Energy Sector

As output went up Japan’s Power Utilities increased use of fuel oil

Electric Power Co

Ten of the regional power firms of Japan have increased their fuel oil consumption by as much as thirteen percent in the month of November from the previous year with the production of electricity going up.

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Crude oil went up as China has put on hold the issue of raising its rates of interest

Crude oil

Crude oil prices went up in New York as China has put on hold the issue of raising its rates of interest which increased hopes that demand for crude will be strong in China.

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Auto fuel prices may be hiked by Indian oil companies

Auto fuel prices

As the crude oil prices had touched ninety dollars per barrel on Tuesday, the state government operated oil marketing firms (OMCs) Indian state-run oil marketing companies have planned to hike the prices of diesel and petrol by two rupees per liter as reported by the newspaper the Economic Times.

The paper had reported a statement made by one anonymous official of the petroleum ministry that the OMCs loose in the tune of four rupees and sixty one paisa per liter on diesel .So the government is thinking of hiking the price by two rupees per liter.

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Crude futures seen firm before the release of the data on US jobs

Crude oil

On Friday crude futures traded steadily which was similar or very near to the Thursday's settlement level. They did not look very interested for making a break for the upside before the release of the main US nonfarm payrolls data.

The head of the retail derivatives at London Capital Group, Glen Ward stated that the nonfarm payroll in America which is awaited is considered as a vital factor for demand in the energy sector.

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South African new reactor can generate power from 2020

Guangdong Nuclear Power Group

The Guangdong Nuclear Power Group of China, which is a probable developer of atomic plants in South Africa, stated that the country could start producing power from a new reactor in 2020 and have nine more one thousand megawatt units by 2030.

At the hearing of South Africa's Integrated Resource Plan in Johannesburg China Guangdong stated that it is possible to build a plant in South Africa independently or with Eskom Holdings Ltd. It further stated that the government may give guarantee for the power purchase agreement.

Oil climbs up to reach two-week high after European Union’s approval of Ireland bailout

On Monday oil went up to reach eighty four dollars per barrel after it was decided by the European Union that they would bail out Ireland and moreover a permanent system has been etched out by them to sort out the debt crisis of euro zone. These steps taken by the European Union raised confidence that the growth of energy demand will be flexible next year.

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Price of Fuel all set to rise

On Friday a statement has been released by the energy department stating that prices of fuel of all grades will increase from December 1.

Suspension on Nersa chief withdrawn

The suspension of the South African chief executive of National Energy Regulator, Smunda Mokoena was lifted yesterday.

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With tariffs getting higher Eskom’s profit rose

Due to higher electricity tariffs Eskom saw a huge amount in its net profit for the first six months of the financial year. It went up to nine decimal five billion rand from the precious year’s one decimal one billion rand.

From the firm’s better financial results it can service its debts. The company had raised loans for funding its program of expansion worth multi-billion rands. The company will require a good balance sheet if it wants to go into the ventures that it has planned for the South African market.

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With Euro zone crisis fading out oil went up above eighty two dollars

oil prices

On Monday the oil prices went up above eighty two dollars per barrel. It bounced back after facing losses in two consecutive weeks.

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