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IMC Maritime Newsletter November 18 2011

Brent up above $109, downside risks remain

Brent crude oil rose a dollar to over $109 a barrel on Friday, helped by a weaker dollar, after posting steep losses in the previous session, but analysts and traders said the risk remained to the downside given the economic weakness in Europe


North Sea 'still has lots of oil'

The North Sea could still contain more than £1 trillion-worth of oil and gas, energy minister Fergus Ewing has said. Mr Ewing told MSPs that with "significant unharvested reserves" it is possible that as many as 24 billion barrels can still be extracted.


France to complete world's largest tidal energy plant in 2012

From Summer 2012, the French coast near Paimpol-Bréhat in Brittany will be home to the world's largest tidal energy plant. The project, which was originally conceived in 2004 and began construction in 2008, will provide power for up to 4,000 homes in the area, costing somewhere around 40 million euros (£34 million). The Irish company building the project, OpenHydro, has previously built facilities in the US, Canada, France, Scotland and the Channel Islands, but the scale of the French plant will dwarf them all.


Construction of Peru's Muelle Sur second phase to begin Sep. 2012

Dubai Port (DP) World, concessionary of Muelle Sur in the port of Callao, is expected to start the second phase of investments in said terminal in approximately 11 months, that is, in September next year, president of the National Port Authority Frank Boyle announced Thursday.