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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Georgia Hooks Trident Seafoods

Trident Seafoods has opened a $40 million production and distribution center in Carrollton, Ga., providing 175 full-time jobs and the capacity to produce 50,000

Intermarine Opens Office in Ecuador

Intermarine, LLC, a transporter of project, breakbulk and heavylift cargo, announced it has opened an office in Quito, Ecuador.   The new office will operate

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

Energy

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.6571 sec (2 req/sec)