Date
15 July 2018

Resources,Power & Utilities

  • 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...
  • Abu Dhabi investor Mubadala Development Co. is likely to hold the BP shares, according to sources. Photo: Internet

    BP buys stake in Abu Dhabi oil field for US$2.2 bln

    Dec 19, 2016 8:33am
    BP Plc. is swapping about US$2.2 billion of its own shares for a stake in one of Abu Dhabi’s largest onshore oil concessions, cementing its 77-year relationship with the emirate. The UK’s second biggest oil group...
  • Sinopec could raise US$10 billion by selling shares in its convenience-store and gas-station unit. Photo: Bloomberg

    Sinopec revives US$10 bln IPO plan for retail unit

    Dec 15, 2016 8:48am
    China Petroleum & Chemical Corp. (Sinopec) has revived plans for an initial public offering of its gas-station and convenience-store unit, the Wall Street Journal reports, citing people familiar with the matter. A deal could raise as...
  • Sinopec is working with advisers and has made an approach to Gulf Keystone, according to reports.

    Sinopec eyes takeover of Kurdistan’s Gulf Keystone

    Dec 14, 2016 8:35am
    China Petroleum & Chemical Corp. (Sinopec), the world’s biggest refiner, is weighing a takeover of beleaguered Kurdish oil producer Gulf Keystone Petroleum Ltd., Bloomberg reports, citing people familiar with the matter. The state-owned oil giant is...
  • The world will see new technologies emerge in the next 10 to 20 years in relation to cutting greenhouse gas emissions, says Bill Gates. Photo: Reuters

    Bill Gates joins Jack Ma, others for clean-tech fund

    Dec 13, 2016 9:10am
    US billionaire Bill Gates has teamed up with other business leaders, including Alibaba Group founder Jack Ma, to launch a US$1 billion clean-technology fund. The fund, Breakthrough Energy Ventures, will start investing next year in companies...
  • Sinopec has been weigned down by persistently low world oil prices, making the pipeline sale timely. Photo: AP

    Sinopec eyes US$3.3 bln from sale of pipeline stake

    Dec 13, 2016 8:52am
    Sate-owned energy giant China Petroleum & Chemical Corp. (Sinopec) said Monday it would raise US$3.3 billion in fresh capital from the sale of a major pipeline stake. The state-owned oil-and-gas company said in a filing with...
  • US drilling rigs have increased, boosting sentiment that shale gas would offset potential cuts from other energy producers.Photo: Reuters

    Oil retreats on doubts OPEC cuts can ease glut

    Dec 6, 2016 8:01am
    US crude futures strengthened Monday but retreated in post-settlement trade as the market lost confidence OPEC cuts would be sufficient to reduce oversupply given increased US drilling. US West Texas Intermediate crude rose early in the...
  • Duet said its board is considering CKI's unsolicited offer of A$3 per share in cash. Photo: Duet

    CKI makes US$5.4 bln bid for Australian energy group Duet

    Dec 5, 2016 8:33am
    Hong Kong-listed Cheung Kong Infrastructure Holdings Ltd. (01038.HK) has made a A$7.3 billion (US$5.44 billion) bid for Australian energy infrastructure owner Duet Group, Duet said on Monday. Duet said it has received an “an unsolicited, indicative,...

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