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FACTBOX-Global energy investment hit by financial crisis

Mon Jan 19, 2009 10:50pm IST
 
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Jan 19 (Reuters) - The deepening of the global financial crisis and the sharp drop in energy prices have forced companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit.

Below is a list of projects that have been delayed or scaled back in recent months, as well as other related news.

Jan 19 - The $2.2 billion Al Dur power and water project in Bahrain is delayed. The Al Dur project is 50 percent owned by the Gulf Investment Corp, with France's GDF Suez (GSZ.PA: Quote, Profile, Research) owning the other 50 percent.

Jan 17 - Canada's Enbridge Inc (ENB.TO: Quote, Profile, Research) shelves plans for a C$346 million ($277 million) pipeline reversal that would have shipped 170,000 barrels per day of oil sands crude from Sarnia, Ontario, to a tanker port in the state of Maine, supplying refineries in Montreal en route and replacing the imported oil the line now carries.

Jan 9 - Suncor Energy Inc (SU.TO: Quote, Profile, Research) delays a C$120 million expansion of its St. Clair ethanol plant at Sarnia, Ontario, scheduling completion for 2011 instead of late 2009.

Jan 5 - North Sea gas pipeline operator Gassco says the 10 billion crown ($1.81 billion) Skanled gas pipeline project to Scandinavia could be delayed from its planned 2012 launch, partly due to worries over investment plans by British chemicals group Ineos, a key client.

Dec 19 - Italian energy group Eni (EN.MI: Quote, Profile, Research) delays its decision on picking a floating production storage and offloading (FPSO) unit for the Goliat oil discovery in the Barents Sea from its end-2008 deadline.

Dec 17 - Indonesian state oil firm Pertamina, state power firm PT Perusahaan Listrik Negara (PLN) and PT Perusahaan Gas Negara (PGN) delay the construction of Indonesia's first LNG receiving terminal.

Dec 15 - Canadian oil producer Connacher Oil and Gas Ltd (CLL.TO: Quote, Profile, Research) slows bitumen production at its Great Divide thermal oil sands project to 5,000 barrels per day from 9,000 bpd and suspends construction of its second thermal oil sands development, the C$345 million Alger project.   Continued...

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