Centre cuts windfall tax on crude oil

The finance ministry has reduced to windfall tax on the sale of locally-produced crude oil to Rs 6,700 per tonne. However, the ministry has raised the Special Additional Excise Duty (SAED) on the export of diesel to Rs 6 per litre from Rs 5.50 a litre. The levy on the export of aviation turbine fuel

ONGC plans $24.2 bn investment to meet net zero emissions

ONGC is the largest oil and gas producer in India and is now swiftly scaling up its renewable capacity and aims to invest in multiple low-carbon projects. ONGC has 189 megawatts of electricity. The company is building a 5 GW solar energy project in Rajasthan and has laid down plans to set up offshore wind

India needs to invest 5% of GDP to meet net zero emissions

India will need to invest 5% of its GDP annually to meet net-zero emissions by 2050. With the unavoidable El Niño phenomenon having drained August of monsoonal rains, we just had a bite-sized look into what remains in store for us vis-a-vis our current climate trajectory. A major win that will fortify our green transition

EEL Biofuels uses algae as biofuel feedstock

EEL Biofuels has announced an advancement in renewable energy technology with the development of its revolutionary algae-based biofuels. This cutting-edge technology is poised to revolutionise the energy sector by providing a game-changing alternative to traditional fossil fuels. The core of their success lies in harnessing the power of nature’s own biofactory – algae. With algae’s

DSIC receives order for another liquified CO2 carrier

State-run Dalian Shipbuilding Industry Co (DSIC) has received a third order for a 7,500-cu m LNG dual-fuel capable liquified CO2 (LCO2) carrier from owner Northern Lights, a joint venture between Shell, TotalEnergies and Equinor which plans to transport and sequester CO2 in the North Sea. The ship, which is set to be fitted with an

L&T to explore green hydrogen prospects

Engineering conglomerate Larsen & Toubro (L&T) will explore green hydrogen prospects in India under the asset ownership model, a detour from its policy of staying asset-light. For its entry in the green hydrogen segment, L&T has diverted from its usual strategy on two counts. One, it has opted for an asset ownership and operatorship model

UP to have its own green hydrogen policy

Chief minister Yogi Adityanath on Thursday announced that Uttar Pradesh would soon have a green hydrogen policy. At a high-level meeting, Adityanath said the state government was committed to promoting the non-conventional sources of energy to counter global warming and climate change. At the meeting, the CM reviewed the preparation of the UP Green Hydrogen

Shell invests in Value Group for viable hybrid CO2 capture

Value Group, a pioneer of scrubbers and latterly carbon capture tech, has welcomed Shell Ventures as its newest investor. Shell Ventures is the corporate venture capital arm of energy giant Shell. Value Maritime is the developer and installer of Filtree, one of the first commercially viable hybrid CO2 capture and exhaust gas cleaning systems, which

GMF study identifies possible pathways for ammonia gas carriers

A new study released by the international not-for-profit organisation Global Maritime Forum has identified possible pathways to commercialise a first-of-its-kind ammonia-powered gas carrier as early as 2026. As part of the Nordic Green Ammonia Powered Ship (NoGAPS) project, which is co-funded by Nordic Innovation and brings together Yara International, BW Epic Kosan, MAN Energy Solutions,

JP Morgan adds more methanol dual-fuel tankers

JP Morgan has added to its methanol-powered product carrier orderbook in China with two more ships at Guangzhou Shipyard International (GSI), according to broking reports. Greek shipbroker Intermodal has placed the US banking giant behind the order for two 50,000 dwt units costing $50m each. The deal brings the total number of methanol dual-fuel MR