Energy Stock Recap: Total Goes for Russian Gas, Pacific Ethanol Hoses Shareholders
Shanghai Electric and Siemens (NYSE:SI) plan to invest €169M ($226M) in two wind energy joint ventures. The deals will allow technology from Siemens to help design wind turbines and sell wind equipment. Shanghai Electric will be a 51% owner of each company under the terms of the agreements. Shares of Shanghai Electric are down in HK trading, and Siemens is up at premarket.
Total (NYSE:TOT) a French energy company, plans to kick in $800M to increase its stake in Russian indie gas producer Novatek. With the additional investment Total plans to increase its interest in Novatek to 19.4% within 3 years, and tap into the world’s largest gas reserves.
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Chevron (NYSE:CVX) reports production at TengizChevroil, its Kazakh oil venture run jointly with ExxonMobil (NYSE:XOM) and Lukoil (LUKOY.PK), has returned to normal rates. In the wake of a fire at one of its processing plants that forced the unit to shut down yesterday, Chevron reports all is well.
Pacific Ethanol (NASDAQ:PEIX), a marketer of renewable fuels, drops after announcing an $8M private placement with a group of institutional investors. On a different note, the company also says it will acquire an additional 7% interest in Pacifi Ethanol’s production facilities.
Transocean (NYSE:RIG) was accused of “willful misconduct,” by the Justice Department who asked the New Orleans district court to deny the oil drilling contractor’s request to protect itself against civil penalties stemming from last year’s Gulf of Mexico spill. The move suggests the U.S. government will seek the maximum possible penalties against RIG and possibly against BP.
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