London, 26 September (Argus) – Following are energy highlights from today’s editions of the European press. Click on the links to see related Argus stories:
Financial Times
The UK’s “visionary” tidal energy scheme on the Severn estuary, with the potential to deliver 5pc of the country’s electricity, is to be subject to a multi-million pound feasibility study (p2).
Lex column: Austria’s OMV bids for Hungary’s Mol (p20).
Tony Hayward , the new chief executive of BP, was naive when he lambasted 100 senior executives for the company’s “dreadful” operating performance and assumed the comment would not leak out (p22).
BP moved to clarify “dreadful comment” (p22).
Austria’s OMV is stepping up its hostile campaign to take over Hungary’s Mol to create central Europe’s biggest energy group (p26).
Hungary set itself up for a clash with the European Commission as the government stands by plans to protect national energy champion Mol from foreign predators (p30).
Market reports: OMV shares slipped yesterday after the Austrian company approached Hungary’s Mol over a takeover (p42).
Crude oil fell by more than $1/bl yesterday as US data heightened recession fears (p42).
Wall Street Journal
A family dustup in energy-rich Kazakhstan has turned Mangistaumunaigaz into a potential takeover target, attracting interest from some of the biggest players in the global oil industry (p1).
Europe’s plan to include airlines in carbon emissions trading is hitting transatlantic resistance (p2).
High raw material prices are threatening to sap steelmakers’ profits (p5).
Hungary’s Mol rebuffed OMV’s $18.31bn takeover bid, saying it “substantially” undervalued its business (p6).
Crude oil futures fell below $80/bl yesterday as excitement over last week’s US interest rate cut faded and worries about the health of the US economy re-emerged (p23).
Lloyd’s List
Shipowners may have to pay more for their ship financing requirements as liquidity dries up, but they are likely to be spared the contagion that has gripped the US and European housing markets (p1).
US-based Genco Shipping and Trading is set to utilise its $225mn war chest in search of acquisitions (p2).
China State Shipbuilding has sold 12bn yuan ($1.6bn) of new shares in a bid to raise funds to acquire shipbuilding assets from its state-run parent China State Shipbuilding Corporation (p4).
Leading Norwegian shipbroker RS Platou is setting up a shipping fund designed to enable investors to diversify risk by investing in both companies and different vessel types (p4).
Dubai World has signed an agreement with Malaysia Mining to develop a 17bn dirham ($4.6bn) maritime centre in Johor (p6).
Spain’s Repsol-YPF has won the first contract to ship LNG between two Latin American countries, Peru and Mexico (p6).
Special report: Emerging shipyards (pp 12-13).
Throughput capacity of the Panama Canal will nearly double by 2025 (p18).
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