Energy

Philippines to hike oil duties by 10%

Bloomberg The Philippines will impose a temporary 10% increase in the import duties of crude oil and refined petroleum products to raise funds for the government’s coronavirus response. The new rates, which will take effect immediately, shall be reverted when international oil prices increase and hit triggers set by the Department of Energy, according to President Rodrigo Duterte’s May 2 ...

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Exxon posts historic loss on rout with Chevron in retreat

Bloomberg Exxon Mobil Corp posted its first loss in at least three decades and Chevron Corp. slashed $2 billion off its spending plan, the latest concrete signs of the financial devastation the coronavirus pandemic will inflict on the oil giants for months, if not years, to come. Exxon reported a $610 million loss on May 01, the oil giant’s first ...

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Mexico halts new clean-energy plans amid coronavirus

Bloomberg Mexico’s Centro Nacional de Control de Energia (Cenace), which oversees the electrical system, indefinitely suspended critical tests for new clean-energy projects as the nation grapples with the spread of the coronavirus. Preoperative tests of intermittent power plants would be suspended along with other measures to increase the reliability of the national electrical system, Cenace said. Tests that haven’t yet ...

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Trump looks to secure US power grid from foreign attacks

Bloomberg President Donald Trump has signed an executive order aimed at securing the nation’s electricity system from foreign adversaries, a move that could restrict certain overseas companies from exporting products to the US. The order, which doesn’t name any specific countries or companies, blocks US purchases of certain power-system equipment from entities deemed a risk to national security. It empowers ...

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Russia’s oil output rises slightly

Bloomberg Russia slightly increased its crude oil and condensate production in April ahead of the biggest-ever output cuts under the new Opec+ deal. The country’s producers pumped 46.45 million tons of oil last month, Interfax reported, citing preliminary data for April from the Energy Ministry’s CDU-TEK unit. The figure, which may be rounded, equates to about 11.349 million barrels a ...

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India’s Reliance Industries profit falls 39%

Bloomberg Stay-at-home orders across the world drove India’s most profitable oil refiner’s net income down 39%. Reliance Industries’s earnings slumped in the three months through March as lockdowns slammed oil prices and destroyed demand for fuels, hitting its mainstay refining business. The oil-to-chemicals business posted the biggest profit drop in nearly two decades, and prompted its chairman and Asia’s richest ...

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Montana ruling could delay Keystone XL by a year, says TC Energy

Bloomberg TC Energy Corp said a federal judge’s decision to block a key permit for the Keystone XL crude oil pipeline last month could delay the project for as much as a year. The Canadian pipeline giant thinks it can overcome the issues presented by the ruling and has been trying to mitigate any potential delays by working on other ...

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Coal India April shipments fall 25.5%

Bloomberg Coal India Ltd’s shipments in April slumped 25.5% from a year earlier after more than a month-long nationwide lockdown halted economic activity, eroding demand for India’s most dominant energy source. Shipments dropped to 39.1 million tons in the month, the Kolkata-based miner said in a filing. Output declined 10.9% to 40.4 million tons. Global coal demand is heading for ...

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Venezuela’s PDVSA new head is planning major overhaul

Bloomberg New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter. The proposal, outlined in a document seen by Bloomberg and dated March 2020, was devised by newly appointed PDVSA head Asdrubal Chavez, who is ...

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S Africa maintains legal challenge to oil sale despite slump

Bloomberg South Africa said it will proceed with a court case to invalidate the sale in 2015 of its strategic oil stocks, despite crude prices recently dropping below what traders paid at the time. The $280 million deal for 10 million barrels of South Africa’s reserves, criticised as a rip off when oil prices were in a slump, was sold ...

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