The 3 Week Diet System

Wednesday, March 31, 2010

Saudis await recovery before boosting oil output

Written by Bloomberg News
Wednesday, 31 March 2010 22:28

Saudi Arabian oil Minister Ali Al- Naimi said the nation could boost output by as much as 4.5 million barrels-a day once demand recovers from recession.

The world’s largest oil producer is “waiting” for usage to rise after increasing capacity to 12 million barrels a day, Al-Naimi told reporters in Cancun, Mexico, where he’s attending an oil conference. Prices in the $70-a-barrel to $80- a-barrel range are “as close to perfect as possible,” he said.

Oil surged last year as the Organization of Petroleum Exporting Countries (Opec) implemented cuts to production quotas of 4.2 million barrels a day and the global economy emerged from its worst slump since World War II.

Opec plans to add 12 million barrels to its daily production capacity by 2015, equal to Saudi Arabia’s capacity. The gains would exceed the expected growth in demand, according to the International Energy Agency.

“Demand is gradually growing right now,” Al-Naimi said.

Crude oil for May delivery was at $82.45 a barrel, up 28 cents, or 0.3 percent, in electronic trading on the New York Mercantile Exchange at 9:57 a.m. Sydney time. Tuesday, the contract rose $2.17, or 2.7 percent, to $82.17, the highest settlement since March 18 and the biggest gain since Feb. 16. Bloomberg News

Source: http://businessmirror.com.ph/index.php?option=com_content&view=article&id=23595:saudis-await-recovery-before-boosting-oil-output&catid=51:world&Itemid=67


Abu Dhabi's oil reserves to last another 150 years

Emirate is blessed with 95 per cent of the UAE’s oil reserves and 92 per cent of gas.
By Shuchita Kapur
Published Wednesday, March 31, 2010

Oil-rich Abu Dhabi is on a strong growth trajectory and the emirate will remain in a strong economic position in the future, too, after having weathered the economic downturn considerably well.

The figures quoted in a new report by Isthmus Partners 'Abu Dhabi Investment Environment', shows that with 33 per cent of the country's population, the emirate contributes around 60 per cent to the UAE's GDP and has a GDP per capita of 1.8 times the national average.

"Abu Dhabi has one of the highest GDP per capita in the world. Even on a standalone basis, Abu Dhabi would be the second-largest economy in the GCC after Saudi Arabia," said the authors of the report stressing the economic clout of the capital city.

The emirate is blessed with 95 per cent of the UAE's proven oil reserves and 92 per cent of UAE's gas reserves. Based on current utilisation rates and no additional discoveries, Abu Dhabi's oil reserves will last for 150 years, said the report.

According to the IMF estimates, the UAE produced 2.62 million barrels of crude oil per day on average in H1 2008, 97 per cent of which was produced in Abu Dhabi.

As a result, oil exports generate significant income for the emirate.

In 2008, export revenue from oil and gas was Dh376.9 billion, but in 2009 this figure was reduced to Dh208.5bn due to the drop in the price of oil and the global economic recession.

With good revenues coming from the hydrocarbons, Abu Dhabi is also trying to diversify its economy.

"The government has intensified the diversification efforts in recent years capitalising on the 2000s oil boom and the increased inflows of foreign investment," said the report, adding that the "emirate's strategy is to capitalise on the strong hydrocarbon sector and grow into other industrial sectors as well as tourism and aviation".

The emirate is also home to one of the world's leading sovereign wealth funds, Abu Dhabi Investment Authority, which is a strategic international investor.

The report said: "Although official figures on assets under management are not forthcoming, it is considered that the Abu Dhabi Investment Authority (Adia) and Abu Dhabi Investment Council (Adic) hold hundreds of billions of dollars of investments. According to the IMF, the UAE held an international investment position (IIP) with net assets of $305 billion (Dh1.1 trillion) of international assets in 2009 and the great majority of them are owned by Abu Dhabi entities.

The ratio of IIP net assets over UAE's GDP is 132 per cent, compared to 105 per cent for Singapore and 52 per cent for Norway."

Abu Dhabi has traditionally invested a considerable amount of its oil revenues abroad and such international investments provide a significant source of income to the Abu Dhabi Government and reduce the volatility of the emirate's GDP and dependence on oil prices, said the authors of the report.

Exports of oil and gas brought $102.7bn to the UAE in 2008 and a projected $56.8bn and $71.8bn in 2009 and 2010 respectively, according to the IMF, as quoted in the report. The year 2008, which was probably one of the best in terms of economic growth, saw the UAE's consolidated fiscal surplus reach a record high of Dh127bn due to strong oil and non-oil revenue, even though consolidated government expenditure increased to a record of Dh198bn, as per the data in the report.

"The UAE reported fiscal surpluses for four consecutive years from 2005-2008 (while previously it had several years of fiscal deficits due to low oil prices and a steady growth in public spending and infrastructure).

"A small fiscal deficit of 0.3 per cent of GDP is predicted for 2009 due to lower oil prices and an expansionary fiscal policy by Abu Dhabi to counteract the economic slowdown. The IMF forecasts that the UAE will report a surplus in 2010."

Given the economic growth, Abu Dhabi's population has increased rapidly in recent years, primarily through immigration of expatriates. "Resident population grew by a compounded average of 4.6 per cent annually between 2001 and 2006. Between 2005 and 2008, the emirate grew at a faster annual rate of six to seven per cent. Anecdotal evidence suggests that the population increased mildly in 2009 and 2010, as Abu Dhabi remains a net employer."

In recent developments, Abu Dhabi was also hit by the global credit crunch.

"The oil growth engine (centred in Abu Dhabi) and the non-oil growth engine (centred in Dubai) were hit at the same time driving the country into mild negative real GDP growth in 2009, forecast at –0.7 per cent by the IMF."

However, it was a softer landing. "Though at the beginning of the financial crisis many participants expected that Abu Dhabi could be immune to shocks, the reality is that the crisis has affected Abu Dhabi though to a smaller degree.

"In the real estate sector, Abu Dhabi has expanded more conservatively and has a better match of demand with supply. In many segments of the property market, Abu Dhabi is still undersupplied. Yet the UAE's capital experienced a reduction in real estate prices in 2009. Prices in prime residential properties have fallen 40 per cent between Q3 2008 and Q3 2009," said Colliers.

Rental levels have fallen by an average 18 per cent in the first three months of 2009, but had previously increased by 14 per cent in Q4 2008.

"Occupancy rates in Abu Dhabi are almost 100 per cent and supply of completed property (rather than off-plan) cannot satisfy demand. Yet rental prices have been dropping since Southern Dubai has emerged as a substitute to Abu Dhabi."

As far as the banking sector is concerned, the central government has moved proactively in easing the liquidity problem and restoring confidence in the system.

Other sectors of Abu Dhabi's economy are performing well. The return of oil prices to the $70-$80 a barrel level has boosted oil revenues. "Industrial demand and revenues have fallen due to the slowdown in global activity and local construction, but investments in this sector continue.

"Abu Dhabi will capitalise by increased industrial export revenues once the global economy resumes expansion. In the meanwhile, the emirate benefits from carrying out its infrastructure investments at reduced cost due to the drop in the price of construction materials and labour costs."

Abu Dhabi has also indicated that the government and the emirate will continue supporting troubled government-related entities given that they are sustainable businesses, the report points out.

With a GDP of Dh520bn in 2008, the emirate is a strong economy. Yet, Abu Dhabi is one of the most concentrated economies in the GCC, as the oil sector dominates economic output and any major fluctuations in oil price can impact it.

Thus, diversification is in a major way and the emirate has invested large amounts of capital in broadening the economic base.

"Abu Dhabi has intensified efforts embracing the two pillars of diversification and privatisation, introducing strategic measures and undertaking substantial new investments in industry, real estate, tourism, aviation and other sectors.

"Abu Dhabi targets an annual growth of 7.5 per cent. The emirate published in 2009 the 'Abu Dhabi Economic Vision 2030' outlining its economic priorities for the coming years and its policies over the next two decades to achieve its goals.

"The plan envisages a population of 3.1 million by 2030, an 80 per cent increase from an estimated 1.7 million people in 2009," it said.

"Abu Dhabi's aim is to stimulate non-oil sectors rather than to reduce activity in the oil sector. It is increasing its industrial base [petrochemicals, plastics, metals] capitalising on the availability of resources.

In addition, it is looking to boost tourism and aviation sectors amongst others.

Abu Dhabi aims to become industrial and manufacturing hub

On sector analysis of the Abu Dhabi economy, the Abu Dhabi Investment Environment report highlights that Abu Dhabi aims to become the Middle East hub for industrial and manufacturing companies seeking to capitalise on the numerous opportunities that the emerging economies of the region offer.

"The government envisages exploiting the emirate's competitive advantage in the energy sector and command a larger share of the hydrocarbons value chain.

"According to the Abu Dhabi Chamber of Commerce, investments in industrial projects reached Dh39.8 billion in 2008."

The construction sector is another important one to watch out for. It contributed Dh21bn to Abu Dhabi's GDP in 2008. Construction activity is still strong as there are massive infrastructure projects under development. Growth in real estate construction has slowed down but fundamentals are good, said the report.

"There are massive government or government-related investments in shipyard, seaport, airport expansions, healthcare, education, major road upgrades and transportation.

"Infrastructure investment makes up a significant and growing proportion of construction activity for Abu Dhabi and the GCC," it said.

