Global News Summary
WEDNESDAY EDITION July 28, 2010 Volume 6 Issue 78 Global BP REPORTE...
WEDNESDAY EDITION July 21, 2010 Volume 6 Issue 75 Global GOLDMAN SA...
FRIDAY EDITION July 16, 2010 Volume 6 Issue 73 North America DEMOCR...
WEDNESDAY EDITION July 14, 2010 Volume 6 Issue 72 Global OILEASES B...
North America MASSACHUSETTS SUSPENDS BIODIESEL MANDATE Massachusetts has s...
WEDNESDAY EDITION June 23, 2010 Volume 6 Issue 66 Global OIL FALLS ...
North America NO CLEAR ANSWERS ON ENERGY LEGISLATION YET Senate Majority L...
North America BP ATTEMPTS AGAIN TO SHUT GULF OIL WELL BP’s planned attempt ...
North America ASA: SOY BIODIESEL CAN FULFILL RFS WITHOUT NEGATIVE IMPACTS...
North America EPA TO BEGIN ANALYSIS OF PROPOSED CLIMATE BILL The US EPA wil...
SENATE CLIMATE BILL DELAYED TILL AFTER AUGUST RECESS
Barbara Boxer, the Senate Environment and Public Works Chairwoman, has pushed back the deadline for the Climate Change Bill until after Congress’ August recess. However, she insisted climate legislation would go through Congress this year, even though it may not be finished by December’s climate summit in Copenhagen.
OIL TO AVERAGE $85 IN 2010
NYMEX crude oil will average $85 a barrel in 2010 as demand recovers and supplies decline. Oil production is forecast to drop as much as 6.3% a year among non-OPEC producers, and by 3.5% within OPEC, according to Morgan Stanley.
EXXONMOBIL INVESTS $600-MIL IN ALGAL BIOFUEL
ExxonMobil has announced a $600-million investment in algal biofuels including $300-million for its own research, and a $300-million partnership with Synthetic Genomics. Large scale production is 5 -10 years away, but investment is growing in the sector. Shell and HR Biopetroleum is also planning an algal biofuels plant in Hawaii.
CARGIL OPENING CANOLA RESEARCH CENTER IN CANADA
Cargill is opening a canola research and production center in Aberdeen, Saskatchewan, Canada that will allow the company to centralize its hybrid breeding program in a prime production region, while allowing growers and customers access to a state of the art facility.
MORGAN STANLEY TO SELL LNG TO ARGENTINA FOR BIODIESEL
Morgan Stanley has won a bid over Repsol to supply Argentina with three LNG shipments, proposing that the state-controlled energy company Enarsa pay with soyoil or biodiesel. Repsol had previously supplied all eight LNG shipments in 2008, Bloomberg reports.
EU BIODIESEL PRODUCTION RISES IN 2008, BUT PLANTS REMAIN IDLE
EU biodiesel production rose over 35% to nearly 8-million mt in 2008, and capacity will grow again this year although half the biodiesel plants are idle, Reuters reports. However, EBB says the rise is "moderate" compared to the 65% jump in 2005 and 54% in 2006.
ACCIONA ENERGIA AND MITSUBISHI COOPERATE ON RENEWABLE ENERGY
Acciona Energia of Spain and Mitsubishi have signed a MOU to invest up to $2.8-billion on global renewable energy and sustainable development. The investment fund will be overseen by a management group comprised of both companies.
SWEDISH FORESTRY COMPANY TESTING BIODIESEL IN MACHINERY
Sodra, a Swedish forestry company, has started a two-year study using RME biodiesel in six industrial vehicles to assess the environmental and economic benefits of a transition to the fuel. The EN14214 biodesel is produced and delivered by Energigårdarna in southern Sweden.
Asia / Pacific
US STRESSES CLIMATE CHANGE COOPERATION WITH CHINA
US Secretary of Commerce Gary Locke and Secretary of Energy Steven Chu began their China tour stressing climate change cooperation, "As two of the world's most productive and innovative economies, the United States and China are uniquely positioned to create the solar, wind, biofuel and other renewable technologies that the world want and need," stated Locke at a university luncheon.
UNITED MALACCA TO DOUBLE MALAYSIAN PALM OIL ACREAGE
Malaysian oil palm planter United Malacca will spend $67-million to acquire over 10k ha of oil palm plantations in Borneo Island, Malaysia, increasing its acreage to over 24k ha, Reuters reports.
MALAYSIAN CPO FUTURES END HIGHER WEDNESDAY
Malaysian crude palm oil futures ended higher Wednesday on stronger exports while pressure from crude oil and soyoil futures helped boost prices further, Dow Jones reports. The benchmark September CPO contract ended at $590/mt.
JULY PALM OIL EXPORTS UP 18% IN MALAYSIA
Malaysia's palm oil exports from July 1-15 rose 18% on month to 659k tons, according to Intertek, while SGS estimated exports rose 15% on month to 653k tons due to a rise in shipments to China, EU, India, and Pakistan.
RAJ OIL MILLS TO INCREASE OILSEED CRUSHING AND REFINING
India-based Raj Oil Mills will increase its oilseeds crushing capacity and commence refining operations to meet a rise in domestic retail demand, "We will increase our crushing capacity to 400 (metric) tons per day," Munir Gazi, advisor to the company, told reporters. Raj Oil Mills currently has an annual crushing capacity of 5k mt.
ARDENT ENERGY TO GROW JATROPHA FOR BIODIESEL IN ETHIOPIA
Ardent Energy has announced an agreement with the Ministry of Agriculture and Rural Development of Ethiopia to operate 15k ha to grow jatropha and castor for biodiesel production. The MOU establishes a 50 year lease on the land, and includes permissions for an oil crushing plant and biodiesel facility.
PRODUCERS ARGUE CERTIFIED PALM OIL PRICE PREMIUM
Malaysian producers that have made the switch to certified sustainable palm oil are discovering that it is still a hard sell despite verbal demand by consumer groups and NGO’s. According to producers, the price premium for certified product may need to disappear if they are to regain business in the EU market.
Producers say the difficulty in selling higher-priced sustainable palm oils highlights the double standards of those who criticize the industry, but buy the cheaper, uncertified oil that they say is harming the environment.
"We [plantation firms] have complied with the strictest criteria on sustainability. The multinational companies, which also are end-users of palm oil, should not preach wine and drink water," said vice chairman of United Plantations Bhd., the first Malaysian company certified as a sustainable producer.
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