Global hydrogen organisation set up
MELBOURNE: Australian mining billionaire Andrew Forrest launched a green hydrogen organisation, GH2, in a push to speed up development of the clean fuel to help curb global warming.
GH2's goal is to ensure that by 2050 a quarter of the world's energy comes from green hydrogen, which is extracted from water with electrolysis, an energy-intensive but carbon-free process if powered by renewable electricity.
GH2, to be chaired by former Australian Prime Minister Malcolm Turnbull, aims to bring together governments and development institutions to step up support for green hydorgen production and use in emerging markets.
It also aims to rope in the private sector and governments to publish demand forecasts, gather data on projects and set accreditation standards for the nascent industry to ensure that green hydrogen production involves close to zero greenhouse gas emissions.
Norway, Russia benefit from EU gas market
OSLO/MOSCOW: Norway and Russia are big winners from Europe's gas price rally as they benefit from volatility after the EU forced its gas producers years ago to shift away from steady, long-term contracts.
Benchmark European gas prices have soared 300 per cent so far this year with demand rocketing as economies recover from Covid-19 lockdowns and supply struggling to keep pace due to repairs and sliding gas investment amid a drive towards renewable power.
The price surge comes two decades after the EU liberalised its gas market, prompting a shift to more short-term, flexible contracts based on prices for gas traded on exchanges or hubs. Adapting further to market changes, Equinor and Gazprom set up trading desks, boosting their earnings in volatile markets.
S Africa petroleum sector's race against time
CAPE TOWN: South Africa's petroleum refinery capacity could become obsolete within two years, as it looks to extend the timing of new government rules meant to reduce sulphur emissions from 2023 to a later date.
The government gazetted new Petroleum Products Specifications and Standards in August that mandate the use of ultra-low sulphur petrol and diesel products from Sept. 1, 2023.
'Without a financial support mechanism, it would be difficult to justify the refineries' upgrade,' said SAPIA.
CNOOC wants $5.4bn to fund projects
SINGAPORE: China's state-run offshore oil and gas major CNOOC said it plans to raise up to 35 billion yuan ($5.41 billion) in a new share issue on the Shanghai stock exchange to fund several key oil and gas projects.
The domestic fund-raising plan came as US sanctions on CNOOC has forced global investors to exit or scale back investing in the firm. CNOOC plans to issue no more than 2.6 billion shares in the Chinese currency, or about 5.82 per cent of company's share capital.
Italy power bills to rise 29.8%
ROME: Italy electricity prices for households will rise 29.8 per cent in the next quarter and gas prices 14.4 per cent due to a spike in commodity prices, regulator Arera said.
The expected increase in bills is net of measures approved by the government, which has set aside more than 3 billion euros ($3.5 billion) to curb the surge in retail energy bills in the last three months of the year.
Without the measures Arera estimates that electricity and gas prices for families would have been up by 45 per cent and 30 per cent respectively.
