Canada boosts investments in Ukraine's Energy Sector
The two governments announced on Wednesday that Canada would increase its support for Ukraine's energy industry, working with the industry to provide?oil and gas equipment at favorable terms, as well as boost investments in renewable energy. As part of the full-scale invasion that began in February 2020, Russia has attacked power stations, gas installations, and electricity transmission lines.
During Erdogan's visit, Turkey and Ethiopia signed an energy cooperation agreement
The Turkish Energy Ministry announced that Turkey and Ethiopia signed an agreement on 'energy cooperation' during the visit of President Tayyip Erdogan to Addis Ababa on Tuesday. Erdogan visited Addis Ababa for a day on Tuesday, at the invitation of Prime Minister Abiy Ahmed. It was his first visit to Ethiopia in eleven years. After talks between the two leaders, an agreement was signed in a ceremony.
Turkey, Ethiopia to Cooperate on Energy Projects
Turkey and Ethiopia signed a memorandum of understanding on energy cooperation during a visit by President Tayyip Erdogan to Addis Ababa on Tuesday, the Turkish Energy Ministry said, adding the accord would lead to joint production and projects.Erdogan held a one-day visit to Addis Ababa on Tuesday upon Prime Minister Abiy Ahmed's invitation,…
Siemens Energy investors claim that the spin-off of wind units is premature
In response to an activist investor who called for a split-up, three major Siemens Energy shareholders said that the company should fix its?loss making wind turbine division first before considering a separation. Comments reflect the company's support for its strategy to stabilise the business before considering any strategic options. Ananym Capital…
Top Siemens Energy investors: Wind unit spin-off premature for now
Three of the largest Siemens Energy shareholders said that the company should fix its 'loss-making... wind turbine division, before considering a spin-off. They were responding to an activist investor who was pushing for a split-up. The comments show support for the current strategy of the company to stabilise the business and then look at strategic options.
EDF's costs are higher due to oversupply of electricity
EDF, the French nuclear operator, said that it would have to increase its maintenance costs by around 1.5 million euros to 3.75 millions euros per year because it has to reduce power in 'its nuclear reactors' to a'respond to an increased electricity supply and a slow demand. Around 70% of French power comes from nuclear energy, which accounts for about half of the state-owned EDF revenue.
Sources say that Venezuela's PDVSA has expanded its oil fields to joint venture partners.
Three sources familiar with the matter said that the state-run PDVSA of Venezuela is currently in discussions with its joint venture partners including Chevron Repsol and Maurel & Prom to expand the oilfields assigned to their respective projects. This could lead to an increase in crude and natural gas production. Venezuela's National assembly?approved a reform of the main oil law in late January…
Treasury: US grants license for oil and gas exploration in Venezuela
The?U.S. The?U.S. Washington has eased sanctions against Venezuela's oil industry that were first imposed by the United States in 2019. Since U.S. troops captured President Nicolas Maduro at the beginning of January, Washington has relaxed its sanctions. The government of interim president Delcy Rodriguez then agreed on a $2 billion oil deal with Washington. Oil drillers need U.S.
Executives warn that Europe could lose its nascent green hydrogen industry to China
The fledgling green hydrogen industry in Europe is calling on the EU to introduce "made-in-Europe" requirements for spending public money on the sector. They warn that without the support needed to scale up quickly, the domestic producers will be overtaken by their Chinese competitors. In 2025, the industry suffered a severe blow as many projects…
Maguire: China tightens its grip on clean tech with growing exports of EVs.
China's position as the world leader in clean technology is best illustrated by its EV exports. These will reach nearly $70 billion dollars in 2025, and span over 150 countries. Electric vehicles are a major part of China's manufacturing industry, and millions of people work in the various supply chains that support?clean cars? and their components. Over half of new cars in China are EVs.
Maguire: China tightens its grip on clean tech with EV export growth.
