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☆ New Mideast corridor would include trains to India, Delhi says
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince Mohammed bin Salman inspects the honour guard during his ceremonial reception at the Rashtrapati Bhavan presidential palace in New Delhi, India, September 11, 2023. Asked about the proposals, Ausaf Sayeed, a secretary in the Foreign Ministry, spelled out that the corridor would include trains to India and not just links by port. Saudi Arabia is among the top exporters of petroleum to India. Sayeed said that new corridor will include ports, railways, better roads and also power, gas grids and optical fiber network. During their talks earlier in the day the Indian leader and the Saudi crown prince also discussed cooperation in space, semiconductors and collaboration in defence manufacturing as well.

Persons: Crown Prince Mohammed bin Salman, Stringer, Ausaf, Khalid Al Falih, Prince Mohammed bin Salman's, Sayeed, Shivam Patel, Krishn Kaushik, Ed Osmond, Angus MacSwan Organizations: Saudi, Crown, REUTERS, Foreign Ministry, European Union, United Arab, Initiative, Saudi Investment, Gulf Cooperation Council, Thomson Locations: New Delhi, India, DELHI, East, South Asia, Indian, Delhi, United States, Saudi Arabia, United Arab Emirates, Monday, Saudi

☆ Key takeaways from the 2023 G20 summit in New Delhi
▼ + stars: | 2023-09-10 | by ( Sanjeev Miglani | ) www.reuters.com time to read: +4 min

FILE PHOTO-A man walks past a model of the G20 logo outside a metro station ahead of the G20 Summit in New Delhi, India, September 4, 2023. The entry of the AU would provide greater voice to the Global South within the G20 where the G7 countries have long played a dominant role. The deliberations of the G20 were being closely watched ahead of the COP28 U.N climate summit in the United Arab Emirates later this year. Modi's image has been on G20 billboards across the capital and in the vast and swanky new conference venue. To his supporters the successful outcome of the summit showed India's big moment had arrived.

Persons: Anushree, Joe Biden, Biden, MODI, Narendra Modi, Sanjeev Miglani, Kim Coghill Organizations: REUTERS, World Bank, Union, Diplomats, Host, European Union, U.S, Washington, United Arab, AS, Indian, India, Thomson Locations: New Delhi, India, DELHI, Ukraine, UKRAINE, Russia, Brazil, Indonesia, South Africa, China, Saudi Arabia, Iran, Beijing, SAUDI, United States, East, South Asia, Europe, United Arab Emirates

☆ G20 agrees to pursue tripling renewables capacity but stop short of major goals
▼ + stars: | 2023-09-09 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

A general view of GE Renewable Energy wind turbines, part of Pattern Energy’s Western Spirit Wind project, the largest wind project in the U.S., near Encino, New Mexico, U.S., March 15, 2023. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - G20 leaders on Saturday agreed to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power, but stopped short of setting major climate goals. The world's 20 major economies have had disagreements on commitments to reduce fossil fuel use, cut green house gas emissions and increase renewable energy targets. The declaration adopted by G20 leaders on the first day of the two-day summit in New Delhi did not mention cutting green house emissions. It said member nations "will pursue and encourage efforts to triple renewable energy capacity globally ... in line with national circumstances by 2030."

Persons: Bing Guan, Shivam Patel, YP Rajesh, Kim Coghill Organizations: GE Renewable Energy, REUTERS, Reuters, United Arab, YP, Thomson Locations: U.S, Encino , New Mexico, DELHI, Russia, China, Saudi Arabia, India, New Delhi, United Arab Emirates

NEW DELHI (AP) — G20 leaders agreed Saturday to triple renewable energy and try to increase the funds for climate change-related disasters but maintained the status quo with regards to phasing out carbon spewing coal. Even at the last meeting of the G20 climate ministers before the summit, disagreements had remained. Global leaders and climate experts say the declaration had largely taken the conversation forward, setting the stage for an ambitious climate agreement when they meet at the global climate conference, COP28, in Dubai later this year. For the first time, the G20 countries agreed on the amounts required to shift to clean energy. “However, it’s disappointing that the G20 could not agree on phasing down fossil fuels.”"Increasing renewables and reducing fossil fuels need to necessarily happen together – we need stronger bolder action from leaders on both.

