Page 9 - Energy

India's Sept crude oil imports fall 6.7% to 16 mn tonnes; 5.8% YoY decline

Oil product imports came in lower for a second straight month, falling about 4% from a month earlier to 3.48 million tonnes in September, while exports dropped 4.8%

European Union to provide Albania with 80 mn euros to tackle energy crisis

The European Union (EU) will provide 80 million euros ($79.7 million) in grants to Albania to tackle energy crisis, European Commission President Ursula von der Leyen said here.

Investment in energy storage, smart grid rose 66% in Jan-Sep period: Report

Investments in the energy storage and smart grid globally grew 66 per cent year-on-year to record USD 25 billion in January-September period this year, according to a Mercom Capital report. The funding includes those through venture capital, public market financing and debt financing. "Total corporate funding for energy storage, smart grid, and efficiency companies in 9M 2022 was record USD 25 billion compared to USD 15.1 billion raised in 9M (January-September) 2021," the global clean energy consulting firm said in the report released on Wednesday. During January-September 2022, the energy storage segment garnered USD 22 billion funding through 92 deals. This is 69 per cent higher compared to the USD 13 billion raised in 74 deals in the year-ago period. The rest were made in smart grid and energy efficiency areas. Raj Prabhu, CEO of Mercom Capital said, the investments will continue to rise, with energy storage companies poised to play a vital role in the transition from fossil f

Weak global growth, high inflation may impact energy demand, says RIL

Company sees oil demand averaging 99.6 million barrels a day, up 1.9 per cent versus a year ago....

Suzlon Energy's Rs 1,200-crore rights issue oversubscribed by 1.8 times

Suzlon Energy on Thursday said that its Rs 1,200-crore rights issue has been subscribed by 1.8 times. "The (rights) issue resulted into subscription of 435.46 crore shares resulting into oversubscription by 1.8 times. The issue period was from October 11, 2022 to October 20, 2022," a company statement said. Suzlon Energy Ltd, one of India's top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India as per capacity serviced, announced the successful closure of the issue of 240 crore partly paid-up equity shares on rights basis to the eligible equity shareholders. According to the statement, the issue size was 240 crore partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore on a rights basis in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares. The funds raised via .

Minister Jitu Vaghani announces 10 pc VAT cut on CNG, PNG in Gujarat

Gujarat Education Minister Jitu Vaghani on Monday announced 10 per cent value-added tax (VAT) reduction on compressed natural gas (CNG) and piped natural gas (PNG) by the state government

Oil prices steady as recession fears counter positive Chinese signals

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession

Coal to be back again as gas becoming unaffordable: FM Nirmala Sitharaman

Given the global energy crisis, Finance Minister Nirmala Sitharaman has said that coal is going to be back again as gas has become unaffordable. Sitharaman, who attended the annual meetings of the International Monetary Fund and the World Bank, said the western world has seen countries moving to coal. The Western world has seen countries moving to coal. Austria has already said, and todaythey are going back to coal, Sitharaman told a group of reporters from India during an interaction on Saturday. Russia has sharply curtailed natural gas shipments to Europe in retaliation for sanctions that the West put in place after its invasion of Ukraine. In late April, Russia cut off gas supplies to Bulgaria and Poland after they refused Moscow's demand to pay for the deliveries in rubles, Russia's currency. Also, apart from that many countries in the West are moving away from coal to generate electricity as it contributes to climate change and air pollution. Responding to a question on her

Turkey, Russia to study Russian President Putin's gas hub proposal

Turkish President Recep Tayyip Erdogan says Turkey and Russia have instructed their respective energy authorities to immediately begin technical studies on a Russian proposal that would turn Turkey into a gas hub for Europe. Russian President Vladimir Putin has floated the idea of exporting more gas through the Turk Stream gas pipeline running beneath the Black Sea to Turkey after gas deliveries to Germany through the Baltic Sea's Nord Stream pipeline were halted. Erdogan said Russian and Turkish energy authorities would work together to designate the best location for a gas distribution center, adding that Turkey's Thrace region, bordering Greece and Bulgaria appeared to be the best spot. Together with Mr. Putin, we have instructed our Ministry of Energy and Natural Resources and the relevant institution on the Russian side to work together, Erdogan said. They will conduct this study. Wherever the most appropriate place is, we will hopefully establish this distribution center there

