By March 29, 2018, 12:10 PM EDT Argentina’s energy minister, a millionaire who spent decades at Royal Dutch Shell Plc, is wooing the world’s biggest oil companies to invest in a nation still recovering from its 2001 default. But he’s happy to keep his own money abroad.Juan Jose Aranguren told radio station 89.9 on Thursday that rebuilding confidence in the Argentine economy under President Mauricio Macri, who took office in December 2015, is like slowly filling a glass with water.“It’s a personal decision,” Aranguren said about keeping his money abroad. “Investors don’t invest in a country for charity purposes. They do it seeking returns. This has to do with the confidence that we lost in Argentina.”Opposition politicians have questioned decisions by some of Macri’s cabinet ministers to keep money outside Argentina while pushing the likes of BlackRock Inc., General Electric Co. and Exxon Mobil Corp. to invest. Scarred … [Read more...] about Argentina Is Not Quite Open for Business, Says Energy Minister
Energy
France’s Total to invest in the new energy sector in China
France’s Total Energy Ventures (TEV), Hubei High Technology Investment Guiding Fund Management Co, Ltd, and Cathay Capital have signed an agreement to launch the Cathay Smart Energy Fund, an investment fund dedicated to the energy sector in China, the French energy giant said. Total Chairman and CEO Patrick Pouyanné said his company plans to become a part of China’s innovation ecosystem in the energy sector through this investment. According to Total, the fund will focus its investments on emerging technologies and new business models of the Chinese energy sector, notably renewable energy, energy internet, energy storage, distributed energy, smart energy, and low carbon activities. It will allow Total to explore new opportunities in China and identify new business models and technologies. TEV and Hubei High Tech will invest around 300 million RMB in the fund ($50 million) each. Following the first closing, other partners will join the fund with a target final volume of … [Read more...] about France’s Total to invest in the new energy sector in China
[Opinion] Nord Stream II aims to undermine Energy Union
![[Opinion] Nord Stream II aims to undermine Energy Union](https://res.cloudinary.com/demo/image/fetch/w_340,h_200,c_crop,g_face/https://s3.eu-central-1.amazonaws.com/euobs-media/19cffd5de2d3daa920b4822ae6502b0a-480x.jpg)
Last week, the industry and energy committee in the European Parliament voted in favour of bringing Nord Stream II under European law, re-establishing order, stability and predictability on the European energy market, as has always been the intention and ambition of the Energy Union. Now, some are saying that the proposed legislation is not about Nord Stream II at all; and rightly so. It is about upholding European legislation, securing that energy projects in Europe operate under European market legislation. It is about ensuring competition, security of supply, commercial logics, competitiveness and diversity on the European energy markets. Nord Stream II, however, just happens to represent the opposite and would therefore be affected by any legislation with the purpose of rolling out market reforms and boosting the resilience of the Energy Union. There is an obvious reason as to why the Nord Stream II enthusiasts are also fiercely opposing the proposed legislation. The Gazprom … [Read more...] about [Opinion] Nord Stream II aims to undermine Energy Union
EU highlights energy ties with Turkey, warns against aggression at Varna summit
With the wrap-up of a meeting on EU-Turkey relations in Varna, Bulgaria on March 26, top EU officials highlighted Turkey’s strategic role in European energy security but expressed concern over Ankara’s actions in the Eastern Mediterranean and the Aegean Sea. “The European Union stands behind the Republic of Cyprus regarding its right to explore and exploit its natural resources in its Exclusive Economic Zone,” European Council President Donald Tusk told a joint press conference with European Commission President Jean-Claude Juncker, Bulgarian President Boyko Borissov, and Turkish President Recep Tayyip Erdoğan. “This is also important in view of our shared objective for the successful reunification of Cyprus for the benefit of both populations on the island, for Turkey, the European Union and for EU-Turkey relations,” Tusk said. Hosted by Borissov, representing the Bulgarian Presidency of the EU, Juncker, Tusk and Erdoğan met for a working … [Read more...] about EU highlights energy ties with Turkey, warns against aggression at Varna summit
Norway accepts EU energy rules, avoids dispute with Brussels
Norway’s parliament approved the adoption of European Union energy rules on Thursday (22 March), over the objections of some centre-left parties, allowing the EU outsider to remain a full member of EU markets, the leader of the parliament said after the vote. The centre-right minority government feared that rejecting the EU’s Third Energy Package, designed to enhance energy flows and improve regulatory oversight, would put Norway on a slippery slope to a Brexit-like ending of its close EU relations. For the past 24 years, Norwegian companies have enjoyed market access on equal terms with companies in the EU via the European Economic Area treaty, in return for the country’s adoption of EU common market regulations. Opposition to the energy bill came from politicians and trade unions fearing Norway could lose control of its abundant hydroelectric resources. Norway has the renewable resources and political will to become the world’s first country to use entirely … [Read more...] about Norway accepts EU energy rules, avoids dispute with Brussels