March | 2007 | The Price of Oil

Posts in March 2007

BP Drops Out of Rosneft Bidding
Andy Rowell
Mar28
BP conceded defeat in the auction yesterday of a $7.6 billion stake in Rosneft that had been held by the bankrupt company Yukos. This allowed the state oil company to buy its own stock at a 10 per cent discount to the market value.
China May Lead Iraq Oil Race
Andy Rowell
Mar27
China may have sat out the Iraq war, but that does not stop it eyeing up the spoils of war. Desperate to find it new sources of oil to fuel its growing economy, it could be the first country to take advantage of Iraqi’s new controversial Oil Law. The Iraqi oil law will open the…
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Climate Change Moves the Maple Tree
Andy Rowell
Mar27
Vermont is famous for its maple trees. But for how much longer? Climate change is pushing the North American maple zone gradually but inexorably northwards towards Canada. According to Rupert Cornwell in the Independent, one day soon the maple may be gone. “Without the maple, Vermont would not be Vermont. Mention the name of this…
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NZ Greens Unveil New Climate Policy
Andy Rowell
Mar27
The New Zealand Green Party has unveiled a new climate change policy that rejects carbon taxes and emissions trading in favour of an emitter-pays approach. They argue their solution offers the best hope of carbon charges and trading while ensuring taxpayers are not left holding the estimated $600 million bill for New Zealand’s Kyoto liabilities…
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Hu Seeks Russian oil
Andy Rowell
Mar26
Chinese President Hu Jintao arrives in Moscow today, offering trade deal in return for Russian oil and gas. Hu’s three-day state visit to Russia will be his third as president, showing how seriously Beijing is courting President Putin. “At present, Chinese-Russian relations are developing vigorously and have reached unprecedented levels,” Hu said. He is expected…
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BP Risks Being Sued Over Yukos
Andy Rowell
Mar26
BP could be sued for receiving stolen property if it buys the $9 billion stake in Rosneft that will be auctioned by the Kremlin tomorrow. The 9.44 per cent stake in Rosneft is one of a number of assets that belongs to Yukos, the former Russian oil giant, being sold by the Russian authorities.
China Deals with Chavez
Andy Rowell
Mar26
Something of Chinese and Russian theme today. Underpinning two of the stories is China’s growing international search for oil and gas to keep feeding its rapidly expanding economy. The other issue is the geo-politics of the Russian oil industry. Lets start in Venezuela, where President Hugo Chavez has said China will rival the United States…
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Eighteen Years Ago…
Steve Kretzmann
Mar24
On March 24, 1989 eleven million gallons of North Slope crude oil began pouring out of the Exxon Valdez oil tanker into the pristine waters of Alaska’s Prince William Sound. Hundreds of thousands of fish, seabirds, bald eagles, otters, seals and whales were maimed and killed. The native communities whose lives depended on those waters…
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Biofuels Increase Food Prices
Andy Rowell
Mar23
The debate over biofuels is set to become one of the most defining issues of our times. Put simply it will be a battle between the people being able to drive and those being able to eat. Of course it’s not that simple, but the warning signs are there already. Because the demand for biofuels…
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EU Inspires Toronto to Act on Climate
Andy Rowell
Mar23
The recent action by the EU to set mandatory CO2 reduction targets has inspired the Canadian city of Toronto to follow suit. A comprehensive city plan to combat climate change, includes proposals for a 30-per-cent cut in greenhouse-gas emissions by 2020 — and 80 per cent by 2050.