September 18, 2013
Source: The Australian
Papua New Guinea’s Prime Minister Peter O’Neill has been accused of “stealing” an $876 million asset, the Ok Tedi copper-gold mine, by former prime minister and former central bank governor Mekere Morauta.
Sir Mekere said that Mr O’Neill had decided to expropriate the mine without paying compensation to the people of Western province, who are the chief owners and beneficiaries of the trust fund PNG Sustainable Development Program (PNGSDP), which owns 63 per cent of Ok Tedi. More…
September 17, 2013
Source: Bloomberg Businessweek
Mongolia will take a stake in a domestic uranium venture led by France’s Areva SA and support its development, signaling the nation’s willingness to revive foreign investment, said Prime Minister Norovyn Altankhuyag. More…
September 16, 2013
China will invest 80 billion yuan ($13.07 billion) in oil and gas exploration in 2013, state media said on Sunday, as it tries to boost energy supplies reduce its dependence on energy imports.
Oil and gas investment in China has risen from 19 billion yuan in 2002 to 67.3 billion yuan in 2011, the official Xinhua news agency said, citing Ministry of Land and Resources figures. More…
August 22, 2013
Source: South Asia Monitor
The Myanmar-China natural gas pipeline (Myanmar section) commenced delivery of natural gas to the Peoples Republic of China (PRC) after it was inaugurated by Myanmar Vice President U Nyan Tun at Mandalay on July 28. The pipeline is part of the Myanmar-China Oil and Gas Pipeline project, which also includes a crude oil pipeline. Starting from Kuaykphyu on Myanmar’s Arakan coast, it passes through the Rakhine state, Magway and Mandalay regions and Shan state and enters the PRC at Ruili, Yunnan province through Namhkan on the Myanmar border. It took three years to construct the Myanmar section of the pipeline, which underwent a test run on May 30. More…
August 15, 2013
Global miner Rio Tinto said on Wednesday it would have to cut up to 1,700 jobs in its Mongolian operation, after the more than $5 billion underground expansion of its giant Oyu Tolgoi copper mine was put on hold.
Rio announced the delay last month, after the Mongolian government said parliament would need to approve financing for the project. A Rio spokesman said the decision was now being implemented. More…
August 14, 2013
Source: CTV News
Turquoise Hill Resources Ltd. (TSX:TRQ) has reported a bigger second-quarter loss than analysts were expecting.
The Vancouver-based mining company, a subsidiary of Rio Tinto (NYSE:PLC) that’s developing a major copper mine in Mongolia, had a US$105.3-million net loss, or 10 cents per share, in the second quarter. More…
August 13, 2013
Mongolia’s second-quarter economic growth accelerated from the first three months of this year as the government boosted spending on infrastructure.
Gross domestic product grew 14.3 percent in the three months from April through June, compared with 7.2 percent in the first quarter, according to the National Statistics Office of Mongolia. Expansion in the first half was 11.3 percent, compared with an annual pace of 12.4 percent in 2012. More…
June 18, 2013
Reposted from PR Newswire
Delonex bets on significant, underexplored resource potential in Central and East Africa
Delonex Energy Limited (together with its subsidiaries referred to as “Delonex Energy” or “the Company”), a new, world-class energy exploration and production company (E&P) focused on Central and East Africa, today announced that an affiliate of Warburg Pincus, a global private equity firm focused on growth investing, has agreed to lead an investment of up to $600 million in the Company. More…
June 18, 2013
Reposted from Bloomberg Businessweek
Mongolia has limited reserves of oil and relies on its neighbors, Russia and China, for fuel, which can periodically lead to shortages.
By Michael Kohn and Yuriy Humber
A Mongolian company has tapped one of the world’s most closed markets by taking a stake in a North Korean oil refinery, to help Asia’s fastest growing economy ease its energy reliance on Russia and China.
HBOil JSC, an oil trading and refining company based in Ulaanbaatar, Mongolia, said it acquired 20 percent of the state-run entity operating North Korea’s Sungri refinery, according to an e-mailed statement yesterday. It intends to supply crude to Sungri, which won’t be fully operational for up to a year, and export the refined products to Mongolia. More…
June 17, 2013
Reposted from Iraq Directory
Iraq has been able to raise crude oil output rapidly after signing mega projects with some of the world’s largest oil firms.
From the local media sources, it has been revealed that Iraq is looking forward to adopt a new energy strategy for the nationwide energy supply. It has to be stated that with the increased oil production, the internal energy supply in the country is rising and becoming self-sufficient gradually. It is assumed that the country will be self-sufficient in terms of energy by the year of 2022. Presently, the country is producing 3.5 million barrels per day oil, which would around 4.5 million barrels per day from next year. The country is aiming towards a broader aspect as it has the target to reach 9 million barrels per day by the year of 2020. Though, previously the country had a plan to reach 12 million barrels per day by 2017, which had been criticized as unrealistic by many experts. More…