Oil firms explore using stranded $600 mn to buy Russian oil

Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd — haven’t been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia but could not be brought to India due

Oil India plans to invest Rs 25,000 cr to achieve net-zero targets

State-run Oil India Limited (OIL) plans to invest Rs 25,000 crore to achieve its net-zero emissions target, the oil and gas explorer’s Chairman and Managing Director Ranjit Rath said. Rath said at a press conference that OIL commits to invest in green hydrogen, setting up of 2G ethanol plant, compressed biogas plants, carbon capture utilisation

India may end use of fossil fuel before 2070

Petroleum and natural gas minister Hardeep Singh Puri said India will be self-reliant in energy sector by 2047 and is likely to end use of fossil fuel much before the country’s target of achieving net zero emissions by 2070. As for dependence on oil, gas and coal from foreign countries, Puri said by the year

SSY rolls out EU carbon market compliance service

London-based Simpson Spence Young (SSY) has launched a new service to secure carbon allowance procurement for clients ahead of shipping’s entry into the EU’s emissions trading system (ETS). The world’s largest independent shipbroker has joined forces with carbon market specialists CF Partners, which operates one of the largest trading desks in the carbon compliance market.

Bibby Marine and consortium bags funds from ZEVI

Bibby Marine and consortium partners have been awarded over £20m ($25m) in funding from the UK Government’s Zero Emission Vessel Infrastructure (ZEVI) competition for the construction of the world’s first zero-emission electric service operation vessel (eSOV). The consortium, which also includes the Port of Aberdeen, Offshore Renewable Energy (ORE) Catapult, Kongsberg, DNV, Shell and Liverpool

DFC approves $425 mn for Tata Power project

The US International Development Finance Corporation has approved a financial aid of up to $425 million (Rs 3,521 crore) to Tata Power Renewable Energy Ltd for setting up a 4.3 GW solar cell in Tamil Nadu by its subsidiary. The plant’s first module production is expected by year-end and the first cell production is expected

Swire Shipping releases its Sustainability Report 2022

Swire Shipping, a leading provider of sustainable and innovative shipping and logistics solutions, has published its Sustainability Report, which details its goals and achievements in the areas of sustainability and decarbonisation for the calendar year 2022. The Company’s sustainability strategy provides the framework and structure to ensure that it meets its sustainability commitments across Environmental,

Carbon capture, new fuels, energy efficiency are path to netzero

Carbon capture, energy efficiency and green fuels are the roadmap to net zero by 2050. That’s the pathway outlined by the 2023 Outlook, Beyond the Horizon: View of the Emerging Value Chains, the latest industry-leading research from ABS into shipping’s progress on the green energy transition. Released at the ABS Sustainability Summit during London International

Scania’s solar-powered hybrid truck testing in progress

What just happened? Swedish truck maker Scania last week unveiled a unique hybrid solar-powered truck. The vehicle is now being tested on public roads in Sweden as part of a two-year research collaboration between Scania, Uppsala University, Eksjö Maskin & Truck, Midsummer, Ernsts Express, and Dalakraft. In a press release, the company said that the

Microsoft funding new technology for carbon removal

Microsoft agreed to fund a carbon capture technology that uses the natural properties of limestone to take carbon dioxide out of the atmosphere, the startup firm Heirloom Carbon announced. The tech giant will purchase about $200 million worth of carbon credits — equivalent to 315,000 tons of carbon — over 10 years from Heirloom to