• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 16 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 2 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 4 hours NordStream2
  • 22 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 7 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years

South Korea Buys Share in Jamaican Electricity Company

Underlining South Korea’s global energy interests, Seoul based Korea East-West Power Company Limited has negotiated a deal with the Jamaica government, which has given the green light to the decision by Marubeni Corporation to transfer 50 percent of its shares in the Jamaica Public Service Company to EWP.

Jamaica’s Energy and Mining Minister Clive Mullings told reporters, "The company is wholly owned by the Government of South Korea, and ranks as the largest thermal power company in the Republic of Korea, owning and operating in excess of 9,000 megawatts of power generation facilities in the country. The main purpose being, to aggressively pursue the best strategy to significantly reduce the high prices local consumers have to pay for electricity.

The generation of electricity takes up 80 percent of the total cost to generate, transmit, and distribute electricity island-wide. Hence, the replacement of these plants by modern efficient units burning natural gas is the strategy that has been adopted by this Government and commands our primary focus," Bridgetown’s CMC regional news service reported.

In promoting the arrangement Mullings added that Jamaica’s only real solution to reducing electricity costs was through use of modern, efficient plants to generate electricity from cheaper energy sources, something that the indigenous economy was unable to afford at present.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News