Developments in transport are also commendable. Abu Dhabi's new port is under construction and will include one of the world's largest industrial zones.

The emirate has also undertaken a massive expansion project for its main airport.

Aerospace and defence are also important pillars for Abu Dhabi's diversification plans.

"In the third quarter of 2009, Mubadala announced that it had signed a long-term strategic aerospace agreement with Boeing to develop mutually beneficial initiatives in various areas including composite manufacturing, engineering, R&D, commercial maintenance, repair and overhaul, military maintenance and sustainment, and pilot training.

"In the first quarter of 2009, Mubadala had announced that it is in the initial stages of forming a joint venture with the United States company Sikorsky Aerospace Services in order to develop a military-aviation maintenance centre," the report said. Abu Dhabi is also investing considerably in the tourism sector as a means of diversification.

The city has been developing specialised economic zones in strategic locations to attract investments.

The emirate has launched huge projects to diversify its economy.

Source: http://www.business24-7.ae/economy/uae-economy/abu-dhabi-s-oil-reserves-to-last-another-150-years-2010-03-31-1.100837


Wind Power Blew Past 150,000 Megawatts in 09

Tuesday 30 March, 2010

The global wind energy industry set new records last year as cumulative installed wind power capacity grew to 158,000 megawatts.

According to the Earth Policy Institute, the 31 percent jump saw wind power now being able to supply the residential electricity needs of 250 million people.

70 countries now generate wind power and 17 now have at least 1,000 megawatts installed.

China continues to be the world leader with 13,000 megawatts of new wind capacity in 2009. Its efforts last year also saw it being the first country to build out more than 10,000 megawatts capacity in a year. China looks set to maintain its front-runner position, with seven huge wind farms under construction boasting a combined output of 130,000 megawatts - more than the entire world's capacity at the end of 2008.

The USA bypassed Germany a couple of years ago and increased its lead last year to reach a cumulative 35,000 megawatts; with Texas remaining the most productive state.

In the European Union (EU), Spain added the most new wind power capacity in 2009, with 26,000 total megawatts now installed, but Germany remains the EU's leader. Italy, France, and the United Kingdom all crossed the 4,000 megawatt mark in 2009.

India installed 1,300 megawatts in 2009 and Canada added 950 megawatts of wind capacity, coming just short of entering the top 10 list for total capacity.

Latin America and Africa, both with major wind resources but limited development to date, look set to see increased activity in the years ahead.

Australia wasn't mentioned in the Earth Policy Institute report, but also appears to have made solid gains; growing from 1125 megawatts installed capacity in April 2008 to 1877 megawatts in 2009.

The Earth Policy Institute says that wind power has increased ninefold in total capacity since the 2000 and quotes a Harvard University that concluded the top 10 carbon dioxide-emitting countries could satisfy all of their electricity needs using wind alone.

Source: http://www.energymatters.com.au/index.php?main_page=news_article&article_id=825


Pak, US have started dialogue on civil nuclear cooperation: Zardari

Tuesday, March 30, 2010 21:43 IST

ISLAMABAD: Pakistan appears to be reconciled to a long haul in clinching a civil nuclear deal with the US with president Asif Ali Zardari today saying it took nine years for India to secure an atomic pact with
Washington.
Addressing participants of a security course at the National Defence University, Zardari said Pakistan and the US have started dialogue on civil nuclear cooperation but he noted that it had taken India nine years to seal a civil nuclear deal with the US.

His remarks come in the backdrop of last week's US-Pak strategic dialogue during which Washington did not give a
clear commitment to Islamabad on its demand for a civil
nuclear deal similar to the Indo-US atomic pact.

Secretary of state Hillary Clinton had last week noted that it took several years of strategic dialogue for India and US to conclude a deal on the civil nuclear field.

Zardari said Pakistan desires peaceful co-existence with all its neighbours and the government will never let the country be taken hostage by non-state actors and forced into a war.

The government is focussing on a policy of reconciliation and tolerance and "would never let the country be taken hostage by non-state actors and forced (into) going into a war", Zardari said.

He said the "best scenario" for terrorists is to be able to operate freely in a "no state" environment, where their structure overpowers the state structure.

Source: http://www.dnaindia.com/world/report_pak-us-have-started-dialogue-on-civil-nuclear-cooperation-zardari_1365428


U.S. coal stores rise 2.2 pct for the week-Genscape

Tue Mar 30, 2010 5:00pm BST

HOUSTON, March 30 (Reuters) - Coal stockpiles at U.S. power plants rose 2.2 percent this week but were 2.6 percent smaller than last year at this time, Genscape said on Tuesday.

U.S. generators - which rely on coal to fuel about half of U.S. electricity production - had 58 days worth of coal on hand, two more days than last week, the industry data provider said.

Genscape said companies averaged two less days of coal stockpiled than the same week of 2009, when stockpiles were bloated because the recession had shrunk power demand.

Power generators as of Monday had 155.6 million tons of coal, up from 152.3 million tons stockpiled on March 22 but down from 159.8 million tons the same week last year, Genscape said.

The week-on-week rise followed warmer weather across the Midwest and North. That cut coal-fired power demand by easing heating needs.

The year-on-year decline appears at least partly due to slower springtime growth in inventories as miners maintain cuts in output that they had just begun at this time last year.

Inventories typically grow in spring and fall when demand for heating and cooling drops. Stockpiles usually shrink during summer and winter when demand rises for climate control in homes, stores and factories.

Mathematical rounding sometimes affects the results, overstating some changes and understating others, Genscape has said.

The numbers reflect adjustments to the Genscape model and restatement of inventories for early 2009 due to distortions caused by unprecedented substitution of gas for coal in that period. (Reporting by Bruce Nichols; Editing by Marguerita Choy)

Source: http://uk.reuters.com/article/idUKN3033834920100330


USA and Europe Do Not Need Russian Gas Anymore

31 March 2010
Russia has virtually lost the sales market for its natural gas in the United States of America and runs risks of losing its positions in Europe at this point too. Sergey Dontsov, Deputy Minister for Nature of the Russian Federation, said that the reason for such export failures is about the delays in the development of the Shtokman gas deposit in the Barents Sea.
The rumors about delays in the development of the huge Shtokman gas condensate deposit appeared in 2009. It was originally believed that gas deliveries from the deposit would be launched in 2013. The economic crisis pushed the date back to 2015.

However, Alexander Medvedev, deputy chairman of Russia’s Gazprom and the head of Gazprom Export, believes that the Russian liquefied natural gas will become competitive in the North American market already in five or ten years.

The Shtokman deposit is located in the shelf area of the Russian sector of the Barents Sea, some 600 kilometers to the north-west off the city of Murmansk. The sea depth in this area reaches 340 meters. Gazprom develops the deposit in cooperation with Total, France and Statoil, Norway.

By 2009, Gazprom had taken only 0.5 percent of the US gas market. The share is expected to be increased to five or even ten percent with the help of the Stockman deposit and another large deposit on Russia’s Yamal Peninsula.

However, the USA considerably increased the extraction of shale gas last year which can ruin another project of Gazprom – Sakhalin-2. Both Shtokman and Sakhalin-2 projects are being conducted to sell natural gas mostly to the United States.

Russia ’s gas leadership in Europe is not so stable either. The countries of Western Europe cut their purchase of Russian gas by 29 percent during the first six months of 2009. Germany cut the import of Russian gas by 44 percent, Italy – by 34 percent, France – by 21 percent. Europeans try to boost their gas deals with Norway, the countries of Northern Africa and the Persian Gulf.

Looking for an alternative for the traditional European market, Gazprom now turns to China. The two countries singed an adequate agreement during Putin’s visit to Beijing in October of 2009.

Gazprom also eyes foreign projects of gas extraction which could be subsequently used for the production and export of the liquefied natural gas. The gas giant has already sold nearly three billion cubic meters of liquefied natural gas since 2005. Gazprom’s administration still believes that the production of liquefied natural gas will let Russia keep its leadership on the world market of gas.

Vladimir Shabanov
Pravda.Ru

Source: http://english.pravda.ru/business/companies/30-03-2010/112785-russian_gas-0


RPT-UPDATE 2-Oil holds above $82, heads for 5th qtrly gain

Wed Mar 31, 2010 9:29am BST
By Chris Baldwin

LONDON, March 31 (Reuters) - Oil traded above $82 on Wednesday, heading for its fifth consecutive quarterly gain as markets awaited U.S. crude inventory data later in the day.

Front-month crude futures on the New York Mercantile Exchange CLc1 have gained almost 4 percent so far this year, trading at $82.44 a barrel at 0807 GMT, up 7 cents from Tuesday. Brent crude for May LCOc1 rose 3 cents to $81.31 in London.

A Reuters poll of 14 analysts showed U.S. crude oil inventories likely rose last week for the ninth straight time. Weekly government statistics from the Energy Information Administration will follow later on Wednesday.[ID:nN30173183]

"One week ago, the DOE reported a huge 7.25 million barrel increase in crude inventories...prices held steady, gathered their forces and then forged higher," publisher Dennis Gartman wrote in his closely-followed newsletter for traders.

"Markets that rise on bearish news are impressive enough, but markets that rise on overtly bearish news are truly impressive. This is one such market."

U.S. oil demand in the past few weeks has posted its first year-on-year gain in 18 months, while Chinese imports are surging, reflecting sustained growth for the world's top two oil users.

