Intersolar News: Tigo Energy Inc. Announces Key Distribution Partner for the TIGO Energy(TM) Maximizer SystemLOS GATOS, California - Tigo Energy, (www.tigoenergy.com), the solar company whose unique technology significantly increases efficiency in photovoltaic solar installations, announced today that AEE Solar will be the first US Distribution Partner to carry the TIGO Energy Maximizer System as a catalog product. New RISI Report Analyzes South American Tree Farm and Biomass Energy Investment OpportunitiesBEDFORD, Massachusetts - RISI, the leading information provider for the global forest products industry, today announced the publication of the South American Tree Farm Update: Opportunities for Investment in Forest Industry and Biomass Energy Plantations. This new study updates and expands on the South American section of an earlier RISI study -Global Tree Farm & Managed Forest Industry. The report describes in detail how the convergence of the timberland, bioenergy, and carbon markets is creating a flood of new investment opportunities in South America’s plantation forest industry and analyzes the structure of that industry. The study also provides an outlook on future fiber supplies, and includes RISI’s database of 130 ownerships in 8 countries, totaling 6.2 million hectares. ET Solar Group Announces New Credit Facility with China CITIC BankNANJING, China - ET Solar Group Corp., a Nanjing-based solar farm EPC provider and integrated manufacturer of photovoltaic products including ingots, wafers, modules, and tracking systems announced a RMB100 million credit facility with China CITIC Bank. Deregulation Offers Lucrative Opportunities in the Ghanaian Power Sector, States Frost & SullivanCAPE TOWN, South Africa - Robust demand for power in Ghana is leading to power shortages and placing enormous pressure on existing power generation facilities. In response, the government has opened up the industry to the private sector to support investments in new generation facilities. Loss of Production Even More Dangerous in Times of Low Oil PricesABU DHABI - - Security Specialists Must Work Together With Public Authorities to Reduce Risks “ASDA Helps the Motorist - Will the Chancellor Help the Haulier?” asks the Road Haulage AssociationLONDON - The Road Haulage Association has reacted strongly to the news that supermarket giant ASDA is to slash the cost of a litre of unleaded and diesel to less than GBP1. Energy and Water and Waste Water Markets in Poland and in the CEE Region Attract Investments Despite the Crisis, States Frost & SullivanWARSAW, Poland - The current economic slowdown has affected many industry sectors but not all investments have been put on hold. EU compliance deadlines, growing energy consumption, an ageing infrastructure and EU funding are the major factors stimulating the Energy and Water and Wastewater sectors in Poland in the Central Eastern European (CEE) region. Sinopec Commences Take-over bid for Addax PetroleumCALGARY, Canada - Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”) ( TSX: AXC and LSE: AXC), today announced that Mirror Lake Oil and Gas Company Limited (”Mirror Lake”), an indirect wholly-owned subsidiary of Sinopec International Petroleum Exploration and Production Corporation (”SIPC”), has today commenced its offer for Addax Petroleum (the “Offer”) and mailed the Offer and take-over bid circular (the “Offer Documentation”) as well as the Addax Petroleum directors’ circular, containing the Addax Petroleum board’s unanimous recommendation to accept the Offer, to Addax Petroleum shareholders. On June 24, 2009, SIPC and Addax Petroleum reached an agreement for Mirror Lake to make an offer to acquire all of Addax Petroleum’s outstanding common shares for C$52.80 per common share in an all-cash transaction. Perenco Calls on Ecuador Not to Sell Seized Oil and to Resume NegotiationsLONDON - Perenco Ecuador Limited (”Perenco Ecuador”) today called on the Government of Ecuador to cease efforts to sell oil seized from Blocks 7 and 21 in defiance of orders by international arbitration tribunals, and instead to seek a negotiated solution to the dispute concerning the applicability of Law 42 to Blocks 7 and 21. Frost & Sullivan: Energy and Asian Markets Drive the Welding Industry out of RecessionLONDON - - Frost & Sullivan to Host Analyst Briefing on Welding Industry on Wednesday, 15 July 2009, at 14.00 BST Banks Support Gunvor With USD 600m Syndicated LoanGENEVA - Leading independent oil trader Gunvor International B.V., headquartered in Amsterdam, has signed a revolving one-year credit facility of USD 600m, successfully refinancing and extending last year’s debut of USD 370m. Just as the 2008 debut was oversubscribed, this year’s refinancing also attracted significant interest and original plans for a USD 