Daily Energy News
Policy & Regulatory
The European Commission proposes to cut GHG emissions by 55% in 2030
17 Sep 2020The European Commission is proposing to raise the 2030 target for greenhouse gas (GHG) emissions reduction from 40% to at least 55% compared to 1990, which would put the European Union on track for meeting its Paris Agreement obligations and for climate neutrality by 2050.
Read moreBulgaria plans to add 2.6 GW of renewable capacity by 2030
17 Sep 2020The Bulgarian Ministry of Energy has released its draft Sustainable Energy Development Strategy until 2030 with a horizon until 2050. The government projects to maintain coal power plants beyond 2030 and expects the 2 GW Belene nuclear power project is expected to come online only after 2030. The plan targets to add 2,645 MW of renewable capacity, including 2,174 MW of solar, 249 MW of wind and 222 MW of biomass by 2030.
Read moreAustralia proposes a gas-led recovery plan from the coronavirus recession
16 Sep 2020The Australian government has presented a plan to boost gas supply and reduce energy prices, promising a “gas-led recovery” from the coronavirus recession. The authorities intend to reset the east coast gas market and to create a more competitive and transparent Australian Gas Hub, along with a voluntary industry-led code of conduct for gas producers and consumers.
Read moreThe US reaches deal with Russia’s Rosatom on uranium supply agreement
16 Sep 2020The US Department of Commerce has agreed with the Russian state-owned nuclear company Rosatom to amend the Agreement Suspending the Antidumping Investigation on Uranium from the Russian Federation, which was originally signed in 1992. The new agreement, if finalised, would extend the Agreement to 2040 and reduce US imports of Uranium from Russia. The share of Russian imports, which is currently limited to 20% of US enrichment demand, would decrease to 17% over the next 20 years and would no higher than 15% as of 2028.
Read moreCompanies
BP targets 20 GW of renewables capacity by 2025
17 Sep 2020BP aims to reach a renewable capacity of 20 GW by 2025 and 50 GW by 2030. At the end of 2019, the company had a renewable capacity of 2.5 GW, with 20 GW of project under development, mostly in solar (83%), wind (15%) and biomass (2%). The group aims to build out an integrated portfolio of low carbon technologies, including renewables, bioenergy, and hydrogen and carbon capture, utilisation, and storage (CCUS).
Read moreNeste sells its stake in Swedish refiner Nynas to Bitumina Industries
17 Sep 2020The Finnish oil company Neste has sold its 49.99% stake in the Swedish oil refiner Nynas to Bitumina Industries, a bitumen company from the United Arab Emirates. Nynas owns four refineries: Harburg (69 kb/d) in Germany, Nynäshamn (28 kb/d) and Gothenburg (13 kb/d) in Sweden and Eastham (12 kb/d, owned by a 50:50 joint venture with Shell) in the United Kingdom. Venezuelan state-owned oil and gas company PDVSA owns a 15% stake in Nynas (35% stake sold to the NyColleagues foundation in 2019).
Read moreEnergy & Climate Markets
Eni and BP make a new gas find offshore Egypt
17 Sep 2020Eni and BP have made a new gas discovery of 4 Tcf (113 bcm) in the so-called "Great Nooros Area", located in the Abu Madi West Development Lease, in the conventional waters of the Nile Delta, offshore Egypt. Eni holds a 75% stake in the license of Abu Madi West Development Lease, through its subsidiary IEOC, while BP owns the remaining 25% stake. The lease is operated by Petrobel, a joint venture between IEOC and the state-owned company Egyptian General Petroleum Corporation (EGPC).
Read moreInfrastructure & Investments
Hitachi offically withdraws from Wylfa Newydd nuclear project (UK)
17 Sep 2020Hitachi has officially withdrawn from the Wylfa Newydd nuclear power plant project on the island of Anglesey, in North Wales (United Kingdom), citing rising costs and worsening investment climate.
Read moreEngie Green will commission 122 MW of solar capacity in southern France
17 Sep 2020Engie Green will invest €88m to develop 122 MW of solar power capacity in the Occitanie region (southern France) by 2021. The company has already commissioned 4 solar plants with a combined capacity of 18 MW since the beginning of 2020. In addition, the company has started building two wind plants, with a total capacity of 37 MW. Six other solar plants, with a total capacity of 66 MW, should be operational by 2021, when Engie Green’s solar capacity in the region will reach 250 MW (total renewable capacity including wind power of 410 MW).
Read moreChina’s Hengyi plans a new 14 Mt/year refinery in Brunei
17 Sep 2020China’s Zhejiang Hengyi Group is planning to build a new 280,000 bbl/d (14 Mt/year) refinery and petrochemical complex on the Pulau Muara Besar island in Brunei. The project would cost US$13.7bn and construction is expected to last 3 years.
In 2019, Zhejiang Hengyi Group started up its 160,000 bbl/d (8 Mt/year) refinery project located on the same site. The US$3.5bn project was initially expected in 2015 but has been delayed due to local infrastructure issues. The capacity on the site should then increase to 440,000 bbl/d (22 Mt/year).
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