Oil-product inventories in the U.S. have been shrinking. Stockpiles of distillate fuels including heating oil and diesel decreased by 1 million barrels last week to 147.5 million barrels, the industry-funded American Petroleum Institute (API) reported on Tuesday.[ID:nN30173189]

Gasoline stocks dropped by 946,000 barrels, falling to 223.2 million barrels, the API said. Crude supplies rose 421,000 barrels, compared with a Reuters survey forecasting an average increase of 2.4 million barrels.


QUARTERLY GROWTH

Oil prices this quarter have traded from a peak of $83.95 in January, the highest since October 2008 at the height of the financial crisis, to a low of $69.50 a barrel in February.

That sub-$15 range is more stable than the wide price swings in the previous two years. Implied volatility for U.S. crude is now at its lowest level since prices surged to a record $147.27 a barrel on July 11, 2008, before plummeting to $32.40 in December of that year.

For a graphic of crude implied volatility, see: here

Officials from the Organisation of the Petroleum Exporting Countries (OPEC) on Tuesday appeared undecided on how to respond if oil prices rose definitively above the $70-80 a barrel range they have praised this month. [ID:nN30208773]

Some major consumers at the biannual International Energy Forum (IEF) being held in Cancun, Mexico this week agreed with OPEC members' claims that a price of $70-80 price was good for both sides, providing sufficient revenues for producers and incentives to build new projects, but not so high as to choke off growth in importing nations. [ID:nN30208773]

The IEF aims to produce a statement when the meeting concludes on Wednesday outlining measures to minimize oil price volatility, including steps to increase market transparency. (Additional reporting by Alejandro Barbajosa in Singapore, editing by Amanda Cooper)

Source: http://uk.reuters.com/article/idUKSGE62U05S20100331?sp=true


US weekly gasoline demand falls 1.3 pct -MasterCard

NEW YORK, March 30 (Reuters) - U.S. retail gasoline demand fell 1.3 percent in the week to March 26 from the previous week, according to a MasterCard SpendingPulse report released on Tuesday.

Stocks | Global Markets | Financials

Gasoline demand averaged 9.531 million barrels per day last week, down from 9.656 million the previous week, the weekly survey showed.

Year-on-year, gasoline demand rose by 0.3 percent for the week.

Consumption of the motor fuel in the world's top oil consumer over the last four weeks averaged 2.3 percent higher year-over-year.

The national average retail prices for gasoline rose 1 cent over the week to $2.81 per gallon, up 41 percent from year-ago levels.

MasterCard Advisors estimates retail gasoline demand based on aggregate sales activity in the MasterCard payments system coupled with estimates for all other payment forms including cash and checks. MasterCard Advisors is a unit of MasterCard Inc (MA.N). (Reporting by Edward McAllister; Editing by David Gregorio)

Source: http://www.reuters.com/article/idUSNLLUEE63O20100330


The global solar photovoltaic electricity (PV) market reaching 20 GW worldwide

31 de marzo de 2010

The global solar photovoltaic electricity (PV) market counted an additional increase in installed capacity of about 6.4 GW in 2009, reaching a total capacity of over 20 GW world-wide.

A bright future shines on the solar photovoltaic electricity market

The global solar photovoltaic electricity (PV) market counted an additional increase in installed capacity of about 6.4 GW in 2009, reaching a total capacity of over 20 GW world-wide. This has been the most important annual capacity increase ever and is particularly impressive in light of the difficult financial and economical circumstances during the past year.

In 2010, global cumulative installed PV capacity is expected to grow by at least 40%, while the annual growth is expected to increase by more than 15%. During 2009, Germany remained the largest market, with Italy ranking second and Japan and the U.S. markets to follow. Germany most probably will remain the largest market in 2010, while new markets in particular from Southern Europe, Asia and the U.S. will grow significantly.

Gathered together in Rome on the occasion of the 5th Workshop on Market Potential and Production Capacity on 19 March 2010, the Members of the European Photovoltaic Industry Association (EPIA) have discussed PV results for 2009 and forecasts until 2014.

Europe maintains market leadership

With a cumulative installed capacity of almost 9 GW, including around 3 GW installed in 2009, Germany remains the world’s largest PV market although the recently announced Feed-in Tariff cuts are expected to significantly affect the development of the national industry in the longer run.

In the mid-term, Italy appears as one of the most promising markets with an additional capacity of some 700 MW already in 2009. Besides high sun irradiation, the new Conto Energia, which should be announced in Spring, would continue to support the strong momentum of the Italian market.

Czech Republic shows an important growth in 2009 with 411 MW installed but, due to overly generous support schemes, the market is expected to shrink importantly in 2011 after another year of strong growth in 2010.

“This underlines the imperative need for support mechanisms to be designed in a way to ensure a long term, predictable and sustainable development of the market and avoid instability and discontinuity in market evolution” explains Adel El Gammal, Secretary General of EPIA.

Thanks to a strong political will, Belgium made its entry into the TOP 10 markets with 292 MW installed in 2009. Due to a revision of the financial support scheme early 2010, the market is, however, expected to slow down slightly in 2010. France follows with 185 MW installed in 2009, with an additional 100 MW installed but not connected to the grid yet.

In spite of a huge potential, this clearly demonstrates the importance for France to solve grid connection issues in order to allow the market to develop. In Spain, the set-up of a market cap in 2008, combined with the effects of the financial crisis, constrained the market to only about 60 MW installed in 2009.

However, PV accounted for about 3% of the electricity production in the country in 2009 and clearly appears as a privileged source of electricity in the fight against Climate Change. Finally, Greece, Portugal and the U.K. are showing interesting potential for growth in 2010 and beyond.

Japan and USA as leading markets outside Europe

Outside Europe, Japan positions itself as the third largest market with 484 MW and shows an important growth potential thanks to favourable political support. The U.S. market finally took off significantly with around 475 MW installed in 2009 and appears as a potential leading market for the coming years.

China and India are also expected to boom in the next five years with an impressive amount of PV projects in the pipeline. Canada and Australia showed significant market development in 2009 and are expected to open the way to the development of new markets. Brazil, Mexico, Morocco and South Africa are also seen as promising countries.

The global PV market could reach between 8.2 and 12.7 GW of new installations assuming a moderate scenario and a policy driven scenario, respectively, and would represent a growth of 40% and 60 % of the overall cumulative installed capacity compared to 2009 for the two scenarios.

In a policy-driven scenario, the global annual PV market could reach up to 30 GW in 2014 based of course on favourable conditions established by policy makers, regulators and the energy sector at large. The announced world-wide PV production capacity would also be sufficient to cover the expected evolution of the market in the coming five years.

“In addition to the ramp-up of many markets in Europe, the development and opening of new markets in Asia, the Americas and Africa is paving the way to a strong and sustainable momentum of PV powered supply solutions all around the world” concludes Ingmar Wilhelm, President of EPIA.


www.epia.org

Review: http://www.evwind.es/noticias.php?id_not=4992


Kingdom, S. Korea sign deal on nuclear research reactor

31 March 2010
By Taylor Luck

AMMAN - Jordan took a historic step towards becoming a nuclear energy user and technology supplier on Tuesday by signing an agreement with a South Korean consortium for the construction of a nuclear research reactor.

Jordan and a consortium comprising the Korean Atomic Energy Research Institute (KAERI) and Daewoo yesterday finalised a deal for a $130 million nuclear research reactor to be jointly funded by the Jordan Atomic Energy Commission (JAEC) and a $70 million soft loan extended by South Korea.

The nuclear research reactor is to be the focal point of a national technology and training centre at the Jordan University of Science and Technology (JUST) near Irbid, which may become the epicentre of training activities in the Arab world, where several countries have expressed their nuclear ambitions.

“This contract demonstrates the JAEC’s great confidence in Korean nuclear technology and safety,” JAEC Chairman Khaled Toukan said during a ceremony held at the commission’s headquarters yesterday to mark the event.

South Korean Minister of Education Byong Man Ahn highlighted the close cooperation between the two sides.

“Jordan has a real opportunity to accelerate its nuclear development in terms of both volume and capacity to prepare a future generation to man a commercial nuclear power plant,” Byong said.

According to Ned Xoubi, JAEC commissioner for nuclear fuel cycle and head of the nuclear research reactor project, construction on the plant is expected to start in June, starting with an 18-month period devoted to environmental and seismic feasibility studies.

Actual construction is expected to take two years, he pointed out, noting that the reactor expected to be online and operational by 2015.

Once operational, the reactor will have the potential to produce 10 times the amount of radioisotopes used in Jordan, paving the way for the export of radioisotopes for medical and agricultural uses.

Jordan selected the South Korean consortium last December after evaluating competitive bids from Russia, China and Argentina.

Xoubi underlined that there are currently 284 nuclear research reactors in 56 countries around the world, 64 of which are located on university campuses.

While many nuclear research reactors are in heavy residential areas, the centre at JUST will comprise a few buildings within a 500-metre radius.

The reactor is open-pool 5-megawatt (MW) model, with the ability to upgrade to 10MW if needed. Xoubi pointed out that the reactor will feature a 70 per cent fuel burn-up, as a majority of the fuel will be consumed in the process of operation, which will rely on 19 per cent enriched uranium.

Jordan will secure nuclear fuel from various international vendors, or Jordanian uranium enriched abroad through the Jordanian-French Uranium Mining Company and AREVA, commission officials indicated.

The JAEC will partly fund the centre with JD60 million over a five-year period, and a soft loan at 0.2 per cent interest over 30 years with a 10-month grace period, according to the JAEC.

