Word: oiling
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...also knew there was an emerging market in wood power generation. Wood may not be the most efficient energy source, but replacing a tree with a growing sapling is basically carbon neutral because the sapling sucks in more carbon dioxide per mass than a mature tree. With volatile oil prices and environmental concerns boosting interest in wood energy on both sides of the Atlantic, Strickland saw an opportunity. "We're the closest supplier to Europe and the U.S.," Strickland says. Back in Toronto, his hedge fund formed a company, Buchanan Renewable Energies (BRE), and readied an IPO. (See pictures...
Sustainable development needs good government. On the back of oil exports to China, Angola's economy has grown by up to 20% a year since civil war ended in 2002. But a corrupt and inept ruling party that has neglected to spread the wealth or diversify the economy means that when the good times end, as they now have, the effects are severe. Ricardo Gazel, the World Bank's representative in Angola, says Angola's GDP is likely to fall by anything from 17% to 23% in 2009. (Read: "World Bank: Crisis Hits Developing Nations Harder...
...economic revitalization. A U.N. peacekeeping force and an embargo on arms are keeping conflict at bay. Schools and hospitals have reopened. Tax receipts are up. Bureaucracy is down. U.N. sanctions on diamond and timber exports have been lifted. Liberia is attracting foreign investment in iron ore, timber, palm oil and construction. Though steel giant Arcelor Mittal recently mothballed a $1.5 billion project to reopen an iron-ore mine and rebuild a railway in the eastern interior, Liberia has signed a deal with Sime Darby of Malaysia for an $800 million, 20-year concession to a 494,000-acre...
...think aid is sustainable in the long run. We have good friends that come to our aid in the short term, but they'll move on. Only the private sector is sustainable. There was a time when we were an exporter of coffee, cocoa, rubber and palm oil; in minerals diamonds, gold and iron ore. Our task now is to reactivate all of those sectors [while looking at] new areas [like] our offshore oil potential...
...seabed agreement. At the signing ceremony on Monday, Turkish Prime Minister Recep Tayyip Erdogan also talked of supplies from Iraq and Iran, but political tensions and security concerns make them distant prospects. Even security in Turkey is an issue: last year Kurdish separatists attacked the Baku-Tblisi-Ceyhan oil pipeline, halting supplies for 19 days. (Read: "New Turkish Law Curbs Military's Power...