(Reporting by Taiga Uranaka and Mayumi Negishi; Editing by Michael Watson) Japan Saudi Arabia. * Showa Shell, Saudi Aramco plan pilot plant next year Japan | Saudi Arabia * To build small-scale facilities in Saudi Arabia TOKYO, June 24 (Reuters) - Japanese oil refiner Showa ShellSekiyu KK (5002.T) said on Wednesday it will start a solar powerproject in Saudi Arabia with Saudi Aramco to build small-scalefacilities to supply electricity to local communities. Showa Shell, Japan's fifth-biggest oil company, is ramping upinvestment in solar cells as it tries to become a major player inthe alternative energy. It hopes to generate new revenue streams besides gasoline andother oil products that are subject to market volatility. Showa Shell said it and state oil company Saudi Aramco willbuild a pilot plant next year to conduct studies on the project,in which it plans to build facilities with generating capacity of1-2 megawatts in Saudi Arabia serving communities without accessto power grids.
Once the project gets on track, the two plan to establish ajoint venture around 2012 and will target similar operations inemerging countries in the Middle East, Southeast Asia, Africa,Latin America and elsewhere, the Nikkei business daily said. Showa Shell favours solar cells that use copper and indiuminstead of the more expensive silicon most commonly used in solarpanels, and hopes to gain a 10 percent market share by 2014. As the race heats up among rival solar cell makers such asQ-Cells (QCEG.DE) and Sharp Corp (6753.T), Showa Shell aims tostay competitive by offering comprehensive products and servicesto solar power generation businesses.(Reporting by Taiga Uranaka and Mayumi Negishi; Editing byMichael Watson) Japan Saudi Arabia. * Few heads of state coming, 126 nations to participate Bonds | China | Brazil * Diplomats say Venezuela's Chavez may not attend * Nations close to agreement on draft economic proposals (Adds diplomats on Chavez's possible absence, paragraph 6) By Louis Charbonneau UNITED NATIONS, June 23 (Reuters) - Rich and poor nationsedged closer on Tuesday to a deal on proposals for reformingthe global financial system, but diplomats said there must bechanges if a U.N conference this week is to adopt them A three-day U.N.
General Assembly meeting on the financialcrisis and its impact on the developing world, originallyscheduled for June 1 to 3, was postponed to Wednesday to Fridaywhen it became clear negotiators had no agreement on draftproposals. Although the meeting has been billed as a summit, noWestern leaders are expected to attend and only 14 presidentsand prime ministers will show up. The other 112 countriestaking part will send lower-level delegations. The heads of the International Monetary Fund and World Bankwill also be sending deputies, U.N officials said.