Approximately 50 per cent of overall costs are to be spent in Jordan, creating job opportunities, Xoubi stressed.

Training for generations

The nuclear research reactor is to train future generations of cadres to support Jordan’s peaceful nuclear power programme, which aims to wean the country off of energy imports.

By the time the research reactor is operational, the Kingdom will be training over 100 Jordanian nuclear engineers, who will be instrumental in the establishment and maintenance of nuclear power plants for electricity production, Xoubi added.

As part of the agreement, signed yesterday at the Prime Ministry in the presence of Prime Minister Samir Rifai, some 56 staff will be trained as nuclear engineers and technicians in reactor operation and maintenance, radioisotope production, and radiation safety in South Korea and in the Kingdom.

South Korea also offered to provide training for regulators at the Nuclear Safety Academy through Korea Institute of Nuclear Safety, KAERI Vice President Jae Joo Ha indicated.

Under the agreement, Jordan has the exclusive rights to reexport the technology after 20 years, paving the way for the potential development of a local nuclear industry, officials indicated.

Jordan may follow the model of South Korea, which went from a 100-kilowatt nuclear research reactor in the 1950s to operating 20 reactors domestically. As of this year, South Korea has become a nuclear technology supplier, embarking on projects in the Kingdom and the UAE.

“At the end of the day, we would like to move from nuclear technology users to developers within 20 years time, but this would take hard work,” Toukan told The Jordan Times.

Jae expressed hope that long-term cooperation will continue between the Kingdom and South Korea.

“We are not just supplying technology, then leaving. We want to help Jordan develop a successful programme over time and make similar achievements to Korea,” he said, underlining that South Korea took some 50 years between embarking on its nuclear research reactor and exporting technology.

“We think Jordan can make this leap in a much shorter time,” Jae added.

South Korean officials also highlighted the South Korea-constructed APR1000 reactor as a potential technology for Jordan’s commercial power plants.

The research reactor is an important precursor to the Kingdom’s first nuclear reactor (1,000MW Generation III) expected to be built on a site outside of Aqaba within the next decade.

Source: http://www.jordantimes.com/?news=25329


India surprises with big new coal ports

Wednesday, 31 Mar 2010

Reuters reported that the speed with which large, private, fully mechanized ports are springing up in India is making coal producers and traders think again. Suppliers had until recently doubted India could import the coal it will need because most of its ports were small and shallow and government port expansions were running late.

The international perception of India's coal ports has been of a collection of mostly small, old, terminals which cannot take standard coal 150,000 tonne capsize vessels but are mostly limited to 50,000 to 75,000 tonne panamaxes or handysize.

These small ports can take up to a week to discharge, are plagued by delays and have poor road and rail links to end users. But the slew of private ports under construction or expansion and their sheer size has taken the international coal market by surprise.

Mr John Kearsey head of research at ship brokers Simon Spence & Young said that "We're going to have to revise our projections for Indian coal imports and look at the impact of the ports being built."

India will need more imported coal to make up for its domestic shortfall for the next 20 years. In 2010-2011 India will import 81 million tonnes.

Mr Will Fray shipping analyst with London based consultants Maritime Strategies International said that "Indian and Chinese coal demand is a significant driver behind our forecast for dry bulk demand growth over the next few years. Together we expect them to account for over 50% of global incremental seaborne coal imports over this period."

India is also building a host of state and private coal fired power plants plus private merchant power plants which sell power to local industry on a spot basis and could need as much as 200 million tonnes of imported coal within the next several years to feed these.

The Indian government's aim is to expand major state ports to handle 1.5 billion tonnes of total cargo by 2012 but plans are behind target, a gap being filled by the private sector.

(Sourced from www.reuters.com)

Review: http://www.steelguru.com/news/index/MTM5MTgy/India_surprises_with_big_new_coal_ports.html


UPDATE 1-Tokyo Gas to join Queensland Curtis LNG project

Wed Mar 31, 2010 11:15am IST

* Tokyo Gas to take 1.25 pct stake in coal seam gas field

* Plans to take 2.5 pct stake in second LNG train (Adds details, background)

TOKYO, March 31 (Reuters) - Tokyo Gas Co (9531.T: Quote, Profile, Research) said on Wednesday it has agreed with BG Group (BG.L: Quote, Profile, Research) to buy liquefied natural gas (LNG) from Australia's Queensland Curtis project.

Under the agreement, Tokyo Gas, Japan's top gas distributor, will buy 1.2 million tonnes of LNG per year for 20 years from 2015.

Production will likely start sometime in 2014, a Tokyo Gas official told reporters, with the company projecting an investment of around several billion yen.

Tokyo Gas plans to take a 1.25 percent stake in a coal seam gas field and a 2.5 percent stake in the second LNG train.

The Queensland Curtis project, to be built in the northeast part of the state, has a proposed production capacity of 8.5 million tonnes a year and is expected to get final approval in the middle of this year.

It was the second LNG deal in a week for Tokyo Gas. Last week it signed an agreement with Australian oil and gas firm Energy World Corp (EWC.AX: Quote, Profile, Research) to discuss details of its participation in EWC's LNG project in Indonesia's South Sulawesi province.

Under the pact, Tokyo Gas aims to buy 500,000 tonnes of LNG per year from the project. [ID:nTOE62N05U] (Reporting by James Topham)

Source: http://in.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idINTOE62U04T20100331


Obama to open some offshore areas to oil drilling Plan includes parts of East Coast, Alaska

By John M. Broder
New York Times / March 31, 2010

WASHINGTON — The Obama administration is proposing to open vast expanses of water along the Atlantic coastline, the eastern Gulf of Mexico, and the north coast of Alaska to oil and natural gas drilling for the first time, officials said yesterday.

The proposal — a compromise that will please oil companies and domestic drilling advocates but anger some residents of affected states and many environmental organizations — would end a longstanding moratorium on oil exploration along the East Coast from the northern tip of Delaware to the central coast of Florida, covering 167 million acres of ocean.

Under the plan, the coastline from New Jersey northward would remain closed to all oil and gas activity. So would the Pacific Coast, from Mexico to the Canadian border.

The environmentally sensitive Bristol Bay in southwestern Alaska would be designated as a sanctuary and no drilling would be allowed under the plan, officials said. But large tracts in the Chukchi Sea and Beaufort Sea in the Arctic Ocean north of Alaska — nearly 130 million acres — would be eligible for exploration and drilling after extensive studies.

The proposal is to be announced by President Obama and Interior Secretary Ken Salazar at Andrews Air Force Base in Maryland today, but administration officials agreed to preview the details on the condition that they not be identified.

The proposal is intended to reduce dependence on oil imports, generate revenue from the sale of offshore leases, and help win political support for comprehensive energy and climate legislation.

But while Obama has staked out middle ground on other environmental matters — supporting nuclear power, for example — the sheer breadth of the offshore drilling decision will take some of his supporters aback. And it is no sure thing that it will win support for a climate bill from undecided senators close to the oil industry, like Lisa Murkowski, Republican of Alaska, or Mary Landrieu, Democrat of Louisiana.

The Senate is expected to take up a climate bill in the next few weeks. Obama and his allies in the Senate have already made significant concessions on coal and nuclear power to try to win votes from Republicans and moderate Democrats. The new plan now grants one of the biggest items on the oil industry’s wish list — access to vast areas of the Outer Continental Shelf for drilling.

But even as Obama curries favors with pro-drilling interests, he risks a backlash from some coastal governors, senators, and environmental advocates, who say that the relatively small amounts of oil to be gained in the offshore areas are not worth the environmental risks.

The Obama administration’s plan adopts some drilling proposals floated by President George W. Bush near the end of his tenure, including opening much of the Atlantic and Arctic coasts. Those proposals were challenged in court on environmental grounds and set aside by Obama after he took office.

Unlike the Bush plan, however, Obama’s proposal would put Bristol Bay, home to major Alaskan commercial fisheries and populations of endangered whales, off limits to oil rigs.

Actual drilling in much of the newly opened areas, if it takes place, would not begin for years.

Obama said several times during his campaign that he supported expanded offshore drilling. He noted in his State of the Union address that weaning the country from imported oil would require “tough decisions about opening new offshore areas for oil and gas development.’’

Perhaps in anticipation of controversy, the new policy has been closely held within the administration. White House and Interior Department officials began briefing members of Congress and local officials in affected states late yesterday.

It is not known how much potential fuel lies in the areas opened to exploration, although according to Interior Department estimates there could be as much as a three-year supply of recoverable oil and more than two years’ worth of natural gas, at current rates of consumption. But those estimates are based on seismic data that is, in some cases, more than 30 years old.

The first wells off the coast of Virginia could appear as early as next year in a tract that has already been designated for the sale of oil leases, officials said. But the Interior Department will spend several years conducting geologic and environmental studies along the rest of the southern and central Atlantic Seaboard, and the first lease sales would not be held before 2012.

Source: http://www.boston.com/news/nation/washington/articles/2010/03/31/obama_to_open_some_offshore_areas_to_oil_drilling/



© Copyright 2010 Globe Newspaper Company.

OPEC, IEA, IEF to Unveil Measure to Combat Oil-Price Volatility

March 30 -- OPEC, the International Energy Agency and the International Energy Forum will announce a “joint action plan” this week to combat oil-market volatility, IEA Executive Director Nobuo Tanaka said.

The plan will tackle “volatility of the price and other issues like the outlook of the energy market,” he told reporters yesterday before the biennial IEF ministerial meeting that starts today in Cancun, Mexico. “We’ll have closer dialogue with our organizations and we’ll see what we can do.”