Persons: Amitabh Kant, al, Jaber, ”, Harjeet Singh, Singh, Madhura Joshi Organizations: DELHI, Indian, Global, Climate Action, Global Energy Monitor, AP Locations: Dubai, Mumbai

Indian Prime Minister Narendra Modi announced that the Leaders' Declaration had been adopted on the first day of the weekend G20 summit in New Delhi. "On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration. British Prime Minister Rishi Sunak said the declaration had "very strong language about Russia's illegal war in Ukraine". The declaration also called for the implementation of the Black Sea initiative for the safe flow of grain, food and fertiliser from Ukraine and Russia. Despite the compromise over the Leaders' Declaration, the summit had been expected to be dominated by the West and its allies.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Germany's Scholz, Modi, Olaf Scholz, Rishi Sunak, Sergei Lavrov, Subrahmanyam Jaishankar, India's, Biden, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Scholz, Sunak, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Jon, Manoj Kumar, Katya Golubkova, Krishn Kaushik, Mayank Bhardwaj, Michel Rose, Raju Gopalakrishnan, Sanjeev Miglani, Jacqueline Wong, Kim Coghill, Alexander Smith Organizations: Indian, REUTERS Acquire, British, Foreign, INDIA, India's sherpa, Bharat, African Union, West, United Arab, Thomson Locations: New Delhi, India, Ukraine, Russia, DELHI, Ukrainian, Moscow, CHINA, China, Brazil, South Africa, Indonesia, Saudi, U.S, Delhi, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab Emirates

☆ PetroChina buys EV charging firm Potevio New Energy
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Model of petrol pump is seen in front of PetroChina logo in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 8 (Reuters) - PetroChina has acquired 100% of electric vehicle (EV) charging firm Potevio New Energy Co Ltd in the latest lower-carbon investment by China's top oil and gas company, parent CNPC said on Friday. Set up in 2010, Potevio New Energy was among China's first state-owned companies engaged in EV charging network building and operations. It ran 50,000 charging points in more than 50 Chinese cities as of end-2021, according to its official WeChat account. PetroChina last month set up a new entity based in the southeastern city of Putian in Fujian province to focus on investing and operating EV charging facilities.

Persons: Dado Ruvic, CNPC, PetroChina, Jason Neely Organizations: REUTERS, PetroChina, New Energy Co Ltd, Potevio, Energy, EV, SAIC Motor Corp, Beijing, Thomson Locations: Putian, Fujian

☆ Barclays says electrification is a ‘mega theme’ and names the global stocks to buy
▼ + stars: | 2023-09-08 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Analysts at Barclays have identified electrification as a "mega theme" and have named several stocks set to benefit. "The electric grid plays a key electrification and energy transition role," they said. Barclays' overweight rating corresponds to a buy recommendation. Barclays is overweight-rated on General Electric despite its plans to spin off GE Vernova, which comprises its power, renewable energy, digital and energy financial services businesses, in 2024. GE expects Vernova organic revenue to rise by mid single-digits on the year, with its renewable energy division revenue up high single-digits.

Persons: — CNBC's Michael Bloom Organizations: Barclays, U.S . Department of Energy, Stock, Schneider Electric, nVent, General Electric, GE Vernova, GE Locations: U.S, North America

☆ Offshore wind drops out of UK auction on costs, risking climate goals
▼ + stars: | 2023-09-08 | by ( Nora Buli | ) www.reuters.com time to read: +4 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. The result was bad news for Britain's 2050 net zero emissions target, which calls for 50 gigawatts (GW) of offshore wind capacity by 2030 versus around 14 GW now. In a 2022 auction, offshore wind projects were the main recipient of funding, with 7 gigawatts (GW) awarded, but developers did not even bid in the latest auction, the results of which were published on Friday. The lack of new offshore wind capacity would cost consumers 1 billion pounds a year, it added. Bid prices for renewable energy CfDs are expressed in 2012 money, with inflation meaning actual prices are higher.

