Europe against GMO crops! Please, sign the Avaaz petition!
I already did. It's us who decide, not Monsanto!!!

The outcome of the "crisis"

Um, yeah, empires will crumble and new will come. It sounds almost like from the Bible.

What I'm talking about? I'm starting to consider the financial crisis as very well orchestrated plan to change the distribution of money on the world. In any case, I'm not so far from the truth. Check out these news. First, an Arab investor wants to get involved in renewable business. If that's not new, I don't know what is.
And in the second news is about a potential divorce in Russia-Gazprom is kicking British Petroleum in the ass. That's FuuN! I mean, first, they fired the CEO of BP and put a more convenient one for Russia on his place. And now, they're pulling out of "worthless" deal. Nice. I don't have much to say since it's so hard to know where the reality lies when Russia is involved. But it's interesting to see where the winds will take us.

Middle East Oil Invests in British Wind Project

The British wind project will receive an influx of cash from Abu Dhabi.

While sovereign wealth funds are bailing out Western banks, oil-rich Gulf nations are looking to prop up renewable energy projects in Britain.

The Abu Dhabi Future Energy Company, a renewable energy initiative of the United Arab Emirates also known as Masdar, said on Thursday that it was forming a joint venture with Germany’s E.ON to invest in alternative energy projects.

As a first step, Masdar bought 40 percent of E.ON’s stake in London Array, the large offshore wind project in the Thames estuary that Royal Dutch Shell unexpectedly abandoned last May.

The $4.75 billion project quickly became known as London’s “disarray” after Shell pulled out, but Masdar’s investment could now ensure the project goes forward as planned.

London Array is planned to have 341 turbines with an installed capacity of over 1 gigawatt and it will generate enough electricity to power a quarter of London’s homes. Located about 20 miles off the coast of Essex, in the middle of the Thames estuary, it will be the world’s largest offshore wind project.

As a result, Masdar will own 20 percent of the project, and E.ON will own 30 percent. Dong Energy A/S of Denmark owns the other 50 percent of London Array.

When in service, the wind project should account for 1 percent of the Britain’s electricity, or one-tenth of the government’s goal to provide 10 percent of the nation’s electricity from renewable sources within the next decade.

For Prime Minister Gordon Brown, Masdar’s investment is a welcome lifeline for the project. The links to Abu Dhabi, the second-largest oil producer in the Persian Gulf, were not lost on him either. source

Gazprom threatens to quit TNK-BP gas deal

By Ed Crooks in London and Catherine Belton in Moscow

Published: October 16 2008 23:33

Gazprom, the state-controlled Russian gas group, is threatening to pull out of a deal to buy a stake in a vast east Siberian gas field from TNK-BP, BP’s Russian joint venture, saying the stake is likely to be worthless.

The threat reflects the financial pressure on Gazprom, which is being forced to focus on its essential investments in relatively short-term projects.

Gazprom agreed to buy TNK-BP’s 63 per cent stake in Kovykta, a field in eastern Russia, in June last year as part of a settlement to resolve a dispute over the licence for the field.

It agreed to pay $700m-$900m (€515m-€662m) for the stake, and also signed a memorandum of understanding with BP to set up a $3bn joint venture to develop projects inside and outside Russia. The deal was seen as an important step for BP in securing its presence in Russia, the country with the world’s biggest hydrocarbon reserves. The UK company has faced persistent problems in Russia, and this year waged a bitter fight over TNK-BP with the Alfa-Access-Renova group of Russian tycoons, its partners in the venture.

Kovykta is estimated to hold more gas than the entire proved reserves of Canada or Kazakhstan, and is a potentially important source of gas supply for Asian countries such as China and South Korea in the second half of the next decade.

However, Gazprom believes that its value is highly uncertain, given the long-term nature of the development, and also thinks the licence for the field is likely to be taken away from the TNK-BP-led consortium that runs it.

Yuri Trutnev, Russia’s natural resources minister, yesterday suggested the field was not producing enough gas to meet the consortium’s licence obligations – the issue at the heart of last year’s dispute.

Gazprom and BP said the collapse of the Kovykta deal would not necessarily end their plans for broader co-operation.

The credit crunch and the fall in oil prices are forcing Gazprom to focus on the development of gas production and infrastructure in Russia with projects that will show results more quickly. source

1 коментара:

its the title of you blog that caught my attention. my friends call me goat


December 2, 2008 at 7:10 PM  

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