Energy

  Bloomberg Indonesia, the world’s biggest palm oil producer and exporter, will push ahead with its ambitious biodiesel program even as prices of the tropical oil have soared, which could increase the costs of producing biofuel. The B30 program, which stipulates that fossil fuels must be blended with 30% palm oil, is still running as planned, said Dadan Kusdiana, director ...

  Bloomberg Petrobras Chairman Admiral Eduardo Bacellar Leal Ferreira plans to step down after three years at the helm of the state-controlled Brazilian oil giant, citing personal reasons. “My family lives abroad and I want to be close to them,” Ferreira, who turns 70 in June, said by phone. Rodolfo Landim, the former chief executive officer of BR Distribuidora, is ...

  Bloomberg The Netherlands unit of Chinese solar manufacturer Longi Green Energy Technology Co has been ordered by a Dutch court to stop selling some products because they infringe on patents held by a South Korean rival. The ruling affects sales in 11 countries, including Germany and France, and follows a lawsuit from Hanwha Solutions Corp, according to an exchange ...

  Bloomberg China’s top wind turbine producers are facing a growing challenge in the world’s largest market, as smaller players increase sales and with fierce competition on pricing. The market share of the top three turbine makers in China fell for the second year in a row and is now down to 48% from 62% in 2019, BloombergNEF analysts Leo ...

Bloomberg OMV AG, Austria’s biggest fossil-fuel company, will book charges of as much as 1.8 billion euros ($2 billion) related to the Nord Stream 2 pipeline and its investment in a giant natural gas field as it quits most Russian projects following the country’s invasion of Ukraine. The Vienna-based company expects value adjustments of 500 million to 800 million euros ...

  Bloomberg After taking a barrage of criticism for buying a cargo of Russian crude, Europe’s largest oil company Shell Plc says it’s navigating the market with government guidance. “We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell said in a statement. “We ...

  Bloomberg Spot prices for North Asia’s liquefied natural gas surged to a record as Russian supply concerns intensified competition with Europe for available supply of the super-chilled fuel. The Japan-Korea Marker, the spot Asian LNG benchmark, jumped 23% to $59.672 per million British thermal units, according to S&P Global Platts, pulled higher by a historic rally in European gas ...

  Bloomberg European natural gas surged to a record as supply fears were compounded by traders trying to avoid exposure to a key Russian player in the market. Benchmark futures rose as much as 60%, before easing. Gas and power traders are backing away from new deals with Gazprom Marketing & Trading Ltd, according to people familiar with the matter. ...

  Bloomberg Private investment into US clean-energy assets reached a record $105 billion last year as the country added an unprecedented amount of renewable-power capacity. The investment influx is 11% higher than 2020 and represents a 70% surge during the past five years, according to an annual report by BloombergNEF and the Business Council for Sustainable Energy. The private backing ...

  Bloomberg Malaysia’s state oil company Petroliam Nasional Bhd. swung to profit in the final three months of 2021, due to a smaller impairment loss, higher earnings and elevated crude oil prices. Petronas posted net income of 13.4 billion ringgit ($3.2 billion) in the December quarter, versus a 1.1 billion ringgit loss a year earlier, the company said. Revenue climbed ...