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Hyundai Motor, South Korea’s biggest carmaker, will build its first overseas hydrogen fuel cell systems plant in China as it seeks to enter the local hydrogen market, industry sources said Tuesday. Hyundai Motor aims to build the hydrogen fuel cell systems plant in Guangzhou within this year as it has …

Minister of Energy Reza Ardakanian said on Tuesday that Iraq’s debt to the National Iranian Gas Company and the Power Generation, Distribution and Transmission Company (Tavanir) have been paid by the Iraqi government except for two months. He said that Iran has two contracts regarding the exports of electricity and …

Oil prices rose by around $1 on Tuesday as tension simmered following Iran’s seizure of a South Korean vessel and as the OPEC+ group studied a possible production cut in February. Brent crude futures for March rose 96 cents to $52.05 a barrel by 1206 GMT, while U.S. West Texas …

An Iraqi official stated that Washington has extended the exemption granted to Iraq from the sanctions imposed on Iran in the energy field for an additional three months. He pointed out, according to Agence France-Presse, “this new exemption, which is longer than all previous exemptions, is the result of long …

The head of the Iran-South Korea Chamber of Commerce said Tehran is in talks with Seoul to barter its frozen oil money in South Korean banks to purchase COVID-19 vaccines and other supplies. Speaking to the Iranian Labor News Agency(ILNA) on Sunday, Hossein Tanhayi said his organization discussed the frozen …

A Norwegian firm that was meant to have provided technical and safety certificates for Russia’s gas pipeline to Germany has abandoned the project due to US sanctions. “DNV GL will cease all verification activities for the Nord Stream 2 pipeline system in line with sanctions and while sanctions are in …

Global oil prices fell on Monday after OPEC+ members failed to reach agreement on output levels. A majority of members of the producers’ alliance led by Saudi Arabia and Russia rejected proposals to increase supply amid new fears of the economic impact of the COVID-19 pandemic. Brent crude, the global …

Saudi energy minister Prince Abdulaziz bin Salman delivered a stark warning to his OPEC+ counterparts, urging the coalition to stay disciplined with their crude production or risk upending the oil market’s recovery fostered by their historic output cuts since May. “Now as we see light at the end of the …

Government spokesman Ali Rabiei said on Monday that Iran has started the pre-processing stage of gas injection a couple of hours ago in Fordow nuclear site, noting that the first UF6 enriched uranium will be produced in a few hours. Speaking to IRNA, Rabiei said that Iran’s President Hassan Rouhani …

The OPEC+ deal on oil output cuts reached last year saved the global energy sector from a collapse and prevented oil prices from dropping below zero, Russian Deputy Prime Minister Alexander Novak said in an interview with RBC TV. The interview was published on Monday as ministers from OPEC+ countries …