The Scottish Parliament voted to ban fracking countrywide on 2 June, making a moratorium on the controversial technique a permanent affair.
The narrow vote can after the legislative body temporary outlawed fracking in January 2015 while it conducted a public health impact assessment and consulted environmental experts.
The Scottish Greens, the Liberal Democrats, and the Labour Party joined together to hand a 32-29 defeat to the Conservatives, who vehemently opposed the permanent measure, The Guardian reported.
Legislators affiliated with the Scottish National Party chose to abstain from the vote, which prompted its fellow liberal parties to call on the group's leaders to clarify its position on fracking and its energy platform.
The Scottish National Party’s energy minister, Paul Wheelhouse, said he and his government remained “deeply skeptical” on the merits of fracking and confirmed that the practice would not be allowed in Scotland until there is clear evidence that it does not cause health-related or environmental harm.
Maurice Golden, a newly elected member of parliament for the Conservative party, argued in favour of fracking, and said the “leftwing cabal” of the three united liberal parties had been “ignoring” scientific evidence regarding the practice, which, if allowed, would add jobs and boost the economy.
The Scottish vote comes right after local leaders in the North Yorkshire region of the United Kingdom approved industrial tests that would allow fracking in the country for the first time in more than five years.
The Guardian reported that the go-ahead “swept aside” vocal protests from residents and environmentalists who feared “catastrophic seismic activity, health problems, and pollution” if hydraulic fracturing was introduced.
Two other high-profile applications to frack in the Lancashire area have been rejected by councilors since late-2011, but the companies have lodged appeals to reverse the decisions.
The UK remains one of the few European countries that has not banned fracking on a national level. Hydraulic fracturing has been seen by many as a means of decreasing the dependence on Russian natural gas deliveries. The contrary seemed to have taken place however as Gazprom’s CEO Alexei Miller said on 1 June that natural gas exports to the UK have increased by 91,5% to 3.85 Bcm in the first five months of the year.
Zainab Calcuttawala Oilprice.com, 8 Jun 2016
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Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
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