Energy

  Bloomberg Chemicals giant Ineos Group Ltd is set to supply hydrogen that will be used in a pilot project to test whether the fuel can provide a greener alternative to natural gas in Britain’s pipelines. The UK government is setting more ambitious targets for hydrogen usage, as part of efforts to accelerate decarbonisation and shore up energy security. Trials ...

  Bloomberg Germany and the Netherlands are moving closer to starting new gas production in the North Sea as part of broader efforts to reduce reliance on Russian energy imports. The German state of Lower Saxony and Dutch energy company ONE-Dyas BV aim to pump natural gas from undersea deposits 20 kilometres (12 miles) north of the islands of Borkum ...

  Bloomberg Exxon Mobil Corp tripled its share-buyback programme to as much as $30 billion after profits surged amid Russia’s invasion of Ukraine and a rally in worldwide energy prices. The repurchases will be made through the end of next year, Exxon said in a statement. The oil giant more than doubled first-quarter adjusted net income to $8.8 billion, or ...

  Bloomberg Shell Plc agreed to buy Indian renewable power supplier Sprng Energy Pvt for $1.55 billion, accelerating the oil giant’s transition to low-carbon energy. The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050, the company said in a statement. The transaction was first reported by Bloomberg. “This deal positions Shell as ...

  Bloomberg China will cut import tariffs for coal to zero from May to the end of March to help guarantee energy supplies, the Ministry of Finance said in a statement. Current tariffs range from 3% to 6% depending on the type of coal, the ministry said in a statement and posted to its website. China’s coal imports are down ...

  Bloomberg Chevron Corp posted the highest quarterly earnings in almost a decade as soaring energy demand and Russia’s war on Ukraine strained global supplies, ratcheting up prices for everything from natural gas to diesel. Net income adjusted for one-time items was $6.5 billion, the highest since the second quarter of 2012, while free cash flow touched a level not ...

  Bloomberg KKR & Co agreed to acquire French solar and biomass power producer Albioma SA in a deal valued at about 1.6 billion euros ($1.7 billion), in the latest sign of investor demand for renewable energy assets. The buyout firm offered 50 euros per Albioma share, plus a cash dividend of 84 cents, according to a statement, confirming an ...

Bloomberg Russia halted gas flows to Poland and Bulgaria in a major escalation, and said it will keep supplies switched off until the two countries agree to Moscow’s demands to pay for the fuel in rubles. European gas prices surged 20% on Russia’s sudden move to turn its vast energy resources into a weapon against Ukraine’s allies. But prices later ...

Bloomberg Germany said it’s discussing the decision by Russia’s Gazprom PJSC to halt gas flows to Poland and Bulgaria with European Union partners, and although it views the move with concern, security of supply is currently guaranteed. “All in all, gas flows are currently at a stable level but we are monitoring the situation very closely,” the economy ministry in ...

Bloomberg China’s biggest oil refiner posted increased profits for the first quarter even as the country’s worst pandemic outbreak threatens a pullback in fuel demand. Sinopec reported 23.3 billion yuan ($3.6 billion) in net income, an increase of 24% from the same period last year, according to an exchange filing. The Chinese oil giant, officially known as China Petroleum & ...