Announcing that $12 billion worth of semi-finished oil and gas projects have been completed in the last Iranian calendar year (ended March 20, 2023), Iran’s oil minister said that Phase 11 of the South Pars Gas Field will be put into operation within the next three months. Speaking in a …
Read More »G-7 Brings Gas Investments Back in Temporary Solution, to Dismay of Climate Activists
The Group of Seven (G-7) rich nations put support for gas investments back into their communique on Saturday, calling it a “temporary” step as they try to decouple from Russian energy, in a move climate activists say may hurt climate goals. The April meeting of G-7 climate ministers eventually agreed, …
Read More »Iran to Launch Large Gas Condensate Refinery in South
A large Iranian gas condensate refinery is expected to come on line next year amid efforts to meet a rising demand for gasoline that has caused the country to resume imports after more than a decade. The company responsible for building Persian Gulf Mehr Refinery said on Saturday that the …
Read More »Amazon’s Second Headquarters to be 100% Powered by Renewable Energy
Amazon is previewing the sustainable aspects of its soon-to-open “HQ2” complex in Arlington, Va. In a corporate blog post, Amazon highlighted sustainable features of the campus, including low-carbon concrete, mass timber, electrified energy-efficient operations, advanced ways to reuse water, and two acres of landscaped roofs with native plants. In 2018, …
Read More »Foreign and Joint Investments in Saudi Arabia’s Industrial Sector Hit $144bn
Foreign and joint investments in Saudi Arabia’s industrial sector have reached more than 542 billion Saudi riyals ($144.53 billion) as the Arab world’s largest economy focuses on attracting more investments and diversifying its economy away from oil. The total foreign and joint investments represent 37 per cent of the industrial …
Read More »Basra Crude Oil Prices Dip in Last Trading Session, Record Weekly Gains
On Friday, Basra crude oil prices declined in their last trading session. Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents. Despite the daily decrease, both crudes recorded weekly gains. Basra Heavy crude saw a weekly gain of $1.29 …
Read More »Gas in Europe Cheapest in Nearly Two Years
At the end of las week, gas prices on the European market dropped to their lowest level since June 2021. Last year’s upward chaos has been completely reversed, which may suggest that the continent is emerging from the energy crisis caused by the Russian invasion of Ukraine, according to Bloomberg. …
Read More »G7 Urged to Take the Lead in Phasing out Fossil Fuels
Several countries, including the Netherlands, Chile, and New Zealand, are calling on the G7 to lead by example and take the lead in phasing out fossil fuels, according to a letter sent to the group of the world’s most industrialized nations, which Reuters has seen. “We must bring the fossil …
Read More »China’s Russian Oil Imports Rise in April but Saudi is Top Supplier
China’s crude oil imports from Russia rose 8.6 per cent in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia – including seaborne shipments and supplies via pipelines – totalled 7.1 million tonnes or 1.73 million barrels per day …
Read More »BP Looks to Expand its Biofuels Business
Supermajor BP is weighing the possibility of investing directly in feedstock crop farming and buying stakes in producers of biofuel feedstock as it is accelerating its biofuels business, Nigel Dunn, Senior Vice President Biofuels at BP, told Reuters in an interview published on Wednesday. “Biofuels are an easy way for …
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