Russia Ramps up Fuel Exports in Fight for European Market
Russia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show. Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis.
More than Half of Norway Car Sales Now Electric, Hybrid
Norway tops global sales of electric cars as big subsidies have aided shift from fossil fuel cars. Sales of electric and hybrid cars exceeded half of new registrations in Norway in 2017, a record aided by generous subsidies that extended the Nordic nation's lead in a shift from fossil-fuel engines, data showed on Wednesday.
Sinopec Sues PDVSA as Relations Fray
Sinopec USA, a subsidiary of Chinese oil and gas conglomerate Sinopec, has sued Venezuela's state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The lawsuit asks for $23.7 million for breach of contract and conspiracy to defraud.
Arctic Council Meeting Stirs Hidden Tensions
As foreign ministers from countries with territory in the far North celebrated an agreement on fighting climate change this week, one topic seethed below the surface: growing competition for Arctic resources and sea lanes as the ice melts. Russia, one of eight members of the Arctic Council which includes the United States…
Siemens, Voest and Verbund to Build Largest Green Hydrogen Site
Siemens, steel maker Voestalpine and hydropower firm Verbund are planning to build a cutting-edge plant to make green hydrogen more suitable for industrial use, the companies said on Tuesday. Utilities and industrial firms are under increasing pressure to reduce carbon dioxide (CO2)…
Innogy to Push Windfarms, Electric Car Charging in U.S
Innogy, Germany's largest energy group, is looking at the United States market to expand its renewable energy and electric car charging business, its chief executive told German weekly Welt am Sonntag. "We want to invest around 6.5 billion euros between 2016 and 2018," Chief Executive Peter Terium told the paper…
Yen Drops on Rate Cut Talk; Oil Climbs
The U.S. dollar rose to a three week high against the yen on Friday, on a report of likely further monetary policy easing from the Bank of Japan, while a rise in crude oil prices was offset by poor technology sector earnings, leaving Wall Street stocks steady. The dollar rose more than 2.0 percent against the yen to 111.80 yen…
Iran's Rouhani in Paris to Revive Business Ties
Iran's President Hassan Rouhani arrives in France on Wednesday with the bosses of oil major Total and aircraft maker Airbus among top executives he is due to meet as the two countries look to revive business ties despite diplomatic differences. On his first trip abroad since a sanctions-ending nuclear accord took effect…
VW Set for Easier Ride in Europe on Emissions Scandal
Volkswagen is unlikely to face U.S.-style fines in Europe over its emissions scandal because of a softer regulatory regime and its home country Germany's determination to protect its car industry, EU sources and legal experts say. The carmaker has been embroiled in crisis since last September, when it admitted it had cheated U.S.
Continental CEO: VW Scandal could kill U.S. Diesel Car Market
Volkswagen's emissions test-cheating scandal could kill nascent markets for diesel cars in North America, Japan and China, the chief executive of automotive supplier Continental has told a German newspaper. "The diesel passenger car could sooner or later disappear from these markets…
No Retrofit Bonanza for Tank Car Makers
When U.S. regulators adopted new rules last May to make hauling crude by rail safer, shippers anticipated relatively moderate costs and adjustments while rail tank car makers geared up for a retrofitting bonanza. It has not worked out that way. Months later, oil companies are learning…
Paris Goes Car-free on Sunday
Central Paris goes car-free on Sunday as part of its fight against air pollution, at a time when the Volkswagen emissions scandal again turns the spotlight on diesel and the air pollutants it produces. The French capital's central arrondissements and areas around landmarks such as…
U.S., EU to Crackdown on Emission
Government regulators on both sides of the Atlantic vowed on Friday to toughen auto emissions tests in the wake of Volkswagen's admission it cheated on diesel emissions, but some officials and environmentalists doubted the pledges would be easily achieved. The U.S. Environmental Protection…
Britain Calls for Truck CO2 Emissions Limits
Britain and three other countries have joined calls for mandatory European Union limits on the amount of CO2 pumped out by trucks, which account for 30 percent of road transport emissions but only a small fraction of vehicles on the road. The European Commission has introduced a limit…
U.S. Motorists Splurge on Low Cost Premium Gas
U.S. motorists' habit of filling up with costlier "premium" gasoline when pump prices drop is delivering extra profits to refiners, such as Royal Dutch Shell and traders like Noble Group. For the second time in the past decade, a sharp fall in pump prices has triggered a spike in…
China to Promote Green Car Production
China is preparing a new scheme to encourage auto makers and consumers to use electric and hybrid vehicles, learning lessons from California's efforts to promote a similar switch, the head of a major state-owned carmaker said on Thursday. The central government could implement such a policy in the first half of next year…
EU: Russian Export Duties Break WTO Rules
The European Union has told Russia that its system of oil export duties breaks World Trade Organization rules by discriminating in favour of China and against European buyers, diplomats with knowledge of the situation said on Tuesday. The EU's longstanding concerns over Russia's oil duties…
Czech and Slovak Prompt Prices Fall on Lower Consumption
Czech and Slovak day-ahead power fell on Thursday due to lower demand heading into the weekend and rising renewable production, while a pick-up in consumption after a state holiday lifted Hungarian spot prices, traders said. On regional exchanges, Czech electricity and Slovak electricity…
Is Merkel's Green Zeal Turning Brown?
German CO2 emissions up for last two years; medium-term CO2 goals in jeopardy. Use of brown coal rising during nuclear phase-out. Car emissions above EU average in big car economy. For all Angela Merkel's headline-grabbing "green revolution", Germany's image as a world leader on environmental…
EU: End of Emissions Testing Loopholes
Nitrogen oxides a bigger issue than C02; vehicles would be tested on roads, not in laboratories. "Real-world" testing rules to be unveiled by year-end. EU regulators are preparing draft legislation that will require vehicle fuel use to be tested on roads rather than in laboratories…
