Tag: Energy

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) and Phoenix Petroleum have agreed and signed a memorandum of understanding (MoU). To develop a collaboration in downstream...

Indonesia dramatically increased fuel prices by 30%, with Pertalite gasoline rising from 51 to 67 cents per liter and diesel from 35 to 46 cents. Long lines formed at gas stations as citizens rushed to purchase cheaper fuel before the price hike took effect.

The UN Food and Agriculture Organization reports significant food price increases, with grains and vegetable oils reaching unprecedented levels. Russia's invasion of Ukraine has disrupted global food supply chains, potentially causing widespread hunger in Africa and the Middle East.

The European Union has banned Russian coal, marking a significant step in energy sanctions related to the Ukraine conflict. The ban, estimated to cost Russia 4 billion euros annually, demonstrates the EU's commitment to economic pressure, though challenges remain in restricting oil and natural gas imports.

Congress overwhelmingly approved suspending normal trade relations with Russia and banning oil imports. The Senate unanimously passed two bills that will now go to President Biden for signing, following his previous executive actions against Russian energy imports.

Germany's government unveiled a comprehensive 600-page "Easter package" to dramatically increase renewable energy production, targeting almost 100% renewable electricity by 2035. The reforms simplify bureaucratic processes and declare renewable energy installations as a matter of "overriding public interest," addressing previous barriers to wind and solar expansion.

Asia is investing over US$350 billion in gas projects to reduce coal dependency, but experts warn this could potentially slow renewable energy adoption and lock in fossil fuel use for decades.

Guyana's government has approved ExxonMobil's $10 billion Yellowtail offshore oil project, marking the company's fourth field development. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to Exxon's existing Liza and Payara fields and strengthening Guyana's energy sector.

President Biden and European Commission President Ursula von der Leyen discuss reducing Europe's 40% reliance on Russian gas, driven by the Ukraine conflict. The deal aims to swiftly cut economic ties with Moscow and reshape energy dynamics in response to the ongoing war.

Malaysian engineering firm KAB partners with Janakuasa to enter Vietnam's renewable energy market. The collaboration involves establishing a special purpose company to acquire majority stakes in three hydropower stations, with power purchase agreements valid from 2030 to 2039.