Source: Indian Oil and Vitol to join forces in global trading, says source
HYDERABAD (India), Oct. 29 - Indian Oil intends to sign a contract early next year with global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel trading market. This is according to a person with knowledge of the issue. This move represents a major strategic shift by India's biggest refiner.
Source: Indian Oil and Vitol to join forces in global trading, says source
Indian Oil is planning to sign a contract early next year with the global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel markets. This comes after the state-run refiner sought to expand their footprint. This move represents a major strategic shift by India's biggest refiner.
Germany launches a 6 billion euro industrial decarbonisation programme, including CCS technology
Katherina Reiche, German Economy Minister, announced a funding initiative of 6 billion euros ($7 billion), aimed at decarbonising industrial processes. This is the first time that CCS technology has been incorporated into climate protection contracts in the country. The program targets sectors that are energy-intensive, such as steel…
Britain signs deals for carbon capture projects creating 500 jobs
The government announced on Thursday that Britain had signed contracts for two commercial carbon dioxide projects, which will generate 500 skilled jobs. Britain has set a target of achieving net-zero emission by 2050. It has also said that carbon capture and storage will be required to reduce emissions from energy-intensive industries.
Reactions to India's reduction of consumption tax on hundreds items
India announced on Wednesday that it would reduce taxes on hundreds of items, from soaps to cars, to boost domestic demand. It also simplified its complex goods and services tax structure, reducing the number of rate slabs to two from four. There were some exceptions, however, for luxury goods and "sin goods". On Thursday, the benchmark BSE Sensex index and Nifty 50 both rose by as much as 1.1%.
Reactions to India's reduction of consumption tax on hundreds items
India announced on Wednesday that it would reduce taxes on hundreds of items, from soaps to small vehicles, to boost domestic demand. It also simplified its complex goods and services tax structure, reducing the number of rate slabs to two from four. There were some exceptions, however, for luxury goods and "sin goods". On Thursday, the benchmark BSE Sensex index and Nifty 50 both rose by as much as 1.1%.
Bloomberg News: EQT and NextDecade are in discussions for LNG supply
Bloomberg News reported Wednesday that EQT Corp was in discussions to purchase liquefied gas from NextDecade’s export terminal in Texas. The report was based on people who are familiar with the situation. The report stated that under the terms of a potential deal, EQT will load super-chilled gas from Rio Grande LNG's export facility. EQT and NextDecade didn't immediately respond to a request for comment.
Raychaudhuri: China's price wars are a steep battle.
Price wars have led to a collapse in profitability and an acceleration of deflation on the Chinese domestic market due to overcapacity. In response, the government launched a program called "anti-involution", which aims to counter deflationary pricing wars. This battle could last a long time. It has already seen some success, but it is still a long-term fight.
Investors are sceptical about China's anti price war rally
Fund manager Yang Tingwu reaped his profits quickly after a furious rally in Chinese stocks of steel and cement, spurred on by Beijing's anti-price war and excessive industrial production campaign. Yang, along with many other investors does not think China's ambitious plan of pulling producers out from a spiraling deflation will succeed.
The markets bet Beijing will take action against China's overcapacity
This month, commodity prices have risen from steel to polysilicon as Chinese investors bet that Beijing will finally address overcapacity in the second largest economy of the world. The prices of nine industrial commodities, including coal, steel and polysilicon (a building block used in solar panels), alumina, and lithium carbonate…
China adopts its first standards for renewable steel, cement, and polysilicon
According to a notice published by the National Development and Reform Commission on Friday, China has set for the first-time renewable energy mandates in the steel, polysilicon, and cement industries as well as some data centres. Beijing's Renewable Portfolio Standards, or RPS (Renewable Portfolio Standards), set targets for the…
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from temporary price reductions in electricity under the new rules. The Commission announced Wednesday that the new rules for state aid…
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from a temporary reduction in power prices under the new rules. The Commission announced Wednesday that the new rules for state aid…
Vietnam launches first phase in emissions trading scheme
The government announced on Tuesday that Vietnam had officially launched the pilot phase for an emissions trading scheme to encourage three major industrial sectors, namely steel, cement and thermal power producers to reduce the amount of CO2 they produce. According to the decree, Vietnam's thermal power, steel and cement producers will have to purchase allowances that cover their carbon intensity…
Where is the money that the EU promised to workers in order to go green
The latest data available from the European Commission shows that the EU member states spent only EUR735 millions ($840 million US), the total amount of the fund, between March 2021 and March 2025. The Just Transition Fund is failing to provide adequate assistance for workers who are out of work, said Ciaran Mulooly. He was investigating the performance of the fund as a reporteur.
Tokio Marine launches green units, aiming for $1 billion in revenue by 2030
Tokio Marine, a Japanese insurer, has created a unit that will insure low-carbon activities such as shipping, green hydrogen and cement. Its chair said the company aims to generate $1 billion by the end the decade. Fraser McLachlan, Fraser McLachlan's boss, said that the new Tokio GX unit (TMGX) will offer advisory and risk-transfer…
US considers cutting funding to four of seven hydrogen hubs
According to a source familiar with the issue, the U.S. Department of Energy has considered cutting funding to four of seven hubs for hydrogen that were chosen under a $7-billion federal program. The hubs are part of the effort by former President Joe Biden to decarbonize U.S. economics. They aim to boost the production of clean…
US Senators ask Energy Secretary to comply with law regarding clean energy grants and loans
U.S. Democratic Senators on Wednesday called for Energy Secretary Chris Wright's department to comply with laws that mandate his funding of clean energy projects, which were included in laws passed prior to Donald Trump becoming president. This includes four hydrogen hubs. Wright's Department is considering funding cuts for four…
Argentina's YPF suffers a net loss in the first quarter
YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand during the season and lower export volumes. This loss is compared to the net profit of $657 millions in the first quarter 2024. The revenue, on the other hand, increased by 7% over a year earlier to $4.61 billion.
Kremlin: Russia and US have begun talks about Russian gas flowing to Europe
A Kremlin official confirmed on Friday that the issue of Russian gas shipments into Europe was being discussed in talks between Russia, and the United States. This confirms an exclusive report from a day before. After the Nord Stream pipes under the Baltic Sea blew up in 2022, Russian gas exports into Europe were slashed. Gas flows…