Energy Roundup: Iran's Booming Business, Green Job Hype, and More

(MoneyWatch)  Massive natural gas projects continue in Iran despite economic sanctions -- China will help Iran develop an offshore natural gas field in a three-year, $3.2 billion deal that has exposed the limitations of using economic sanctions against the Islamic Republic. China, which receives 14 percent of its oil from Iran, will work on developing the South Pars field, an area beneath the Persian Gulf seabed considered by geologists the world's largest natural gas reservoir. Other projects continue unabated in Iran including the announcement Sunday that South Korea-based GS Engineering & Construction completed construction on a $2.1 billion natural gas processing plant. [Source: LA Times, LA Times blog Babylon & Beyond]

Green economy jobs promise disputed in study -- An academic study released Monday and funded by the Institute for Energy Research, a free-market, pro business group, argues that spending billions of dollars in stimulus money on renewable energy projects will not produce the predicted green economy job boom. The researchers claim many of those jobs created through the $787 billion stimulus package will be merely shifted from existing fossil fuel sectors and criticized a variety of organizations for touting the potential for job growth in energy efficiency, solar and wind industries. [Source: Green Inc., Greentech Media]

Russia extends cooperation olive branch, stops short of joining OPEC -- Russia will reduce oil exports by increasing consumption at home in an attempt to appease OPEC-member nations and stabilize prices, but will not join the cartel. Russia will transfer 2 million tons of fuel to agricultural producers and increase oil refining domestically, Deputy Prime Minister Igor Sechin said. Sechin, who urged greater cooperation and coordination, said the country cut production. That claim was disputed by OPEC members, who pointed to independent data showing exports in Russia rose by almost 700,000 barrels a day in the past six months. [Source: WSJ's Environmental Capital, Novosti]

BG emerges as sole bidder for Pure Energy after Arrow backs out -- Arrow Energy, the Australian-based company, abandoned its bid for Pure Energy, opening the door for BG to buy the coal seam producer. Arrow still holds a 20.31 percent stake in Pure, an amount that prevents BG from reaching the 90 percent acceptance level it needs to take full ownership. [Source: Bloomberg]

IIT uses nanotechnology to treat polluted wastewater -- The Indian Institute of Technology Madras has discovered a way to use nanotechnology to clean up wastewater from textile and other industries. The institute says it has filed for two patents based on nanotechnology including a method that removes dye molecules and odors from factory wastewater. [Source: Cleantech]