Sunday, September 22, 2019

United Nations News

Siemens Gamesa Ups 'Green' Credit to $1.4Bln

Pic: Siemens Gamesa

Wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE) has increased the amount of guarantees that qualify as "green" to €1.25 billion ($1.4Bln) as they contribute to the United Nations Sustainable Development Goals (SDG).The deal, arranged with BNP Paribas, adds €350 million to the existing line of €900 million in "green" guarantees arranged with other banks.Siemens Gamesa…

Oil Soars 10%

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Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially surged more than 20% after the open on Sunday evening, with Brent crude posting its biggest intraday gain since the 1990-1991 Gulf crisis…

UN Calls for Investigation on Tanker Attacks

United Nations Secretary-General Antonio Guterres called on Friday for an independent investigation to establish the facts and who was responsible for attacks on two oil tankers this week in the Gulf of Oman.The United States blamed Iran for the attacks on Thursday, a charge Tehran rejected. Amid the rising tensions, Guterres said he was available to mediate if the parties agreed, however…

U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes

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The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations…

Norway Supreme Court Hears Snow Crab Case with Implication for Oil

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Norway's Supreme Court began hearing arguments on Tuesday on whether EU ships can fish for snow crab off Arctic islands north of Norway without permission from Oslo, a case that could decide who has the right to explore for oil in the region.At stake is whether the snow crab - whose meat is considered a delicacy by gourmets in Japan and South Korea - is a sedentary species living on…

US Oil Export Boom Sparks Battle to Build Texas Ports

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Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.Commodities…

Shell Sets Carbon Cutting Targets

Ben van Beurden (Photo: Shell)

Royal Dutch Shell caved in to growing investor pressure over climate change on Monday with plans to set short-term targets for reducing its carbon footprint.BP and Total have already set short-term targets, but Shell Chief Executive Officer Ben van Beurden had previously resisted setting hard goals, saying it would be "foolhardy" to expose Shell to legal challenges.But following discussions with investors…

EU Lawmakers Set Energy Efficiency, Renewables Targets

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European Union lawmakers on Tuesday targeted energy savings of 32.5 percent and a renewable energy uplift of 32 percent by 2030, in a push to meet the bloc's pledge under the Paris climate accord to curb global warming.National governments now have until the end of the year to draft their own plans for implementing the bloc's overall climate goal of lowering greenhouse gas emissions by at least 40 percent from 1990 levels by 2030…

EU Commits USD 341 million for Clean, Healthy and Safe Oceans

Pic: European Environment Agency, EU

The European Commission (EC) has announced EUR 300 million (USD 341 million) of EU-funded initiatives, which include projects to tackle plastic pollution, make blue economy more sustainable and improve research and marine surveillance.According to a communication from EC, this important contribution comes on top of the over €550 million committed by the European Union, when it hosted…

Natural Gas is Here to Stay, Big Oil Says

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Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.Still…

Trump Calls Saudi's King to Discuss Oil Supplies

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U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, Saudi state news agency SPA reported.The call comes days after the U.S. president criticized OPEC for high oil prices and called again on the exporting group to boost crude output to cool the market ahead of midterm elections in November for U.S.

Gunmen Attack Headquarters of Libya's State Oil Firm

Several armed men attacked the headquarters of Libya's National Oil Corporation (NOC) in the capital Tripoli on Monday, killing at least two oil staff, a security official said.In the first attack of its kind against the top managers of Libya's state oil industry, two of the gunmen were also killed and at least 10 NOC staff wounded, officials said.Security forces said they had regained…

Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks

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Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen…

Oil Tight on Libyan Port Struggles

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Libyan oil production could face protracted disruption as factions in the east seek to seize control of crude exports, adding pressure to a tight global market. Eastern factions have tried to take over oil exports in the past but have struggled to find buyers because Western nations insist they will deal only with the internationally recognised National Oil Corporation (NOC) based in the Libyan capital of Tripoli.

Struggle to Control Libyan Oil Ports Adds to Global Supply Worries

Libyan oil production could face protracted disruption as factions in the east have sought to seize control of crude exports, adding pressure to a tight global market.Eastern factions have tried to take over oil exports in the past yet struggled to find buyers as Western nations insist they will only deal with the internationally recognised National Oil Corporation (NOC) based in the…

India BPCL Seeks Extra Iran Oil Amid Sanctions Threat

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Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.The move by BPCL indicates that refiners will try to frontload their purchases from Iran ahead of a November U.S. deadline for re-imposing sanctions on the country's petroleum sector.Uncertainties cloud Iran's oil exports after U.S.

Cryptocurrency May Light Up Renewable Energy in Moldova

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Moldova, a small, landlocked country in eastern Europe, imports three-quarters of its energy and has seen its energy prices rise by more than half in the past five years.But that could soon change, according to the United Nations Development Programme (UNDP), which this year will launch an innovative effort to power a Moldovan university with cryptocurrency-funded solar energy.The initiative with Sun Exchange…

Morgan Stanley Raises Brent Forecast

File Image: a typical offshore North Sea installation (Credit: Craig International)

Morgan Stanley has raised its Brent crude oil price forecasts saying strong demand for middle distillates will drive up oil prices over the next two years. Oil benchmarks on Wednesday remained close to their November 2014 highs hit on Tuesday, as ongoing production cuts by OPEC and the prospect of U.S. sanctions against Iran tightened the market amid strong demand. Morgan Stanley said demand for middle distillates…

UN Body Adopts Climate Change Strategy for Shipping

Photo: International Maritime Organization (IMO)

Nations meeting at the United Nations International Maritime Organization (IMO) in London have adopted an initial strategy on the reduction of greenhouse gas emissions from ships, setting out a vision to reduce GHG emissions from international shipping and phase them out, as soon as possible in this century. The vision confirms IMO’s commitment to reducing GHG emissions from international shipping and, as a matter of urgency, to phasing them out as soon as possible.

Bangladesh Inks Deal with Indonesia for LNG Imports

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Bangladesh signed an agreement with Indonesia on Sunday to open talks on imports of liquefied natural gas (LNG), as the South Asian country turns to the supercooled fuel to fill a shortfall of domestic natural gas. A letter of intent was signed between two state energy companies, Petrobangla and Pertamina, after a meeting between Prime Minister Sheikh Hasina and Indonesian President Joko Widodo, who arrived in Dhaka on Saturday.