Energy

Bloomberg Germany is taking control of Russian oil major Rosneft PJSC’s German unit, including stakes in three oil refineries, as Chancellor Olaf Scholz reacts to the unprecedented energy crisis sparked by the invasion of Ukraine. Grid regulator BNetzA will become trustee of RN Refining & Marketing GmbH and Rosneft Deutschland GmbH, which account for around 12% of Germany’s oil processing ...

  Bloomberg Eskom Holdings SOC Ltd, South Africa’s state power utility, favors burning more domestically sourced gas as it transitions away from coal, its CEO Andre de Ruyter said. With the structure of the nation’s demand changing and more renewable technology being added to the grid, additional storage in the form of batteries will be needed along with power that can ...

  Bloomberg Natural gas prices fell as the European Union started outlining details of its intervention into an unprecedented energy crisis, including a proposal for targets to reduce electricity demand. Power prices also slumped. Benchmark gas futures declined as much as 9.3% to the lowest in a month. Still, prices remain almost eight times higher than normal for the time ...

  Bloomberg Longi Green Energy Technology Co, the world’s biggest solar technology manufacturer, will send panels into space as the first step in plans to test the feasibility of harnessing the sun’s power in orbit and transmitting it back to Earth. The Xi’an-based clean energy giant, which has helped China dominate the solar industry and drive down costs, will also ...

  Bloomberg The Biden administration set a new goal for deploying floating wind turbines in deep waters off US coasts and unveiled nearly $50 million in initiatives designed to propel the nascent technology. The effort is aimed at positioning the US to be a world leader in selling and using floating wind turbines that can generate electricity in deep waters ...

  Bloomberg The Netherlands is purchasing millions of barrels of diesel in preparation for what is set to be a winter like no other. The country’s petroleum stockpiling agency, COVA, has issued tenders seeking more than three million barrels of diesel for delivery before the end of the year, with potentially more to come. That comes as the European Union ...

  Bloomberg Germany is increasingly getting vital chemicals from abroad as the country’s industrial giants like BASF SE struggle with sky-rocketing energy prices from Russian gas cuts. Chemical import volumes have almost doubled this year as the crisis deepened. Germany imported around 2.8 billion tonnes of inorganic chemicals in the first half of 2022, according to Germany’s federal statistics office. ...

Bloomberg Gazprom PJSC said it will shift its contract to supply gas to China to rubles and yuan from euros, as the Kremlin steps up efforts to move trade out of currencies it considers “unfriendly” amid US and European sanctions. The state-run gas giant signed an additional agreement to its existing contract with China National Petroleum Corp on the issue, ...

Bloomberg Soaring petrol prices in the UK caused millions of people to avoid driving this summer, according to the country’s Office for National Statistics. About 44% of people experiencing a cost of living squeeze took fewer non-essential car trips, according to an ONS survey. The figures — combined with Visa credit card data showing people put less fuel in their ...

  Bloomberg Portugal plans to lower the value-added tax rate to 6% from 13% for a certain amount of electricity use as the government tries to help consumers face rising costs for energy and other goods. The decision will take effect in October, Prime Minister Antonio Costa said at a press conference in Lisbon on Monday evening. Other steps presented ...