Category: News & Announcement

The self-driving EV race is officially on. And as competition begins to pop up globally, joint ventures and partnerships are being struck almost daily as players from tech and legacy automotive rush to pair together in order to get products to the market as quickly as possible. The latest tie-up comes from Chinese EV manufacturer NIO, who announced it was partnering with chipmaker NVIDIA this weekend to “develop a new generation of automated driving electric vehicles”. “NIO, a pioneer in China’s premium smart electric vehicle market, and NVIDIA announced today that the…

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The year 2020 is already unforgettable in many ways. The Covid-19 pandemic brought the world to a standstill. With the economy on hold, energy consumption has plummeted including demand for LNG. The price of the supercooled fuel reached unprecedented lows in the spring of 2020. Within a year, however, the revitalization of the market is a fact. Prices in especially Asia have reached astronomic heights due to a combination of factors.  The most important LNG buyers-markets are in Asia and Europe. The latter, however, also enjoys a well-developed crossborder pipeline infrastructure…

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OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently, Bloomberg has reported, citing the leaders of the group, Saudi Arabia and Russia. “We are meeting monthly because we believe that the market is still not recovered and is still extremely volatile,” Russian Deputy Prime Minister and former Energy Minister Alexander Novak said. “We need to adopt a hands-on approach and be able to react faster.” This denser meeting schedule will also help OPEC+ get the upperhand in directing oil markets…

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PetroChina discovered a natural gas field with reserves in excess of 100 billion cubic meters, Chinese states news agency Xinhua reported this weekend. The agency cited a company official who said the field could produce 610,000 cubic meters of gas plus 106.3 cubic meters of crude oil daily. “The discovery marks a major breakthrough in gas exploration in the southern rim of the Junggar Basin, which will further guarantee the gas supply of our company and contribute to the stability and prosperity of the region,” Huo Jin, general manager of…

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Coal consumption is set for a rebound of 2.6 percent next year as the world’s heavy industry emerges from the pandemic crisis, the International Energy Agency said in its latest report on the fossil fuel. The forecast is, of course, based on the assumption that the global economy will begin to recover next year, which is far from certain. China’s and India’s recovery, however, has a higher degree of certainty—both countries are already on the mend. The IEA acknowledged this in its report, noting the rebound in coal consumption will be led…

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