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Egypt: El-Sissi wins election by landslide

With nearly all votes counted, Egypt’s former military chief has won a crushing victory over his sole opponent with more than 92 percent of the votes, according to results announced by his campaign early Thursday. The campaign of retired field marshal Abdel-Fattah el-Sissi said he won 23.38 million votes, with left-wing politician Hamdeen Sabahi taking 735,285. Invalid votes were 1.07 million, or nearly 350,000 more than the number of votes for the 59-year-old Sabahi. El-Sissi’s win was never in doubt, but the career infantry officer, also 59, had hoped for a strong turnout to bestow legitimacy on his ouster last July of Egypt’s first freely elected president, the Islamist Mohammed Morsi. According to el-Sissi’s campaign, the turnout nationwide was around 44 percent, even after voting was extended for a third day Wednesday – well below the nearly 52 percent turnout in the June 2012 election won […]

Posted On : Published By : Tom Whipple
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Appointment of deputy heir to throne stirs controversy in Saudi Arabia

When Saudi Arabia’s elderly king took the unusual step of naming a deputy heir, the move initially was welcomed as a sign of continuity in a country that soon will confront major questions over the future of its leadership. But in subsequent weeks, the announcement has stirred a rare outburst of dissent, revealing previously unacknowledged strains within the royal family and casting into doubt prospects for a smooth transition from King Abdullah’s rule. The king’s youngest brother, Muqrin, who was named deputy crown prince on the eve of President Obama’s visit in March, appears to be popular among ordinary people, who say he is not corrupt. He also is well-regarded by foreign diplomats, who describe him as likable and smart. But behind closed doors, royal tongues have been wagging about the manner in which Muqrin was chosen, the validity of his newly created title and […]

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Russia eyes investments in Argentina's energy sector

Russian Foreign Minister said Wednesday he was interested in encouraging more investments in the Argentine energy sector. Lavrov met in Moscow with Argentinean Foreign Minister Hector Timerman to discuss prospects for future energy cooperation as well as Argentina’s bid to join Brazil, Russia, India, China and South Africa in the five-member economic association dubbed BRICS. Lavrov said the outlook for Russian investments in the Argentinean energy sector was strong. "We aren’t just interested in ways to diversify our trade relations but actually want to focus on investment," he said . Russia expressed interest in Argentina’s energy market in 2012 following the nationalization of the country’s YPF energy company. Russian energy companies have a presence in Venezuela and Russian energy company Gazprom is exploring for natural gas in that country as part of a Russian consortium. Both sides have focused on development the Vaca Muerta shale site […]

Posted On : Published By : Tom Whipple
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Russia eyes investments in Argentina’s energy sector

Russian Foreign Minister said Wednesday he was interested in encouraging more investments in the Argentine energy sector. Lavrov met in Moscow with Argentinean Foreign Minister Hector Timerman to discuss prospects for future energy cooperation as well as Argentina’s bid to join Brazil, Russia, India, China and South Africa in the five-member economic association dubbed BRICS. Lavrov said the outlook for Russian investments in the Argentinean energy sector was strong. "We aren’t just interested in ways to diversify our trade relations but actually want to focus on investment," he said . Russia expressed interest in Argentina’s energy market in 2012 following the nationalization of the country’s YPF energy company. Russian energy companies have a presence in Venezuela and Russian energy company Gazprom is exploring for natural gas in that country as part of a Russian consortium. Both sides have focused on development the Vaca Muerta shale site […]

Posted On : Published By : Tom Whipple
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U.S. House Votes for Venezuela Sanctions to Punish Maduro

U.S. House lawmakers voted to require sanctions against Venezuelan officials involved in a crackdown against protesters and opposition leaders in that country. The measure passed by voice vote yesterday in Washington . The legislation is intended to “hold these human rights violators accountable,” said bill sponsor Representative Ileana Ros-Lehtinen, a Florida Republican. “The first step in doing so is hitting them in their pocketbooks and denying them entry into the United States .” Venezuela has cracked down on protests that started in February over the world’s fastest inflation, crime and shortages of staples such as food and toilet paper. At least 42 people have been killed in the demonstrations. Amnesty International said April 1 it had received dozens of accounts of torture allegedly carried out by security forces since the protests began. The U.S. State Department has so far resisted calls from Congress for sanctions against Venezuelan President Nicolas […]

