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UK energy group Wood Group’s revenue falls by 20% in 6 months

LONDON: Multi-national energy services company Wood Group just revealed how its revenue was utterly crippled by tanking oil prices. The London-listed Wood Group confirmed in its results statement for the first six months of the year that revenue dropped by almost 20% and net profit fell by $23.7 million (£15.2 million) to $116.8 millon (£75 million) compared to the same ... Read More »

Formigli Joins advisory board of Norway’s energy Ventures

OSLO: Stavanger, Norway-based private-equity firm Energy Ventures appointed Jose Formigli to its advisory board. He has worked in management for the Campos Basin and in E&P executive management, the company said Aug. 13. Formigli has more than 30 years’ experience in Brazilian upstream sector well construction, subsea and topsides engineering. In 2014 he retired from Petrobras, and had been a ... Read More »

Former Italian minister probed over €200m Chinese energy projects

ROME: A former Italian environment minister is under investigation over whether any illegality was involved in his handling of up to €200m of public funds earmarked for green energy projects in China in the years leading up to the financial crisis. Corrado Clini, who served as director-general of Italy’s environment ministry for two decades before becoming environment minister in the ... Read More »

UK energy giants face price cap for overcharging by 1.2b

LONDON: United Kingdom Prime Minister David Cameron is prepared to consider placing a temporary cap on the most expensive electricity bills after a watchdog concluded that customers were being overcharged by 1.2 billion pounds ($1.86 billion) a year, his office said. Britain supermarket industry’s Big Four were divided yesterday over the prospect of the biggest shake-up in Sunday trading laws ... Read More »

Erin Energy Set to Join Russell 3000 Indexes

AMMAN: Erin Energy Corporation is set to join the broad-market Russell 3000 Index at the conclusion of the Russell indexes annual reconstitution on June 26, according to a preliminary list of additions posted June 19 on www.russell.com. Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership ... Read More »

Green energy targets drive renewables capacity to new high

AMMAN: Capacity to generate power from renewable sources, including solar, wind and hydro, hit a new high in 2014, driven by a rise in the number of countries with green energy goals, according to an international group of experts. An 8.5 per cent increase in renewable energy capacity allowed the global economy and energy consumption to grow without a parallel ... Read More »

Finnish Energy consumption decreases 6% in Q1 2015

HELSINKI: The total energy consumption in January to March amounted to 361 petajoule in the first quarter of 2015, which was almost six per cent less than in the corresponding period in 2014, according to Statistics Finland’s preliminary data. Electricity consumption amounted to 23.4 terawatt hours (TWh), which is two per cent lower than one year earlier. In the production ... Read More »

Finnish Energy consumption decreases 6% in Q1 2015

HELSINKI: The total energy consumption in January to March amounted to 361 petajoule in the first quarter of 2015, which was almost six per cent less than in the corresponding period in 2014, according to Statistics Finland’s preliminary data. Electricity consumption amounted to 23.4 terawatt hours (TWh), which is two per cent lower than one year earlier. In the production ... Read More »

Jordan to develop its 1st landfill gas to energy recovery system worth of $13m

AMMAN: Jordan’s Greater Amman Municipality will use a US$13 million loan from the European Bank for Reconstruction and Development (EBRD) to develop the country’s first landfill gas-to-energy recovery system. The EBRD is co-financing the loan with US$5 million from the Bank’s Green Energy Special Fund (GESF). The main donor to the GESF is the Taiwanese International Cooperation and Development Fund ... Read More »

Houston base Energy Company cancels plans for $2b FLNG order at Samsung Heavy

ATHENS: Houston-based Excelerate Energy has nixed its plans to order$2bn floating liquefaction storage and offloading (FLSO) unit from Samsung Heavy Industries. A filing to the Seoul stock exchange today said Samsung’s client had “decided not to proceed with further consultations on planned investment due to changes in Equatorial Guinea LNG production projects”. In November 2014, Excelerate signed a non-binding MOU ... Read More »