The accord involves pooling expertise and sharing data to improve transparency, two people with direct knowledge of the plan said. They declined to be identified because the information hadn’t been made public. Details of the agreement will be announced March 31 at the end of the meeting.

Saudi Arabian Oil Minister Ali al-Naimi and U.S. Deputy Energy Secretary Daniel Poneman, representing the world’s biggest oil exporter and the largest consumer, are among officials from more than 60 countries attending the gathering. Chief executive officers from some of the largest oil companies, including Exxon Mobil Corp.’s Rex Tillerson and Royal Dutch Shell Plc’s Peter Voser, will join a concurrent business forum.

IEF Secretary General Noe van Hulst said in an interview on March 28 in Cancun that oil producers and consumers, trying to avoid a repeat of the $115 a-barrel price swing in 2008, will seek a “broad agreement” to combat volatility.

“The better the market is informed about what happened in the past, what’s happening in the present and what will happen in the future, the less room there will be for, say, unfounded speculation and second-guessing,” he said.

G-8 Mandate

The Group of Eight nations called for measures to curb volatility in energy prices in July at its L’Aquila, Italy, meeting, to enable oil producers to plan their spending. The G- 8’s formal statement called for continued dialogue between energy producing, consuming and transit countries through the Riyadh-based IEF.

Members account for more than 90 percent of global oil and gas supply and demand.

The Organization of Petroleum Exporting Countries, the IEA and IEF “should work hard together to reduce volatility,” OPEC Secretary-General Abdalla El-Badri told reporters in Cancun yesterday. He called the IEF “a good vehicle” for dialogue.

El-Badri also applauded the U.S. for “putting some brakes on speculation. It’s a positive step in the right direction.”

Oil’s climb to a record $147.27 a barrel in 2008 led regulators in the U.S. and U.K., home to the world’s two major oil exchanges, to consider trading limits on the commodity.

CFTC Limits

The U.S. Commodity Futures Trading Commission, which oversees more than $5 trillion in daily trading, in January proposed adding limits to the energy markets as part of a government campaign to prevent individuals or companies from gaining too much control of a commodity market.

The market needs better data on supply, demand and output levels from all producing and consuming countries, particularly those from nations outside the Organization for Economic Cooperation and Development, Van Hulst said. Improvements in futures-market transparency are also needed, he said.

Non-OECD countries such as China and India are forecast to drive energy-demand growth after the global economic recession.

“Transparency is one of the themes of the times, particularly after 2008,” Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, said in an interview earlier this month in Houston. “Understanding demand better on a global basis, particularly where the growth is, and at the same time better understanding supply would at least ground markets more in the realities of supply and demand.”

Implied Volatility

Oil prices traded between $32.40 a barrel and $147.27 a barrel in 2008. Implied volatility for at-the-money options expiring in 30 days, a measure of expected price swings in the futures contract and a key gauge of options prices, climbed to 105 percent at the end of 2008.

Implied volatility fell to 27.8 percent on March 26, the lowest level since Dec. 24, 2007. Oil has traded in a $68-to-$84 range since October.

Sudden accelerations in oil prices hurt consumers because they cause inflation and reduce spending, curbing economic growth. A plunge in prices affects investment in future supplies by both publicly traded and state-owned oil companies.

“Being against excess volatility is kind of like being against world hunger,” said David Kirsch, the Kansas City, Kansas-based director of oil markets at consultant PFC Energy. “Who’s for it? At the end of the day, what are you going to do about it?”

Crude for May delivery rose $2.17, or 2.7 percent, to $82.17 a barrel on the New York Mercantile Exchange yesterday, the highest settlement since March 18 and the biggest gain since Feb. 16. The increase caused implied volatility to rebound to 28.5 percent. Oil was at $82.12 in after-hours trading at 10:46 a.m. in Singapore.

Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amQzcCkCvul4


Tuesday, March 30, 2010

Richfield Ventures Corp. Receives Drilling Permit for the "Blackwater" Gold Project, B.C. -- Drilling to recommence in early April

March 30, 2010 - Quesnel, BC: Richfield Ventures Corp. (TSX.V:RVC) "Richfield" or the "Company" is pleased to announce that it has received a drilling permit for the first stage (Phase 1) of its planned 2010 drill program on the Blackwater Davidson bulk tonnage gold discovery located south of Vanderhoof, B.C. The first drill will be mobilized on or about April 6th 2010. The 17 km access road to the property from the main Kluskus logging road has been cleared of snow and the camp from last season has been reestablished.

The first drill hole will deepen the final hole drilled last season, hole BW 59 (on optioned ground from Silver Quest Resources Limited - NR March 23, 2009), which averaged 1.25g/t Au over 329 metres and it ended in 5 metres of 9 g/t Au (see news release dated January 5th 2010). Previous holes are mostly angle holes between 100 and 200 metres deep and a significant number of these holes ended in gold mineralization.

The Phase 1 drilling plan comprises approximately 10,000 metres of core drilling (20 holes) to test for possible extensions of the mineralization to the northwest, southwest, south and east of the deep discovery hole. These holes will be drilled vertically to depths of 500 to 600 metres from surface.

Richfield has acquired a 30-man camp suitable for year-round work. A permit for this camp has been submitted and when received the camp will be moved on site. This will allow the company to service multiple drills and explore on a year round basis.

A second stage (Phase 2) drill program is also planned to include 15,000 metres of systematic drilling on 50 metre spaced centres to establish a 43-101 compliant resource. This program will begin after the camp has been set up in late May 2010 and is expected to be completed by Q4 2010. A first phase of metallurgical test work will be undertaken by Inspectorate America Corp. located in Richmond, British Columbia.

Richfield Ventures Corp. is also pleased to announce that it has retained Axemen Resource Capital Ltd. as a financial consultant. Axemen Resource Capital Ltd. is a Vancouver-based Exempt Market Dealer focused on advising and financing junior mining exploration and development companies.

The scientific and technical information contained in this news release was prepared under the supervision of Dirk Tempelman-Kluit Ph.D, FGAC, VP Exploration for Richfield Ventures Corp., and has been reviewed by Lindsay Bottomer, P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.

About Richfield Ventures Corp.

Richfield Ventures Corp. is a public mineral exploration company trading on the TSX Venture Exchange under the symbol RVC. Richfield has been actively acquiring and exploring mineral tenures in the Nechako Plateau regions of British Columbia.

On behalf of the Board of Directors of Richfield Ventures Corp.

Source: http://www.richfieldventures.ca/s/NewsReleases.asp?ReportID=391791


US, India seal key part of nuclear deal

Tuesday, March 30, 2010
* Agreement will allow India to reprocess spent nuclear fuel from the US

By Iftikhar Gilani

NEW DELHI: India and the US have completed negotiations on the reprocessing of spent nuclear fuel agreement – an important step towards putting into operation a civil nuclear deal between the two countries.

The agreement would allow India to reprocess spent nuclear fuel from the US. A statement by the Indian External Affairs Ministry said on Monday the negotiations on “arrangement procedures” for reprocessing US-obliged spent nuclear fuel, which began in July 2009, concluded earlier this month in New Delhi.

US Ambassador to India Timothy Roemer earlier said on Monday that the pact was ready for signatures. The US envoy described the pact as “an important step and part of the great, win-win narrative of the US-India global partnership”. “These arrangements will help open the door for US firms in India ... [create] thousands of jobs ... the US and India are one step closer to ensuring greater access to clean and affordable energy and electricity for all Indians,” he said.

Source: http://www.dailytimes.com.pk/default.asp?page=2010%5C03%5C30%5Cstory_30-3-2010_pg7_4
India's Nuclear Bomb: The Impact on Global Proliferation

WAfrica Crude-Weaker as Nigerian exports ramp up

Mon Mar 29, 2010 6:23pm BST
LONDON, March 29 (Reuters) - West African crude oil

differentials slipped lower on Monday, pressured by ample
supplies of crude in most spot physical markets and news that
Nigeria will boost crude exports sharply in May.
Nigeria is set to export well over 2 million barrels per day
(bpd) of crude oil in May, its highest level since July of last
year, loading schedules and trade sources said on Monday.
[ID:nLDE62S1YS]
At least 70 full or part cargoes of Nigerian crude are due
to load in May, up from 61 cargoes in April. The May total could
be as high as 71 cargoes, giving a daily rate of as much as 2.06
million bpd, some sources said. Other sources estimated exports
at a slightly lower rate, but still well above 2 million bpd.
West African barrels are competing with ample supplies from
North Africa and the Mediterranean, particularly into western
markets such as the U.S. Gulf.
"With so much Saharan Blend (from Algeria) available and it
being so cheap, the benchmark Nigerian grades are being squeezed
lower," said a trader with a large independent oil trading
house.

NIGERIAN
* Benchmark Qua Iboe BFO-QUA was assessed at between dated
BFOE plus $1.20 and plus $1.30 with several cargoes competing
for buyers.
* Bonny Light BFO-BON was again offered by Arcadia for
loading May 3-4 at dated BFOE plus $1.25 per barrel but was
reported only to have found bids around plus $1.00.
* Erha will load six cargoes of 950,000 barrels in May, up
from five cargoes in April, trade sources said.
* Vitol was reported to have sold its Erha loading May 1-2
to BP to cover a short into Indian refiner IOC. The exact price
was unclear but traders estimated the value of early-May Erha
around dated BFOE plus $1.30.
* EA: On Friday, Shell sold a 1 million barrel cargo for
April or May loading at around dated plus $2.35 fob into India's
Bharat Petroleum Corp via the refiner's latest tender.
[ID:nLDE62P1LC]
* Cabinda: Chevron and Sonangol last week both sold Taiwan's
CPC 1 million barrels each at around dated minus 35 cents via
tender for May lifting/June arrival.