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Pemex in Talks for $4 Billion Investment Fund With China

Petroleos Mexicanos , the state-owned oil producer, is negotiating with Chinese companies to create a fund valued at as much as $4 billion to invest and finance projects. The proposed arrangement is in a “final stage of negotiations,” Pemex, as the Mexico City-based oil producer is known, said in an e-mailed statement yesterday, correcting an earlier filing that said a deal had already been signed. The Sino-Mex Energy Fund would be the largest Chinese investment fund in Latin America , according to the earlier statement sent to the Mexican Stock Exchange. The prospective agreement between Pemex’s international unit PMI Comercio Internacional and Xinxing Ductile Iron Pipes (000778) , SPF Capital Hong Kong Ltd. and other Chinese companies would be used to finance large-scale projects and create jobs. Pemex is seeking to increase sales to Asia and Europe to offset falling oil exports to the U.S., Mexico’s largest crude buyer. […]

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US Shale Debt Increases as Drillers Push to Maintain Gains

Shale debt has reportedly doubled over the past four years, according to a Bloomberg News analysis of 61 shale drillers, while revenue has increased just 5.6 percent. Many are spending at least 10 percent of their sales on interest compared with Exxon Mobil Corp.’s .1 percent, the news agency reported. As the struggle to keep pace with the increased spending is needed to unearth these resources, some investors are selling their assets at a loss. Loews Corp. subsidiary, HighMount Exploration & Production, announced May 23 that it is pursuing strategic alternatives, including a potential sale of the business. HighMount, primarily comprised of natural gas and oil reserves, has assets in the Sonora field within the Permian Basin in West Texas. The company reportedly lost $20 million in the first three months of 2014 and was not profitably successful over the past two years. “The list of companies that are […]

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Shale EROEI Failing

Rigzone, which reports new finds and plays in the fossil fuel industry, complains that, US Shale Debt Increases as Drillers Push to Maintain Gains : Shale debt has reportedly doubled over the past four years, according to a Bloomberg News analysis of 61 shale drillers, while revenue has increased just 5.6 percent. Many are spending at least 10 percent of their sales on interest … “What is not clear from higher-level company data is if the industry (both large players and independents) can run a cash flow-positive business in both top-quality and in more marginal plays and whether the positive cash flow could be maintained when the industry scales up its operations,” [a research associate] noted. … Furthermore, independent producers will spend $1.50 on drilling this year for every dollar in return, Bloomberg noted in February. Producers will have to drill 2,500 new wells a year just to sustain output […]

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US DOE awards NuScale up to $217 million for small reactors

The US Department of Energy and NuScale Power signed an agreement in which NuScale will receive up to $217 million over five years for small modular reactor development, the company said Wednesday. NuScale joins Babcock & Wilcox in receiving money as part of a six-year program DOE initiated in 2012 to distribute $452 million to support licensing and development of small modular reactors. DOE defines SMRs as reactors of less than 300 MW that can be built in a factory and shipped to utility sites as demand arises. "It was only yesterday that we actually signed the cooperative agreement, which will provide up to $217 million to NuScale," John Kelly, DOE deputy assistant secretary for nuclear reactor technologies, said Wednesday at Platts’ annual Small Modular Reactors conference in Washington. Article continues below… Since 1960, Platts Nucleonics Week has been the leading source of global news for the commercial nuclear […]

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U.S. Natural Gas Imports & Exports 2013

. Net imports Natural gas net imports fell by 14% to 1,311 Bcf in 2013, the lowest level since 1989. Total imports decreased by 8% to 2,883 Bcf in 2013 from the previous year’s level. Pipeline imports decreased by 6% to 2,786 Bcf, and LNG imports decreased by 45% to 97 Bcf. Total exports, which increased in all but two years from 1997 to 2012, decreased by 3% to 1,572 Bcf in 2013. Pipeline exports decreased by 1% to 1,569 Bcf, while LNG exports, already lower than 2% of total exports, decreased to 3 Bcf. For the first time, the United States exported a small amount of compressed natural gas (CNG) to Canada by truck, totaling 0.1 Bcf. Source: U.S. Energy Information Administration, based on Office of Fossil Energy, U.S. Department of Energy. Prices […]

Posted On : Published By : Tom Whipple