Japan’s JFE Steel Corp. said Friday it will set up a joint iron ore processing plant in southern Oman with a Bahrain steelmaker.
The joint venture is capitalized at some 280 million dollars, of which 40 pct will be put up by the unit of JFE Holdings Inc. and the remainder by Foulath.
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This is coming on the heels of an agreement signed by the Federal Government and the Kingdom of Norway on how the latter could assist the country to check oil spills and reduce gas flaring.
President Umaru Musa Yar’Adua had late last year announced the new Gas Flare-out date following the inability of oil companies to meet the January 1, 2008 deadline earlier agreed.
The two countries met in Abuja last October 29 to discuss issues affecting their petroleum sectors under the Memorandum of Understa-nding (MoU) on Development and Co-operation in Oil and Gas Related Industries signed by both countries in 2000.
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On Wednesday the price of a barrel of crude reached 100.09 dollars (67.85 euros) in New York, before retreating at the close to 99.18 dollars.
The price of 100 dollars for a barrel of crude oil is “not necessarily very high” given the high demand of oil and higher production costs, the president of OPEC said Sunday.
Algeria’s Energy Minister Chakib Khelil — who took over the rotating presidency of OPEC on January 1 — told AFP that the current surge must be seen “in relation to the real price”, that is taking into account inflation.
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Say goodbye to the year that brought a 65 percent run-up in the price of a barrel of oil and a Nobel Peace Prize to punctuate the message of the heralds of climate disaster. It was a year that moved Washington to enact the first increase in automobile fuel economy standards in 32 years and prompted the company blamed for killing the electric car, General Motors, to pledge to bring a breakthrough battery-powered vehicle to market. And 2007 brought new hope for big-scale energy from the sun, wind, and ocean waves, even while Asian economic growth drove coal power to greater dominance over the globe.
This year, however, is shaping up to be an even more momentous time for the struggle over fossil fuel. Here are some top energy stories to watch in 2008.
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Global mining group Xstrata, which has coal and alloys operations in South Africa, on Wednesday confirmed that its US$2bn Tampakan copper and gold mining project in the Philippines had been raided and two buildings had been torched.
Communist rebels representing the New People’s Army claimed responsibility for the raid, saying its singular objective was “punishing the giant Swiss mining firm for land grabbing, plunder and environmental destruction”.
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Oil prices ended the year near $96 a barrel, or 57 percent higher than where they began, and analysts expect rising demand and geopolitical instability to keep upward pressure on energy costs early in 2008.
“There’s a good chance this week that we’ll see some record highs,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill.
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The Canadian dollar rose, extending last year’s almost 17 percent gain, as prices of the nation’s commodity exports advanced.
Crude oil futures rose above $97 in New York, after increasing 57 percent in 2007. Gold and copper also gained. Commodities account for about half of Canada’s exports.
The currency rose 0.4 percent to 98.85 Canadian cents per U.S. dollar at 8:03 a.m. in Toronto, from 99.26 cents yesterday. One Canadian dollar buys $1.0118. The currency touched 97.57 cents on Dec. 28, the strongest since Nov. 20. Read More…
Oil prices climbed nearly US$2 a barrel Wednesday amid expectations a report will show U.S. crude inventories fell last week for the seventh straight decline for the world’s largest energy consumer.
A new outbreak of violence in Nigeria also pushed prices higher as a military spokesman saying that 13 people were killed in an attack by militants on the main oil industry center of Port Harcourt.
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Oil prices jumped sharply Wednesday, once again approaching $100 a barrel on supply concerns sparked by renewed violence in Nigeria and a warning that OPEC may not be able to meet its share of global oil demand by 2024.
Bands of armed men invaded Port Harcourt, the center of Nigeria’s oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.
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