Gold backed down from its early highs on Friday as investors locked in profits ahead of the weekend after the market met tough technical resistance, but sentiment stayed strong amid a weaker dollar and firm oil prices.

Cash gold peaked at a one-week high of $640,50 an ounce on Thursday, which was up 6,5 percent from this week’s low of $601,60 reached on Monday.

Bullion climbed as high as $637,25 in early Asian trade, but it ran out of steam before reaching Thursday’s high. Its subsequent slide picked up speed after the price dropped below the 14-day moving average around $635,39. Read more » »

The South African government is to engage the services of private consultants to deal with what President Thabo Mbeki dubbed as a ‘quite frightening’ backlog in the processing of environmental-impact assessments (EIAs).

The backlog is said to be holding up fixed-investment projects across the country and Mbeki is convinced that it was undermining economic growth and development.

Speaking at a post-Cabinet lekgotla briefing on Sunday, Mbeki lamented the slow pace of EIA processing, which he said needed to be addressed. Read more » »

De Beers is nearing the finalising of protracted negotiations for the renewal of a five-year sales contract in Namibia, PolishedPrices.com reports.

At the interim results conference last week, De Beers‚ managing director Gareth Penny said the negotiations were constructive and progressing well.

Namibia is the last of the three Southern African countries, incorporating Botswana and South Africa, to conclude such negotiations with De Beers. Read more » »

When Chad became an oil producer its needy people anticipated benefiting from the incredibly profitable industry. Instead, the World Bank has frozen the country’s wealth in London bank accounts. Edmund Sanders reports.

When Chad became an oil producer its needy people anticipated benefiting from the incredibly profitable industry. Instead, the World Bank has frozen the country’s wealth in London bank accounts. Edmund Sanders reports

O utside the gleaming white fences of a multibillion-dollar American petroleum complex, a slum dreams of becoming a boom town. Read more » »

China is moving ahead rapidly with its construction of renewable energy projects across the country, with hydro and wind-power capacity to reach 180 million kilowatts and 5 million kilowatts respectively by 2010.

Xu Dingming, deputy office director of the State Council Energy Leading Group, was quoted by the Shanghai Securities News as saying this at the Second East Asia Investment Forum last Saturday.

By 2020 the country’s installed capacity of hydro and wind power is expected to total 300 million kilowatts and 30 million kilowatts respectively, he said. The construction of renewable energy projects by 2020 in China will demand investment of 800 billion yuan (about US$100 billion), he added. .

China also plans to build up biogas installed capacity of 30 million kilowatts by 2020 and solar installed capacity of 1.8 million kilowatts by 2020.

The Chinese government will set up special fund to support renewable energy projects, giving assistance to their research and development as well as favorable tax policies to relevant enterprises, he added.

China plans to raise its electricity installed capacity for renewable energy to 10 percent of its total power capacity by 2010 and 16 percent by 2020. Soaring oil prices have made renewable energy a priority for domestic and world investors.

The Second East Asia Investment Forum was held in Shandong Province from July 29-30, 2006.
(source news : china.org.cn)

Strangers from the heartland, two businessmen share the hope that the energy resting beneath the deep blue waters of the central Gulf of Mexico might bring relief from high natural gas prices.

So, they wonder, why isn’t it being pumped?
The Senate was expected to vote Monday on whether to expand oil and gas drilling to 8.3 million acres of Gulf waters off-limits to energy development for a quarter-century. The House has passed a broader bill dealing with offshore drilling.

Watching the developments closely are Tony Raimondo, owner of a metal fabricating company in Columbus, Neb., and Jay Bender, who runs a plastics plant in Brookings, S.D. Read more » »

As Israel continues the bombing campaign that has turned parts of Lebanon into rubble, environmentalists are warning of widespread and lasting damage.

pilled and burning oil, along with forest fires, toxic waste flows and growing garbage heaps have gone from nuisances to threats to people and wildlife, they say, marring a country traditionally known for its clean air and scenic greenery. Many of Lebanon’s once pristine beaches and much of its coastline have been coated with a thick sludge that threatens marine life. Read more » »

Russian gas giant Gazprom has signed a contract with Venezuela to help plan development of the South American country’s natural gas sector, Gazprom has said in a statement.

Gazprom will develop “a general scheme for development of the gas industry” in Venezuela over the medium and long-term, the statement said Saturday.

Gazprom, a state-controlled firm, signed the contract with state-owned Petroleos de Venezuela on Thursday, the same day that Venezuelan President Hugo Chavez met his Russian counterpart Vladimir Putin in Moscow, Gazprom said. Read more » »

The presidents of Iran and Venezuela, leading U.S. critics, pledged Saturday to support one another in disputes with Washington, with the Iranian calling Hugo Chavez “a brother and trench mate.”

As Chavez arrived for a two-day visit. Iran faced renewed international criticism for its nuclear program and for backing Hezbollah guerrillas in its war with Israel.

The five permanent members of the U.N. Security Council on Friday reached a deal on a resolution that would give Iran until the end of August to suspend uranium enrichment or face the threat of economic and diplomatic sanctions. Iranian state radio said Saturday the government would reject the proposed resolution. Read more » »

A Texas oil firm is suing Gazprom, the Kremlin-controlled gas monopoly, over ownership of a giant gas field in Russia.

Privately-owned Moncrief Oil International claimed that it agreed to pay Gazprom $800m (£431m) in 1998 to acquire a 40 per cent stake in the Yuzhno Ruskoye (YR) gas field, which has been identified as a major source of gas for the European Union in future.

The deal was never completed and Moncrief claims that the Russian firm is in breach of contract. Gazprom denies this and is expected to fight the US court action. Read more » »