Worker dies at Suncor Energy oil sands site

Worker dies at Suncor Energy oil sands site
Indian officials scrutinize travelers to pin down 'organised gang' of importers
A warning from someone who headed to where the jobs are
Saudi Arabia still doesn't care about the US shale boom
Zimbabwe platinum miners appease Mugabe with refinery plans

Posted: 19 Jan 2014 05:32 PM PST

A worker has died at one of Suncor Energy's oil sands operations in Alberta, the company announced on Sunday evening.

Suncor says they were unable to locate the employee at which point the RCMP and Alberta Occupational Health and Safety (OHS) were notified and a full-scale search began.

"The employee was located a few hours later and was declared deceased at the scene," the company wrote.

"Suncor is working with the appropriate authorities and will complete a full investigation into the cause of the incident."

A company spokesman told the CBC news that the employee was found in the sand-dump area.

According to data from the Alberta government, OHS investigated five fatalities in the mining and petroleum industries last year – as of November 2013. Only the construction sector recorded more deaths.

The last time a worker died at a Suncor operation was in August 2011 when a 56-year old man was struck by a loose piece of equipment.

Indian officials scrutinize travelers to pin down 'organised gang' of importers

Posted: 19 Jan 2014 02:06 PM PST

Indian authorities are finally reacting to a gold importing scheme that's been bringing thousands of tonnes of gold into the country despite severe restrictions on bullion imports.

Financial documents of non-resident Indians traveling to India are being scrutinized in order to see if gold traders are paying them to bring in the goods.

According to the Khaleej Times, it's mostly "low income expatriate workers in the Gulf — deployed by organised gang of 'indirect' importers" that transport the yellow metal.

While India has introduced a series of measures to restrict the flow of gold into the country, traders have taken advantage of a loophole that allows non-resident to carry 1kg of gold when they enter India. It's been reported that traders are paying the airfare of some travelers in exchange for transportation of the precious metal.

Under the new measure, customs authorities will tip off the tax bureau when someone comes into the country carrying gold. The tax department will "ascertain source of their income and avoid possibility of any wrongdoing," an official told India's Economic Times.

Officials say that at least 3,000kg of gold was legally brought into the country last year, according to Economic Times.

After oil, gold is the biggest contributor to the country's current account deficit, which is why the Reserve Bank of India is so keen on curbing imports.

A warning from someone who headed to where the jobs are

Posted: 19 Jan 2014 12:19 PM PST

"I feel like a hamster in a wheel. I came here to make money. It feels like a trap, and I don't know what to do."

New York Times profiles Jonnie, a 38-year-old female truck driver who came to the Bakken oil fields in North Dakota to make money.

There are jobs she says, but the high cost of living makes it difficult to get ahead. The region is bleak and being female in the male-dominated oil fields is isolating.

Saudi Arabia still doesn't care about the US shale boom

Posted: 19 Jan 2014 11:58 AM PST

With US shale production booming, Saudi Arabia might be on the brink of losing its position as the world's second biggest oil producer. But apparently, the Saudi Kingdom isn't all that concerned.

After a recent meeting with the US energy secretary in Riyadh, Saudi Oil Minister Ali al-Naimi said his country "welcomes this new source of energy that helps fulfil the growing world demand for energy, and helps stabilise oil markets," AFP reported.

The US only recently became a net exporter of oil, driven by an explosion in shale fracking. In October 2013, imports were at their lowest since February 1991.

And there's been a lot of debate recently about a decades-long ban on crude exports, as a senior Republican senator called last week for an end to the "antiquated" export ban, the Financial Times reported.

Somehow none of this talk about an emerging competitor is worrying the Saudi Kingdom.

Oil is Saudi Arabia's number one economic driver. The country is the world's biggest exporter of petroleum products, according to the US Energy Information Administration. It's also the biggest exporter of oil to the US after Canada.

In its most recent annual World Oil Outlook, the Organization of the Petroleum Exporting Countries (OPEC) recognized that US shale production will threaten the market share of OPEC countries. OPEC identified shale oil as "one of the most important changes" in last year's Outlook "in terms of the medium – and possibly long-term impact."

This isn't the first time the Saudi Kingdom has expressed its lack of concern over the US' shale ambitions. Just a few months ago Prince Abdulaziz Bin Salman Bin Abdulaziz said that "world economic growth will be sufficient to handle growth from all sorts – shale oil, shale gas, tight oil and including renewable [sic]," Reuters reported.

"The world economy over the long term will need every contribution of every source of energy available," he said. "The kingdom welcomes new resources of energy supplies, as they are needed."

Meanwhile, Saudi Arabia has been making a serious push to diversify its domestic energy supplies in order to keep more of its oil for export purposes; its goal is to generate almost half of its energy from renewable fuels by 2020.

Zimbabwe platinum miners appease Mugabe with refinery plans

Posted: 19 Jan 2014 10:44 AM PST

Platinum miners in Zimbabwe have dodged a potential crisis by submitting "concrete plans" for a platinum refinery ahead of a government deadline, state media reported on Sunday.

The government had told the country's three platinum producers – Zimplats, Mimosa and Unki – to submit plans for a major refinery plant in order to reduce the amount of raw material exported and boost domestic production.

President Robert Mugabe's government has threatened to ban exports if the refinery isn't built within two years. The Ministry of Mines and Mining Development is now evaluating the plans.

"They have made a commitment that they will continue to support Zimbabwe and the setting up of a platinum refinery is one of their aspirations," Mines Minister Cde Walter Chidhakwa told the Sunday Mail. "This shows that we no longer have any hurdles. So, the road is clear now for us to achieve our dream of adding value to our minerals."

The cost of the refinery is estimated to be over $2 billion. However, a spokeswoman for Zimplats told state media that the country's current power supplies would not be able to meet the demands of a refinery.

"The national power authorities would also need to invest in power and creating more capacity," the spokeswoman said.

Zimbabwe has the world's second largest platinum reserves after South Africa.