ANGOLAN, OTHER AFRICAN
* Nemba: Total was said to be offering its Nemba loading May
18-19 at around dated BFOE minus 15 cents but bids were
considerably lower, below minus 30 cents by some estimates.
* Dalia: Exxon was said to have sold its Dalia lifting May
10-11 as low at dated BFOE minus $3.35, at least $1.50 below
indications last month.
* Palanca: Eni sold CPC Taiwan via tender last week a 1
million barrel cargo at around dated plus 25 cents.
* Congolese Djeno: Mercuria sold CPC Taiwan a 1 million
barrel cargo last week via tender for May loading at dated minus
$3.25, traders said.

ASIAN TENDERS
* State-owned Indian Oil Corp (IOC) has opened a regular
monthly tender for June loading sweet crude oil, a tender
document showed. Grade offers for the tender must be submitted
by March 30 with price offers due the following day. Both offers
will be valid until April 1 when the tender will close.
* Taiwan's CPC Corp has closed a tender to buy sour crude
for May loading, traders said on Monday. Bids will remain valid
until Tuesday.

For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here

 (Reporting by Christopher Johnson; editing by James Jukw
Source:http://uk.reuters.com/article/idUKLDE62S21O20100329

Solar Panels Give Back to the Environment by Making a Completely Solar Home

29 de marzo de 2010
By www.make-solar-panels.org
Atlanta, GA

Solar panel engineers aim to bring homeowners the option of having a house fully run by solar energy. With use of solar energy consumers can now save on electric bills while helping the environment conserve its nonrenewable resources.

Solar panel engineers aim to bring homeowners the option of having a house fully run by solar energy. With use of solar energy consumers can now save on electric bills while helping the environment conserve its nonrenewable resources.

Solar panels are known for their ability to turn the sun’s rays into energy without the use of electricity. By giving homeowners access to having a solar home, the green movement is one step close to reaching the future of solar power and reserving the environment. The Going Green campaign colorfully supports the use of solar panels because of its use of renewable resources and ability to obtain a level of balance between humanity and the environment.

Solar panels make it easy for consumers to have a house fully run on power from the sun. Solar home kits are available for those who choose to take part in the movement. Kits will be equipped with everything needed to successfully create a solar atmosphere. There are multiple makes and models of kits as to adapt to any homeowner’s household needs.

Solar panel products created for in home usage are made readily available so that every part of the household can rely on the sun for energy. Products may include batteries, air conditioners, washing machines, toaster ovens, heaters and more.

Homeowners are now given the option to reserve the environment with outdoor products as well. Pool heaters and landscape lighting make for a natural way to heat pools and light walkways in the yard. Solar fountains make for an unselfish way to decorate a lawn while not taking away from Mother Nature.

Using solar panels in the home is a smart choice for any homeowner looking to give back to the environment. By giving consumers the resources to have a fully solar home, the Going Green campaign is slowly making its way to having a solar power community.
Source: http://www.renewableenergyworld.com/rea/partner/make-solar-panels/news/article/2010/03/solar-panels-give-back-to-the-environment-by-making-a-completely-solar-home

Nuclear Hyundai, Samsung awarded $5.59b UAE nuclear contract

Power plants will be ready for delivery to Kepco by May 2020
Staff Report
Published: 00:00 March 30, 2010


Abu Dhabi: A $5.59-billion (Dh20.6 billion) contract has been awarded to Hyundai Engineering and Construction and Samsung C&T for the construction of the UAE's first nuclear power plants.

In a filing published on the Korea Stock Exchange website, Hyundai said it was awarded 55 per cent of the contract with the remainder going to Samsung. The contract was awarded by the Korea Electric Power Company (Kepco), the winner of the UAE's $20.4-billion contract announced in December.

According to the statement, the power plants will be ready for delivery to Kepco by May 2020. The UAE has said it intends to build four plants by the end of the decade, with the first entering service by 2017. Earlier this month, an Emirates Nuclear Energy Corporation (Enec) spokesman told Gulf News the four plants will be constructed on one site. Mohammad Al Hammadi, Chief Executive of Enec, had said his organisation is considering ten locations for the plants.
55% of the contract awarded to Hyundai
$20.4b contract awarded to Kepco
Source: http://gulfnews.com/business/general/nuclear-hyundai-samsung-awarded-5-59b-uae-nuclear-contract-1.605163

Coal fuels much of Internet "cloud," Greenpeace says

Peter Henderson
SAN FRANCISCO
Tue Mar 30, 2010 1:41am EDT

(Reuters) - The 'cloud' of data that is becoming the heart of the Internet is creating an all-too-real cloud of pollution as Facebook, Apple and others build data centers powered by coal, Greenpeace said in a new report to be released on Tuesday.

A Facebook facility being built in Oregon will rely on a utility whose main fuel is coal, while Apple Inc is building a data warehouse in a North Carolina region that relies mostly on coal, the environmental organization said in the study.

"The last thing we need is for more cloud infrastructure to be built in places where it increases demand for dirty coal-fired power," said Greenpeace, which argues that Web companies should be more careful about where they build and should lobby more in Washington for clean energy.

The growing mass of business data, home movies and pictures has ballooned beyond the capabilities of many corporate data centers and personal computers, spurring the creation of massive server farms that make up a "cloud," an emerging phenomenon known as cloud computing.

The Greenpeace report comes during a global debate whether to create caps or other measures to cut use of carbon-heavy fuels like coal and curb climate change.

Cheap and plentiful, coal is the top fuel for U.S. power plants, and its low cost versus alternative fuels makes it attractive, even in highly energy-efficient data centers.

Apple, Facebook, Microsoft Corp, Yahoo Inc and Google Inc have at least some centers that rely heavily on coal power, said Greenpeace.

PURSUING ENERGY EFFICIENCY

Most of the companies declined to give details of their data centers to Reuters. All said, however, they considered the environment in business decisions, and most said they were aggressively pursuing energy efficiency.

High technology companies say they support the environment. Apple has released its carbon footprint, or how much greenhouse gases it produces, and Facebook said it chose the location for its center to use natural means to cool its machines.

Microsoft said it aimed to maximize efficiency, and Google said it purchased carbon offsets -- funding for projects which suck up carbon -- for emissions, including at data centers.

Yahoo, which is building a center near Buffalo, New York, that Greenpeace saw as a model, will get energy from hydroelectric facilities. The company said energy-efficiency was the top goal, with a building design that promotes air circulation.

Data center energy use already is huge, Greenpeace said.

If considered as a country, global telecommunications and data centers behind cloud computing would have ranked fifth in the world for energy use in 2007, behind the United States, China, Russia and Japan, it concluded.

The cloud may be the fastest-growing facet of technology infrastructure between now and 2020, said Greenpeace.

The group based its findings on a mix of data, including a federal review of fuels in U.S. zip codes in 2005 and a 2008 study by the Climate Group and the Global e-Sustainability Initiative, which Greenpeace updated in part with U.S. Environmental Protection Agency data.

(Editing by Philip Barbara)

Source: http://www.reuters.com/article/idUSTRE62T0MK20100330?type=technologyNews

Natgas output in Jan climbs in lower 48 US states

Mon Mar 29, 2010 9:49pm BST
NEW YORK, March 29 (Reuters) - Gross natural gas production in January in the lower 48 U.S. states rose 0.9 percent from December, according to data released Monday by the U.S. Energy Information Administration.

In its monthly Natural Gas Gross Production Report, EIA said lower 48 "wet" gas output climbed to 63.43 billion cubic feet per day in January, up 0.59 bcf per day from upwardly revised December output of 62.84 bcf daily.

December gas output was slowed slightly by frigid weather that froze well heads, traders said.

The largest percentage increase in output was in Louisiana, where production grew by 3.3 percent to 5.29 bcf per day, the thirteenth straight weekly gain there due to strong Haynesville shale output.

Lower 48 gross production was up 0.38 bcf per day, or 0.6 percent, from January 2009, when output was still curtailed by the impact from two hurricanes the prior year.

For the United States including Alaska, gross gas production in January rose 1.2 percent to 72.82 bcf per day versus upwardly revised production of 71.96 bcf daily in December.

Gross withdrawals are converted to marketed natural gas production by subtracting gas used for repressuring, quantities vented and flared, and nonhydrocarbon gases removed in treating or processing operations.

For the complete report click on: here

EIA said it will introduce new methodology in its next monthly gross natural gas production report for February due on April 29. At that time, EIA said it will also revise January 2010 estimates, and in some cases the revisions will be significant. (Reporting by Joe Silha; Editing by Walter Bagley)

Source: http://uk.reuters.com/article/idUKN299768520100329

China, India in Uganda oil war

March 29, 2010 at 22:10

KAMPALA, UGANDA : A new oil war is brewing in Uganda now with India’s oil giant ONGC being outbid by China’s CNOOC for exploring oil in the African country.

According to reports, China’s CNOOC outsmarted India’s Oil and Natural Gas Corporation for exploration rights in the Lake Albert Basin, the epicenter of the emerging new oil zone.

