Hungary declares that the issue of Russian gas payments has been resolved
Hungary's foreign minister announced on Friday that it had found a way to pay for Russian gas via the Turkstream pipe from Bulgaria, while avoiding the U.S. sanction. He did not provide any details about the agreement. The U.S. On Nov. 21, creating a barrier for European gas buyers. Gazprombank has been used by buyers to pay for their purchases, including a currency conversion scheme to roubles. Turkstream, which runs through Bulgaria from Turkey, is the main pipeline used by Hungary to receive its Russian gas, 7 billion cubic meters so far in this year.
Malaysia's Petronas, Petros finalising deal on gas distribution in Sarawak state, PM says
Anwar Ibrahim, the Prime Minister of Malaysia, said that Petroliam Nasional Berhad and Petroleum Sarawak Berhad are working to finalize details for a long-delayed gas distribution agreement in Sarawak. Both companies have been at odds for months over Sarawak's plans to take control of all gas trading within the energy-rich state away from Petronas - whose sole shareholder, the Malaysian Government, is Petros. Media reports claim that Sarawak Premier Abang Johari openedg said a solution had been reached this week, and Anwar will make an announcement soon. Anwar stated that "clear decisions" were made but that the firms are still discussing finer details.
Meyer Burger secures $40 mln in bridge loan after key client's exit
The Swiss solar panel manufacturer Meyer Burger announced on Friday that it had secured nearly 40 million dollars in bridge financing for its business, after its biggest customer, DESRI said it would be pulling out last month. Meyer Burger stated in November that its future was uncertain following the announcement of the DESRI's exit, which followed a number of other setbacks. Meyer Burger expects to draw down an initial tranche worth $19.7 Million from the new bridge loans facility. The remaining tranches will be drawn down if it meets additional milestones. The company has said that it is in talks with DESRI about the terms of a brand new agreement.
Seaspan Energy Completes First STS LNG transfer
Seaspan Energy (Seaspan) has successfully completed its first LNG ship-to-ship transfer to a containership in the Port of Long Beach.This operation marks the beginning of Seaspan’s service offering on the West Coast of North America with two LNG bunkering vessels to soon serve both the Long Beach and Vancouver markets. “Our first ship-to-ship LNG bunkering has been five years in the making and our team is so proud of this milestone especially as this represents the first ship-to-ship bunkering on the West Coast of North America,” said Harly Penner, Senior Vice President, Seaspan Energy.
Wall Street Journal, Dec 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. A Delaware judge ruled Monday that Tesla CEO Elon Mots is not entitled to a $56 billion package of compensation despite the fact that shareholders of the electric car company voted to reinstate it in July. Intel CEO Pat Gelsinger was forced to resign less than four months after taking over the company. He has handed control of the company to two lieutenants, as the faltering American icon in chipmaking searches for a permanent successor.
Tauron, a Polish utility, has seen its third-quarter profit increase by 65% due to lower costs
The Polish energy utility Tauron reported on Thursday that its net profit for the third quarter of 2014 increased by 65% compared to last year, due mainly to lower coal and material costs. The group's net profit was also boosted by the increase in distribution costs. Tauron is looking for funding to support its renewable energy investments. The company also owns some coal-fired units that receive capacity payments from the European Union. This system expires in 2025. The company said that the units will be closed after 2025 unless a solution can be found to allow them to continue operating. The company will unveil its new strategy in December.
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S. officials allege that Indian billionaire Adani devised a $265-million scheme to bribe Indian government officials in order to secure solar energy supply deals after his company was unable for years to find buyers for a six-billion dollar project.
Oil Edges to 2-Week High on Ukraine News
Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude CLc1 rose 77 cents, or 1.1%, to $70.87.That put both crude benchmarks up over 5% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles."The…
Kremlin claims new U.S. Sanctions are an attempt by the U.S. to halt Russian gas exports
The Kremlin said on Friday that the new U.S. Sanctions on Russia's Gazprombank are an attempt by Washington, to hinder the Russian gas export. However, a solution will be found. Washington imposed new restrictions on Gazprombank Thursday, which prevent it from completing any new energy transactions that could affect the U.S. Financial System. It also banned its trade with Americans as well as freezing its U.S. Assets. Gazprombank, one of Russia's biggest banks, is owned in part by the Kremlin gas company Gazprom. Ukraine has been pressing the U.S. for more sanctions against the bank that receives payments from Gazprom customers in Europe.
US Judge Proposes CITGO Auction Solution
The U.S. judge overseeing an auction of shares in a Citgo Petroleum parent to pay Venezuela-linked creditors on Wednesday proposed major procedural changes to advance a case stalled by wide opposition and lawsuits by creditors in other courts.Judge Leonard Stark recommended a series of changes to encourage higher bids in a seven-year-long court case brought by companies pursuing up to $21.3 billion in claims for debt defaults and expropriations in Venezuela.An up to $7.3 billion bid by an affiliate of activist investor Elliott Investment Management could soon be challenged by the court's recommendation to choose a "starting point bidder" to move forward with the auction.
