Sources: Petrobras is in discussions with Raizen, BP, and Inpasa about a joint venture for ethanol
Two sources familiar with the matter said that Brazilian state-run Petrobras was in discussions with Raizen, BP, and Inpasa about a potential joint venture for ethanol. Earlier that day, Petrobras' director of energy transformation, Mauricio tolmasquim, told reporters that the company was investigating a joint venture for ethanol. He did not name the companies with which it might partner. Petrobras Raizen BP Inpasa and BP did not respond immediately to comments.
Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity.
Al Nowais, according to Italy's Maire, has bought 5% of Nextchem in order to target the Middle East
It was reported by Italy's Maire on Wednesday that Yousef Al Nowais bought a 5% share in Nextchem. This valued the subsidiary of the engineering company at $1.33 billion. Al Nowais is one of the company's shareholders and has owned a stake of 4.73% for more than 10 years. He paid 62.5 millions euros for 5% in Nextchem which provides technology solutions for companies working on energy transition. The move was made to boost Nextchem's service in the Middle East.
German power prices are falling while France's are rising
On Tuesday, the European wholesale power markets moved in different directions. Germany's spot fell from its near two-year peak due to calm and overcast conditions that reduced its wind and solar production. The French power price for the day ahead rose by 30.4%, to 131 euros per megawatt-hour (MWh), at 0920 GMT. This was due to an increase in demand after Monday's Armistice holiday. The German equivalent remained lower, reflecting Germany's current import dependence.
EIP, a Swiss asset manager, increases its stake in Eni Plenitude from 10% to 10%
Eni announced that Swiss asset manager Energy Infrastructure Partners will increase its stake in Eni Plenitude to 10%. The deal values the group’s retail and renewable businesses at more than 11 billion euros, including debt. In a Monday statement, the Italian energy group EIP said that it had agreed to subscribing to a new issue of shares worth approximately 209 million euro. This deal is part Eni's "satellite" strategy.
Vitol: China remains the main driver of global oil demand despite energy transformation
The global head of Vitol’s research department said that China will continue to play a major role in the global oil market because it is focused on petrochemicals, even though fuel consumption for road transport in China peaks during energy transition. The No. The world's No. There is no doubt about it, this will be the driving force for oil demand in China as well as globally. This is because there is less decarbonisation in that area.
TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050.
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium…
BP's third quarter profits slump to $2.3 bln due to a decline in oil demand
BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China. This puts pressure on CEO Murray Auchincloss, who has…
Cepsa will delay $3.3 billion in hydrogen projects if Spain's Windfall Tax is made permanent
Cepsa, Spain's second largest oil company, said it would postpone investments of 3 billion euros in green hydrogen in the south of the country if a temporary tax on windfall profits becomes permanent. The windfall tax in Spain has been criticized by many companies, including oil companies. Endesa is also among those who have criticised it. Cepsa stated in a letter that it would "prioritise…
Saudi Aramco CEO calls on a reset in energy policies for developing countries
The head of Saudi Aramco, who called for a reset to policies in developing countries, said that progress in Asia's energy transition is slower, less equitable, and more complex than many had expected. Aramco CEO Amin Nasser said that even with the transition as economies expand and standards of living rise, the Global South will likely see significant growth in the oil demand for a very long time.
EEX launches Irish power futures and extends some seasonal expirations
It was announced on Thursday that the European Energy Exchange (EEX), will launch a new set of Irish baseload futures, and extend expiries of a number of products in the Dutch, French, and Japanese power derivatives market, starting Nov. 25. EEX is Europe's largest electricity and gas exchange. It is looking to improve its trading options in order to expand its global reach. In a press release…
DNV: Global CO2 emissions related to energy will peak in this year.
A report from consultancy DNV on Wednesday suggested that global carbon dioxide (CO2) emission levels will peak in this year, due to the falling cost of solar and batteries. This is encouraging less oil and coal-fired energy use. Experts and climate scientists said that global C02 emissions reached a record high in 2018. This makes the goal of limiting warming to 1.5 degrees Celsius more difficult to achieve.
Brazil's Potencial will invest $109 Million to make the world's biggest biodiesel factory.
Grupo Potencial, a Brazilian company, announced Tuesday that it would invest 600 million reais (108.86 millions dollars) in order to increase the biodiesel production at one of their plants. This will give the facility the largest capacity of biofuel based on soy oil anywhere in the world. The Brazilian government has been working to expand the use of biofuels on local markets. The…
Vale and GEP team up to explore green hydrogen in Brazil
The mining giant Vale announced on Tuesday that it has teamed up with Green Energy Park to explore the possibilities for green hydrogen production within the South American nation. Brazil is looking to develop green hydrogen as part of its efforts to unlock new industries to power its energy transformation. The government has called it a "real opportunity" for the country's footprint to expand in renewables.
Malaysia generates enough surplus energy for large development projects and exports. PM says
Malaysia generates enough surplus energy to power major new development projects and grow its exports. Its prime minister announced this on Thursday as the country tries to attract investors to its special economic zone planned with Singapore. The two countries are planning to sign a deal before the end of this year for the development of a special economic zone (SEZ) in Malaysia's southern Johor State, just north from Singapore.
Manager of China's Sany says that the company plans to start European production by 2026.
Sany, a Chinese wind turbine manufacturer, is planning to begin production in Europe in 2026. The company is already in advanced discussions with potential European clients. In April, the European Union launched an investigation into the subsidies that Chinese turbine manufacturers received as Europe sought to protect its own industry. "We have reduced the number of possible locations to three." "Germany is one of our first three options...
Chevron CEO criticizes Biden's natural-gas policies and says fuel is essential for AI
Michael Wirth, CEO of Chevron, criticized U.S. president Joe Biden on Tuesday for "attacks" on the natural-gas industry. He also emphasized the critical role that Permian gas plays in accelerating the growth of artificial intelligence. The CEO's comments followed new plans by the government to ensure that power-hungry AI centers do not undermine U.S. Climate Goals. The White House created…
