Voestalpine CEO Calls For Europe To Frack

World Energy News
Friday, April 18, 2014
Wolfgang Erder, CEO, Voestalpine (Image: http://www.voestalpine.com)
Europe should consider allowing fracking for shale gas in sparsely populated areas, the chief executive of Austrian steelmaker Voestalpine told a German newspaper.
 
"Each drill hole that we can open in Europe will allow us to decrease our dependence (on natural gas from Russia)," Wolfgang Erder said in an interview with Frankfurter Allgemeine Zeitung.
 
Recent tensions with Moscow over the crisis in Ukraine have heightened concerns among the EU's 28 members about the security of their energy supplies.
 
The European Union relies on Russia for about a third of its oil and gas, and some 40 percent of its gas is shipped through Ukraine.
 
The United States has benefited from a shale boom by using fracking, a controversial drilling process in which sand, water and chemicals are injected deep underground to release oil and gas from rock.
 
U.S. output of shale gas and oil have reduced its energy costs and imports and boosted industrial production.
 
Voestalpine, attracted by cheap energy prices, is investing 550 million euros ($761 million) to build a sponge iron plant in the U.S. state of Texas.
 
The plant, Voestalpine's biggest foreign investment to date, is part of its plan to boost sales through aggressive expansion in the Americas and Asia.
 
Voestalpine has several plants in Linz, Austria, that will reach the end of their life in the middle of the next decade, and the company is considering where best to build replacements, Eder told the paper.
 
"At the moment, North America is the only location that we see where it is easy to calculate the risks in the long term," he said. ($1 = 0.7228 Euros)
 
(Reporting by Victoria Bryan; editing by Jane Baird, Reuters)
 
 
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Marad Visits TX Maritime Technology & Training Center

United States Maritime Administration tours Maritime Technology and Training Center site.   Administrators from the United States Maritime Administration (MARAD),

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

CME Lifts Force Majeure for all Illinois River Grain Terminals

CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery,

Energy

S.Africa Considering Ship-Based Power Generation

South Africa could deploy power barges using gas to generate electricity to help overcome chronic supply shortages, a senior government official said on Tuesday.

Asian Nations Call for Stop to South China Sea Land Work

Calls grow for China to halt land reclamation. Southeast Asian countries on Tuesday backed a U.S. call to halt land reclamation in the South China Sea, underlining

Koole Expands Rotterdam Operations

Koole Terminals has begun operations at the storage facility for petrol and diesel in Pernis that it recently acquired from BP.   The companies have a long-standing relationship.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1253 sec (8 req/sec)