Essar to build petrochemical complex in Odisha

India’s Essar Group is planning to construct a petrochemical complex in the eastern state of Odisha, with an investment of Rs400bn ($4.92bn). Planned to be built with a potential partner, the oil to petrochemical complex will be equipped to have an annual capacity of 7.5 million tonnes. Essar made the announcement at the third edition

Global fossil fuel use to skyrocket before falling

A new climate study by BloombergNEF (BNEF) shows that there might be hope for reparative action, even though it might take slightly longer. The 2022 BNEF New Energy Outlook report assesses how the energy systems of nine critical countries that make up 63% of global emissions will likely progress in two scenarios in the coming

NITI Aayog proposes policy framework for CCUS

Carbon Capture Utilisation and Storage (CCUS), the technology for decarbonising carbon dioxide (CO2) from high polluting sectors such as steel, cement, oil, gas, petrochemicals, chemicals and fertilisers, has a critical role to play for the country to halve CO2 emissions by 2050, says a report on the policy framework of the CCUS prepared by the

Germany approves withdrawal from Energy Charter Treaty

Germany is exiting the Energy Charter Treaty, Economy Minister Robert Habeck announced. The treaty has been criticized for hampering efforts to reduce the use of fossil fuels, allowing companies to sue for compensation. The agreement binds its members to its provisions for 20 years. Germany’s coalition government announced plans to leave the treaty in November.

Windcat opts hydrogen-powered CSOV

Crew transfer vessel operator Windcat, part of Antwerp-based shipping and logistics group Compagnie Maritime Belge (CMB), has tapped Dutch shipbuilder Damen Shipyards for the construction of a series of hydrogen-powered commissioning service operation vessels (CSOVs). The so-called ‘Elevation Series’ CSOVs have been designed by Damen Shipyards in cooperation with Windcat and CMB’s clean technology division,

Nokia and stc to work together on netzero emissions

Nokia and stc confirm the adoption of energy-efficient solutions, enabling stc to reduce its carbon emissions and support its net-zero targets. The two signed a Memorandum of Understanding (MoU) that will see them work together across four areas: climate, society, digitalisation, and future of work with the aim of reducing carbon emissions and adopting sustainable

CNOOC buys 5% stake in Petrobras’s Buzios oil field

Brazil’s state-owned oil company Petrobras announced that it had received $1.9bn from CNOOC Petroleum Brasil Ltd. (CPBL) for a 5% stake in a production-sharing agreement for the Buzios field in the pre-salt of the Santos Basin. The $1.9bn includes adjustments provided for in the contract. The transaction is subject to approval by Brazil’s Ministry of

ReNew Power and Elsewedy to develop green hydrogen plant

ReNew Power, India’s largest renewables company, will invest $8bn in a green hydrogen plant in the Suez Canal following an agreement with the Egyptian government. A green hydrogen plant is planned for the Suez Canal, following a 15 November 2022 framework agreement signed by ReNew Power, India’s largest renewables company, and the Egyptian government. A

MHI and EGAT to collaborate on clean power generation

Mitsubishi Heavy Industries, Ltd. (MHI) and Thailand’s Electricity Generating Authority of Thailand (EGAT) have signed a Memorandum of Understanding (MoU) to study and exchange information relating to clean power generation, hydrogen, carbon capture, utilisation and storage (CCUS) technologies. The MoU was signed in support of Thailand’s of achieving carbon neutrality by 2050. Set to take

ANZ to fast-track net zero transition

Australia and New Zealand Banking Group Ltd (ANZ) said it had earmarked A$100 billion (US$67.63 billion) to help its customers lower carbon emissions by 2030, as the lender looks to accelerate its transition to net zero. Part of the amount will be used for initiatives, which include facilitating concessional loans for businesses to buy energy-efficient