NUCLEAR - 2050: 25%
WNN - World Nuclear Association presented its Harmony programme to members of Foratom, the Brussels-based trade association for the nuclear energy industry in Europe. Harmony is the nuclear industry vision for the future of electricity and how nuclear energy can help the world achieve its 2-degree climate target.
According to the Association, nuclear power capacity will need to grow significantly around the world in order to meet the International Energy Agency's 2-degree scenario, Foratom noted.
According to the Foratom statement, World Nuclear Association Director General Agneta Rising said: "By 2050, nuclear energy must account for 25% of energy generation if we are to meet our climate targets. With nuclear making up 11% of generation in 2014, an extra 1000 GWe in nuclear capacity will need to be built by 2050. However, meeting this goal will not be easy."
Harmony evaluates barriers and recommended solutions. First, electricity market failures: Ensure a level playing field for all low carbon energy sources including nuclear. Second, regulatory barriers: Harmonise international regulatory processes to ensure consistency, efficiency and predictability. Third, misconception of risks and benefits: Address public concerns and put the health, environmental and safety risks of nuclear in perspective compared to other power generation technologies.
Yves Desbazeille, Foratom director general, said the organisation "very much welcomes" the work on the Harmony programme. Europe "faces many of the same challenges, and opportunities, as other regions", he said. "Globally, the EU is the region which emits the lowest amount of CO2 emissions from electricity generation thanks to nuclear energy. We look forward to continuing our fruitful cooperation with the WNA and making sure our positive messages about the real value of nuclear energy resonate across Europe," he added.
Foratom comprises 15 national nuclear associations and through these it represents nearly 800 European companies working in the industry and supporting around 800,000 jobs.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.