Day: June 18, 2021

China’s state planner and market regulator have jointly launched an investigation into coal prices and will crack down on speculation and hoarding, the country’s economic planning agency said on Friday. Reuters last week reported that a team of inspectors from five government departments, including the National Development and Reform Commission (NDRC) planning agency and the state market regulator, visited major coal hubs in northern China to investigate inventories and illicit hoarding. read more Physical prices for thermal coal in the 5,500 kilocalorie/kilogramme grade have been hovering around 900 yuan ($139.63) per…

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TOKYO, June 18 (Reuters) – Japan will tighten its rules on support for exports of new coal power plants, in line with a pact by the Group of Seven nations (G7) to halt new government backing for “unabated coal power” by the end of 2021, a government official said on Friday. The G7 pledged on Sunday to rapidly scale up technologies and policies that speed the transition away from such power, generated by plants that lack emissions-cutting measures, such as carbon capture and storage (CCS). read more “Our rules to support…

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A decade ago, fossil fuels accounted for just over 80 percent of final energy consumption in the world. During the last ten years, renewable energy has boomed, and installations continue to soar to record highs. But oil, gas, and coal still represent over 80 percent of final energy consumption, despite the rising share of renewable energy in the world’s total energy consumption. Fossil fuel use around the world hasn’t retreated despite the avalanche of net-zero pledges, significantly increased support to clean energy from governments, and record-high installations of solar and…

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After an extraordinary year of health and economic challenges, the global oil and gas sector has an essential role to play in the economic recovery. The same could however be said of any economic recovery and expansion over the past 100 years – during this time oil and gas companies have provided most of the primary energy that has fuelled huge economic growth. But this time does look different. The oil and gas sector will power economic recovery not just through oil and gas exploration and production, but also (and…

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Wanting more is not always bad, but it is ironic that such an important sector has not been able to undertake any major refinery upgradation and expansion all these years despite one crisis after the other (read petroleum). More recently, the sector has been waiting for the latest refinery policy that has been in the consultation and approval stage for quite some time. While a detailed draft policy must follow, many believe that the latest budget has spelled out the key nuggets from the much-awaited refinery policy. The first impression…

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