Persons: Orsted, Phil Noble, Graham Stuart, Ed Miliband, Sweden's Vattenfall, Nora Buli, Miral Fahmy, Jason Neely Organizations: REUTERS, UK's Department for Energy Security, Turbine, Energy, Britain, Labour Party, Conservatives, Thomson Locations: Walney, Blackpool, Britain, OSLO, Oslo

☆ Indonesia's Pertamina Geothermal in talks to buy KS Orka unit for up to $1 bln - sources
▼ + stars: | 2023-09-08 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

Geothermal developer KS Orka had earlier this year appointed DBS to explore the sale of Sorik Marapi, the sources said, declining to be identified as the matter is private. Pertamina Geothermal and KS Orka did not immediately respond to requests seeking comment on Friday. If the deal materialises, it could mark one of the biggest by Pertamina Geothermal since its domestic initial public offering in February. KS Orka acquired a majority share of the company in mid-2016, the website showed, without disclosing the value. Besides Sorik Marapi, KS Orka's other projects include PT Sokoria Geothermal Indonesia in East Nusa Tenggara, KS Orka's website showed.

Persons: Sorik Marapi, Sorik, Yantoultra Ngui, Fransiska Nangoy, Kane Wu, Jacqueline Wong Organizations: Pertamina Geothermal, Pertamina Geothermal Energy, KS Orka Renewables, KS Orka, DBS, KS Orka's, Orka, Kaishan, Sokoria Geothermal, Thomson Locations: SINGAPORE, Indonesia, Southeast, Mandailing Natal, North Sumatra, Sokoria Geothermal Indonesia, East Nusa Tenggara, KS, Singapore

☆ ComBio wants industrial players to use sustainable biomass instead of fossil fuels for heat generation. Check out the 9-slide pitch deck it used to raise $90 million in growth capital.
▼ + stars: | 2023-09-08 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Brazilian company ComBio wants industrial players to swap out fossil fuel boilers for biomass. Founded in 2008, ComBio has developed biomass-based systems to remove the need to use oil and gas when generating heat. The company sources biomass from agricultural and forestry waste, which it said is sustainable and would typically have no other use. "If you look at the energy transition on heat, on thermal, you have quite limited options and by far the best one is biomass," Filho said. Check out the 9-slide pitch deck the company used to raise the funds below.

Persons: Lightrock, ComBio, Paulo Skaf Filho, Filho Organizations: Capital, Renewables, US International Trade Administration Locations: London, Brazil, Europe

The continent is rich in the commodities needed for the green energy transition and has abundant solar power, but many governments are also burdened with cripplingly high debts. "Eighty percent of the infrastructure Africa needs by 2050 has not yet been built," Gamboa said at the IMPACT conference. "They've come to a recognition that it is good development to leapfrog and go into the clean energy transition now." "We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge," the AFC's Gupta said. "The world still needs energy security, the world still needs energy source diversity.

Persons: John Muchucha, it's, Andrew Steer, Freddy, we've, Tom Mitchell, Sanjeev Gupta, Gupta, Cristina Gamboa, " Gamboa, ActionAid, Gloria Dickie, Jane Wardell, Sharon Singleton Organizations: REUTERS, Earth, Reuters IMPACT, International Institute for Environment, Development, London, African Finance Corporation, International Energy Agency, IMPACT, AFC, Thomson Locations: Africa, Nairobi, Kenya, London, Horn of Africa, Malawi, Mozambique, Madagascar, Sharm el, Sheikh, Lagos, Global South, Paris

A vessel carrying liquefied natural gas (LNG) cargo from Russia's Yamal LNG project, is seen at Rudong LNG Terminal in Nantong, Jiangsu province, China July 18, 2018. The key word Simonelli used is "destination," as it implies that LNG and natural gas are in the energy mix for a long time to come. The second bet is that the LNG industry will be able to convince government policymakers, companies and consumers that their fuel is better than the dirtier alternative of coal-fired generation. Overall, the industry is probably correct that energy demand, especially in Asia, is going to rise strongly in coming decades. But the LNG industry will also need to have policy settings just right and deploy technologies at a scale not yet seen to remain in the energy mix in a net-zero world.

