Energy

Bloomberg Chinese state-backed investment fund CNIC Corp is considering purchasing about a 10% stake in Greenko Group, one of India’s largest renewable energy companies, according to people familiar with the matter. Greenko, whose backers include Singapore sovereign fund GIC Pte has been seeking to raise around $800 million by introducing a long-term investor, said one of the people. The Indian ...

Bloomberg Oil demand is getting hammered at a faster pace than anyone had predicted and landlocked crude production in the US, Russia and Canada is most vulnerable, according to Goldman Sachs Group Inc. Consumption will drop by 26 million barrels, or 25%, this week as social-distancing measures to contain the coronavirus now impact 92% of global GDP, analysts including Jeff ...

Bloomberg Daniel Kretinsky, the owner of a $7.8 billion Czech energy conglomerate EPH, said he tested positive for coronavirus on March 12 and has been self-isolating himself since then. Kretinsky told newspapers E15 and Blesk, which both belong to his media unit, that he is running his businesses remotely and spends 12 hours a day on the phone. He said ...

Bloomberg American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the US, sent a letter last week asking its suppliers to scale back production. The notice came ...

Bloomberg BYD Co, the Chinese electric-vehicle maker backed by Warren Buffett, will start offering a full suite of EV components to rivals and aspiring auto manufacturers to diversify its revenue sources amid sputtering car demand. Among the parts that the Shenzhen-based company makes and now sells are electric-car batteries, powertrains and lights, founder Wang Chuanfu said in an online press ...

Bloomberg Russian oil giant Rosneft PJSC sold its assets in Venezuela to the Russian government, in what may be a maneuver to avoid any US sanctions in an escalating fight between Caracas, Washington and Moscow. Rosneft is selling local production, service and trading assets to a state-owned company, it said in a statement. The move is to protect shareholders’ interests, ...

Bloomberg The carbon market’s automatic stabilisers are set to kick in, softening the blow of the economic slump in the European Union caused by the spread of the coronavirus. The system, known as the Market Stability Reserve and introduced last year, will absorb some of the supply of allowances that factories and utilities need to buy to cover their greenhouse ...

Bloomberg Namibia halted mining and quarrying operations to curb the spread of the Covid-19 outbreak, according to Minister of Mines and Energy Tom Alweendo. The semi-arid southwest African nation is the world’s top producer of marine diamonds and the fifth-biggest of uranium. While minimal operations and critical maintenance work will be allowed, employers should ensure that “preventative measures such as ...

Bloomberg The coronavirus and cheap oil are hitting the fuel business so hard that ethanol plants are shutting down. Some may never come back. The entire biofuel industry is facing a reckoning. Long before the pandemic emptied roads and exacerbated oil price war, producers were battling chronic oversupply and trade upheaval. Now slumping demand and prices mean smaller producers and ...

Bloomberg US retail gasoline dropped below $2 a gallon for the first time since March 2016, before President Trump was elected. The average pump price fell to $1.99 per gallon on March 27, retail tracker GasBuddy said. The nation followed Texas and upper-Midwest states that went under the $2 threshold earlier in March. The decline comes as coronavirus-related lockdowns halt ...