Russia ready to resume gas supplies to EU via Nord Stream 2: Putin

Russian President Vladimir Putin said Wednesday that Moscow is ready to resume gas supplies to Europe via a link of Germany-bound Nord Stream 2 pipeline under the Baltic Sea. Speaking at a Moscow energy forum, Putin again charged that the U.S. was likely behind the explosions that ripped through both links of the Nord Stream 1 pipeline and one of the two links of the Nord Stream 2 pipeline, causing a massive gas leak and taking them out of service. The U.S. has previously rejected similar allegations by Putin.

Avoid sectors having global exposure like IT, oil, gas: ICICI Securities

ICICI Securities Ltd on Wednesday said its one year forward Nifty target is 19,425 with sectorial bias towards banks, capital goods/infrastructure and automobiles

Nord Stream breaches reminder of vulnerabilities in undersea infrastructure

The greatest single release of potent greenhouse gas ever recorded was caused by four breaches of Russia's Nord Stream 1 and 2 gas pipelines, located near the territorial seas of Denmark and Sweden

Will weigh what Russia offers on Sakhalin-1 ownership revamp: Hardeep Puri

India maintains a "healthy dialogue" with Russia and will look at what is offered following announced ownership revamp to the Sakhalin-1 oil and gas project, Hardeep Singh Puri said

Carbon credits imperative for climate positive plans: EKI Energy Services

EKI Energy Services on Monday welcomed the government's stance on carbon credits and said that carbon credits and its trade is an imperative for climate positive plans. Union Minister for New and Renewable Energy R K Singh on October 6, said that the government is taking measures to make India a market for carbon credit which will be utilised to meet the country's NDC goals. India has submitted its updated Nationally Determined Contribution (NDC) under the Paris Agreement to the UN Framework Convention on Climate Change, emphasising that it is a step forward towards its long-term goal of reaching net zero by 2070. "We are happy to hear that this matter finally has greater clarity by the Minister himself. Carbon credits and its trade is an imperative and integral part of any climate positive plans given its capabilities to control GHG (greenhouse gas) emissions," said Manish Dabkara, CMD & CEO of EKI Energy Services Ltd. This clarification will enable the entire industry ecosystem .

Amid energy crisis, desperate Europeans return to firewood for warmth

Not far from Berlin's Nazi-era Tempelhof airport, Peter Engelke is putting up a new security gate at his warehouse because of concerns about desperate people pilfering his stock

Leaders of Spain, Germany discuss ongoing energy crisis before EU summit

The leaders of Spain and Germany held talks in Spain Wednesday, two days before both participate in an European Union summit to discuss Europe's energy crisis derived from Russia's invasion of Ukraine. Spanish Prime Minister Pedro Snchez hosted German Chancellor Olaf Scholz in the northwestern city of A Corua. The two centre-left leaders were accompanied by 15 ministers from their governments. The EU summit in Prague on Friday will likely include discussions on Germany's plan to subsidise gas prices for its consumers and businesses, a move that has raised questions from France and Italy. Snchez said that he empathises with Germany due to its pressing need to find alternatives to Russian gas and oil, while adding that the EU should find common solutions. Both Snchez and Scholz support reforming the EU's energy market. The consequences of the war in Ukraine impact us all, but clearly it has a greater impact on the countries with a higher dependency on Russian carbon-based fuels so w

EU ministers agree to include energy self-sufficiency in recovery plans

The Ministers of Finance and Economic Affairs of the EU member states, meeting in Luxembourg, agreed to include energy self-sufficiency in their national recovery and resilience plans

Jordan, Egypt agree to raise cooperation in mining, petrochemicals, energy

Jordan and Egypt have agreed to increase their exchange of expertise in the fields of mining, petrochemical industry, oil and natural gas, according to a statement by Jordan's Ministry of Energy

Germany to set up $196 billion stabilisation fund to fight energy crisis

Germany is putting up a "defensive umbrella" of up to 200 billion euros ($196 billion) to stabilise the country's economy during the energy crisis, Chancellor Olaf Scholz announced

Gas leaks from Russian pipelines to Europe raise sabotage fears: Report

But it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia with European partners spent billions of dollars building.