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Russian and Turkish companies sign oil and gas MoUs in Algeria
21 Apr 2020The Algerian oil and gas company Sonatrach has signed two Memoranda of Understanding (MoUs) with Zarubezhneft (Russia) and TPAO (Turkey) to discuss opportunities to invest in oil and gas exploration, development and production in Algeria.
Read moreCouche-Tard suspends US$5.6bn offer for fuel distributor Caltex Australia
21 Apr 2020The Canadian convenience store chain Alimentation Couche-Tard has decided to cancel its AUD8.8bn (US$5.6bn) offer to acquire fuel distributor Caltex Australia. Alimentation Couche-Tard, which had secured funding for the deal, is willing to re-engage in the acquisition process once coronavirus-related uncertainty dissipates. Caltex Australia owns more than 1,900 service stations in Australia, as well as the 109,000 bbl/d Lytton refinery.
Read moreThailand’s EGCO buys a 25% stake in the Yunlin wind project (Taiwan)
21 Apr 2020Thailand’s Electricity Generating Public Company (EGCO) Group, through its affiliate Greenwing Energy, has completed the acquisition of a 25% stake in Yunlin Holding, which is developing the 640 MW Yunlin offshore wind project in Taiwan.
Yunlin Holding is owned by WPD with a 73% stake and by a consortium of Japanese investors led by Sojitz Corporation and including Chugoku Electric Power, Chubu Electric, Shikoku Electric Power and JXTG Nippon Oil & Energy Corporation with 27%. The sale of the 25% stake was announced in December 2019.
Read moreMOL closes acquisition of Chevron’s assets in Azerbaijan
20 Apr 2020Chevron has closed the sales of its non-operated exploration and production (E&P) and midstream assets in Azerbaijan to the Hungarian oil and gas company MOL, after it received government and regulatory approvals. The two companies had agreed on the transaction in November 2019 for a total consideration of US$1.57bn.
Read moreEnergy & Climate Markets
Austria phases out coal with the closure of the Verbund’s 246 MW Mellach plant
21 Apr 2020The Austrian power generation group Verbund has stopped the 246 MW coal-fired district heating plant at Mellach, which was the last operational coal-fired unit in Austria, at the expiry of the heat supply contract with the city of Graz (Austria). The plant will be kept operational for back-up, using gas to produce power to avoid bottlenecks and supraregional power grid support. In 2011, Verbund commissioned an 832 MW CCGT plant on the Mellach site. The company intends to transform Verbund into an innovation hub.
Read moreRussia’s Lukoil will cut its oil production by 18% after OPEC+ deal
21 Apr 2020Lukoil has decided to reduce its oil production by 18%, i.e. by 290,000 bbl/d or 40,000 t/d, as part of the new OPEC+ agreement. The company produced around 240 kt/d of crude oil in 2019 (around 222 kt/d in April 2020).
Read moreUS GHG emissions rose by 2.9% in 2018
21 Apr 2020According to the US Environmental Protection Agency (EPA), US greenhouse gas (GHG) emissions rose by 2.9% in 2018 to 6,677 MtCO2eq, i.e. 3.7% above their 1990 level. Net emissions (including GHG sinks) increased by 3.1% to 5,903 Mt in 2018, i.e. 5.7% below their 1990 level. Nevertheless, GHG emissions in 2018 were still about 10% lower than their 2007 high.
Read moreArgentina is expected to add almost 700 MW of solar capacity in 2020
20 Apr 2020According to the Argentinian electricity market regulator CAMMESA, eight solar parks with a combined capacity of over 669 MW will enter operations in 2020. This includes the 300 MW Cauchari project, which was awarded to Jujuy Energía Minería Sociedad del Estado (JEMSE) in 2016 under the framework of Argentina’s first renewable tender. The solar park has received US$390m in financing from the Eximbank of China and is built by a consortium between Chinese companies Shanghai Electric and Power China in the province of Jujuy. The project is expected to be commissioned in May 2020.
Read moreInfrastructure & Investments
Pieridae delays FID on 10 Mt/year Goldboro LNG export project (Canada)
21 Apr 2020Canadian LNG company Pieridae Energy has postponed the final investment decision (FID) for the 10 Mt/year Goldboro LNG export terminal project in Nova Scotia (Canada) due to coronavirus pandemic. The FID was initially expected in late September 2020 but could be delayed to June 2021. Pieridae Energy, which signed a 20-year agreement to sell all of the LNG production from train 1 at Goldboro (5 Mt/year) to German utility Uniper starting between 30 November 2024 and 31 May 2025, is negotiating with its customer to extend the FID deadline.
Read moreAvaada Energy wins 2 GW solar power project in NHPC auction (India)
21 Apr 2020The Indian state-owned hydropower group NHPC has conducted an e-reverse auction for a 2,000 MW grid-connected solar power project to be developed up anywhere in India. The auction attracted seven bidders with a cumulated capacity of 3,140 MW. Avaada Energy won the 2,000 MW solar project, offering a tariff of INR 2.55/kWh (US$3.33c/kWh) against an initial quoted tariff of INR 2.71-2.78/kWh (US$3.54-3.63c/kWh).
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