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President Obama has pledged to end America┬┐s dependence on foreign oil and his administration is spending billions on greener energy initiatives. Few issues are considered more urgent by the White House and average Americans than securing affordable and more environmentally friendly energy sources.

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Thursday, September 30, 2010


Expansive energy supply pact

China and Russia signed agreements this week to boost energy cooperation, as Moscow said it wants to supply its energy hungry neighbor with all its natural gas needs.

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No dollar value was given for the agreements, signed during a state visit by Russian President Dmitry Medvedev, but they included documents on cooperation regarding coal, natural gas, nuclear energy and renewable energy.

Russian Deputy Prime Minister Igor Sechin told reporters in Beijing that Russia is in talks with Chinese partners on plans to launch natural gas supplies to China starting in 2015, according to state news agency ITAR-Tass.

"Russia is ready to meet China's full demand in gas," Sechin was quoted as saying in the report.

-- Associated Press


State oil company stock sets record

President Luiz Inacio Lula da Silva hailed a "new chapter in Brazil's development" after state oil company Petrobras sold $70 billion in shares at a higher-than-expected price, a record deal that could make the country one of the top global energy exporters.

Clad in a bright-orange Petrobras jumpsuit and hard hat, Lula played down concerns about the state's expanding role in the company and told a gathering of business leaders last week at the Sao Paulo stock exchange that the resulting windfall should help propel Brazil closer to its goal of developed-world status.

The cash generated by the world's biggest-ever stock offering is part of Petrobras' $224 billion investment plan during the next five years to exploit the so-called subsalt area, a reserve discovered off Brazil's southern coast in 2007.

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