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Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom.But the country may also be facing an uncomfortable reality as a result. As carefully cultivated relationships with firms such as BlackRock Inc. and SoftBank Group Corp. have yet to draw in the desired investment, it’s turning to the jewels of its energy industry to attract new money.
Saudi Arabian energy company ACWA Power has announced the opening of a utility-scale solar renewable energy project in the country. The 300MW Sakaka PV independent power producer (IPP), which was built with an investment of SAR1.2bn ($319m), was inaugurated by Crown Prince Mohammed bin Salman. Salman said: “The private sector plays a fundamental role in the development of renewable energy projects in Saudi Arabia.
Energy infrastructure company Sempra Energy said on Monday it would sell a 20% stake in its new business platform, Sempra Infrastructure Partners, to investment firm KKR for $3.37 billion in cash.The sale was flagged by Sempra in December and comes as the company sharpens its focus on renewables and energy storage to capitalize on the growing global demand for cleaner fuels.
Bloomberg) --Iraq is discussing a “giant” agreement with French oil giant Total SE to build large infrastructure installations, develop oil fields and produce gas, Oil Minister Ihsan Abdul Jabbar told Asharq News in an interview that aired on Saturday.The agreement is giant, and the volume of the investment exceeds $7 billion,” the minister said.
South Africa has announced fresh plans to alleviate the severe electricity crisis in the country, including three offshore power ships, greater use of solar and wind energy. Minister of Mineral Resources and Energy Gwede Mantashe, on Thursday, announced eight preferred bidders in the government's emergency risk mitigation programme, which will enable independent power suppliers to supplement the electricity produced by the sole national supplier, Eskom.
China's goal to become carbon neutral in 2060 will require $6.4 trillion of investment in new power generating capacity, leading to a tectonic shift in manufacturing and commodity imports while boosting its energy security, consultancy Wood Mackenzie said on Thursday. China has been grappling with rising oil and gas import dependency while facing increasing geo-political tensions that threaten its energy security.
Spending by oil and gas companies operating in the UK North Sea fell to the lowest levels since 2004 last year as they concentrated on preserving cash during the pandemic, while production from the more than half a century-old basin has re-entered “longer-term” decline.
An Australian-dominated consortium is in line to buy windfarm operator Tilt Renewables for nearly $3 billion.The consortium of Queensland Investment Corp., AGL Energy, Australia's Future Fund, and Mercury Energy will pay $7.80 a share for Tilt, which has windfarms on both sides of the Tasman. Tilt was effectively put on the block last year when its two-thirds owner Infratil announced a review of its investment.
The U.S. company ConocoPhillips is buying back stock at an annualized rate of $1.5 billion to return more cash to investors. That’s an increase of 50% compared with the pace of repurchases in the fourth quarter, the point at which the program was suspended in the wake of Conoco’s acquisition of rival producer Concho Resources Inc. The shares rose 1.5% in pre-market trading in New York.
The Government of India revealed its proposal to invest $6 billion to build a petroleum refinery project in Myanmar’s Thanlyn region near Yangon. It is aimed at strengthening India’s ties with Myanmar, propel their cooperation in the energy sector and diplomatically counter Myanmar’s dependence on infrastructure development from China.
National climate advisor Gina McCarthy told oil and gas industry executives that rebuilding the COVID-19 battered U.S. economy is a once-in-a-lifetime opportunity to invest in a rapid transition to clean energy. McCarthy headlined the CERAWeek virtual conference, where she pitched an optimistic picture of a low-carbon economy based on electric vehicles and renewable energy for the next four years.
The UK Government’s Budget announcement has legislated for the creation of an infrastructure bank and green finance schemes. On Wednesday, UK Chancellor Rishi Sunak announced a package of business measures. These included a raise in corporation tax set for two years’ time. Until then, the UK Government will allow companies to deduct 130% of their investments from their taxes.
The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015. Despite government efforts to stimulate activity, just a handful of drilling rigs now work in the deep Atlantic waters that hold the country’s greatest resources.
The board of Essar Power ltd, an investee company of Essar Global Fund (EGFL), has approved an investment of Rs 300 crore in a 90 megawatt PV Solar plant in Madhya Pradesh, marling the fund's foray into renewable energy," he said. The project is expected to be completed by june 2022.
Algeria’s energy exports are plunging, threatening financial suffering for OPEC member and potential repeat of mass demonstrations that toppled president 2years ago. The North African nation’s struggling to keep up shipments, lifeblood of economy as years of mismanagement and lack of investment take their toll. Decrease is so severe that Algeria might cease to be a crude exporter within decade.
Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on biggest natural gas discovery in the Black Sea. The necessary capital investment to produce the gas and deliver it onshore is estimated at around $3.2 billion. TPAO was allocated 13.4 billion liras ($1.9 billion) from the government’s 2021 budget.
Norway’s $1.3trillion wealth fund is set to take a critical look at stakes it holds in national oil companies, as its ethics council expands scrutiny of corruption in its latest set of guidelines. Oslo-based fund, has already steered away from areas such as tobacco, weapons, coal and palm oil. Norway’s sovereign wealth fund returned $123billion on its investments last year.
According to industry estimates, as much as Rs 1.75 lakh crore investment is required to bid out 35GW of renewable energy capacity in the country. About 50 GW of clean energy is under implementation, while India has already installed over 90GW renewables, including 37GW of solar and 38GW of wind energy.