Energy Sector

Asian Development Bank funds energy-efficiency projects in China

Asian Development Bank funds energy-efficiency projects in ChinaManila  - The Asian Development Bank (ADB) said Thursday it has approved a 100-million-dollar multi-tranche loan to fund a pilot programme to bring energy-efficient technology to major power consumers in China's southern province of Guangdong.

The Manila-based ADB said the fund will be used by the provincial government of Guangdong to grant loans to industrial and commercial establishments to retrofit energy-intensive facilities with energy-efficient technology.

Malaysia lifts ban on foreign cars tanking up after huge price hike

Kuala Lumpur  - Malaysia has lifted a ban on the sale of fuel to foreign cars following a massive 40 per cent hike in the price of gasoline, reports said Thursday.

Prime Minister Abdullah Ahmad Badawi announced Wednesday that the price of petrol would be raised to 2.70 ringgit (87 cents) a litre from 1.92 ringgit (61 cents) from Thursday.

The move, which reduces the government's massive subsidy bill, sparked a mad rush of drivers to fill up before midnight Wednesday at petrol stations nationwide.

ABB bags order worth Rs 295 crore from JSW Energy

ABB India has won orders worth Rs 295 crore to provide power solutions for JSW Energy for its upcoming 4x300 Mw thermal power plant in Ratnagiri in Maharashtra.

JSW Energy is part of the JSW Group, an Indian conglomerate with interests in steel, power, cement, aluminium, software and infrastructure industries.

The orders are for a range of power solutions including, electrical balance of plant, 400kv gas insulated switchgear (GIS) substation and generator transformers.

ABB's solutions for the project comprise several leading edge power technologies for improved system efficiency.

Further slide in OPEC crude price

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its downward movement on Tuesday after an initial increase at the start of the week, data released by OPEC showed on Wednesday.

One barrel (159 litres) of OPEC-produced crudes stood at 121.69 dollars Tuesday, 41 cents lower than the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Larsen & Toubro Intraday Buy Call

As per views of stock market analysts, day traders can purchase Larsen & Toubro (L&T) stock on declines to achieve an intraday target of Rs 2,855.

If the stock market remains positive, the next target for the day will be above Rs 2,857. The stop loss marked for the suggested stock is Rs 2,848.

Shares of the company, on Tuesday (June 3), closed at Rs 2,849.10 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 349654. The share price also touched a high of Rs 2,890 and Rs 2,802 during the day. The share price has seen a 52-week high of Rs 4,670 and a low of Rs 1,863.35 on BSE.

The stock has great potential. It can still exhibit superb surge. The long term traders are recommended to hold the stock.

Cabinet to decide on fuel price hike today

FuelNew Delhi, June 4: A Cabinet meeting will be held here today to decide on increasing the prices of fuel, which has now become almost inevitable due to the continuous rise in international crude oil prices.

On Tuesday, External Affairs Minister Pranab Mukherjee said the Cabinet Committee on Political Affairs (CCPA) meeting would aim to agree upon the need for raising the petrol, diesel and domestic LPG prices.

If the CCPA arrives at a consensus, the Cabinet Committee on Economic Affairs (CCEA) may be called.

OPEC crude price gains ground at the start of the week

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has risen, after dropping 4,89 dollars over the course of last week, OPEC said on Tuesday.

One barrel (159 litres) of OPEC-produced crude stood at 122.10 dollars on Monday, compared with 121.68 dollars the previous Friday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Malaysia to remove price controls on gasoline, diesel

Kuala Lumpur  - Malaysia will lift price controls on petrol and diesel as part of efforts to reduce the government's financial burden from subsidies, a minister said Tuesday.

The ruling, which takes effect beginning August, will allow pumps to sell fuel at world market prices, said domestic trade and consumer affairs minister Shahrir Abdul Samad.

Petrol, diesel and gas are currently heavily subsidized, making them among the lowest in the region.

The government has said subsidies alone this year is expected to cost 45 billion ringgit (14 billion dollars).

Shahrir was quoted as saying by the official Bernama news agency that petrol and diesel prices would now "depend on global market prices."

Asia-Pacific experts call for massive clean energy financing

Manila  - Asia-Pacific energy experts, policymakers and project developers on Tuesday called for massive new investments in clean energy amid spiraling costs for oil and coal and the growing threat of climate change.

At the opening of an annual Asia Clean Energy Forum at the Manila-based Asian Development Bank (ADB), organizers and participants stressed the need to scale up investments in clean energy solutions.

"The challenges we face today, soaring fuel and commodity prices, threats from climate change, and growing problems of poor people having limited access to energy, all point to the need to take action," ADB Vice President Ursula Schaefer Preuss told the forum.

Spanish company may seek oil in waters claimed by Morocco

Madrid  - The Spanish oil company Repsol will seek government permission to explore for oil in Canary Islands waters claimed by Morocco, the daily El Mundo reported Monday.

Repsol believes there could be an important oil reserve in a zone located about 60 kilometres off the Spanish islands, according to the daily.

