Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s…
EU's von der Leyen announces 35 bln euro loan in Kyiv visit
Ursula von der Leyen, President of the European Commission during her visit to Kyiv last Friday, announced a loan for Ukraine up to 39 billion dollars ($35 billion), saying that it was necessary to protect the country from Russian attacks and to help it survive the winter. Zelenskiy…
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue through exports despite Western sanctions. According to calculations based upon the documents of the vessels…
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue from exports despite Western sanctions. According to calculations based upon the documents of the vessels…
Russia is considering limiting metals exports to the West
In response to Western sanctions, Russian President Vladimir Putin suggested this week that Moscow limit exports of metals or other commodities in which Russia has a large share on global markets. Putin mentioned uranium and nickel as well as titanium, but suggested that other commodities could be restricted…
Indonesia seeks global assistance to accelerate the retirement of coal-fired power plants
Luhut Pandjaitan - Indonesia's senior mining minister - said that the Indonesian government was asking global leaders for assistance in negotiating with lenders for a faster coal power plant retirement as well as access to financing for energy transition. He told the Coaltrans…
Indonesia's President urges developed countries to invest in green economies
Joko Widodo, the Indonesian President on Thursday, urged developed countries to invest in energy solutions and climate change in Indonesia. He highlighted its enormous potential for renewable energy projects and carbon reduction. Jokowi (as the incoming president is known) said that the Southeast Asian country has over 3…
Indonesia relaxes rules on local content to allow foreign money for renewable energy projects
A government official revealed on Wednesday that Indonesia had relaxed the rules for electricity projects funded by foreign investors, which required them to use locally made parts. This was done to help unlock concessional loan offers from international development bank. Indonesia…
Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries…
Oil, Gas Majors Join Blockchain Consortium
A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium…
Greens Urge Halt to G7 Nations' Funding for Overseas Coal
Environmental groups urged Group of Seven (G7) nations led by Japan and Germany to stop financing coal projects abroad, which they said amounted to $42 billion since 2007. Japan provided more than half of the total, with $22 billion between 2007 and 2015, a study released on Tuesday by groups including the U.S.
G7 Foreign Ministers discuss Nuclear, Maritime Issues
In a city obliterated by a U.S. atom bomb more than 70 years ago, Japan kicked off a gathering of foreign ministers from the Group of Seven (G7) advanced economies with a call to end nuclear weapons. Japanese Foreign Minister Fumio Kishida, who presides over the two-day annual meeting this year…
Germany Finally Seals Coal Compromise
Planned levy on coal plants dropped; utilities to be compensated for reserve power. coalition leaders agreed on Thursday. to business interests. Merkel's right-left coalition agreed early on Thursday. plants was dropped. firms had long pushed for. said. energy from the north to Germany's industrial south. this year on the details.
Trust Improving in UN Climate Talks
The latest round of U.N. climate talks in Bonn helped build trust among countries and kept the long trek to a new global climate deal on track, despite a lack of substantive progress over the past two weeks, officials and experts said. At the meeting which ended on Thursday, negotiators…
Japan Sees Little Scope for Power Price Cuts
Japan will find it difficult to reduce electricity costs to levels last seen before the Fukushima nuclear plant disaster, the head of the panel deliberating the country's 2030 targets for power generation said on Wednesday. The closure of Japan's nuclear plants after the 2011…
Japan Hikes Emission Cut Goal by 25 pct
Japan is considering cutting emissions of greenhouse gases by around 25 percent by 2030, up from an earlier target of about 20 percent, as its contribution to a global summit in Paris on climate change later this year, media reports said on Friday. The target is still lower than that outlined by the United States…
Coal Row Takes Shine off Germany's Green Image
Germany hosts G7 summit on June 7-8; Merkel's credibility hinges on fulfilling own targets. Germany's clean energy drive earned it a reputation as a green leader but a domestic row over coal has highlighted the challenge of balancing economic and environmental demands and threatens its ability to lead by example.
Investment Funds Want Greenhouse Gas Cuts
Fund CEOs managing $12 trillion want Paris climate goal. Some of the world's biggest investment funds urged the Group of Seven industrialised nations on Tuesday to commit to a long-term goal to cut world greenhouse gas emissions as part of a U.N. climate deal due to be agreed in December.
New UN Climate Fund to Take Risks to Promote Green Tech
A new United Nations fund set up to help developing nations tackle climate change will take bigger risks than many international lenders to promote innovative green technologies, the head of the fund said on Friday. Hela Cheikhrouhou, executive director of the Green Climate Fund (GCF)…
China's Greenhouse Gases Could Peak Early
China's emissions could peak by 2025, 5 years early; peak would help limit global warming. China's greenhouse gas emissions could peak by 2025, five years earlier than indicated by Beijing, a development that could help limit the mounting risks of global warming, a study by the London School of Economics (LSE) showed on Monday.
