Date
16 October 2018

Resources,Power & Utilities

  • Energy ministers from OPEC hold talks with counterparts from other oil producing nations on production targets, at a gathering in Vienna on Thursday. Photo: Reuters

    OPEC extends oil output curbs but glut fears persist

    May 26, 2017 8:56am
    The Organization of the Petroleum Exporting Countries (OPEC) renewed an agreement with 10 other crude-oil producers to withhold output through March 2018, a move aimed at putting a floor under the price of oil. The pact,...
  • Noble issued a profit warning on Tuesday and reported a loss of US$129.3 million for January-March versus a profit of $40.5 million a year ago. Photo: Reuters

    Noble’s Elman stepping down as shares drop record 33%

    May 12, 2017 8:42am
    Noble Group Ltd. reported a quarterly loss that pummeled its shares by a record 33 percent, stoking worries the Singapore-listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring, Reuters...
  • China aims to reduce the share of power generated by coal-fired plants to below 40 percent by 2030, from the current level of over 70 percent. Photo: Reuters

    China power sector reform: The challenges ahead

    - May 11, 2017 9:53am
    A report that China will soon unveil a plan to restructure the state-run power sector led to a surge in related shares Wednesday. Beijing intends to create three energy giants through mergers of eight companies, Bloomberg...
  • Environment Minister Wong Kam-sing says the new power deal strikes a balance between reliable electricity supply, affordability and sustainability. Photo: HKEJ

    New power deal: What it does to market competition

    - May 2, 2017 4:08pm
    The Hong Kong government announced a new 15-year regulatory framework with the two power companies last week. Under the revised agreement, the amount the two suppliers are allowed to earn will be cut from 9.99 percent...
  • Chow Tai Fook is gaining control of Alinta Energy, an Australian utility with about 800,000 electricity and gas customers. Photo: Bloomberg

    Australia approves Chow Tai Fook’s takeover of Alinta Energy

    Apr 25, 2017 8:44am
    Hong Kong’s Chow Tai Fook Enterprises Ltd. has won Australian government approval for its proposed takeover of Perth-based gas-and-electricity provider Alinta Energy Ltd. The deal was approved with strict conditions, a spokeswoman for Australian Treasurer Scott...
  • United Photovoltaics inked a preliminary pact with UNDP in September 2016 to jointly build so-called Panda Solar Power Plants. Photo: renewablesnow.com

    United PV rides China’s Belt and Road push

    - Apr 10, 2017 4:35pm
    Numerous companies related to China’s Belt and Road initiative posted improved results for 2016. This has, in turn, helped spark renewed interest in the economic plan heavily promoted by Beijing. Among the entities associated with the...
  • The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a unit of Toshiba, near Waynesboro, Georgia, is seen this file picture. Photo: Reuters

    US, Japan in talks to prevent China from acquiring Westinghouse

    Apr 7, 2017 8:10am
    The Trump administration and the Japanese government are in discussions to ensure that the bankruptcy of Toshiba Corp.’s US unit Westinghouse Electric Co. does not lead to US technology secrets and infrastructure falling into Chinese hands,...
  • A file photo shows a nuclear reactor being constructed by Westinghouse near Waynesboro, Georgia, in the United States. Credit: Reuters

    Toshiba unit Westinghouse files for bankruptcy protection

    Mar 30, 2017 8:47am
    Japan’s Toshiba Corp. announced that its US nuclear power unit Westinghouse Electric Co. has filed for Chapter 11 bankruptcy protection following huge losses and a huge debt burden. The company filed the petition in the US...
  • Kuwait Oil Minister Ali Al-Omair opens the OPEC second Joint Ministerial Monitoring Committee meeting in Kuwait. Photo: Reuters

    OPEC, non-OPEC weigh 6-month extension of oil output cut

    Mar 27, 2017 8:08am
    A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, Reuters reports, citing a statement. An earlier draft...
  • Sinopec said the assets it acquired from Chevron include a 100,000 barrel-per-day oil refinery in Cape Town, South Africa. Photo: Bloomberg

    Sinopec to pay US$1 bln for Chevron oil assets in Africa

    Mar 23, 2017 7:46am
    China’s Sinopec (00386.HK, 600028.CN) will pay almost US$1 billion for a 75 percent stake in Chevron Corp’s South African assets and its subsidiary in Botswana to secure its first major refinery in Africa. China Petroleum and...
  • Exxon Mobil says its investments in 11 sites will create about 35,000 temporary construction jobs and 12,000 permanent jobs. Photo: Reuters

