Energy Sector

OPEC crude price close to 107 dollars

Organization of the Petroleum Exporting CountriesVienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) rose again to close to 107 dollars by the end of the week, OPEC said on Monday.

One barrel (159 litres) from OPEC's 13-brand reference basket stood at 106.99 dollars on Friday, up 1 dollar from the previous day.

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

Cambodia seeks billions of dollars for 14 hydropower dams

Phnom Penh  - CambodiaCambodia is seeking private investment to build 14 new hydropower dams worth more than 3.2 billion dollars, according to a government report obtained Sunday.

The report entitled Prime Investment Information in Cambodia details potential private investment opportunities around the country, including hydroelectric dam construction.

According to the report, 14 dams of various sizes and capacities are estimated to be able to generate a minimum of 1,850 megawatts.

Four are also earmarked to provide irrigation, although all but two of the 14 are currently only at desk study stage.

Reliance Power’s unit acquires three coal mines in Indonesia

Reliance Power

Anil Dhirubhai Ambani Group's (ADAG) flagship company Reliance Power has informed that Reliance Coal Resources Pvt. Ltd, a wholly owned subsidiary of the company, has entered into an agreement to acquire 100 per cent interest in three coal mines in Indonesia.

However, the company did not give any further details about the transaction. The company has recently acquired three coal assets with coal reserves of about 2 billion tonnes in the Musi Rawas region of South Sumathra in Indonesia.

Reliance Power is the second large domestic power company to acquire coal mines in Indonesia.

Indowind Energy acquires 8.25 mw wind farm

Indowind Energy acquires 8.25 mw wind farm

Chennai-based Indowind Energy Limited has informed that the company has acquired 8.25 mw wind farm from Andhra Bank under SARFAESI ACT.

The wind farm, located in one of the best wind sites in India near Mupandal-Aralvaimozhi belt, at Sundarapandiapuram and Sambavarvadakarai village in Nagarkoil & Kanyakumari districtrs of Tamil Nadu.

The wind farm is two years old, and is expected to generate 16 million units electricity and reduce approximately 14, 000 tons of carbon per annum.

Goldstone Infratech enters into JV with Dr. June Min

Goldstone Infratech enters into JV with Dr. June Min

Goldstone Infratech Limited, a part of Goldstone Group has informed that the Company is entering into a major Joint Venture with Dr. June Min, the founder of TF SolarPower Pvt. Ltd and Jusung Engineering Ltd., an equipment supplier in Korea to set up solar panel fab in the FAB CITY, Hyderabad.

Goldstone Infratech, will hold a 54 per cent stake in the venture, and Dr. Min and Jusung Engineering will hold 46 per cent.

India's Reliance Power buys three coal mines in Indonesia

India's Reliance Power LtdNew Delhi - India's Reliance Power Ltd said Friday that it has acquired three coal mines in Indonesia with total reserves of 2 billion tons.

The company did not give any financial details about the transaction.

The acquisition was carried out by its wholly owned subsidiary Reliance Coal Resources Pvt Ltd, the PTI news agency reported.

The company acquired a 100-per-cent interest in the Srivijaya Bintangtiga Energy, Bryayan Bintangtiga Energy and Sugico Pendragon Energy mines in South Sumatra province, which are spread over an area of 40,000 hectares, the report said.

Exxon profits fuel environmental, political sparks

Washington - Exxon Mobil CorpExxon Mobil Corp, the world's largest publicly traded oil company, was at the vortex Thursday of demands from environmentally conscious stockholders and vote-seeking politicians as it released record first-quarter profits.

As the company's revenue climbed 34 per cent to 116.8 billion dollars compared to the same period last year, global warming was on the minds of Exxon shareholders.

A day earlier, descendants of John D Rockefeller, founder of Exxon's distant ancestor, Standard Oil Co, lobbied the company to change its business practices.

Cairn India finally get nod for pipeline project

Cairn India finally get nod for pipeline project

Indian Government has approved Cairn India's proposal to lay a pipeline from Barmer to Salaya in Gujarat for transporting crude from its Rajasthan fields. The company would recover the cost of laying the pipeline from the profits it earns from the sale of oil from the field. The Rajasthan government had earlier opposed the shifting of the delivery point to Gujarat saying it would result in loss of tax revenue.

Kirloskar Oil signs sale agreement with two firms

Kirloskar Oil signs sale agreement with two firms

Pune-based Kirloskar Oil Engines Ltd has informed that the company has entered into sale agreement with Eaton Industrial Systems Pvt. Ltd, Pune and Eaton Corporation, US, to hive off the valves division of its auto components business at MIDC, Ahmednagar and MIDC, Nashik, for a consideration not exceeding Rs 90 crore.

The agreement is subject to approval of the shareholders under Section 293 of the Companies Act, 1956 and additional approvals and consents as may be required.

Coastal Energen to setup a 2000 MW power project in Tamil Nadu

Coastal Energen to setup a 2000 MW power project in Tamil Nadu

Coastal Energen Pvt. Ltd, an arm of the Coal & Oil Group of Dubai (C&O Group), announced its plans to set up a 2,000 MW power watt plant in Tuticorin district, Tamil Nadu.

