-
World Industry News
Date posted:
-
-
Post Author
espadmin
-
-
IEA predicts 60% increase in global CO2 by 2030
The International Energy Agency’s 2004 edition of the World Energy Outlook projects that global energy use and CO2 emissions will increase by 60% between 2002 and 2030. Two thirds of the increase will be accounted for by developing countries, says the Agency, under this essentially business as usual scenario. Under its Alternative Policy scenario, where energy efficiency and renewables is given greater support, world energy demand is 10% lower in 2030, while CO2 emissions are 16% lower. This still represents an increase of 34% over current levels. Greenpeace has criticized the IEA saying that the projections contradict the Agency’s other assessments on the scope for energy efficiency while also sending a dangerous signal to policy makers and the industry worldwide that there is little that can be done to stem the increase. (Source: Energy-Director.com / Financial Times)
-
LNM takes over ISG to create the first global steel group
Laksmi Mittal, the Indian Entrepreneur, last week announced the creation of the first truly global steel company through the merger of his existing assets (LNM and ISPAT) and € 3.5Bn take over of International Steel Group of the US. The resulting group, Mittal Steel Group, would have a market capitalisation of $ 21Bn and would take over Arcelor as the largest steel company in the world producing about 60 – 65 million tonnes of steel in 2004. The new global steel group will have 30% of his asset in North America, 30% in Europe and 40% in rest of the world (with strong interest in South Africa and Kazakhstan). Mr. Guy Dollé, Arcelor’s CEO, praised the takeover deal and said that the merger will increase pressure for global consolidation. Both men do agree that in a few years the iron and steel sector will likely be dominated by about six companies with 80 – 100 million tonnes of steel output. They also indicated that a Chinese company will be one of them. Peter Marcus, managing partner of World Steel Dynamics, indicated that Baosteel (the largest steel producer in China) will be one of the Big Six. Other candidates to the Big Six include Posco of South Korea, Severstal of Russia and Nippon Steel or JFE of Japan. (Source: Financial Times)
-
Royal Dutch Shell’s new structure exceeds investors’ demand
Royal Dutch Shell embarked on the historic dismantling of its 97 year old corporate structure. But the news was overshadowed by a warning that it may have overstated its proved oil reserves by even more than previously admitted. The decision by the Anglo-Dutch oil group to recommend a full merger of its Dutch and British holding companies goes far beyond the demands of leading investors. Mr. Jeroen van der Veer appointed as the first CEO of the newly merged company and said that the new structure would offer better accountability, more competitive, more performance oriented and less complex. Investor welcome the merger as providing a more clearer lines of responsibility and quicker decision making capability. However analysts warned that it still has nothing to address the most basic problem in finding oil and to be in line with industry rivals such as ExxonMobil and BP (Source: Financial Times)
-
Sasol prepares for BEE deal
Sasol, the South African energy and chemical group, plans to line up investors for one of the country’s largest Black Economic Empowerment (BEE) deals to date valuing its liquid fuel business at $2.4 Bn. Pieter Cox, Sasol’s chief executive, said the partners were building a diverse investor group which will include Women’s group and South African automotive workers union to take the stake as required under the industry’s BEE charter. Mr. Cox also said the company was on track to start production from its new gas to liquid (GTL) plant in Qatar on schedule by 2006. Sasol is acknowledged as the global industry leader in the technology used to create liquid fuel such as diesel from natural gas or coal. Its joint venture with ChevronTexaco of the US will be the largest test of the GTL process expecting a daily production of 210,000 barrel of oil equivalent by 2010. Mr. Cox also express confidence about th outcome of plans to use its technology to produce liquid fuels from Chinese coal reserves with two Chinese partners. Their only concerns about protecting Sasol’s intellectual property (Source: Financial Times)
-
EdF board selects site for new advanced reactor
IFRF Member Electricité de France has agreed to build a new European Pressurized Water Reactor (EPR) Flamanville in Normandy. The decision is now to be referred to the National Public Debate Commission for consideration. Framatome ANP will supply the EPR technology, which marks the second sales success for this new reactor design, following an order from TVO in Finland in December 2003. Assuming the station is granted consent, EdF intend to started construction on the 1,600 MW unit in 2007 and bring the plant on in 2012. The EPR technology includes various passive safety features and promises more efficient use of fuel hence producing less waste. It is the only third generation reactor design under construction today. Other contenders include Westinghouse’s AP1000,which has recently cleared the main US regulatory hurdles and Escom’s bubbling bed reactor. The EPR design was developed by Framatome and Siemens whose nuclear activities merged in 2001 to form Framatome ANP, an Areva and Siemens company. (Source: Energy-Directory.com)
-
E.On buys in electricity distribution in Bulgaria
IFRF/DVV Member E.on is to pay € 141 Mn. for a 67% stake in Gorna Oryahovitza and Varna electricity distribution companies. This will give the German giant access to some 1.1m customers and around 25% of the Bulgarian electricity supply market. EOn has also said that it is definitely not interested in bidding for Yukos’s Yuganskneftegaz (denial of last weeks news report). (Source: Energy-Directory.com)
-
Enagas to invest €313 Mn in Balearic link
Spain’s Enagas has announced that it will invest € 313 Mn. in developing an offshore gas pipeline linking the Balearic Islands to the mainland. The line is scheduled to be in operation by 2008. (Source: Energy-Directory.com)
-