Energy

Bloomberg China’s coal mining giants surged on Monday after promising generous dividend payouts and as prices for the fuel jumped on supply tightness. Shares for China Shenhua Energy Co. and Yanzhou Coal Mining Co. both rose more than 10% in Hong Kong. The companies, China’s largest listed miners by production, said Friday they would give the lion’s share of 2020 …

Bloomberg Royal Dutch Shell Plc and seven banks accused one of Nigeria’s largest oil producers of defaulting on loan repayments that stand at more than $900 million and are locked in a court battle to reclaim the money, legal documents show. The previously unreported impasse stems from a deal that Aiteo Eastern E&P Co. did six years ago to purchase …

Bloomberg Russia will start its first trial of a marketplace to trade carbon credits on the remote Far East region of Sakhalin starting next year, as the world’s largest energy exporter faces criticism for being slow to reduce greenhouse-gas emissions. The goal is to have the region become carbon neutral by 2025, Deputy Economy Minister Ilya Torosov said in an …

Bloomberg Mexican President Andres Manuel Lopez Obrador sent a bill to congress that seeks to give state oil company Petroleos Mexicanos greater control over fuel prices, distribution, imports and marketing, his spokesman said. The proposal would modify the country’s hydrocarbon law to allow the Energy Ministry and main regulator to suspend permits “with the goal of guaranteeing the interests of …

Bloomberg The blockage of the Suez Canal by a giant container vessel is likely to send ripples of disruption through the global energy supply chain. European and US refiners that rely on the vital waterway for cargoes of Middle Eastern oil may be forced to look for replacement supplies should the blockage persist, potentially boosting prices of alternative grades. At …

Bloomberg One of the last countries in the world to support coal-fired generation overseas is considering financing new capacity in Bangladesh. The Japan International Cooperation Agency (JICA) said in an email it’s conducting an environmental and social impact assessment for an expansion to the Matarbari power plant. JICA already agreed to finance the first 1.2 gigawatt phase of the project that …

Bloomberg The UK government said it reached an agreement with country’s oil and gas industry that will help safeguard jobs as the nation strives to achieve net-zero emissions of greenhouse gases. The North Sea transition deal sets out a path to attract investment into renewable energy, carbon-capture and storage, and hydrogen. Spending of as much as $22 billion by 2030 …

Bloomberg Top Indian government officials are debating whether to set a goal to zero out its greenhouse gas emissions by mid-century, an ambitious target that would require overhauling its coal-dependent economy. Officials close to Prime Minister Narendra Modi are working with senior bureaucrats and foreign advisers to consider ways to meet the 2050 deadline, according to people familiar with the …

Bloomberg Gazprom will export natural gas to Armenia via Azerbaijan for the first time in almost three decades as former Soviet neighbours work to reopen communication links following last year’s war. The Russian gas giant’s export arm signed a short-term transit deal with Azeri state energy firm Socar, both firms said. Azerbaijan’s pipeline will be needed as the link that …

Bloomberg NRG Energy Inc. withdrew an earlier full-year profit forecast and said it expects a $750 million loss due to the brutal cold snap that froze Texas and led to sweeping blackouts across the state. “Based on new information available to us, we are unable to provide financial guidance due to the unprecedented and unpredictable market outcomes resulting from winter …