• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 4 hours UK, Stay in EU, Says Tusk
  • 3 hours Nuclear Power Can Be Green – But At A Price
  • 53 mins Chevron to Boost Spend on Quick-Return Projects
  • 20 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 9 hours Socialists want to exorcise the O&G demon by 2030
  • 5 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 17 hours Venezuela continues to sink in misery
  • 11 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 8 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day How Is Greenland Dealing With Climate Change?
  • 11 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 3 hours Regular Gas dropped to $2.21 per gallon today
Crude Oil Inventory Draw Fails To Move Market

Crude Oil Inventory Draw Fails To Move Market

Crude oil prices didn’t move…

Bearish Bets On Diesel Tell A Worrying Story

Bearish Bets On Diesel Tell A Worrying Story

Negative sentiment is growing in…

Chile Approves Controversial Massive Coal Mining Project

A Chilean high-level government commission has given final approval to the first of five mines, Mina Invierno, at Isla Riesco in the extreme south of Chile.

The $530 million Isla Riesco Island project is underwritten by the Copec and Ultramar companies, which intend eventually to construct five mines and a port.

When Isla Riesco comes fully online, it is expected that the complex will supply 30 percent of Chile’s demand for coal, El Mercurio newspaper reported.

Environmentalists are aghast, as they are concerned that the massive mining project will negatively affect the local environment, while burning the relatively low-quality coal from the Isla Riesco Island complex will tie Chile to 25 years of “dirty energy” production at a time of growing concern about global warming.

According to commission chair, Minister of the Environment María Ignacia Benítez, the Superintendent of the Environment will be monitoring Isla Riesco’s development to ensure that the company complies with the country’s environmental regulations.

Not everyone is convinced. Opposition politician Deputy Carolina Goic told the local media “What the government has done is green-light the destruction of a natural habitat, unique in the world, where vulnerable species like the huemul, the puma and the condor live.”

The huemul, a species of deer, is one of Chile’s two national animals and is featured on the state coat of arms.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News