Geely Auto secures $400m sustainable club loan for green transition

Geely Automobile Holdings Ltd (Geely Auto) has become the first Chinese automaker to secure an overseas sustainable club loan. The three-years $400 million facility will be used to support Geely Auto’s R&D of technologies and production of vehicles in new energy segment, enabling the company achieve its carbon neutrality goal by 2045. The oversubscribed club

Affluent regions in China invest more on fossil fuel

According to latest analysis by environmental group Greenpeace, Guangdong, Zhejiang and Shanghai regions in China have continued to increase the amount of money spent on fossil fuel projects. While China’s economic hubs are heeding Beijing’s order to turn away from coal, experts found that these regions are shifting to fossil gas instead. Some of China’s

Korea, China competing methanol-powered ship market

Competition is expected to intensify between Korean and Chinese shipbuilders in the methanol-powered ship market. French shipping company CMA CGM recently decided to place an order for six 15,000-TEU methanol-powered ships with Dalian Shipbuilding of China, not with a Korean shipbuilder. As the price per ship is $175 million, the entire value of the contract

China Merchants inks LNG carrier deal with Sinochem

China Merchants Energy Shipping (CMES) has landed a long-term charter agreement with Sinochem Petroleum Shipping Singapore, a subsidiary of Sinochem Energy, for three of its liquified natural gas (LNG) carrier newbuilds. The Shanghai-listed energy transport unit of China Merchants Group said the deal involves the 175,000 cu m trio built by Dalian Shipbuilding Industry Corporation

Sinopec purchases Russian crude

China’s Sinopec Corp has cut its purchases of Russia’s ESPO crude oil in July as other buyers, including from India, were willing to pay higher prices. Sinopec bid at discounts of about $20 a barrel below the price of Middle East benchmark Dubai on a free-on-board basis for July shipments, similar to what it paying

Gazprom cannot guarantee gas deliveries to Europe

Russia’s Gazprom says it cannot guarantee natural gas deliveries to European customers – as its exports to China hit an all-time high. Russia’s Gazprom has tried to claim “force majeure” — or an act of God — in its natural gas contracts with European buyers. Force majeure clauses allow parties to be released from their

Chinese carbon market shows great progress in the world

The cumulative trading volume of the carbon market reached 194 million tons in China, with a cumulative turnover of 8.49 billion yuan ($1.26 billion). Carbon emissions by 2,162 power companies were covered in the first batch of trading, with a total emission of about 4.5 billion tons in one year. One year on, the carbon

China develops hydrogen engines for light and heavy trucks

YCK05H, the first hydrogen engine was developed in China by Yuchai. The engine was designed for city buses, garbage trucks and cargo vehicles. It was first launched in December 2021, after which Yuchai began developing the YCK16H, especially for heavy-duty commercial vehicles. Yuchai became the first Chinese company to develop hydrogen-powered engines for both light

Second methanol-fuelled tanker to Proman Stena Bulk delivered

Proman Stena Bulk takes delivery of second methanol-fuelled tanker Stena Pro Marine. Proman Stena Bulk is a joint venture (JV) between global methanol producer Proman and one of the world’s largest tanker shipping companies Stena Bulk. Both 49,990 DWT IMOIIMeMAX dual-fuel mid-range (MR) tankers were built at GSI in China. Stena Pro Marine, like Stena

Global dependence on China for solar panels needs to be curtailed: IEA

International Energy Agency (IEA) says that countries must reduce dependence on China’s production of solar panels to reach net-zero emissions. IEA in its report said that while China’s policies and innovation have made solar power more affordable, its domination of the sector has also resulted in “imbalances” in supply chains. China has been instrumental in