Bloomberg Among elevated metal prices, lithium stands out, as booming electric-vehicle sales send the battery component skyrocketing. Conspicuously, the world’s biggest mining company has no plans to join the rush. For BHP Group, the frenzied talk about looming lithium shortages in a clean-energy transition will fade given it’s one of the more abundant elements in nature. Ironically, given the silvery-white ...
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EU drafts compromise fixes to toughen carbon reform
Bloomberg Lawmakers in the European Parliament’s environment committee agreed a set of draft compromise changes to a sweeping overhaul of the European Union’s carbon market in a push to further strengthen the cap-and-trade program. Representatives of the biggest political groups in the ENVI committee signed off on joint proposals to toughen carbon permit supply controls and improve existing shields against ...
Read More »South Africa’s dependence on fuel imports to multiply
Bloomberg South Africa’s monthly petroleum product imports are expected to as much as triple by next year from pre-pandemic levels as domestic refineries close, according to energy consultant Citac. Africa’s biggest industrialised nation already relies on imports to meet up to 60% of its fuel demand, and any increase in shipments will require improvements to existing storage facilities, ports and ...
Read More »PetroChina says it’s not seeking discounted Russian oil and gas
Bloomberg PetroChina Co isn’t seeking any discounted Russian oil and gas and is only purchasing fuel from the country through its existing contracts, company executives said. Deals with Russian counter-parties are operating normally, Chief Financial Officer Chai Shouping said on the company’s first-quarter earnings call. Transactions have continued to be settled in US dollars or euros despite international sanctions ...
Read More »India asks its coal plants to run flat out to address rising energy crisis
Bloomberg India’s government ordered coal-fired power plants that run on imported fuel to operate at full capacity to address an escalating energy crisis that’s threatening economic growth. The government took the unusual step of invoking a little-used provision in electricity laws to bridge a supply deficit that’s causing widespread blackouts. The order is valid until October 31, the power ...
Read More »Petrobras profits slammed by Bolsonaro
Bloomberg Petrobras posted strong first quarter results thanks to growing oil production during this year’s rally, prompting a rebuke from President Jair Bolsonaro who wants it to contain fuel prices ahead of an October election. Bolsonaro called on Petrobras to freeze gasoline and diesel prices, adding that its profits are unacceptable during a crisis. Recently elected Chief Executive Officer ...
Read More »Spain’s Seaya Ventures sets up ESG fund with Iberdrola, government
Bloomberg Spain’s Seaya Ventures, which has invested in more unicorns than any other venture capital fund in the country, is raising a new fund focused on the sustainable economy and the energy transition. The Madrid-based investment firm aims to raise EU300 million ($315.5 million) for its “sustainable tech†fund, with the Spanish government committing as much as a third and ...
Read More »Germany rents ‘LNG hubs’ to cut reliance on Russian gas
Bloomberg Germany signed contracts to charter four floating terminals to import liquefied natural gas in partnership with utilities RWE and Uniper as it races to reduce its energy dependence on Russia. Shipping companies Hoegh LNG and Dynagas will each provide two of the LNG terminals — which together have the capacity to convert at least 20 billion cubic meters ...
Read More »Britain to get surge of tax payments from Shell, BP
Bloomberg The UK Treasury will get a boost from Big Oil’s tax payments for the first time in years as high energy prices send companies’ profits surging. The payments will come at a time when energy firms are under fire in Britain as their record earnings sit uncomfortably next to soaring cost of living for households. Activists and politicians ...
Read More »Russian energy firm Lukoil ‘is looking to identify its creditors’ amid new rules
Bloomberg Russia’s second-biggest oil producer is looking to identify its creditors, as the firm attempts to pick its way through the complex web of new rules governing its interactions with foreign bondholders following the departure of its sanctioned co-founder. Lukoil PJSC is asking investors of its foreign-denominated bonds to disclose their identity and how much they hold, according to people ...
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