IKEA becomes energy independent in the Nordic countries

COPENHAGEN: IKEA’s inauguration of a new wind farm in Glötesvålen, Sweden, IKEA has made IKEA energy independent in the Nordic countries. The Nordics now join Canada as regions where the company produces more energy from renewable sources than it consumes. Wind farms are under construction in the US and Poland, and the group is aiming for global energy independence by ... Read More »

IKEA becomes energy independent in the Nordic countries

COPENHAGEN: IKEA’s inauguration of a new wind farm in Glötesvålen, Sweden, IKEA has made IKEA energy independent in the Nordic countries. The Nordics now join Canada as regions where the company produces more energy from renewable sources than it consumes. Wind farms are under construction in the US and Poland, and the group is aiming for global energy independence by ... Read More »

EU-funded renewable energy projects launches in Jordan

AMMAN: Jordan on Thursday officially launched several EU-funded renewable energy and energy efficiency demonstration projects. The nine projects, launched as part of the Renewable Energy and Energy Efficiency Programme that started in 2012, represent the first EU support programme to the energy sector in Jordan, according to officials. “The series of projects launched today are very important in boosting Jordan’s ... Read More »

EU-funded renewable energy projects launches in Jordan

AMMAN: Jordan on Thursday officially launched several EU-funded renewable energy and energy efficiency demonstration projects. The nine projects, launched as part of the Renewable Energy and Energy Efficiency Programme that started in 2012, represent the first EU support programme to the energy sector in Jordan, according to officials. “The series of projects launched today are very important in boosting Jordan’s ... Read More »

Lower energy prices to increase competitiveness in Jordan this year

AMMAN: Key contributors to Jordan’s growth are expected to be stronger construction activity and mining exports as well as higher government investment, according to a study. QNB Group has published its Jordan Economic Insight 2015. The report examines how the Jordanian economy continues to recover, despite a difficult regional context and a weak global economy. Despite a difficult regional context, ... Read More »

US asks local companies not to allow Chinese investment in LNG export projects

NEW YORK: The US Department of Energy has advised American companies not to allow Chinese companies to invest in US liquefied natural gas export projects, the head of one such venture told Reuters. The advice contributed to a lack of lucrative US gas export deals with Chinese companies, said Michael Smith, the chief executive of Freeport LNG. Some existing deals ... Read More »

Jordan’s energy Minister, Spanish Trade Minister discuss energy cooperation on 26 April 2015

AMMAN: Minister of Energy and Mineral Resources, Ibrahim Saif, and Spanish Secretary of State for Trade, Jaime Garcia-Legazat, on 26 April 2015, discussed bilateral cooperation, especially in energy and renewable energy fields. During the meeting, which was attended by Spain’s ambassador to Jordan, Santiago Ancorina, and Spanish economic and commercial attaché Francisco Alfonso, Saif reviewed the economic challenges that Jordan ... Read More »

Denmark’s energy use hits 42-year low, says Dansk Energi

COPENHAGEN: The Danish Energy Association (Dansk Energi) has revealed that the Denmark’s energy use in 2014 was the lowest since 1972. The largest drop in energy use is from 2007-2014 came in Denmark’s production sector, where usage was down by 41 percent. Household use and the transport sector have both cut energy use by 20 percent while the retail and ... Read More »

Denmark’s energy use hits 42-year low, says Dansk Energi

COPENHAGEN: The Danish Energy Association (Dansk Energi) has revealed that the Denmark’s energy use in 2014 was the lowest since 1972. The largest drop in energy use is from 2007-2014 came in Denmark’s production sector, where usage was down by 41 percent. Household use and the transport sector have both cut energy use by 20 percent while the retail and ... Read More »

Denmark’s energy use hits 42-year low, says Dansk Energi

COPENHAGEN: The Danish Energy Association (Dansk Energi) has revealed that the Denmark’s energy use in 2014 was the lowest since 1972. The largest drop in energy use is from 2007-2014 came in Denmark’s production sector, where usage was down by 41 percent. Household use and the transport sector have both cut energy use by 20 percent while the retail and ... Read More »