Petrobras and Yara Sign Agreement for Diesel Exhaust Fluid Sales in Brazil
Petrobras, Brazil's state oil company, has signed agreements with ANSA and fertilizer firm Yara. Yara could sell AUS 32 diesel-exhaust fluid in Brazil. Brazil imports AUS32, or 32% solution of aqueous Urea, to reduce the emissions from diesel cars. ANSA will produce AUS 32 in its plant in Parana in the south of Brazil, which should be operational again in May. This is also another step in Petrobras's goal to enter the fertilizer industry. Petrobras stated that Yara will supply the urea for AUS 32, and then sell the finished product. Petrobras and Yara signed a second agreement to conduct joint studies on fertilizers and industrial products.
Repsol targets renewables deals, seeks 'solution' for North Sea business
Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea. Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S. The CEO of the company told analysts that the divestment will be completed by the end of this year or early in next year.
Svendborg Brakes' Yaw Brake Solution Transforms Wind Turbine Maintenance
When damaged yaw brake discs were preventing numerous wind turbines from operating in optimum conditions, their operator was looking for an economical maintenance service that would ensure the turbines’ availability. Svendborg Brakes, a Regal Rexnord Brand, developed a new solution to quickly restore operations - cutting disc resurfacing activities and exchange pads to only 3 days, while requiring only a day and a half of true downtime. As the Wind Industry navigates short-term challenges and sustained growth potential, Regal Rexnord’s decades of industry experience…
RSC Bio Solutions Launches FUTERRA Compressor Oils
RSC Bio Solutions launched FUTERRA Compressor Oils, synthetic lubricants designed to meet the performance demands of industrial and marine sectors while addressing sustainability needs.FUTERRA Compressor Oil is formulated with a synthetic, sustainable base oil, offering outstanding thermal stability, long service intervals, and inherent biodegradability. This product is tailored to rotary screw, reciprocating, and other high-performance air compressors in applications where reliability and environmental compliance are critical.FUTERRA Compressor Oil provides a solution for industries that operate in environmentally sensitive areas…
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports into the EU, Ukraine's energy shortages before winter and how to equalize energy prices among member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban. Belgium and the Netherlands saw a dramatic increase in imports since then. In a Monday letter, France and nine countries asked the European Commission for stricter reporting requirements on Russian LNG (liquefied natural gases) by storage companies and suppliers.
Ukraine's Shmyhal talks energy security with Slovakian Fico
Denys Schmyhal, Ukrainian Prime Minister, began Monday talks with Robert Fico of Slovakia. He said the discussions would be centered on infrastructure co-operation, energy security and Kyiv’s peace plan. Fico, along with the Hungarian prime minister Viktor Orban, has been a strong critic of Western military assistance to Ukraine. The location of the meeting was not immediately known. "We will discuss the roadmap" Included in this is cooperation on infrastructure projects, economy and energy security. Shmyhal, on Telegram Messenger, said that Slovakia has always been willing to assist Ukraine in importing electricity.
Dallas Fed: Regional oil activity declines but electrification gains.
The Federal Reserve Bank of Dallas reported on Wednesday that oil and gas activity in Texas and Louisiana, as well as New Mexico, decreased in the third quarter. According to executives surveyed, third-quarter oil and natural gas production is mixed. Data suggests that oil production has increased, while gas production has decreased. A fifth of oil executives have said that they have converted their drilling rigs to electric power and are using hydraulic fracturing to reduce pollution. Six percent of oil and gas executives said they plan to electrify production.
Spanish PM calls on EU to reconsider tariffs against Chinese EVs
The Spanish Prime Minister Pedro Sanchez stated on Wednesday that the European Union should reconsider its proposed import tariffs for Chinese-made electric cars, and urged Brussels to avoid a trade conflict. Sanchez's remarks during a trip to China indicate a shift in Spain's stance, which had previously supported the tariffs. He also expressed concern over the potential impact of the EU-China Trade Spat on Spanish industry. "I must be honest, we all have to rethink our position. Sanchez, speaking at an event held in an industrial park of the Chinese city Kunshan, said that not only the European Commission but all the member countries must reconsider their position.
Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.
Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene as a chance to find water for the state that is suffering from a worsening drought. Aldridge belongs to a growing number of New Mexico politicians that want to see the state develop regulations to allow the millions of gallons per day of produced water, which is spewed out along with the Permian Basin's abundant oil and gas, to be used instead of being thrown away.
OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand
OPEC+ has two problems and two solutions.The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia.The second issue is that crude demand has so far disappointed the somewhat optimistic forecasts made by OPEC for 2024 growth.The first solution is for OPEC+ to surprise the market and change its mind on increasing output from the fourth quarter onwards.The second solution is to increase output as planned…