    Exxon to invest US$20 bln on US Gulf Coast refining projects

    Mar 7, 2017 8:11am
    Exxon Mobil Corp., the world’s largest publicly traded oil producer, will invest US$20 billion through 2022 to expand its chemical and oil refining plants on the US Gulf Coast, Reuters reports. The investments at 11 sites...
  • Chevron and Zhenhua Oil signed a preliminary pact in January and are trying to complete the deal by June. Photo: Reuters

    China state firm in deal to buy Chevron’s Bangladesh gas fields

    Feb 23, 2017 7:53am
    China’s state-run Zhenhua Oil has signed a preliminary agreement with Chevron to buy the US oil major’s natural gas fields in Bangladesh worth about US$2 billion, Reuters reports. Zhenhua is a subsidiary of China’s defense industry...
  • Mohammed Barkindo says he believes that "what is good for OPEC is good for the US". Photo: Bloomberg

    OPEC chief seeks energy dialogue amid surge in US shale output

    Feb 22, 2017 9:24am
    OPEC’s top official has sought to allay speculation that a surge in US shale output could impact the oil cartel’s agreement to cut oil production. Addressing an oil conference in London Tuesday, OPEC Secretary-General Mohammed Barkindo...
  • PetroChina's parent, China National Petroleum Corp, is among the winners of stakes in Abu Dhabi's largest oil concession. Photo: Bloomberg

    Chinese firms grab 12% stake in Abu Dhabi oil project

    Feb 21, 2017 3:14pm
    Chinese firms have emerged as big winners in the contest among foreign bidders for stakes in Abu Dhabi’s largest oil concession, grabbing a combined 12 percent of the venture. Bloomberg reports that Abu Dhabi National Oil Co. the...
  • Saudi Arabia will build 300 megawatts of solar plants in the al-Jouf area in northern Saudi Arabia and 400 megawatts of wind projects in nearby Tabuk. Photo: Internet

    Saudis plan world’s cheapest power with solar and wind

    Feb 2, 2017 8:32am
    Saudi Arabia will award its first tender to build 700 megawatts of solar and wind energy in September, with the cost of power forecast to be the lowest in the world, Bloomberg reports. OPEC’s biggest oil...
  • Toshiba has bet aggressively on Westinghouse’s AP1000 reactor design, which it hoped would anchor a new generation of nuclear power plants that were supposed to be easier to build and to deliver on time. Photo: AP

    Toshiba to exit nuclear construction business

    Feb 1, 2017 8:23am
    Toshiba Corp. plans to stop building nuclear power plants after incurring billions of dollars in losses trying to complete long-delayed projects in the US, a move that could have widespread ramifications for the future of the...
  • Recovering oil prices and increased availability of capital will prompt US shale firms to step up drilling activities in the coming year. Photo: Reuters

    US shale firms set to boost exploration activities in 2017

    Dec 29, 2016 8:45am
    US shale drillers are poised to step up spending on exploration and production activities next year, thanks to recovering oil prices and increased bank funding, Reuters reports. Shale firms could ramp up capital investments by 30...
  • Toshiba says the problem stemmed from cost overruns at its US nuclear subsidiary, Westinghouse Electric Co., which it acquired in 2006. Photo: Reuters

    Toshiba shares plummet over US nuclear power unit

    Dec 29, 2016 8:22am
    Toshiba Corp. lost a fifth of its market value Wednesday after the Japanese conglomerate warned it might have to take a multibillion-dollar write-down related to its nuclear power business in the US. The drop followed a...
  • The Monju reactor has worked for just 250 days of its 22-year lifespan. Photo: Reuters

    Japan shuts down US$8.5 bln nuclear reactor

    Dec 22, 2016 7:40am
    Japan formally pulled the plug on an US$8.5 billion nuclear power project designed to realize a long-term aim for energy self-sufficiency after decades of development that yielded little electricity but plenty of controversy. The move to...
  • US President Barack Obama used a 1950s-era law that allows presidents to limit areas from mineral leasing and drilling. Photo: Internet

    Obama bans new oil drilling in Atlantic, Arctic waters

    Dec 21, 2016 8:53am
    US President Barack Obama has banned new oil and gas drilling in federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp on the environment before Republican Donald Trump takes office...

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