Profits at Royal Dutch Shell slumped in the fourth quarter as the oil group paid the price for its high-cost business model in Canada and crumbling refining and chemical margins.
However, the company boosted confidence with the promise of a 5 per cent increase in the first-quarter dividend, a move aimed at bolstering the company's image as a reliable cash generator to the investment community in a troubled stock market. - The Times
However, the company boosted confidence with the promise of a 5 per cent increase in the first-quarter dividend, a move aimed at bolstering the company's image as a reliable cash generator to the investment community in a troubled stock market. - The Times
A "fair price" for oil is between $60 and $80 a barrel, the secretary general of Opec, Abdullah al-Badri, told participants at the World Economic Forum yesterday, up to twice as high as the current price in the market.
Mr Badri warned he believed that the current price of oil, around the $40 mark, was insufficient to provide an acceptable income for Opec member states, or high enough to fund the investment needed to raise capacity in time for the next economic upswing. - The Independent
Mr Badri warned he believed that the current price of oil, around the $40 mark, was insufficient to provide an acceptable income for Opec member states, or high enough to fund the investment needed to raise capacity in time for the next economic upswing. - The Independent
The row over the working of the European Union's emissions trading scheme intensified last night when EDF Energy warned that speculators risked turning carbon into a new category of sub-prime investment.
Vincent de Rivaz, the chief executive of the UK arm of the French-owned gas and electricity group, said politicians and regulators needed to revisit the way the ETS was working and whether it was bringing the results they wanted. "We like certainty about a carbon price," he said. "[But] the carbon price has to become simple and not become a new type of sub-prime tool which will be diverted from what is its initial purpose: to encourage real investment in real low-carbon technology." - The Guardian
Vincent de Rivaz, the chief executive of the UK arm of the French-owned gas and electricity group, said politicians and regulators needed to revisit the way the ETS was working and whether it was bringing the results they wanted. "We like certainty about a carbon price," he said. "[But] the carbon price has to become simple and not become a new type of sub-prime tool which will be diverted from what is its initial purpose: to encourage real investment in real low-carbon technology." - The Guardian
An experimental fusion reactor that will imitate the conditions at the heart of the sun to create cheap green power could cost twice as much as governments had planned for, the Guardian has learnt...
The project, which absorbs almost half of Britain's energy research budget, will test complex machinery needed to make the world's first operational fusion power plants - a technology widely expected to transform energy generation by providing abundant power with no greenhouse gas emissions and only small amounts of radioactive waste - The Guardian
The project, which absorbs almost half of Britain's energy research budget, will test complex machinery needed to make the world's first operational fusion power plants - a technology widely expected to transform energy generation by providing abundant power with no greenhouse gas emissions and only small amounts of radioactive waste - The Guardian
Europe started legal proceedings against Britain yesterday that could result in unlimited daily fines for consistently breaking air pollution laws and endangering health in urban areas. Britain had been given nearly 10 years to reduce its levels of the minute sooty "particulate matter" known as PM10s, which are mainly emitted by industry and traffic - The Guardian
More than US$10trillion must be invested in clean technology between now and 2030 to spare the Earth from an unsustainable increase in global temperature, the World Economic Forum warned yesterday. A report from the body that organises the Davos meeting of political and business leaders said at least US$515billion should be spent annually on measures to limit carbon emissions - The Guardian
Hundreds of factory workers protested outside one of the country's largest oil refineries yesterday against the use of foreign workers. Humberside Police said around 800 people took part in the demonstration against the use of foreign contractors on a multi-million pound construction project at the Lindsey oil refinery at North Killingholme, Lincolnshire - The Daily Telegraph
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