Hainan bunkering volume up 113% on year to 217,500 mt during 2021

Hainan Maritime Safety Administration supervised 420 bonded oil bunkering operations and recorded a bonded bunkering volume of 217,500 metric tonnes (mt) in 2021, representing respective increases of 158% and 113% on year, according to state media CCTV. The Hainan Provincial Department of Commerce, Hainan Maritime Safety Administration and Hainan Provincial Department of Transportation jointly issued

HSBC slammed for ‘unbelievable’ 2022 fossil fuel investment

Despite “warm words” on climate action during COP26 in Glasgow, HSBC’s continued investment in fossil fuels is “unbelievable”, climate groups have said. Environmental activist group Market Forces has said it has obtained figures which show HSBC is continuing to finance oil and gas deals in 2022. The group claims this flies in the face of

EU delays deadline on green finance taxonomy rules for nuclear and gas

The Commission drafted a plan late last year to add some gas and nuclear investments to the European Union’s “taxonomy,” its rule book to define which investments can be labelled as climate-friendly in the EU. The EU executive quietly distributed a text to member states in the final hours of 2021 after the much-delayed document

IOCL clarification on rollout of Ethanol Blended Petrol across the NE States

Indian Oil Corporation Ltd. has recently planned to roll out 10% Ethanol Blended Petrol (E10) across the 7 North Easters states with a 100% rollout in Guwahati. The blending of 10 % ethanol in Petrol in India is a practice which is nearly 2 decades old now and has been implemented across the country. Implementation

$36.3 bn Methanol markets by feedstock

The global Methanol market is estimated to be $30.7 billion in 2021 and is projected to reach $36.3 billion by 2026, at a CAGR of 3.4% from 2021 to 2026. Increase in demand of methanol from the end-use industries such as automotive, construction, electronics, solvents, pharmaceuticals, appliances, packaging, and insulation is propelling the growth of

ABS grants AIP for MOL’s ammonia bunkering vessel

Japanese shipping company Mitsui O.S.K. Lines, Ltd. announced that the company, along with ITOCHU Corporation has obtained approval in principle (AIP) from the American Bureau of Shipping (ABS) for an ammonia bunkering vessel concept. The project is part of a joint development study on ammonia fuel supply chain in Singapore. MOL, which already has experience

India invites bids to set up gas sales network

India has invited bids in an auction for licences to supply natural gas to households, automobiles and small industries in some areas of five states, an official statement said, as the country pushes to cut its carbon emissions. India, the world’s third biggest emitter of greenhouse gases, has set a 2070 goal for net zero

What is at stake for the US biofuel blending law in 2022 and beyond

The US biofuel blending program known as the Renewable Fuel Standard (RFS) could see its most transformative year yet in 2022, as the Biden Administration must make decisions to reset statutes that mandate US renewable fuel blending. The program was designed to mandate certain volumes of renewable fuels to replace or reduce petroleum-based fuels. Oil

ExxonMobil expands interest in biofuels, acquires stake in Biojet

ExxonMobil, one of the largest publicly traded international energy companies, is acquiring a 49.9% stake in Biojet AS, a Norwegian biofuels company.  By doing so, ExxonMobil is expanding its interests in biofuels that can help reduce greenhouse gas emissions in the transportation sector, as Biojet plans to convert forestry and wood-based construction waste into lower-emissions

Carbon offset credits set to soar on net zero ambitions

The price of carbon offsets – widely used by those seeking to counterbalance their pollution – is expected to rise by as much as 4800 per cent by 2050, as major emitters scramble to meet net zero targets. Carbon offsets were in 2020 being sold for about $US2.50 a tonne but with many countries pledging