Oil exploration has so far been prevented by opposition from environmentalists and from Morocco, which questions Spain's jurisdiction over the water zone.

Rabat reacted harshly to a previous, 2001 plan by Repsol to search for oil off the Canary Islands, El Mundo said.

Pakistan's clocks go forward to benefit from summer daylight

Pakistan's clocks go forward to benefit from summer daylightIslamabad - Pakistan on Sunday adopted daylight saving time for three months to cut its massive energy deficit that has strained household and commercial activity alike.

Clocks went forward by an hour on the stroke of midnight on Saturday, putting the national time six hours ahead of the Greenwich Mean Time.

Pakistan, which is currently facing an energy shortfall of around 4,500 megawatts coupled with low water levels in dams, had experimented with the mechanism twice in the past but with little success.

OPEC crude price stronger towards end of the week

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) gained ground on Thursday after slipping by almost 3 dollars earlier this week, OPEC said on Friday.

One barrel (159 litres) of OPEC-produced crudes stood at 124.27 dollars on Thursday, compared with 123.05 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel member states. (dpa)

German company to build Vietnam's first wind turbine factory

Hanoi - Four Vietnamese companies will establish a joint venture with German manufacturer Fuhrlaender AG to build Vietnam's first wind turbine factory, an executive of one of the Vietnamese firms said Friday.

"The negotiations are in the final stage," said Vu Dinh Tuan, deputy director of Thien Nang Co., a Vietnamese green-energy products company.

The other three Vietnamese partners are machine manufacturer Lilama, construction machinery company Coma, and Techcombank.

Tuan said the joint venture would have an initial investment capital of 39 million dollars, and that construction of the wind turbine manufacturing plant would begin in 2009 at the Nhon Hoi economic zone in Binh Dinh province, 1,000 kilometers south of Hanoi.

High gas prices driving South Koreans to commute by subway

High gas prices driving South Koreans to commute by subwaySeoul - Higher gas prices are driving more South Koreans to leave their cars at home and commute by subway, local transportation authorities said Thursday.

Seoul Metro said it was carrying at least 16,000 more people a day compared with one year ago.

"The increase may have something to do with the gasoline price increase," said an official at the state-run corporation.

OPEC crude price slips mid-week

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has fallen to 123 dollars, OPEC said on Thursday.

One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 123.05 dollars on Wednesday, compared with 125.91 dollars the previous day.

The Vienna-based OPEC secretariat calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

IOC registers net loss of Rs 414 crore in Q4; declares dividend of 55%

India Oil Corporation

State-run Indian Oil Corporation (IOC), the country's largest oil company, has announced a standalone net loss of Rs 414.27 crore for the fourth quarter ended March 31, 2008, against a net profit of Rs 1,502.69 crore in the corresponding period last year.

Total Income grew by 33 per cent at Rs 71,792.82 crore for the quarter ended March 31 from Rs 53,818.75 crore for the corresponding quarter, last fiscal.

For the full year ended March 31, 2008 the company's standalone net profit at Rs 6,962.5 crore dipped by 7.15 per cent from Rs 7,499.4 crore for the year ended March 31, 2007.

Thermax Bags Export Order Worth Euro 14.2 Mn; Stock Surges 6%

Pune-based Thermax has bagged an order worth Euro 14.2 million for Thermax Signs Export Order Of Euro 14.2 Mnsupplying heat recovery steam generators (HRSG) to an oil field company.

The order shall be carried out to augment the oil recovery via steam injection in their subsisting oil wells.

The company said that the recent order would be an important landmark in its export business, in the European market, in terms of territorial reach and future opportunities.

The shares of the company augmented around 6% at the Bombay Stock Exchange (BSE) after it received the order.

Malaysia bans sale of fuel to foreign cars at border states

Malaysia bans sale of fuel to foreign cars at border statesKuala Lumpur  - Malaysia has announced a ban on the sale of its subsidized fuel to foreign cars at all petrol stations within 30 to 50 kilometres from the country's borders, news reports said Tuesday.

The ban, which is to take effect Friday, concerns petrol stations in five states closest to the northern border with Thailand and the southern border with Singapore, Domestic Trade Minister Shahrir Samad said.

KVK Energy joins Indian rush to list on Brit investment market

London, May 27 : Southern India’s KVK Energy, which owns and operates five power plants in that region and has secured funding to build another five, has joined other Indian companies to list on London’s Alternative Investment Market.

The company, which is developing coal-fired and hydroelectric power plants for industrial consumers, will today announce its intention to list on the junior market and raise
75 million dollars to fund expansion, reports the Financial Times.

Pramod Raju, the company’s non-executive director, was quoted as saying that the funds raised, would be used to build three new power plants, through which the company hopes to cash in on India’s seemingly insatiable demand for energy.

OPEC crude price drops from record high

Vienna  - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) slid slightly on Friday, OPEC said on Monday.

One barrel (159 litres) of crude from OPEC's reference basket stood at 126.37 dollars on Friday, compared with 127.59 dollars the previous day.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

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