450m facility were extended by an additional USD 150m. Westminster City Council and Zipcar Launch UK’s Greenest Car Club in LondonLONDON - The UK’s most environmentally friendly car club scheme was launched in central London today. It is being jointly run by Westminster City Council and Zipcar, the world’s largest car club operator. The car club will include a fleet of 20 hybrid vehicles, ten times more than all the other car clubs in the UK combined. It also will offer members access to the country’s first all-electric car club vehicle, a Citroen c1. ET Solar Group Announces Worldwide Product Liability Insurance CoverageNANJING, China - ET Solar Group Corp. (”ET Solar”), a Nanjing-based solar farm EPC provider and integrated manufacturer of photovoltaic (”PV”) products including ingots, wafers, modules, and state-of-the-art dual-axis tracking systems, announced immediate provision of product liability insurance coverage for its PV module customers worldwide. Leading International Climate Scientists Call on World Leaders for Global Emissions Peak by 2020L’AQUILA, Italy - - Action by Scientists Underscores Urgency of National Progress and Global Negotiations Covanta to Acquire Veolia’s North American Energy From Waste BusinessFAIRFIELD, New Jersey - Covanta Holding Corporation (NYSE: CVA), a world leader in the development, ownership and operation of Energy-from-Waste (EfW) facilities and other renewable energy projects, today announced that it has signed a definitive agreement to acquire from Veolia Environmental Services North America Corp., most of its North American EfW business. Perenco Will Protect Its Rights in Ecuadorian Oil Seized in Defiance of International Arbitration Tribunal OrdersLONDON - Perenco Ecuador Limited (”Perenco Ecuador”) today announced that it is prepared to take legal action against any company that purchases or transports crude oil the Ecuadorian Government has unlawfully seized. Enfinity Will Develop China’s Largest and First PV Power StationWAREGEM, Belgium and SHANGAI - - A Joint Bidding Team, Initiated by Enfinity, Won the First 10 MWp Solar Concession Project Frost & Sullivan: Commercial Vehicle Telematics Offers Multiple Benefits for Fleet OperatorsLONDON - During times of financial crisis and economic downturn, logistic and transportation companies as well as commercial fleets in other industries suffer from increasing fuel costs and shrinking revenues. A large number of these companies must struggle to survive. In this context, an investment in commercial vehicle telematics truly pays off as it helps fleets boost their productivity while decreasing costs. Iran - Arrests Will Deter Foreign InvestorsLONDON - Iran’s oil production and exploitation of huge gas reserves needs foreign investment. But high profile arrests in the months ahead will deter investors. Nevertheless, Iran has shown a remarkable capability to tough out the worst of economic conditions and international disapproval, according to David Butter of the Economist Intelligence Unit. KEMA and Gasunie Reach Agreement on Acquisition of Gasunie Engineering & TechnologyARNHEM and GRONINGEN, The Netherlands - - Establish International ‘Center of Excellence’ for Gas United Arab Emirates Wins International Renewable Energy Agency HeadquartersABU DHABI, United Arab Emirates - - Abu Dhabi’s Masdar City, the world’s first carbon-neutral, zero-waste city, to house IRENA’s headquarters Middle East Growth: Baker Botts Opens Abu Dhabi Office; Triples Lawyer HeadcountDUBAI, United Arab Emirates - - Firm Adds Partners in Dubai, Abu Dhabi; Upgrades, Expands Office Space in Region Endeavour Announces Results of Tesla Exploratory WellHOUSTON - Endeavour International Corporation (Amex: END) (LSE: ENDV) today announced that the Tesla exploratory well 22/24c-11 in the United Kingdom Central North Sea has been plugged and abandoned after failing to encounter gas condensate in commercial quantity. Electric Vehicles in APAC - Fad or Reality?LONDON - - Frost & Sullivan to Host Analyst Briefing on the APAC Market for Electric Vehicles on Tuesday, 7 July 2009 at 09:00 BST Oil Refineries’ Enters Hydrocracking Era: Activates First Stage of Mild HydrocrackerHAIFA, Israel - - First Stage Expected to Add Roughly 120,000 Tons of Diesel and Kerosene per Annum PETRONAS GROUP Results for the Financial Year Ended 31 March 2009KUALA LUMPUR, Malaysia - FINANCIAL YEAR ENDED 31 MARCH 2009 +/- 2008 2007 (Restated) (Restated) (in RM billion) Revenue 264.2 18.4% 223.1 184.1 Profit Before Taxation 89.1 (6.7%) 95.5 76.3 EBITDA 105.5 (4.0%) 109.9 88.7 Net Profit 52.5 (13.9%) 61.0 46.4 Total Assets 388.1 14.4% 339.3 294.6 Shareholder’s Funds 232.1 15.1% 201.7 171.7 (in USD billion) Revenue 77.0 16.3% 66.2 51.0 Profit Before Taxation 26.0 (8.5%) 28.4 21.1 EBITDA 30.8 (5.5%) 32.6 