Bloomberg The trading arm of Russia’s gas giant Gazprom PJSC is under increasing pressure as clients and peers flee in response to the war in Ukraine, posing a risk for energy markets from the UK to Germany and Singapore. Gazprom Marketing & Trading is facing liquidity problems as banks delay its transactions and peers refuse to deal with it, ...
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National Grid to sell 60% stake in gas unit to Macquarie, BCI
Bloomberg National Grid Plc agreed to sell 60% of its gas transmission business to a consortium including Macquarie Group Ltd in a deal that will value the asset at 9.6 billion pounds ($12.7 billion). The UK firm will get about 2.2 billion pounds in cash from Macquarie’s asset management arm and British Columbia Investment Management Corp (BCI), it said ...
Read More »TotalEnergies to not divest Russia assets, says CEO
Bloomberg TotalEnergies SE doesn’t plan to divest its Russian assets amid the war in Ukraine, as doing so would essentially mean handing them over to President Vladimir Putin’s regime, Chief Executive Officer Patrick Pouyanne said. The French energy major said it will no longer sign or renew contracts to buy oil and petroleum products from Russia, with the aim ...
Read More »Germany to wean itself off Russian oil, gas in next 2 years
Bloomberg Germany plans to stop almost all Russian oil imports this year and broadly wean itself off the country’s gas by mid-2024, a hugely ambitious plan that poses complex logistical hurdles for Europe’s biggest economy. As Economy and Climate Minister Robert Habeck unveiled the plan, he once again made clear that Germany will not back an immediate embargo on Russian ...
Read More »China’s electric car battery champion mostly welcome in US
Bloomberg Contemporary Amperex Technology Co Ltd (CATL), the world’s biggest manufacturer of electric-vehicle batteries, is scouting sites for a new $5 billion battery plant in North America. It’s considering locations in Mexico, Canada, and the US for an 80 gigawatt-hour plant that would supply Tesla and other EV makers, according to people familiar with the project. The conventional wisdom ...
Read More »Chevron-led oil firm curbs oil output in Kazakhstan
Bloomberg Chevron Corp’s oil production venture in Kazakhstan — which operates the country’s largest field — is curbing output due to issues at a supply link on the Black Sea. “Due to unscheduled repair works at the Caspian Pipeline Consortium’s marine terminal, Tengizchevroil is adjusting its production accordingly,†the company, also known as TCO, said. TCO declined to comment ...
Read More »India’s ministry considers exempting some projects from solar import taxes
Bloomberg India’s renewable energy ministry has backed a demand to shield some projects from impending taxes on solar equipment imports, after generators said the added costs will slow the nation’s shift to clean energy. “We have requested Ministry of Finance to consider grandfathering of basic customs duty for projects bid out before March 9, 2021,†the renewable energy ministry said ...
Read More »LG considers building battery facility for electric cars in Arizona
Bloomberg LG Energy Solution will invest around $2 billion on increasing output in North America as the South Korean battery maker ramps up production to meet rising demand for electric cars. LG will spend about $1.5 billion on a joint venture plant with Stellantis NV in Canada, the Seoul-based firm said in a company filing, without disclosing the exact ...
Read More »Germany slashes fuel tax in $16.5b energy package
Bloomberg Germany’s ruling coalition agreed on additional measures worth about $16.5 billion to ease the burden on businesses and households from soaring energy costs, including a temporary reduction in fuel prices. Chancellor Olaf Scholz’s government will cut the tax on fuel for three months by 30 euro cents ($0.33) for gasoline and 14 cents for diesel, Finance Minister Christian ...
Read More »TotalEnergies in talks on realising South Africa gas development
Bloomberg TotalEnergies SE is working on a plan to develop gas discoveries in South Africa with its partners and the government, according to its managing director in the country. The oil major starting in 2019 has made discoveries of gas and condensate — a light liquid hydrocarbon — offshore the most industrialised nation in Africa. After overcoming strong offshore ...
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