China's position as a global leader in clean technology is best illustrated by its massive EV exports. These will reach nearly $70 billion dollars in 2025, and span well?over 150 different countries and territories. Electric vehicles are a major part of China's manufacturing industry, and millions of people work in the various supply chains that support clean cars. Over half of new cars in China are EVs.
US rooftop solar installers restructure, cut jobs as homeowner subsidies expire
Residential solar companies in the U.S. are preparing to see a sharp drop in their business after the expiration?of a federal tax credit which helped fuel more than a decade's rapid growth. This has led to layoffs, reorganizations and even some company failures. Under President Donald Trump's new tax reform, the 30% federal income tax credits for homeowners who buy rooftop systems will expire at the end 2025.
Chinese solar stocks jump on news of Musk's visit, but some firms deny cooperating
Chinese solar shares rose on Wednesday, after local media reported Elon 'Musk sent delegations to visit various companies. This was days after Elon announced plans to build a large-scale?cell capacity for the U.S. The CSI All Share Solar Power Equipment Sub-Industry Index grew 3.61%, while the CSI SH-HK-SZ Solar Power 50 Index grew 3.22%. According to a report published by Sina Finance on Tuesday…
Nigeria's Dangote Refinery will begin full-capacity testing in February
A senior executive at Nigeria's Dangote Refinery said that the facility will start performance testing?runs? in February, after it has completed planned maintenance. This is a crucial step to ensuring a steady operation throughout the year. Africa's biggest oil refinery started operations in 2024. It has run at 450,000 to 485,000 bpd since its…
Chevron to Boost Exports of Venezuelan Oil to US in March
Oil producer Chevron is set to boost exports of Venezuelan crude to the U.S. to some 300,000 barrels per day (bpd) in March, from 100,000 bpd in December and some 230,000 bpd so far this month, two sources with knowledge of the plans said on Wednesday.The U.S. company, which is the main partner of Venezuela's state-run energy firm PDVSA, has chartered…
Sources say that the US will soon issue a general license for oil extraction in Venezuela
Three sources said that the U.S. is preparing to issue a general license allowing oil and gas companies to operate in Venezuela as soon as 'this week'. Washington aims to encourage increased production in the OPEC country since capturing the president. Sources said that the Office of Foreign Assets Control of the Treasury would allow companies to explore for and pump crude oil and gas. OFAC has already granted U.S.
Chinese solar stocks surge after Tesla visit
Chinese solar shares rose in early trading on Wednesday, after local media reported that Tesla staff had visited various companies in the sector. This was just days after Elon Musk announced plans to build large-scale production of solar cells in the U.S. By lunchtime, the CSI SH-HK-SZ 'Solar Power 50 Index had risen 5.6% and the CSI All Share Solar Power Equipments Sub-Industry Index had risen 6.8%.
Brussels approves $3.4 billion in Spanish state aid to highly efficient power
It announced on Wednesday that the European Commission had approved a 3.1-billion-euro ($3.4-billion) scheme of state aid to Spain to help support electricity production from highly efficient power plants. This comes amid a push by the EU to reduce greenhouse gas emissions. The support will be available for new or substantially renovated combined heat and energy (CHP) plants?using bioliquids, solid biomass, and natural gas.
GE Vernova's wind failures overshadow the strong performance of power and electrification units
GE Vernova announced on Wednesday that the wind power unit'might suffer a revenue loss of about $250 million this year as a result of 'installation delays in an offshore Massachusetts project. It also said that it was expecting a reduction in its order backlog. The company stated that the failure to install eleven turbines at Vineyard Wind could result in a revenue drop of low double digits and $400 million in losses.
Chevron beats Q4 profit estimate, eyes Venezuela investment opportunities
Chevron's profits for the fourth quarter fell, but were still higher than expected. The company focused on cutting costs to make its operations more efficient in order to compete with lower crude oil prices through 2025. Chevron is the only U.S. oil producer currently operating in Venezuela. Now in the spotlight due to the U.S.'s capture and removal of Nicolas Maduro…