Economy

Energy Investment

UN Chief Urges Banks to Halt Fossil Fuel Infrastructure Financing

Banks should finance low-carbon climate-resilient projects, not big fossil fuel infrastructure that is not even cost-effective anymore, UN Secretary-General Ant…

Wind Farm

Uzbekistan, Saudi Arabia's ACWA Power Sign Agreement to Build Region's Largest Wind Farm

Uzbekistan has signed an agreement to build a 1,500 MW wind farm in its northwestern Republic of Karakalpakstan with Saudi Arabian company ACWA Power.

United States

Siemens Energy to Shut Olean Plant

Siemens Energy has announced plans to shut its plant in Olean, New York by June 2022

Oil Price

Saudi Arabia Could Slash Deficit To Below 5% Of GDP At $60 Oil

The world’s largest oil exporter, Saudi Arabia, could see its budget deficit drop to below 5 percent of gross domestic product this year if oil prices average …

Wind Power Project

Bank of Ireland and EIB Co-Finance €100m Wind Energy Project

The European Investment Bank is partnering with the Bank of Ireland to co-finance a €100 million wind energy farm project.

Natural Gas

China Gas Use to Rise 10pc in 2021: Sinopec, PetroChina

China's state-controlled energy firms are expecting domestic gas demand growth to accelerate this year, as the economy recovers and consumption of the fuel is b…

Energy Investment

Iraq to Invest $3bn Over Five Years in the Basrah Gas Company

Baghdad has also looked at forming other alliances regionally, to wean its dependence off Iranian gas

Wind Power Project

JSW Renew Energy Signs Wind PPA in India

Indian power company JSW Energy’s subsidiary, JSW Renew Energy, has signed a 540MW power purchase agreement with the Solar Energy Corporation of India for blen…

Total Acquires Interest in Yunlin Holding GmbH from wpd

Total has signed an agreement with wpd to acquire a 23% interest in Yunlin Holding GmbH, the owner of Yunlin offshore wind farm located off the coast of Taiwan,…

Power Construction

US DOE Promises Loans for Electric Infrastructure Projects

The US Department of Energy (DOE) has announced loans of up to $8.25bn to support projects for expanding and improving the country’s electricity grid.

RCEP

Japan Approves RCEP, World's Largest Trade Deal Including China, ASEAN

Japan's upper house of parliament on Wednesday approved the world's largest free trade deal RCEP which comprises 15 Asia-Pacific countries.

Oil Refinery

Sinopec Q1 Net Profit $2.9 bln, Refinery Output Surges 16 per cent

Asia's top oil refiner, also known as Sinopec, posted a 19.15 billion yuan loss during the same period last year under international accounting standards, as th…

Russian Federation

Gazprom Says Net Profits Slumped in 2020 Amid Pandemic

The state-controlled group scored net profits of 135 billion rubles in 2020 compared with 1.203 trillion rubles in 2019.

Natural Gas

PetroChina Posts Best Quarterly Profit in Seven Years

PetroChina's first-quarter revenue was up 8.4 per cent at 551.9 billon yuan, it said in a filing to the Hong Kong Stock Exchange

Wind Power Company

Vattenfall Wind Business Records Q1 Earnings Dip

Results affected by unfavourable weather conditions despite new capacity