But a political storm is brewing in the Ugandan capital over alleged corruption in government of President Yoweri Museveni over the lucrative contracts and a swelling grassroots campaign for an equitable sharing of the wealth being generated by the oil boom in the western part of the former British colony.

Human rights and anti-corruption campaigners claim the contracts are structured so that the risk lies largely with the state, while the oil companies moving into the region are virtually guaranteed a return of up to 35 per cent on their capital investment.

That’s considered three times the internationally recognized norm for fair profit.

Get geopolitical analysis to spot trends

Museveni initially refused to make the 20-year production-sharing contracts public amid widespread speculation that he had personally negotiated the terms.

However, a transparency campaign group, Platform, published three of the contracts. These, said Platform campaigner Taimour Lay, pointed to “a resource extraction program designed for profit, not development, and contain a series of provisions that undermine any hope of changing course”.

Platform and others seek to ensure that Uganda’s oil wealth -- which is expected to eventually produce around $2 billion a year in revenue -- doesn't enrich the country's elite as it has across Africa, from Nigeria and Angola to Sudan, Equatorial Guinea and Gabon.

In these states, heavily dependent on oil revenue, power elites are facing growing unrest over deep-rooted official corruption and inequitable sharing of the national wealth.

In Angola and Nigeria, sub-Saharan Africa's largest producers, there are insurgencies that target their oil industries .

Sudan's oil producing region became a battleground in its long civil war that ended in 2005 and may be the focus of renewed conflict if, as expected, the Christian and animist south splits with the Arab-dominated north.

In Uganda, the prospect of oil wealth is already stirring tribal and ethnic conflict, particularly in the Bunyoro region. This is one of several historic kingdoms within Uganda.

Lake Albert has historically been part of Bunyoro but under the current policy of Uganda's Ministry of Energy and Mineral Development the kingdom's share of the revenue from the Lake Albert basin will be negligible.

Bunyoro claims other tribal regions will benefit from the oil more than it will and the debate threatens to reignite regional rivalries and tribal violence.

In the meantime, Museveni's government has sought to secure Bunyoro's oil, by deploying troops to strategic locations in the region.

In February, Museveni announced the formation of a special army force commanded by son, Muhoozi Keinerugaba, to protect Uganda's oil fields.

Exploration of the Lake Albert Basin only began in earnest in 2007, with strikes by wildcat independents such as Tullow Oil of the United Kingdom and Heritage Oil of Canada.

Now larger international concerns are moving in. The Energy Ministry estimates there are reserves totaling the equivalent to 2 billion-6 billion barrels of oil. Production is due to begin later this year and could hit 350,000 barrels per day by 2015.

That would make Uganda the fourth or fifth largest producer in Africa.

Tullow, backed by a $1.4 billion loan from the Royal Bank of Scotland, is ready to acquire Heritage's stakes in the region for $1.5 billion once it gains the approval of Ugandan authorities.

That's expected sometime in the next few weeks.

According to industry sources, Tullow, which operates in 15 African countries, then intends to bring in Total of France and the state-run China National Offshore Oil Corp., with each holding 33 percent of three blocks.

CNOOC is part of Beijing's global drive to secure oil and gas supplies for China's mushrooming economy, with Africa a key target.

India, Asia's other economic titan, is waging a similar campaign but is trailing the Chinese badly.

The failure of India's Oil and Natural Gas Corp. to snap up Heritage's 50 percent share of Blocks 1 and 3A in the Lake Albert Basin testifies to its lack of success.

Total, CNOOC and Tullow are expected to invest about $10 billion in development projects in Uganda and to develop the nascent oil sector.

(Sources: EUNewsNet.com and OfficialWire)

Review: http://www.commodityonline.com/news/China-India-in-Uganda-oil-war-26943-3-1.html

US gasoline price falls after rising 6 weeks-Govt

Tue Mar 30, 2010 2:08am BST
By Tom Doggett

WASHINGTON, March 29 (Reuters) - U.S. retail gasoline prices fell for the first time in six weeks, the Energy Department said on Monday.

The national average price for regular unleaded gasoline declined 2.1 cents over the last week to $2.80 a gallon, but was still up 75 cents from a year ago, the department's Energy Information Administration said in its weekly survey of service stations.

Pump prices last Monday hit their highest level since October 2008 on rising crude oil prices, which account for nearly 70 percent of the cost of gasoline. U.S. crude oil prices were down last week, even though they hovered around $80 a barrel.

In its weekly price survey, the agency found the West Coast had the most expensive gasoline at $3.04 a gallon, up 0.4 cent. By city, Los Angeles had the highest price at $3.11, down 1.4 cents.

The Gulf Coast states had the lowest regional price at $2.68 a gallon, down 1.2 cents. Houston had the cheapest city pump price at $2.64, up just 0.1 cent.

The agency also said gasoline prices were up 0.9 cent at $3.01 in Seattle; down 4.3 cents at $2.98 in Chicago; down 1.7 cents at $2.90 in Miami; down 0.3 cent at $2.76 in New York; down 5.5 cents at $2.74 in Cleveland; down 0.2 cent at $2.70 in Boston and up 1.4 cents at $2.67 in Denver.

Separately, the average price for diesel fuel fell 0.7 cent to $2.94 a gallon, up 72 cents from a year ago, the EIA said.

The central Atlantic states had the most expensive diesel at $3.08 a gallon, down 0.4 cent. The Gulf Coast region had the cheapest diesel fuel at $2.90, down 0.5 cent.

(Reporting by Tom Doggett; Editing by Bernard Orr)
Source: http://uk.reuters.com/article/idUKN2911587820100330?pageNumber=2&virtualBrandChannel=0

BP’s Solar Retreat Signals Exodus of U.S. Renewable-Energy Jobs

March 29, 2010, 2:37 PM EDT
By Joe Carroll

March 29 (Bloomberg) -- BP Plc’s decision to halt U.S. output of solar panels may help short-circuit President Barack Obama’s plan to create thousands of jobs in renewable energy.

BP, Europe’s second-largest oil company, said March 26 that it’s stopping manufacturing at its Frederick, Maryland, solar plant and cutting 320 jobs because of high costs and declining panel prices. The announcement came seven weeks after London- based BP said the division that includes solar and wind power was losing almost $183,000 an hour.

Solar companies are ramping up manufacturing in Asia even as they take government incentive funds to hire in the U.S. Suntech Power Holdings Co., which got $2.1 million to assemble panels at a 70-worker plant in Arizona, will employ 11,000 people in China to build components. Tempe, Arizona-based First Solar Inc. plans to do 71 percent of its manufacturing hiring in Malaysia after getting $16.3 million in federal funding to hire 200 people at an Ohio plant.

“We’re creating green jobs, for sure, but they’re in China or Malaysia or India,” Maryland State Senator Alex Mooney, a Republican whose district includes the shuttered BP factory, said today in a telephone interview. “We’re losing these valuable manufacturing jobs, and that’s a concern.”

The Obama administration predicted late last year that $80 billion in stimulus spending on renewable-energy initiatives would help create more than 700,000 jobs. Vice President Joe Biden said the stimulus package was contributing to “unprecedented growth” in the solar and wind industries, according to a December memo distributed to the media.

Jobless Rate

The U.S. unemployment rate was little changed last month at 9.7 percent, the Labor Department’s Bureau of Labor Statistics said on March 26. In Maryland, the jobless rate increased in February to 7.7 percent from 7.5 percent, according to the bureau.

Tax breaks and forcing utilities to buy a certain amount of power from renewable sources won’t be enough to stem the migration of solar manufacturing to lower-cost producers in places such as China and India, Reyad Fezzani, chief executive officer of BP’s solar unit, said today in an interview.

“These days the manufacture of relatively commoditized products will occur where costs are lowest,” Fezzani said. “Of course government incentives are part of the equation, but frankly, they weren’t the driving force in this equation. We just couldn’t make the economics of that factory work anymore.”

The closure of the Frederick factory means BP no longer makes solar panels in the U.S. The move followed the shutdowns last year of three Spanish solar facilities and one Australian plant, Fezzani said. The company is shifting production to joint ventures in China and India, he said.

Prices Tumble

The closures and other cost-cutting measures came after the recession slashed solar-panel prices by 40 percent to 50 percent, Fezzani said. He reiterated a prediction of 50 percent sales growth this year in BP’s solar division.

The WilderHill Clean Energy Index of 54 companies in the renewable-energy sector has fallen 9.8 percent this year after a 29 percent increase in 2009. The best-performing solar company in the index is China’s Renesola Ltd., which has advanced 19 percent this year.

Jeffrey Bencik, an analyst at Kaufman Brothers LP in New York, said BP’s Maryland plant shutdown didn’t dim his outlook for solar stocks, which he said are poised to rise as renewable- energy mandates stoke demand for panels.

“It doesn’t rattle anyone because BP was always pretty small on the solar side and they were never cutting-edge technologically and they were relatively higher cost,” Bencik said. “Besides, it always seemed more of a public-relations business for BP than an area of emphasis.”

U.S. Job Losses

The U.S. probably will continue to lose solar manufacturing jobs to lower-cost environs in Asia, said Bencik, who has a “buy” rating on First Solar shares. Germany also is competitive because of tax breaks, he said.

In Asia, “not only do you get cheaper labor but you also get major tax breaks just not happening here,” Bencik said. “They’re not getting the same incentives here in the states as elsewhere, and that’s pushing these positions overseas.”

