Industrial Project NEWS

Shares of renewable energy stock Orbital Energy Group (NASDAQ:OEG) jumped as much as 21.5% on Wednesday after announcing a new solar project. At 11:15 a.m. EDT today, shares were up 15.4% and holding steady for the day.Orbital Energy Group's subsidiary Orbital Solar Services was selected to be the engineering, procurement, and construction (EPC) provider for a 137 megawatt project in Arkansas.

The world is looking for alternate sources of energy because our non-renewable energy deposits are limited and depleting fast. Therefore, companies like the Sunbuy Renewables Private Limited, which is one of the biggest EPC firms in Western India, is what the future needs. Sunbuy, currently working in the B2B segment, has its own management tools for processing Solar Power Plant assets and presently, it has 50MW of projects in hand.

With the immediate end to spending on new upstream projects and an expected shutting-in of higher-cost production, global oil supplies would shrink by more than 8% each year, the IEA estimates under its Net-Zero Emissions by 2050 Scenario or NZE. Oil demand will never again reach its historic peak in 2019 before shrinking to 24 million b/d in 2050, from around 90 million b/d in 2020, the IEA's scenario showed. Gas demand would also decline by 55% over 2020 levels to 1,750 Bcm by 2050.

Assam Petrochemicals Limited (APL) is launching a new pilot project next month to evaluate the feasibility of methanol as a cooking fuel. The project is part of an initiative by policy think tank, Niti Aayog, to promote the use of methanol. APL chairman yesterday said that methanol is estimated to be at least 30% cheaper than LPG.

Sinopec Corp has joined hands with Zhejiang Energy Group Co Ltd for LNG terminal in east China. It is an agreement of 3 million tonne-per-year whose first phase is set for operation at end-2021. 4 tanks with a capacity of 200,000 cubic meters of LNG each, a berth of capacity 30,000 cubic meters to 266,000 cubic meters and a 26-km pipeline, these are included in the project.

India’s ONGC Videsh Ltd informed that Sudan is making its move towards mitigating default on payment of dues and thus, has asked OVL to pull out its arbitrary proceedings against the nation. OVL earlier this year in London court filed an arbitration claim against Sudan’s government. This is in relation with the pending dues from a 2011 breakaway of South Sudan from a project.

A new polymer plant has been constructed under SOCAR Polymer project in Sumgayit Chemical Industrial Park. This project strengthens the industrial potential of Azerbaijan, commented the Italian President while talking about the significance of the project during the inauguration of the same. Talking about the relations of Italy and Azerbaijan, he thanked SOCAR and Maire Tecnimont for the success of the project.