Energy

Bloomberg Russia sees oil prices averaging $50 to $55 a barrel in 2021 as the development of Covid-19 vaccines spurs an economic recovery, said Energy Minister Alexander Novak. That would be an improvement from this year and enough to cover Russia’s budget, but still well below pre-pandemic levels and too low for many of Moscow’s OPEC+ allies. “Globally, big work ...

Bloomberg China’s record haul of crude is poised to end as state-issued allowances for imports dwindle, potentially taking the wind out of the uneven recovery across global oil markets. The world’s biggest importer will ship in much less crude in September and October than it did in May and June, with private refiners seeing purchases drop as much as 40%, ...

Bloomberg Oil & Natural Gas Corp (ONGC) posted a 92% plunge in profit after crude prices crashed, production declined and demand for natural gas took a hit from a nationwide lockdown. Net income was 4.96 billion rupees ($68 million) in the three months ended in June, compared with 59.8 billion rupees a year ago, according to a company filing. Revenue ...

Bloomberg The Trump administration is relaxing Obama-era requirements stemming toxic heavy metal pollution from coal-fired power plants. Under the Environmental Protection Agency (EPA) rule, electricity companies would have more time and flexibility to treat power plant wastewater that contains mercury, arsenic and other toxic heavy metals. Older coal power plants that are shutting down or switching to natural gas by ...

Bloomberg Total SE will team up with Macquarie Group’s green bank to develop more than 2 gigawatts of floating wind farms off South Korea, the latest push by the French oil and gas giant to diversify into clean energy. Total and European peers such as Royal Dutch Shell Plc and BP Plc have vowed to reduce their exposure to fossil ...

Bloomberg UK electricity has never been cleaner. As wind, solar and biomass plants produced more power than ever in the second quarter, carbon emissions fell by a third from a year earlier, according to Drax Electric Insight’s quarterly report. Power prices slumped 42% as demand plunged during lockdown. “The past few months have given the country a glimpse into the ...

Bloomberg Veolia Environnement SA offered 2.9 billion euros ($3.5 billion) for a 29.9% stake in French rival Suez SA, reviving an eight-year-old attempt to create a world leader in waste and water services. Veolia offered to acquire the stake from energy giant Engie SA for 15.50 euros a share in cash, 27% more than where the target closed, Veolia said ...

Bloomberg Activist climate investors warned Samsung C&T over its potential involvement in a new coal power plant in Southeast Asia amid mounting global pressure to halt use of the dirtiest fossil fuel. Investment arms of Legal & General Group Plc, the UK’s biggest manager of corporate pension schemes, Norway’s KLP Kapitalforvaltning AS and Helsinki-based Nordea Bank Abp, have urged the ...

Bloomberg Waltersmith Petroman Oil Ltd, a Nigerian independent producer, will open a 5,000-barrel a day capacity modular refinery in Africa’s top crude producer that imports all of its refined-product needs. The company, Nigeria’s first producer from marginal fields, plans to increase output to 30,000 barrels a day in two years, Chief Executive Officer Chikezie Nwosu said at a webinar. Nigeria ...

Bloomberg India must stop building coal infrastructure and focus on renewable power generation to aid the global fight against climate change and lift its citizens out of poverty, United Nations Secretary-General Antonio Guterres said. The nation, the biggest coal consumer after China, must invest in a “clean, green transition” as it recovers from the Covid-19 pandemic, Guterres said at an ...