BP acquired a 50 percent stake in the Frederick plant’s former owner, Solarex, through its 1998 takeover of Amoco Corp. BP bought the other half of Solarex from Enron Corp. for $45 million in 1999.

Closing the Maryland factory was the final step in a worldwide restructuring of BP’s solar business that reduced costs by 45 percent, the company said in a March 26 statement.

Cutting losses in solar will have little impact on the investment community’s view of the company as a whole, said Iain Reid, an analyst at Macquarie Bank Ltd. in London.

“I take very little interest in BP’s solar,” said Reid, who has a “neutral” rating on BP shares. “Talk to someone who cares.”

Royal Dutch Shell Plc of The Hague is Europe’s largest oil company.

--Editors: Tony Cox, Tina Davis.
Source: http://www.businessweek.com/news/2010-03-29/bp-s-solar-retreat-signals-exodus-of-u-s-renewable-energy-jobs.html

US and Vietnam sign nuclear energy agreement

(AP) – 5 hours ago

HANOI, Vietnam — The United States and Vietnam signed an agreement Tuesday that may pave the way for U.S. firms to help build nuclear plants in the Southeast Asian country as it strives to meet booming energy demand.

The new agreement addresses nuclear safety and nonproliferation concerns and is a prerequisite to a deal that could allow companies like Westinghouse and General Electric to participate in Vietnam's nuclear energy sector.

"This is an important moment in our bilateral relations," U.S. Ambassador Michael Michalak said during a signing ceremony with Le Dinh Tien, Vietnam's vice minister of science and technology.

Michalak also announced that Prime Minister Nguyen Tan Dung will attend a nuclear security summit hosted by President Barack Obama in Washington next month.

Tuesday's agreement was a "key step" in advancing nonproliferation goals and developing the peaceful use of nuclear energy in Vietnam, Michalak said.

Vietnam's demand for power is expected to grow by 16 percent a year until 2015, according to government projections, and the country's booming economy has made it difficult for supply to keep pace with demand.

Vietnam has already signed nuclear energy cooperation agreements with Russia, China, France, South Korea, India and Argentina, Tien said.

"This is an important step to further cooperation between Vietnam and the U.S. on nuclear energy," Tien said.

In November, Vietnam's National Assembly approved the construction of two nuclear power plants in the central province of Ninh Thuan.

Last year, Vietnam signed a deal with Russia under which a Russian firm will help build the first plant. Construction is to start in 2014 and be completed in 2020.

Michalak said it could take six months to a year to negotiate a broader agreement that would facilitate the participation of U.S. firms in Vietnam's nuclear power sector.

"U.S. companies can provide the most efficient technology, the most advanced equipment and the most comprehensive services available," Michalak said.

Michalak said it was "only fitting" for the former foes to deepen their cooperation this year, 35 years after the end of the Vietnam War and 15 years after they re-established diplomatic ties.

Copyright © 2010 The Associated Press. All rights reserved.

Source: http://www.google.com/hostednews/ap/article/ALeqM5hMEPgztLPFfLo5tPa9YqUkEjazagD9EOP62G0

Newcastle Coal Exports Rise 54%; Ship Queue Lengthens (Update1)

March 30  -- Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power stations, rose 54 percent last week while the number of vessels waiting to load increased.

The volume exported in the week ended 7 a.m. local time yesterday climbed to 1.7 million metric tons from 1.11 million tons in the preceding period, Newcastle Port Corp. said on its Web site. Rio Tinto Group, Xstrata Plc and BHP Billiton Ltd. are among mining companies that ship the fuel from the harbor.

Fifty-two vessels, waiting to load 3.87 million tons of coal, were outside the harbor, from 50 a week earlier. The queue reached 60 in December, the longest since July 2007.

Coal ships waited to load for an average of 18.25 days, from 15.64 days a week earlier, Newcastle Port said. That compares with 0.8 day for general-cargo vessels.

Power-station coal prices at Newcastle, an Asian benchmark, declined 0.2 percent last week, according to the globalCOAL NEWC Index. Prices dropped 20 cents to $94.84 a ton in the week ended March 26.

Source: http://www.bloomberg.com/apps/news?sid=abLy6l4mZWZA&pid=20601087

Qatar commits major gas shipments to China, India

13:37, March 30, 2010

Qatar has committed substantial amount of its natural gas for China and India, the country's energy minister said on Monday.

Petroleum and Mineral Resources Minister Abdulla bin Hamad al-Attiyah said his country had already signed shipment contract of 12 tons of liquefied natural gas to China and signed shipment contract of seven tons of liquefied natural gas to India.

Qatar and India are negotiating over the shipment of another four tons of gas.

The Qatari official made the statement before the 12th International Energy Forum to be held here on Tuesday and Wednesday.

The Qatari minister attributed the signed shipment contract to China and India to trust between natural gas producers and importers.

"We have created the trust between the producers and importers over the years," said al-Attiyah, "while the International Energy Forum also contributed to the trust-building."

Source: http://english.people.com.cn/90001/90776/90883/6934740.html

QATAR: Joint venture construction plans for proposed $2,000,000,000 ethylene cracker move ahead, QATAR PETROLEUM CORP. (QPC) [Qatar] & EXXONMOBIL CORP. ... Gas & Petrochemicals in the Developing World

OPEC, IEA, IEF to Unveil Measure to Combat Oil-Price Volatility

By Margot Habiby and Peter Millard
March 30 -- OPEC, the International Energy Agency and the International Energy Forum will announce a “joint action plan” this week to combat oil-market volatility, IEA Executive Director Nobuo Tanaka said.

The plan will tackle “volatility of the price and other issues like the outlook of the energy market,” he told reporters yesterday before the biennial IEF ministerial meeting that starts today in Cancun, Mexico. “We’ll have closer dialogue with our organizations and we’ll see what we can do.”

The accord involves pooling expertise and sharing data to improve transparency, two people with direct knowledge of the plan said. They declined to be identified because the information hadn’t been made public. Details of the agreement will be announced March 31 at the end of the meeting.

Saudi Arabian Oil Minister Ali al-Naimi and U.S. Deputy Energy Secretary Daniel Poneman, representing the world’s biggest oil exporter and the largest consumer, are among officials from more than 60 countries attending the gathering. Chief executive officers from some of the largest oil companies, including Exxon Mobil Corp.’s Rex Tillerson and Royal Dutch Shell Plc’s Peter Voser, will join a concurrent business forum.

IEF Secretary General Noe van Hulst said in an interview on March 28 in Cancun that oil producers and consumers, trying to avoid a repeat of the $115 a-barrel price swing in 2008, will seek a “broad agreement” to combat volatility.

“The better the market is informed about what happened in the past, what’s happening in the present and what will happen in the future, the less room there will be for, say, unfounded speculation and second-guessing,” he said.

G-8 Mandate

The Group of Eight nations called for measures to curb volatility in energy prices in July at its L’Aquila, Italy, meeting, to enable oil producers to plan their spending. The G- 8’s formal statement called for continued dialogue between energy producing, consuming and transit countries through the Riyadh-based IEF.

Members account for more than 90 percent of global oil and gas supply and demand.

The Organization of Petroleum Exporting Countries, the IEA and IEF “should work hard together to reduce volatility,” OPEC Secretary-General Abdalla El-Badri told reporters in Cancun yesterday. He called the IEF “a good vehicle” for dialogue.

El-Badri also applauded the U.S. for “putting some brakes on speculation. It’s a positive step in the right direction.”

Oil’s climb to a record $147.27 a barrel in 2008 led regulators in the U.S. and U.K., home to the world’s two major oil exchanges, to consider trading limits on the commodity.

CFTC Limits

The U.S. Commodity Futures Trading Commission, which oversees more than $5 trillion in daily trading, in January proposed adding limits to the energy markets as part of a government campaign to prevent individuals or companies from gaining too much control of a commodity market.

The market needs better data on supply, demand and output levels from all producing and consuming countries, particularly those from nations outside the Organization for Economic Cooperation and Development, Van Hulst said. Improvements in futures-market transparency are also needed, he said.

Non-OECD countries such as China and India are forecast to drive energy-demand growth after the global economic recession.

“Transparency is one of the themes of the times, particularly after 2008,” Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, said in an interview earlier this month in Houston. “Understanding demand better on a global basis, particularly where the growth is, and at the same time better understanding supply would at least ground markets more in the realities of supply and demand.”

Implied Volatility

Oil prices traded between $32.40 a barrel and $147.27 a barrel in 2008. Implied volatility for at-the-money options expiring in 30 days, a measure of expected price swings in the futures contract and a key gauge of options prices, climbed to 105 percent at the end of 2008.

Implied volatility fell to 27.8 percent on March 26, the lowest level since Dec. 24, 2007. Oil has traded in a $68-to-$84 range since October.

Sudden accelerations in oil prices hurt consumers because they cause inflation and reduce spending, curbing economic growth. A plunge in prices affects investment in future supplies by both publicly traded and state-owned oil companies.

“Being against excess volatility is kind of like being against world hunger,” said David Kirsch, the Kansas City, Kansas-based director of oil markets at consultant PFC Energy. “Who’s for it? At the end of the day, what are you going to do about it?”

Crude for May delivery rose $2.17, or 2.7 percent, to $82.17 a barrel on the New York Mercantile Exchange yesterday, the highest settlement since March 18 and the biggest gain since Feb. 16. The increase caused implied volatility to rebound to 28.5 percent. Oil was at $82.12 in after-hours trading at 10:46 a.m. in Singapore.

Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amQzcCkCvul4