NEW DELHI/MUMBAI (Reuters) – Sterlite Industries Ltd’s(STRL.NS: Quote, Profile, Research) copper plant in India, the country’s largest, will stay closed at least until a hearing next week about a gas leak reported at the site, tightening supplies of the red metal in Asia’s third largest economy.
An extended shutdown of the smelter, which produces more than 300,000 tonnes per year and supplies half of India’s domestic copper needs, could spur imports and drive up prices, traders and analysts have said.
March 20 (Reuters) – Oil tanker owners are cushioning the
impact of Iranian trade restrictions by shipping crude over
greater distances to some of Asia’s biggest economies, the
founder of Nordic American Tankers Ltd said on
Chief Executive Herbjorn Hansson said Western sanctions on
doing business with Iran had led to an increase in oil shipments
from West African countries to energy-hungry China and India
-longer routes that generate bigger revenues for shipping firms.
Feb 7 (Reuters) – U.S. thermal coal miners, primed for a
recovery in demand, will have to wait for up to a year while
stockpiles are run down before profiting from the fuel’s return
to being the cheap alternative to natural gas in power
Thermal coal is expected to be 35 percent cheaper than gas
on average this year, the U.S. Energy Information Administration
(EIA) says, reversing a pricing trend that cut coal consumption
by 11 percent in 2012 to its lowest level in two decades.
Jan 30 (Reuters) – Kinder Morgan Energy Partners LP
will buy natural gas pipeline operator Copano Energy LLC
for $3.22 billion to tap into growing demand for
infrastructure to transport vast supplies from the shale fields
of Texas and Oklahoma.
Private equity firm TPG Capital, Copano’s top
shareholder with a stake of more than 14 percent, will get a 41
percent premium to its $300 million investment made in 2010, if
the deal goes through.
Jan 24 (Reuters) – Cliffs Natural Resources Inc said
it would write down the value of Consolidated Thompson Iron
Mines Ltd by $1 billion as it expects lower volumes and higher
costs in the business bought for more than $4 billion two years
Rival miners Rio Tinto Plc and Vale SA
have recorded billion-dollar charges over the past two months on
weak demand for commodities such as iron ore, coal and aluminum,
and analysts expect BHP Billiton Plc and Anglo American
Plc to follow.
Dec 27 (Reuters) – Hanwha SolarOne Co Ltd said Bank
of Beijing Co Ltd will provide it with a credit line
of about $475 million, in yet another instance of Chinese banks
helping local solar companies survive a steep fall in prices.
Hanwha SolarOne’s total long-term debt of 2.76 billion yuan
($442.3 million) is already more than five times its market
value, and the company, like many of its China-based rivals, has
reported losses for the last six quarters.
Dec 20 (Reuters) – A new generation of land-based oil and
gas rigs is halving drilling time and cutting costs for
customers, but also setting a clear divide for investors between
firms that have the new machines and those stuck with hundreds
of old ones.
About two-thirds of the 1,750 active land rigs in the United
States are legacy diesel-powered units. The rest are the newer
machines that have alternate current (AC) motors.
(Reuters) – China has added a further $1.1 billion in subsidies to its solar power sector, more than doubling its support this year, Xinhua reported on Wednesday, sending shares of Chinese solar power companies up sharply in U.S. trading.
Shares of Trina Solar Ltd (TSL.N: Quote, Profile, Research, Stock Buzz) and Yingli Green Energy Holding Co (YGE.N: Quote, Profile, Research, Stock Buzz) surged more than 20 percent in morning trading, while those of JA Solar Holdings Co Ltd (JASO.O: Quote, Profile, Research, Stock Buzz) were up 14 percent. Shares of JinkoSolar Holding Co Ltd (JKS.N: Quote, Profile, Research, Stock Buzz) and Suntech Power Holdings Co Ltd (STP.N: Quote, Profile, Research, Stock Buzz) rose about 10 percent.
Oct 31 (Reuters) – GT Advanced Technologies, a
solar and LED equipment maker, said it would slash about 25
percent of its workforce and would l i kely report third-quarter
revenue at the low end of its forecast due to weak demand in its
main market, Asia.
Shares of GT, which makes machines used to manufacture solar
and LED equipment, fell more than a fifth to $4.03 on the
Nasdaq, their lowest in more than five months.
(Reuters) – Cleaning services company Ecolab Inc (ECL.N: Quote, Profile, Research, Stock Buzz) will buy privately held oilfield specialty chemicals maker Champion Technologies Inc for about $2.2 billion to tap into rising demand for products used in oil and natural gas drilling and help to make up for under-investment in North America.
The acquisition will help Ecolab accelerate expansion of its energy services business, which makes products used to prevent corrosion in oilfield equipment and treat water for oil drillers and refiners at a time when oil output from North American shale fields is growing quickly.