South Korea, Asia’s fourth-largest crude importer, forecast that investments in alternative energy will increase by 52 percent in 2010 because of expansion in solar and wind power.

Spending by the private sector and state-run companies may rise to 5.5
trillion won ($4.8 billion) from 3.6 trillion won in 2009, the Ministry
of Knowledge Economy said in an e-mailed statement today.

Asia’s fourth-largest polluter is joining the U.S. and Japan in
increasing the use of alternative energy as the nation seeks to cut
greenhouse gas emissions. U.S. President Barack Obama has pledged to
spend $150 billion over 10 years to combat climate change and create
“green” jobs. Japan has said it will more than triple power from
renewable sources by 2020 to 10 percent of total supplies.

Private companies may raise spending in renewable energy including
solar, wind and fuel cell by 58 percent to 3.9 trillion won in 2010,
according to the ministry. The government and state-run companies will
spend 1.6 trillion won.

These companies may invest 3 trillion won in solar in 2010, up from 1.9
trillion won last year. Spending on wind power may climb 24 percent to
613 billion won, the ministry said.

Source: Bloomberg

Search to find what you want

• U.S. natural gas stockpiles increase

     Natural gas stockpile levels rose, the government said Thursday, as manufacturers cut back on operations and sapped energy demand around. The Energy Department’s Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states added 66 billion cubic feet, climbing to about

• South Korean steel demand in May Gain 12% in 2010 to the rescue –

    Steel demand in South Korea, Asia’s fourth-largest steel-producing nation, may advance 12 percent this year as carmakers and appliance manufacturers increase usage because of the economic recovery. Consumption will rise to 51.4 million metric tons, the Ministry of Knowledge Economy said in an e-mailed statement today

• Russia eyes of 2 trillion U.S. dollars for the energy sector by 2030

    Russia plans to invest up to 60 trillion roubles ($1.9 trillion) in its energy sector by 2030 in a drive to boost stagnanting oil and gas output, two sources in the government said on Wednesday. They said Asian markets would increase their share of Russia’s energy export volumes to 25 percent

• Coal production increased by 20 million tonnes

    The Department of Energy and Mineral Resources will boost coal production by 250 million in 2010. The target was an increase by 20 million tons of the this year’s coal production. Director General of Mineral, Coal and Geothermal at the Department of Energy Bambang Setiawan said the production growth aims at

• Colombia oil exports total more than $ 10 billion in 2009

    Colombia’s oil exports rose to $10.27 billion last year, accounting for just over one-third of total foreign trade, the energy and mines ministry said in a report.

• RI to increase coal production in order to strengthen the revenue

    Indonesia expects to increase coal production by up to 20 million tons next year as lawmakers insist that the government must book higher non-tax revenue from the mining sector in 2010. Bambang Setiawan, the director general for coal, minerals, and geothermal at the Energy and Mineral Resources Ministry, said the House of

• Venezuela has 176 trillion cubic feet of gas

    Latin America’s top oil producer, Venezuela confirmed that it has a total of 176 trillion cubic feet of gas reserves by Dec. 31, 2008.

• Cambodia Energy demand set to beat the regional average: ADB

    Energy demand in Cambodia will grow 3.7 percent per year from 2005 to 2030, outpacing the regional average of 2.4 percent, local media reported on Friday, citing a new report by the Asian Development Bank (ADB) and the Asia-Pacific Economic Cooperation (APEC). The report, Energy Outlook for Asia and the

• Taiwan \ u0026 # 39; s crude oil imports rose 15.6% last month

    Taiwan, which imports more than 99 percent of its crude oil needs, increased purchases of the fuel last month after demand for refined products improved in the previous month. Shipments rose 15.6 percent from a year earlier to 29.22 million barrels, the Ministry of Finance said yesterday, while last month’s crude oil

• Not the expansion holes can cost U.S. $ 2.4 trillion

    The U.S. economy will lose $2.4 trillion over the next two decades if the federal government does not allow oil and natural gas drilling in restricted onshore lands and in offshore areas previously closed to energy companies, according to a new study released on Monday. The report, prepared for the

• South Korea eyes record $ 12b resource expenditure \ u0026 # 39, 10

    Resource-poor South Korea plans to invest more than $12 billion in overseas energy and resource assets this year to feed a manufacturing-based economy set to be among the first to recover from the global downturn.

• To cut S. Korean steel companies invest 31 percent this year

    South Korean steelmakers, led by POSCO, plan to spend around 6.96 trillion won (US$ 6.15 billion) this year to upgrade and expand facilities, down 31 percent from last year, an industry association said. POSCO and other local steelmakers are expected to further slash their spending to 5.84 trillion won next

• Egypt to drill 556 oil and gas wells in the year 2010 6. of approximately USD3 billion in Egypt – 2010 January

    EGYPT may drill 520 exploratory and development oil wells and 36 natural gas wells this year, according to the Egyptian Minister of Petroleum. Sameh Fahmy told Ahram newspaper the oil wells will cost $2 billion, while the gas wells, to be drilled in the Nile Delta and offshore in the

• Norway oil fund sees record is in Q3

    Norway’s oil fund posted a record quarterly return of 13.5 percent on investments in the third quarter due to a rebound in international stock markets, the central bank said Tuesday. Norges Bank said the 163 billion kroner ($29.2 billion) in returns lifted the value of the Government Pension Fund-Global to

• South Korea crude oil imports declines in inventories

    South Korea, Asia’s fourth-largest buyer of crude oil, imported 21 percent less of the fuel in November after domestic inventories rose. Imports dropped to 58.9 million barrels last month from 74.3 million barrels a year earlier, the Ministry of Knowledge Economy said in an e-mailed statement today. Commercial crude-oil inventories