Tag Archives: The National News

European diplomats were pushing for a deal on stopping Russian oil imports on Monday, with leaders poised to back down to Hungary in a stand-off over sanctions when they assemble for a two-day summit on the fallout of the war in Ukraine. A proposal circulated among European Union diplomats would …

Saudi Aramco, the world’s largest oil-producing company, said on Sunday its shareholders have approved a board recommendation to increase capital. The boost will be by way of granting bonus shares through the capitalisation of 15 billion Saudi riyals ($4bn) from the company’s retained profits, Aramco said in a filing to …

Azerbaijan plans to supply more natural gas to Europe as countries in the continent aim to phase out Russian imports by the end of the year and look for alternative sources of supplies amid Moscow’s continuing conflict with Ukraine. The central Asian republic is focusing on upgrading its existing energy …

Oil prices rose nearly 1.5 per cent on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth. Brent futures, the global benchmark, rose $1.49, or 1.3 per cent, …

The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment. The US and European countries are planning liquefied natural gas terminals that …

Shell has started to withdraw staff from its joint ventures with Russia’s Gazprom as it moves forward with plans to exit investments in response to the war in Ukraine. Dozens of Shell employees on temporary assignment at the Sakhalin-2 liquefied natural gas export project in Russia were removed over the …

Clean energy spending earmarked by governments in response to the coronavirus crisis has surged 50 per cent over the past five months to reach $710 billion globally, the International Energy Agency said. The total spend is 40 per cent higher than the global green spend contained in the stimulus packages …

Ukrainian President Volodymyr Zelenskyy called on energy producing countries on Saturday to increase output so that Russia cannot use its oil and gas wealth to “blackmail” other nations. Addressing the Doha Forum international conference by video link, Mr Zelenskyy said countries such as Qatar could make a contribution to the …

EU leaders failed on Friday to agree a short-term solution to the energy market crunch made worse by Russia’s invasion of Ukraine, but did offer a compromise for Spain, where increasing fuel prices prompted 12 days of blockades by lorry drivers. A debate on whether to cap energy prices, pitting …

India’s Cairn Oil & Gas, a unit of Vedanta, will spend as much as $4 billion over the next three years to more than triple its production, as high prices attract more investments. India’s biggest non-state producer, controlled by billionaire Anil Agarwal, plans to drill more wells to explore new …