in Latin America's fourth biggest producer is currently just below 1 million barrels per day.
Port of Hamburg Reports Q1 Results
In the first quarter of 2014 total throughput in the Port of Hamburg reached 35.6 million tons, representing 8.6 percent growth. Both general cargo throughput totalling 25.2 million tons (+ 10.8 percent), and bulk cargo throughput at 10.4 million tons (+ 3.5 percent), ensured especially strong growth for Germany’s largest universal port. “In the first quarter of 2014 we in the Port of Hamburg succeeded in maintaining the previous year’s positive growth trend.
Report Predicts Growth for US Onshore Pipelines Industry
Demand for onshore pipelines will increase in the United States, providing a positive outlook for the North American oil and gas industry, according to a new report conducted by Europe’s second largest steel producer, Tata Steel. The study, produced by the company’s energy and power division, points to a rise in environmental concerns shifting energy demand towards natural gas and…
China to Invest in Greek Transport Infrastructure
China wants to invest in Greek airports and railways as well as the busiest port, officials said on Friday, as the country where the euro debt crisis began seeks a role as China's gateway into Europe. Chinese Premier Li Keqiang is on a three-day trip to Greece to boost economic ties between the nations, who have drawn closer since China's Cosco Paficic won a 35-year concession in 2009 to upgrade and run two cargo piers at the Piraeus port.
ABB & China's BYD Form Energy Storage Alliance
ABB explains that the partnership deepens ties with BYD, China’s leading energy storage company and electric vehicle pioneer. ABB considers that its leading products and technology for grid storage, electric vehicle charging and integrated marine systems, combined with BYD’s knowledge in battery technology, can broadly address worldwide energy storage requirements. This collaboration will accelerate the introduction of new solutions for electric vehicle charging…
$310 Billion 'Energy Efficiency' Market Grows Rapidly
IEA report sees energy efficiency finance becoming established market segment in its own right ... The global energy efficiency market is worth at least $310 billion a year and growing, according to a new report from the International Energy Agency that confirms the position of energy efficiency as the world’s “first fuel”. The report also finds that energy efficiency finance is becoming an established market segment…
Governor: Russia Will Have No Competitors in the Arctic
The Governor of Yamalo-Nenets Autonomous Region, Dmitry Kobylkin, presented the annual report on the situation in the autonomous region. "We have been confronted with new challenges. A number of countries are leading a fairly aggressive sanctions policy against Russia. Motives for the attacks are very different, and the one reason for it is the independence of Russia and its hydrocarbon wealth, control of which many would like.