Persons: Stringer, Lorenzo Simonelli, Baker Hughes, Jamie Freed Organizations: REUTERS, Rights, LNG, CCS, Reuters, Thomson Locations: Nantong, Jiangsu province, China, Rights SINGAPORE, Singapore, Asia, Gastech, Vietnam, India

LONDON, Sept 7 (Reuters) - BP (BP.L) launched on Thursday Britain's largest electric vehicle charging hub near Birmingham, capable of serving up to 180 cars. The hub, located on the intersection of three motorways in central England, includes 30 ultra-fast 300 kilowatt charging stations, which can add 100 miles (160.93 km)of driving range in 15 minutes, as well as 150 7kw slow-charging points. It is part of a plan to invest 1 billion pounds ($1.25 billion) this decade to build hundreds of EV charging hubs in the country, Akira Kirton, CEO of BP Pulse, the company's UK EV charging arm, told Reuters. BP Pulse uses 100% renewable power at its charging stations, Kirton said. EV charging is a central pillar in BP CEO Bernard Looney's energy transition plan, targeting returns of 15%.

Persons: Akira Kirton, Kirton, Bernard Looney's, Ron Bousso, Tomasz Janowski Organizations: EV, BP, Reuters, Thomson Locations: Birmingham, England

Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility to use novel technology and cost over $12 billion, according to estimates. That means the 3.6-million-ton-per-year LNG plant could continue to encounter operational issues, the sources said. A Shell executive said on Wednesday that Prelude was currently undergoing a major turnaround that would last around two months. The decision not to go ahead with extended repairs stemmed in part from concerns that Shell (SHEL.L) would miss out on sales of LNG at a time of strong demand, the sources said. Shell said in response that "turnarounds are a regular part of maintaining LNG facilities and are planned well in advance".

Persons: Chris Helgren, Shell, Wael Sawan, Sawan, Cederic Cremers, Ron Bousso, Nick Macfie Organizations: Shell, REUTERS, Companies Shell, LNG, Thomson Locations: Vancouver , British Columbia, Canada, Australia, China, Europe, Ukraine

A view of the United Nations Climate Change Conference flags at the venue, in Bonn, Germany, June 6, 2023. "What we want to see, all of us, is a real sense of urgency about reducing CO2 emissions," Roche Vice-Chair Andre Hoffmann said. We need to show action, and I'm not sure that what I've read so far of the COP28 will be strong enough for that." Despite rapidly falling prices for renewable energy, Roche's (ROG.S) Hoffmann said much faster action was needed. "If the change is going to be that big then financial institutions, business people will reshape and they'll say my goodness there's going to be new technological institutions, there's going to be new factories, there's going to be a new economy.

Persons: Jana Rodenbusch, Hoffmann, November's, Roche, Andre Hoffmann, I'm, Eelco van der Enden, Elvis Presley, it's, Celine Herweijer, we've, Herweijer, It's, Andrew Steer, Steer, Richa Naidu, Gloria Dickie, Clara Denina, Iain Withers, Helen Reid, Alexander Smith Organizations: United Nations, REUTERS, Reuters IMPACT, Global, HSBC, Reuters, Fund, Thomson Locations: Bonn, Germany, Asia, Dubai, American, Paris

☆ Here are Thursday's biggest analyst calls: Nvidia, Meta, Apple, Netflix, Roku, McDonald's, Micron & more
▼ + stars: | 2023-09-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Thursday's biggest calls on Wall Street: Barclays initiates Jabil and Flex as overweight Barclays initiated several technology manufacturers Thursday and said it sees margin expansion. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating on the stock heading into Apple's iPhone event next week. Barclays initiates LPL Financial as overweight Barclays said the financial services company is a "solid organic grower at reasonable valuation." Barclays downgrades Seagate to equal weight from overweight Barclays downgraded Seagate mainly on valuation. Morgan Stanley reiterates Meta as overweight Morgan Stanley said it's staying bullish on shares of Meta.

