Energy

India’s BPCL to sell its Numaligarh unit stake for $1.3b

Bloomberg India’s state-run Bharat Petroleum Corp will offload its holding in its unit Numaligarh Refinery Ltd for 98.78 billion rupees ($1.3 billion) as part of its own privatisation process. The second-biggest state refiner will sell its 61.65% holding in Numaligarh Refinery to a consortium of state-run firms Oil India Ltd and Engineers India Ltd and may also include the provincial ...

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Texas power market $1.3b short post crisis

Bloomberg Texas’s grid operator needs to come up with $1.3 billion to pay power plants for energy they supplied during last week’s historic blackouts, raising the prospect it may require a state bailout. The Electric Reliability Council of Texas, which manages most of the state’s grid, said it’s still waiting on more than $2 billion in payments from retail power ...

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China’s overseas energy lending drops to lowest since 2008

Bloomberg China’s overseas energy financing dropped to the lowest level since 2008 after the pandemic hampered deal-making in developing nations. Financing for foreign energy projects, including power plants and mines, fell by 43% to $4.6 billion, according to Boston University’s Global Energy Finance Database, which tracks data from two state-owned development banks. More than half of lending was for a ...

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Reliance to spin off oil-to-chemicals with $25b loan

Bloomberg Reliance Industries Ltd has started carving out its new oil-to-chemicals operation into an independent unit with a $25 billion loan from the parent, as billionaire Mukesh Ambani steps up efforts to unlock the value of his businesses. The wholly owned unit’s assets will be funded by the interest-bearing loan, which will be an “efficient mechanism to upstream cash, including ...

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China’s overseas energy lending tumbles

Bloomberg China’s overseas energy financing dropped to the lowest level since 2008 after the pandemic hampered deal-making in developing nations. Financing for foreign energy projects, including power plants and mines, fell by 43% to $4.6 billion, according to Boston University’s Global Energy Finance Database, which tracks data from two state-owned development banks. More than half of lending was for a ...

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Banks, investor push to solve $32b Eskom debt crisis

Bloomberg Nedbank Group Ltd is leading discussions to restructure South African power utility Eskom Holdings SOC Ltd’s $32 billion debt load, according to people familiar with the talks. The parties met in recent days, and one of the options is to transfer at least 100 billion rand of debt to a special-purpose vehicle that would be overseen by the Public ...

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Nigerian court freezes Shell accounts in dispute over oil deal

Bloomberg A Nigerian court restricted Royal Dutch Shell Plc’s access to its bank accounts in the West African country amid a legal dispute with a local oil producer over a pipeline deal six years ago. Aiteo Eastern E&P Co Ltd is demanding billions of dollars in damages, claiming Shell misrepresented the condition of the pipeline and under-counted the volume of ...

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US singles out Russian ship for ‘new sanctions’

Bloomberg The Biden administration singled out a Russian ship for violating US prohibitions on constructing the Nord Stream 2 pipeline from Russia to Germany, clearing the way for a new round of sanctions as part of its effort to stop the nearly-completed project. In a report, the US cited the ship, the Fortuna, and its owner, KVT-RUS. The report also ...

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UK utilities looking to a future without gas to heat homes

Bloomberg Several UK utilities are lining up to support changes to how households are taxed in Britain for their energy use. In an effort to make electricity cheaper for charging cars and heating homes, the Prime Minister Boris Johnson’s government is considering moving some levies away from power to gas bills. It’s a move that could kick-start the mammoth task ...

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Maersk bids farewell to fossil-fuel only ships

Bloomberg A century after the global shipping fleet ran largely on coal, the world’s largest shipping line is taking a historic step toward not using fossil fuels for propulsion. All newly constructed vessels owned by AP Moller-Maersk will have to be able to use carbon-neutral fuels, such as clean methanol and ammonia, as well as traditional oil-based products, the company ...

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