London Following are the energy highlights from today’s editions of the European press.
Financial
Times
Pressure is building on the US to set long-term reductions targets for greenhouse
gas emissions at this week’s G8 summit of industrialised nations (p1).
UK environment secretary David Miliband says US president George Bush must engage in urgent and detailed discussion on global carbon emissions (p2).
Australian prime minister John Howard has pledged a domestic carbon emissions trading scheme (p6).
US president George Bush looks likely to split the G8 meeting over emissions and global warming (p6).
Editorial: G8 meeting needs to achieve substantial progress on a global climate change agreement (p12).
Comment: China is making an effort to address climate change, says Ma Kai, the minister in charge of central economic planning agency NDRC (p13).
Lex: The US is unlikely to make a real commitment to climate change unless China does (p18).
Wall Street
Journal
Russian regulators
have postponed a decision on revoking the licence of the TNK-BP joint venture to
develop the Kovykta gas field (p9).
The UK government has raised £2.08bn (US$4.12bn) from the sale of a 25pc stake in electricity producer British Energy (p9).
The UK’s BG and its partners in a Kazakh natural gas field have agreed to double production from the field with a 15-year agreement to sell gas to Russia (p9).
The G8 talks may push Europe into action over global warming (p10).
The Dubai Mercantile Exchange, which started trading its first Oman crude futures on 1 June, wants to add a contract for Middle East natural gas (p23).
Lloyd’s
List
Intertanko managing
director Peter Swift has again advocated a shift to distillate fuels in the
shipping industry as part of the lobby group’s drive to cut pollution from the
international freight trade (p5).
Special report: Shipments from Norwegian firm Statoil’s Hammerfest LNG terminal in Norway look set to begin from the end of this year after more than a decade in planning and construction (p16).
Special report: Oslo-based shipping derivatives exchange Imarex has reported record growth in the volume of forward freight agreements traded on its exchange this year, with an overall 250pc rise in contract trades in April (p19).
Dry-bulk derivatives, a financial tool used for hedging risk on coal, grain and iron ore freight, bounced back with extreme volatility last week after an aggressive sell-off dropped 150,000t Capesize time charter levels by over $5,000/t from a week before (p25).
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