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...
GLOBAL OILSEED PRODUCTION FORECAST REVISED DOWNWARD
Global oilseed production for 2009/10 is projected at 422.6 million tons, down 0.9 million tons from last month, but still at a record high, according to a USDA monthly report. Soybean production for China was reduced to 15.4 million tons due to lower yield, and EU rapeseed production is projected at a record 19.5 million tons.
CRUDE OIL TO REMAIN FLAT IN Q4
In its Short Term Energy Outlook, released Tuesday, EIA forecast the price of crude oil to stay roughly flat at an average of $70 per barrel in Q4 2009, with petroleum CO2 emissions expected to decline by 4% this year due to declines in transportation sector consumption and the sector's increased use of biofuel.
BP AND MARTEK TO PARTNER ON BIODIESEL RESEARCH
BP and Martek Biosciences Corp of Maryland are forming a partnership to study using algae to process sugar into biodiesel, in which BP will invest $10-million and Martek will conduct the research and development. However, Martek does not currently have an organism that will convert biomass into biodiesel.
CME GROUP DEVELOPING CPO FUTURES CONTRACTS
CME Group Inc. is planning to develop a US dollar crude palm oil futures contract using settlement prices of Malaysia's ringgit contracts for trading on CME Globex. CME will work with Bursa Malaysia to offer the cash-settled futures contract in the US.
VERENIUM REPORTS QUARTERLY FINANCIALS
On Monday, Verenium reported a $19.9 million net loss for Q2 compared to a $15.3 million net loss for the same quarter last year. Total revenues for the quarter were $16.3 million, compared to $18.3 million in 2008, with product revenues representing over 60% of the total revenues in both periods.
PETROBRAS INVESTS IN CHILE ALTERNATIVE FUELS
Petrobras has officially launched operations in Chile with the opening of its first fuel station after the company’s acquisition last year of ExxonMobil's Esso distribution assets in Chile. Petrobras plans to invest $500-million to help diversify Chile’s energy mix by introducing renewable energy sources, especially biofuels.
COLOMBIA TO BEGIN BIODIESEL MANDATE
Colombia will begin selling a 5% biodiesel blend at petrol stations in Bogotá, the eastern plains, and central Colombia on August 24.
Asia / Pacific
BEIJING TO TRIPLE USE OF RENEWABLE ENERGY
Beijing plans to triple its use of renewable energy including biofuels by 2010, aiming to have renewable energy account for 4% of the city’s consumption, 2.6 million mt of coal equivalent, by next year, Bloomberg reports.
CHINA BIO ENERGY REPORTS 32% INCREASE IN REVENUE
China Bio Energy reported this week a 32% increase in revenue to $123 million for the first six months of 2009, with Q2 net sales of $65.2 million compared to $58.4 million in 2008. The company also sold 17,352 tons of biodiesel, compared to 17,837 tons in 2008.
MALAYSIAN CPO HITS TWO-MONTH HIGH
Malaysian CPO futures climbed on Tuesday to new two-month highs as market players bought into the market on good demand prospects and falling palm oil stockpiles for July. Benchmark October contract settled up at $698/mt, according to trade reports.
INDIA ALLOWS FIRMS TO IMPORT MORE VEGETABLE OIL
India's government has allowed state-run firms to import up to 1 million mt of vegetable oil until March 2010 to boost local supplies, a food ministry official stated this week. Purchases are expected to begin this month, and could trigger a rise in international prices.
AUSTRALIA CLIMATE BILL COMING UP FOR VOTE
In Australia, lawmakers are expected to reject a $22 billion renewable energy plan during a Senate vote on Thursday. Conservatives are mainly concerned that the country’s climate bill would increase electricity costs and threaten energy-dependent industries if the country switches to cleaner fuels when a lot of inexpensive coal is available.
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