Persons: Wells, Goldman Sachs, Morgan Stanley, McDonald's, Apple, it's, Jefferies, Canaccord, Johnson, Bernstein, Tesla, underperform Bernstein, Raymond James, Dell, Dan Jedda, Stifel, Riley downgrades Crocs, Riley, Truist, Raymond James downgrades Dave, Buster's, Guggenheim, Meta Organizations: Street, Barclays, JBL, EV, HSBC, Citi, Micron Citi, Micron, Oracle, Johnson, JPMorgan, Netflix, Tesla, DELL, Bank of America, Cloud Computing, LPL, Vail Resorts, Seagate, CyberArk Software Ltd, Meta, Nvidia Locations: 3Q23, Vail

TOKYO (AP) — Tokyo prosecutors said Thursday they have arrested the former vice foreign minister of Prime Minister Fumio Kishida’s Cabinet on suspicion of accepting more than 61 million yen ($414,000) in bribes from a wind power company in return for his promotion of wind power and other favorable treatment. Political Cartoons View All 1146 ImagesHe allegedly received another 31 million yen ($210,500) in connection to a racehorse owner's group between October 2021 and June this year. Masayuki Tsukawaki, the 64-year-old former president of Japan Wind Development, has admitted that the payments were a “reward” for Akimoto, Kyodo said, quoting unnamed investigative sources. “We cannot build social infrastructure for the future of Japan without fair competition,” said Norihisa Satake, governor of Akita, where Japan’s first full commercial operation of wind power generation began in December. “We want operators to compete fairly and squarely with technology.”Established in 1999, Japan Wind Development has developed 293 turbines in and outside Japan with a combined output of more than 570 megawatts, according to the company's website.

Persons: —, Fumio, Masatoshi Akimoto, Akimoto, Masayuki Tsukawaki, Kyodo, Tsukawaki, “, ”, wasn't, Kishida, Norihisa Satake Organizations: TOKYO, Liberal Democratic Party, Japan, Development, Kyodo, Akimoto, NHK, ” Locations: — Tokyo, Aomori, Jakarta, Indonesia, Japan, Akita

However, as government policies started to line up in the industry's favor in recent years, offshore wind developers unveiled a host of new project proposals, mostly off the U.S. East Coast. Many contracts for offshore wind projects have no mechanism for adjustment in the case of higher interest rates or costs. In New York, offshore wind developers also sought to boost the price of power produced at their projects. Norway's Equinor EQNR.OL and its partner BP (BP.L) are seeking a 54% increase for the power produced at three planned offshore wind farms - Empire Wind 1 and 2 and Beacon Wind. But the offshore wind industry is not fully satisfied.

Persons: Joe Biden, Kevin Lamarque, Eli Rubin, Rubin, Equinor, France's, Scott DiSavino, Nerijus, Nichola Groom, Simon Webb, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S ., Dominion, EBW Analytics, Reuters, U.S . Federal Reserve, Commonwealth, BP, Nichola, Thomson Locations: Washington , U.S, U.S, Europe, U.S . East Coast, Rhode, Virginia, Massachusetts, New York, Oslo, Culver City

The India-led International Solar Alliance launched the Green Hydrogen Innovation Centre earlier this year, and India itself approved $2.3 billion for the production, use and export of green hydrogen. Global cooperation on green hydrogen manufacturing and supply is expected to be discussed by G-20 leaders at this week's summit in New Delhi. WHAT IS GREEN HYDROGEN? Boshell said just replacing this so-called gray hydrogen — hydrogen produced from fossil fuels — would ensure a long-term market for green hydrogen. And then we can add additional demand and applications of green hydrogen as a fuel for industries, shipping and aviation,” he said.

