According to Deputy Prime Minister Alexander Novak, Russian oil exports grew by 12% in the first five months of 2022, as demand persists, despite Western sanctions reducing oil exports to Europe. He added that the increase is linked to lower refining volumes and the reconfiguration of refineries in Russia. Sanctions against Russia include a US
Brazil’s biodiesel producers are ready to increase output to prevent a major diesel supply shortage. In September last year, the government decided to reduce the mandatory mix of biodiesel in diesel because of the high price of soy, the main raw material for the production of biofuel in the country. The country’s bio blending sector
Black Sea Oil & Gas (BSOG) has announced that the commercial gas extraction has been started in Black Sea and the first deliveries in to the Romanian gas network has also begun. BSOG, an oil and gas company controlled by US-based investment firm Carlyle, said that it would extract 500 million cubic meters of
India’s crude oil production has increased by 4.6 per cent year-on-year to 2.6 million tonnes (MT) in May 2022. Compared with the target for the month, the output was higher by 2.4 per cent. Cumulatively, the output during the first two months of FY23 rose around 2 per cent Y-o-Y to 5.1 MT, while it
Union Minister Nitin Gadkari said efforts are being made to help EVs and flex-fuel vehicles (FFV) achieve price parity with petrol and diesel vehicles within a year’s time. Speaking at what India thinks today global summit, Gadkari said that the aim of the government is to bring prices of EVs and FFVs to the same
Oil major, Chevron plans to spend about $2.5 billion building up its hydrogen business to accelerate its investment in low-carbon technologies. The company will develop both green and blue hydrogen. Chevron announced last autumn that it was allocating $10 billion toward developing renewable fuels, hydrogen and carbon capture through 2028, but it didn’t specify how
India’s second-largest oil and gas explorer, Oil India Ltd, has announced that it has signed an initial agreement with homiHydrogen to work together in the green hydrogen value chain. As per the agreement, both the companies will work together to boost India’s efforts towards energy transition for achieving net-zero by 2070 and support development of
Shanghai Merchant Ship Design and Research Institute’s (SDARIs) has designed 210,000 DWT Newcastlemax bulk carrier. The carrier installed with Anemoi Rotor Sails has received Lloyd’s Register’s (LRs) Approval in Principle (AIP). The vessel is designed by SDARI to improve efficiency and reduce environmental impact. The Newcastlemax AIP is part of a pioneering joint development project
As prices of low-sulfur fuel oil touched an all-time high recently, the demand and orders for dual-fuel vessel has been increasing. Most of the shipowners are opting for LNG-powered ships in order to meet environmental regulations. The three major South Korean shipbuilders received orders for 154 vessels, and those include 68 ships in which LNG
Daewoo Shipbuilding & Marine Engineering Co. (DSME) mounts the world’s first installation of a high-manganese steel fuel tank on a very large crude-oil carrier. The installation was done as a joint work for 10 years by DSME and steelmaker POSCO. The two companies independently developed manufacturing technology covering every stage from pre-treatment to welding, and