24.5 Net Profit 15.3 (15.5%) 18.1 12.9 Total Assets 106.1 0.1% 106.0 85.2 Shareholder’s Funds 63.5 0.8% 63.0 49.7 Average RM/US$ exchange rate 3.4318 3.3690 3.6100 KEY FINANCIAL AND OPERATIONAL RATIOS FINANCIAL YEAR ENDED 31 MARCH 2009 2008 Return on Revenue (PBT/Revenue) 33.7% 42.8% Return on Assets (PBT/Total Assets) 23.0% 28.1% Return on Average Capital Employed 37.1% 45.4% Debt / Assets Ratio 0.11x 0.11x Reserves Replacement Ratio - Domestic 1.1x 0.9x - International 4.1x 0.6x - Total 1.8x 0.9x Addax Petroleum Announces the Regulatory Filing of the C$52.80 Per Share Cash Offer by Sinopec International Petroleum Exploration and Production CorporationCALGARY, Canada - Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC) announced today that the definitive agreement (the “Acquisition Agreement”) with Sinopec International Petroleum Exploration and Production Corporation (”SIPC”) pursuant to which SIPC has agreed, subject to the terms of the Acquisition Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid for C$52.80 per common share has been filed with the Canadian and U.K. securities regulatory authorities. A copy of this document may be obtained via www.sedar.com and www.londonstockexchange.com. Altair Launches Analytics and Desktop-User Portal with New Release of PBS GridWorksTROY, Michigan - - Latest release delivers complete support for cost-effective, scalable private HPC compute clouds Rosneft Reaches US $15 Billion Loan Agreement With ChinaMOSCOW - - Baker Botts Lawyers Counsel Russian Oil, Gas Company in Complex Oil Supply Transaction Addax Petroleum Announces C$52.80 per Share Cash Offer by Sinopec International Petroleum Exploration and Production CorporationCALGARY - Addax Petroleum Corporation (”Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC) announced today that it has entered into a definitive agreement (the “Support Agreement”) with Sinopec International Petroleum Exploration and Production Corporation (”SIPC”) pursuant to which SIPC has agreed, subject to the terms of the Support Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid (the “Offer”) for C$52.80 per common share in cash. The Offer represents a 47% premium to the closing market price on the TSX of the Addax Petroleum common shares on June 5, 2009, the day prior to Addax Petroleum’s public announcement that it was in preliminary discussions with parties regarding a potential transaction. SIPC is a wholly owned subsidiary of China Petrochemical Corporation (”Sinopec Group”) and undertakes overseas investments and operations in the upstream oil and gas sector. Sinopec Group is China’s largest producer and supplier of oil products and major petrochemical products. Canadian Solar to Offer Six Year Product WarrantyTORONTO - Canadian Solar Inc. (”the Company”, “Canadian Solar” or “we”) (Nasdaq: CSIQ) today announced it would offer a six year warranty on module material and workmanship, extended from two years previously. Under this extended warranty, Canadian Solar warrants its standard solar module products, which account for more than 90% of the Company’s production, to be free from defects in materials and workmanship for a duration of 72 months from the date of delivery (EX-work). Some of the company’s off-grid and specialty solar products may carry different warranty terms. ZigBee(R), HomePlug(R) Alliances Previews Future Direction of Smart Energy HAN StandardSAN RAMON, California and PORTLAND, Oregon - - Smart Energy is Key Smart Grid Standard and Champions Consumer Control The New Economy Energy & Environmental Awards 2009LONDON - The New Economy is pleased to announce the winners of its 2009 Energy & Environmental Awards, recognising excellence in the winners’ respective fields, including innovative use of technology and achievement in other specific areas. The award winners were: Sugarcane as a Key Element Against Global Warming to be Highlighted at Green Week in BrusselsSAO PAULO - What does sugarcane have to do with Global Warming? Everything, when you consider Brazil’s highly successful, 30-year experience with sugarcane as a feedstock for ethanol. In place since the mid-70s, the largest program in the world to replace a fossil fuel with renewable energy has saved some 600 million tons of greenhouse gas (GHG) emissions. It would take 20 years for six billion trees to achieve the same results. Demand Response Can Lower U.S. Peak Demand by 20 Percent If Barriers Can Be Overcome According to Study Led by The Brattle GroupCAMBRIDGE, Massachusetts - A report filed today with the U.S. Congress and prepared by a team of economists led by The Brattle Group finds that full-scale deployment of demand response programs can lower U.S. peak demand by 20 percent. The report was commissioned by the Federal Energy Regulatory Commission (FERC). |