The project would entail an investment of Rs 8,500 crore. The 1,080 MW (3X360 MW) first phase of work which entails an amount of Rs 4,500 crore will commence in mid-June and the plant is expected to be commissioned within 36 months from the start of work.

Report: Swedish government stopping possible bid for British Energy

Stockholm - VattenfallThe Swedish government that controls energy group Vattenfall has halted the group from making a possible bid for a stake in British Energy, local media reports said Wednesday.

Vattenfall also has activities in Germany and other Nordic neighbours, and earlier April was according to financial daily Dagens Industri mulling a bid for the British group along with another energy group like Germany's E. On or a financial partner.

Dagens Industri on Wednesday, citing unnamed sources, reported that the government has stopped the process.

OPEC crude price slides below 110 dollars

Organization of the Petroleum Exporting CountriesVienna - The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped from its record high on Tuesday, OPEC said on Wednesday.

One barrel (159 litres) of crude produced by OPEC members stood at 109.86 dollars on Tuesday, down 1.8 dollars from the previous day.

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

Widespread power outage causes chaos in Venezuela

Caracas - A massive power failure left more than half of Venezuela without electricity for two hours Tuesday, causing chaos during rush hour.

Authorities said the 4 pm blackout was due to an error in the line system which was overloaded due to high temperatures and the subsequent increased energy consumption.

The power failure affected major cities and at least 11 of Venezuela9s 23 states.

In the capital Caracas hundreds of people had to be rescued from stalled subway cars and trapped elevators. No traffic lights led to snarled traffic along major avenues just before the afternoon rush hour. Hospitals were operating on emergency generators.

British Gas bids for Australia's Origin Energy

Sydney  - British Gas has offered 13 billion Australian dollars (12 billion US dollars) for Origin Energy Ltd, Australia's second-largest power retailer.

News of the bid from one of the world's biggest liquefied natural gas (LNG) traders sent Origin's shares up nearly 40 per cent Wednesday.

Earlier this year BG Group plc took a 10-per-cent stake in Queensland Gas Co Ltd. (dpa)

As US feels pain at pump, candidates get on soapbox

Washington - Drivers across the United States are paying more to fill up their tanks as petrol prices continue to break records, but where Americans feel lighter pocketbooks, candidates see political fuel.

Gasoline costs averaged 3.61 dollars per gallon (about 95 cents per litre) across the country on Tuesday, and had broken 4 dollars per gallon in San Francisco and Chicago.

While those prices may still be low compared to much of the world, the increases have eaten more and more into Americans' budgets in a country that spans a continent, where wide-open spaces and sprawling suburbs leave many people with little choice but to drive to work, shop or do most anything.

BHEL wins order worth Rs 3368 Crore

Bharat Heavy Electricals Limited (BHEL) has won orders worth Rs 3,368 crore from Chhattisgarh State Electricity Board for supplying and installing power equipments for its running and upcoming projects.

The orders envisage setting up of one unit of 500 mw at Korba West thermal power project and two units of 500 mw each at the upcoming Marwa thermal power project. These units will add 36 million units every day to the grid on commissioning.

Bhel's contract in the project would include design, engineering, manufacturing, supply, commissioning of steam turbines, generators and boilers.

BHEL, NTPC forms JVC

BHEL, NTPC forms JVC

State-run Power equipment manufacturer Bharat Heavy Electricals (BHEL) and the country's largest power producer NTPC have formed a 50:50 joint venture company christened, NTPC-BHEL Power Project Pvt. Ltd.

NTPC and BHEL had, in September last year, decided to form a joint venture to execute power projects in India and abroad. The joint venture will carry out Engineering Procurement and Construction (EPC) contract for power plants and infrastructure projects as well as manufacture and supply equipment in India and abroad.

Deep Industries secures order worth Rs 416 crore

Deep Industries

Deep Industries has reported that the company has won an order worth Rs 415.57 million from state-owned ONGC, which involves deployment of compressors for compressing the natural gas at various locations of Rajahmundry Asset.

The company has obtained Letter of Award from ONGC, Rajahmundry Asset. The various locations are Lingala (Rs 224.23 million), Odalarevu (Rs 79.73 million) and Gopavaram (Rs 111.61 million).

Energy group Vattenfall 1Q earnings flat, Nordic operations up

Stockholm - VattenfallOperating profits for first-quarter 2008 were flat while turnover increased, Swedish state-owned energy group Vattenfall said Tuesday.

Operating profit before tax and interest was 11.4 billion kronor (1.9 billion dollars), up 0.2 per cent on the corresponding business period 2007.

First-quarter turnover increased 9 per cent to 45.4 billion kronor.

"The group's stable operating profit can be attributed to a strong improvement for Business Group Nordic," Vattenfall chief executive Lars G Josefsson said in a statement.

OPEC crude price jumps to new record high

Organization of the Petroleum Exporting CountriesVienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) was at a new record high at the beginning of the week, OPEC said Tuesday.

One barrel (159 litres) of crude from OPEC's reference basket of 13 crudes stood at 111.66 dollars on Monday, up 1.65 dollars from Friday.

Crude prices, already boosted by the weak US dollar, were also affected by strikes in Scotland and Nigeria as well as unrest in the African country, analysts said. (dpa)

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