Global News Summary
GLOBAL Oil fell towards $124 a barrel on Monday, slightly pressured by eviden...
GLOBAL An economist at Rabo Agrifinance said that edible oil production is pr...
NORTH AMERICA The US Senate failed for the third time today to gain a cloture...
GLOBAL The Movement for the Emancipation of the Niger Delta (MEND) has sabota...
GLOBAL The long-term outlook for the tanker market looks promising despite pr...
NORTH AMERICA Legislation introduced into the US Congress yesterday (Open...
GLOBAL Sixty percent more money was invested globally in wind, solar, and bio...
GLOBAL The biofuel industries of Brazil, Canada, Europe, and the United State...
NORTH AMERICA The US Department of Agriculture said soybean oil prices are pr...
GLOBAL OPEC cut its global oil demand forecast for 2030 in its annual World Oil...
Oil fell towards $124 a barrel on Monday, slightly pressured by evidence of rising OPEC output, but supported by worries about supply disruption as a tropical storm threatens facilities in the US Gulf of Mexico. Concerns about OPEC producer Iran's nuclear program also underpinned the market, Reuters reports.
The US Department of Energy and US Department of Agriculture have announced plans to award ten grants worth over $10 million to develop cellulosic biofuels. A $1.5 million grant has been made to Colorado State University to research the use of non-food plants for biofuels and two grants totaling $2.4 million have been made to Oregon State University.
Rail carrier Amtrak's pending reauthorization legislation includes requiring the Federal Railroad Administration to consult with the US EPA and the US Department of Energy to conduct a study on using biofuel to power freight and passenger rail fleets.
Nova Biosource Fuels has maintained biodiesel production at its three 20 million gallon per year plants in Seneca, IL, the company says. In July, all plants were idled at times for maintenance and repairs.
Researchers in Colorado are attempting to clone genes from the copaiba tree that produces a compound similar to diesel fuel, and recultivate them in other plants for biofuels. The project has received a $100,000 grant from the state and the University of Northern Colorado.
San Diego, CA-based Sapphire Energy claims to have developed a fuel from single-celled organisms that is chemically identical to crude oil and can be used to power cars or aircraft. The company says it could begin production of the sustainable version of oil, which it calls "green crude," within five years.
Pacific Ethanol is expected to place its Stockton, CA ethanol plant online in two weeks. The plant is located on a 30-acre site within the Port of Stockton and has transportation infrastructure that includes barge, rail and highway access.
In the Dominican Republic, the Agro-Industrial Complex Fénix, an alternative energy project with financing of $340 million, is seeking to improve the economy of the border provinces by planting sweet sorghum for ethanol production. The company leased 16,000 hectares in four provinces in which land owners will be paid 10% of the property’s value yearly.
SLC Agricola of Brazil expects to plant soy in over 50% of its 220,000 hectares in 2008-09, Dow Jones reports. The company recently acquired land in Maranhao, Brazil for soybean planting.
Oil from native tucuma, ouricurí and murumurú palm trees will be used to provide electricity to isolated communities in the Brazilian Amazon which are too remote to supply with power by conventional means. A research team is to start producing biodiesel this year in Carauarí, a district of 25,000 people that can only be reached by a nearly 1,000 mile river journey from Manaus, Amazonas state.
New Britain Palm Oil, Papua New Guinea's largest palm oil producer, is opening a refinery in the UK which it claims will provide purchasers with the origin of the palm oil used there, enabling customers to buy "fully traceable and sustainable" palm oil.
Finnish oil refining and marketing company Neste Oil reported an operating profit of $451 million on sales of $6.8 billion for the financial period of April to June 2008.
ASIA / PACIFIC
Indian edible oil prices continued to trend lower during last week as sufficient rain buoyed output prospects for oilseeds in the country, Dow Jones reports. A member of the Soybean Processors' Association of India said the crop may equal or exceed last year's record crop of ten million mt.
Malaysia's end-month palm oil stocks may be above two million mt as of July 31, despite the surge in export shipments as higher production is weighing on supply, Dow Jones reports. Growers and exporters are estimating a month-on-month rise in Malaysia's palm oil production in July of 5%-10%.
Indonesian cash palm oil prices have been under pressure as production is expected to be higher month-on-month, Dow Jones reports. According to traders, buyers are cautious due to uncertainty about when prices will bottom out.
GreenGold Ray Energies is expanding its jatropha plantations in Marinduque Island, Philippines, increasing the company's plantation area to over 10,000 ha. The company is completing the design of the first biodiesel plant at the first plantation site, expected to be completed by the fourth quarter of 2008.
APAC Biofuel Consultants released its annual report showing the biofuel sector contributing about 3,000 barrels per day to the Australian transport fuel supply. APAC Consultants joint chief executive officer Mike Cochran said there had been a three-fold increase in ethanol-blended gasoline sales over the past 12 months.
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