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Sweden sets goal of fossil-free economy

Swedish government adopts ‘minister for the future’ to steer economy toward a fossil-free economic future. Photo by Stephen Shaver/UPI STOCKHOLM, Sweden, Nov. 24 (UPI) — The Swedish government said it has a "minister for the future" that aims to steer the country toward a fossil-free economy by 2030. The Swedish government said it has one of the lowest levels of emissions among members of the European Union and the Organization of Economic Cooperation and Development. The Swedish government said it’s embarked on a path toward a fossil-free economy by 2030 . Minister for Strategic Development and Nordic Cooperation Kristina Persson, dubbed the "minister for the future" by the government, said the goal can be achieved by breaking the link between economic growth and increased emissions. "We need to do much more than what we are doing presently, and many more countries must try to achieve what we are trying […]

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OPEC, Russia oil battle heats up as Sweden buys Saudi crude

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. The Saudi-Russian battle for Europe’s crude oil buyers intensified this week as Swedish refiner Preem bought its first cargo of Saudi Arabian crude oil in around two decades, trading sources said. The purchase from another traditional buyer of Russia’s Urals crude will heat up the contest for market share that Saudi Arabia has effectively brought to Russia’s backyard in the Baltic region. Already, Poland’s two refineries, PKN Orlen and Lotos, have turned to Saudi crude at the expense of Urals. The deputy head of Lotos earlier this week told Reuters that the purchase "made our negotiation position much stronger" with its traditional supplier, Russia. State oil company Saudi Aramco on Thursday also dropped its official selling prices for crude oil to northwest Europe. Preem, which also predominately […]

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Oil supply shock, food shortages, and potential starvation in Sweden?

In 2013 the Swedish Institute of Agricultural and Environmental Engineering (JTI) released a report about potential impacts on the country’s food supply from sudden oil import shocks. JTI looked at three different scenarios, where oil imports would be redistricted (-25%, -50%, -75%) for a period of 3-5 years. Not enough time to make a transition to some other fuel. In the worst case scenario, where 75% of oil imports disappear, the authors stated that the diesel price could increase to some SEK 160/litre, and we would likely experience widespread starvation! Food supplies, in stores and warehouses, would only last for 10-12 days. Swedes don’t even know that the government has said that it’s up to the citizens themself to provide for their own food needs in a crisis situation. Most people seem to believe we still live in the 1970s when Sweden was a socialist country, not any more, […]

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Sweden cancels military deal after Saudi human rights snub

Margot Wallstroem, Sweden’s Minister for Foreign Affairs Sweden is cancelling a controversial military deal with Saudi Arabia a day after an unusually frank diplomatic bust-up between the two countries over human rights. Government officials in Stockholm said that Sweden would not prolong an arms and training deal that had threatened to tear apart the centre-left coalition in the country. More On this topic IN Europe Swedish business leaders, including dozens of prominent chief executives and chairmen, had publicly lobbied for the deal to be extended, arguing that contracts worth billions of krone with Saudi Arabia could be at risk. But on Monday Saudi Arabia blocked Sweden’s foreign minister Margot Wallström from addressing the Arab League in Cairo. Ms Wallström, who had been invited after Sweden became the first EU country officially to recognise Palestine , said she had been told that Sweden’s discussion of human rights and democracy was […]

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Lundin’s budget latest oil price victim

Lundin Petroleum cuts more than 30 percent from its 2015 spending plans, following industry trend in response to lower oil prices. (UPI/Shutterstock/James Jones Jr.) STOCKHOLM, Sweden, Jan. 7 (UPI) — With oil prices falling, Swedish energy company Lundin Petroleum said Wednesday it cut its 2015 spending plans by 31 percent from last year. Lundin said that, combined, its total spending for development, appraisal and exploration for 2015 would total around $1.45 billion. The bulk of the spending, about $750 million, would target ongoing operations in Norway, though the majority would focus on its Bertram project in Malaysia. Company President Ashley Heppenstall said the major focus would be on Norwegian and Malaysia projects that would combine for an increase in production to 75,000 barrels of oil equivalent per day. "We have a strong balance sheet and I expect our 2015 capital program to be fully funded from internally generated cash […]

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Sweden’s Vattenfall abandons research on CO2 storage

Swedish energy giant Vattenfall said Tuesday that it had given up its research on CO2 capture and storage, intended to make the company’s coal power plants greener. "Vattenfall will discontinue its R&D (research and development) activities regarding coal power with CCS (carbon capture and storage)," the group said in a statement explaining its new research plans. The state-owned giant had been investing in this technology for more than 10 years, with plans for a power plant equipped with CCS in 2016. Capturing and liquifying CO2 coming from carbon combustion to later store it underground was meant to curb greenhouse effect gas emissions, but its costs and the energy it requires make the technology unviable. These difficulties had already forced Vattenfall to give up in 2011 a large project at a pilot plant in Jaenschwalde, in eastern Germany. The European Union then demanded the reimbursement of funding worth 45 million […]

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Sweden's Vattenfall abandons research on CO2 storage

Swedish energy giant Vattenfall said Tuesday that it had given up its research on CO2 capture and storage, intended to make the company’s coal power plants greener. "Vattenfall will discontinue its R&D (research and development) activities regarding coal power with CCS (carbon capture and storage)," the group said in a statement explaining its new research plans. The state-owned giant had been investing in this technology for more than 10 years, with plans for a power plant equipped with CCS in 2016. Capturing and liquifying CO2 coming from carbon combustion to later store it underground was meant to curb greenhouse effect gas emissions, but its costs and the energy it requires make the technology unviable. These difficulties had already forced Vattenfall to give up in 2011 a large project at a pilot plant in Jaenschwalde, in eastern Germany. The European Union then demanded the reimbursement of funding worth 45 million […]

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