Business news - 24 February 2012

A soil survey for the route for the planned Trans Adriatic Pipeline (TAP) near the coast of Albania is under way.

Under unclear circumstances over what happened to the initial tender, the Kenya Pipeline Company has embarked on a fresh tendering process for replacement of the aged Mombasa-Nairobi pipeline.

Austin Exploration Ltd has resolved to raise up to approximately $20 million to fund a new drilling campaign in the Eagleford and Niobarra shale areas. The company plans to raise the funds through a share placement and a shareholder share purchase plan.

American Fuel and Petrochemical Manufactures has criticised President Obama’s proposed energy tax increases.

The American Petroleum Institute has called the President’s approach to energy security a Jekyll and Hyde approach and says it hurts consumers.