News Update

Asia's significance and contribution to global issues of energy, climate change and sustainable development has been steadily growing. The update highlights some of the major news stories from various Asian countries offering an overview of the issues, prospects and challenges in the region.

 

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Date News Title Source
17 April 2011 Bangladesh: Solar power changes lifestyle bringing modern facilities in remote areas Energy Bangla
17 April 2011 India: ONGC Videsh gets foothold in Kazakh Business Standard
15 April 2011 NRL to build 100 km pipeline from India to Bangladesh for Rs 150 crore The Economic Times
14 April 2011 Malaysia to set up energy development agency - report Reuters
12 April 2011 Pakistan to build its first on-grid solar electricity system Green Optimistic
7 April 2011 China to encourage foreign investment in oil and gas China Daily
7 April 2011 India: Cabinet OK for national clean energy fund The Economic Times
31 March 2011 Going green made compulsory for large scale constructions in Sri Lanka Colombo Page
31 March 2011 India favourite destination for clean energy The Hindu

 
India: BP inks mega deal to pick up 30% in RIL oil, gas blocks for $7.2 billion
The Hindu, 22 February 2011

In what can be termed as one of the biggest FDI (foreign direct investments) in the energy sector, RIL (Reliance Industries Ltd.) announced the sale of 30% stake in its 23 blocks, including the giant KG-D6 gas fields, to BP of U.K. for $7.20 billion. According to the details of the deal signed in London on Monday by RIL Chairman and Managing Director Mr. Mukesh Ambani and BP CEO Mr. Bob Dudley, BP will pay RIL an aggregate consideration of $7.20 billion, and completion adjustments, for the interests to be acquired in the 23 production sharing contracts. Future performance payments of up to $1.80 billion could be paid based on exploration success that results in development of commercial discoveries. These payments and combined investment could amount to $20 billion, one of the largest FDIs in the country. Besides the stake transfer, RIL and BP will form a 50:50 joint venture for sourcing and marketing of gas, according to identical statements issued by both companies.  Read full story...