Solaris exits Canada for Switzerland with new CEO, board and spin-out plans
The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.
Six top oil producers are joining forces to make sure coal it is on its way out.
Oil giants Total SA (NYSE:TOT) and Royal Dutch Shell (LON:RDSA) have decided to abandon coal mining and focus instead on ramping up production and trading of liquified natural gas as a cleaner alternative to cheap coal.
According to Bloomberg, Total aims to produce and trade about 32.5 million metric tons of LNG by 2020 compared with about 18.5 million tons it currently generates. The company, said CEO Patrick Pouyanne, also intends to charter a dozen LNG tankers for future trading, two of them currently under construction.
The move follows Shell CEO Ben Van Beurden’s comments at the Anglo-Dutch group’s annual meeting in The Hague last month, where he said the firm had changed from an “oil-and-gas company” to a “gas-and-oil” one.
Pouyanne and Van Beurden are joining BP boss Bob Dudley, Exxon chief Rex Tillerson, Statoil head Eldar Saetre and Chevron boss John Watson at the World Gas Conference, in Paris, this week to discuss ways to promote gas as the main fuel for a sustainable world.
In a joint statement these companies made a joint call for world leaders to introduce effective carbon pricing systems.
Speaking at the opening day of the event Tuesday, van Beurden reinforced the idea saying that a failure to properly price carbon dioxide emissions was allowing coal to maintain or grow its share in the energy mix alongside renewables, at the expense of gas.
4 Comments
snuffy
Did they sell coal mines or is the title hyperbole ?
Jay
They say they will sell their coal. Bloomberg quotes Vivier ““I still have a coal business and I have to get out of it,” he said. “I can’t say that coal is the enemy of gas and then continue to produce coal like some of my colleagues. I will get out of coal.”Total marketed 8.5 million metric tons of coal on the international market last year, at least 70 percent of it from South Africa, according to its latest annual report. Almost three-quarters of the coal was sold in Asia, the rest to Europe.
Total last year agreed to sell its Total Coal South Africa unit, which produced 3.3 million tons in 2014, to Exxaro Resources Ltd. and is waiting for regulators in that country to approve the deal, according to Total’s head of gas, Laurent Vivier
coal miner dead...............
Dead, Yea I am dead!!!!!!!!!!!
lorie
they should start investing in some renewable energy with all that cash they have lying around. Cant go wrong with infinite energy sources for the next 4 billion years.