Energy Sector

Egypt says Toyota interested in its wind farm projects

Cairo  - The Japanese company Toyota has expressed interest in investing in wind farm projects in Egypt, said Egyptian Minister of Electricity and Energy Hassan Younes on Sunday.

"Japan is one of the supporters of Egypt's ambitious plan to develop renewable energy. The Japanese government presented two soft loans to help in financing the Koraimat solar station, to generate 140 megawatts," Younes was quoted by the official MENA news agency as saying.

Younes' statement came after he met with representatives of major Japanese companies experienced in the sector of electricity all over the world.

Government revises petrol and diesel prices by Rs 5 and Rs 2

Government revises petrol and diesel prices by Rs 5 and Rs 2The government has finally slashed the prices of petrol and diesel by Rs 5 and Rs 2 a liter, respectively. Revised prices would be effective from midnight. The step would help to control the inflation rate and increase demand in the economic system. However, the margin of oil marketing companies would decline just as it was starting to improve due to the decline in crude prices in the international market. OMC are likely to suffer a revenue loss of Rs.6,000 crore in the current fiscal due to the recent price revision.

IEA cuts oil consumption forecast

LONDON, Dec. 5  -- The International Energy Agency cut its projection for growth in worldwide oil consumption by 33 percent Friday.

The IEA had previously said oil consumption would grow about 1.5 million barrels a day from 2008-13. Friday, it scaled back the forecast to 1 million barrels a day through the same period, the Financial Times reported.

"For the first time since 1945 most (Organization for Economic Co-operation and Development) countries are expected to face a severe economic recession in 2009," the IEA said in a Medium-Term Oil Market Report. "By the same token, emerging economies are bound to slow down, even if managing to maintain positive growth rates."

Crude oil prices near $40 per barrel

NEW YORK, Dec. 5  -- Crude oil prices dropped Friday on the New York Mercantile Exchange with prices down more than 20 percent in the past week and headed toward $40 per barrel.

EU sets biofuel target and standards

BRUSSELS, Dec. 5  -- The European Union has agreed to have 10 percent of its vehicle fuels sourced with renewable fuels by 2020 in spite of warnings from scientists.

Scientists have said that turning forests or grasslands into farmland to make up for acreage lost to biofuel production undermines the claim that biofuels is a clean source of energy, Deutsche Welle reported Friday.

But an agreement between the European Parliament, the European Commission and European Union member states, upholds the 10 percent target proposed in January, as the three parties agreed to count non-food source biofuels twice.

Crude oil closes lower Thursday

NEW YORK, Dec. 4  -- Crude oil prices dropped to less than $44 a barrel Thursday on the New York Mercantile Exchange, hitting its lowest closing price in 35 months.

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