Persons: Francisco Boshell, Robert Howarth, Boshell, ” Organizations: Solar Alliance, Hydrogen Innovation, International Renewable Energy Agency, Energy, Commission, Cornell University, Action, International Energy Agency, AP Locations: BENGALURU, India, New Delhi, Abu Dhabi, Ithaca , New York

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsCompanies Coal India Ltd FollowSINGAPORE, Sept 4 (Reuters) - India has stepped up the use of coal to generate electricity in a bid to stop outages caused by lower hydroelectricity output, and as an increase in renewables is struggling to keep pace with record power demand. Demand typically peaks in May, when Indians crank up air-conditioners to beat the heat, and industries operate without rain-related disruptions. Coal's share in power output rose to 66.7% in August - the highest for the month in six years, according to a Reuters analysis of government data. The government has repeatedly defended the use of coal citing lower per capita emissions compared with richer nations, and rising renewable energy output. India's peak demand - the maximum capacity required during any time of the day - rose to a record 243.9 gigawatts (GW) on Aug. 31, the Grid India data showed, exceeding available capacity by 7.3 GW.

Persons: Adnan Abidi, Sudarshan, Robert Birsel Organizations: REUTERS, Companies Coal India, India, Grid, Thomson Locations: Delhi, India, China

Fearful of the potential reaction from its much larger neighbour, Vietnam had initially expressed caution about the upgrade. Yet it is unclear what Vietnam, which is at odds with China over boundaries in the South China Sea, stands to gain in the short term from the upgrade. Meanwhile, Vietnam is talking with several other countries to upgrade and expand its mostly Russian-made arsenal, and has recently engaged in multiple high-level defence meetings with top Russian officials. The U.S. may offer more, said Vu Tu Thanh, head of the Vietnam office of the US-ASEAN Business Council. The upgrade of relations is expected to boost U.S. firms' plans in Vietnam.

Persons: Joe Biden, Biden, Xi Jinping, Li Qiang, Hong Hiep, Singapore's, – Yusof, Hiep, Thanh, Francesco Guarascio, Trevor Hunnicutt, Khanh Vu, Lincoln Organizations: Manutronics, REUTERS, Rights, United, Washington, ASEAN Business Council, Energy, Boeing, AES, Thomson Locations: Bac Ninh province, Vietnam, Rights HANOI, Hanoi, China, Washington, Russia, Beijing, South China, U.S, Washington's, Thanh

☆ Pickering Energy Partners launches oil and gas investment banking unit
▼ + stars: | 2023-09-01 | by ( David French | ) www.reuters.com time to read: +3 min

Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.

Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York

☆ Fortescue founder toys with reverse greenwashing
▼ + stars: | 2023-09-01 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

First the $43 billion iron ore miner’s CEO, Fiona Hick, left abruptly on Sunday, barely six months after joining. But in trying to shrug off the mounting exodus, founder and Executive Chair Andrew Forrest, also known as Twiggy, introduces a new risk: reverse greenwashing. His approach to the energy transition is forcing a lot of change on the company in short order. That process surely would have involved rigorous discussions to ensure they were on board with Forrest’s goals and methods. That makes his absolutist twist to climate spin as unhelpful as the more traditional form of greenwashing.

Persons: Oscar Wilde, Fortescue, Fiona Hick, Christine Morris, Guy Debelle, Andrew Forrest, Twiggy, Forrest, Hick, Morris, Una Galani, Thomas Shum Organizations: Reuters, Fortescue Metals, Reserve Bank of Australia, Fortescue Future Industries, Australian, Thomson Locations: MELBOURNE, Tivan

The Chevron office is pictured after the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela December 2, 2022. The Chevron-led (CVX.N) consortium proposed connecting the Aphrodite gas field via a subsea pipeline and existing infrastructure to Egypt, where the gas can be sold in the domestic market or liquefied and shipped to Europe, which has largely been cut off from Russian supplies. The partners have engaged in a new round of talks with the Cypriot government, Israel's NewMed (NWMDp.TA), which is a partner in the Aphrodite field, said earlier this week. Chevron is a partner in the field with NewMed and Shell (SHEL.L). "We believe it is important that Aphrodite is expeditiously developed for the benefit of Cyprus, the Eastern Mediterranean region and European and other international markets," Chevron said.

Persons: Gaby Oraa, George Papanastasiou, Papanastasiou, Israel's, Biden, expeditiously, Chevron, Mark Potter, Leslie Adler Organizations: Chevron, U.S, REUTERS, Washington, Cypriot Energy, Reuters, Cypriot, Shell, Cypriot Government, Thomson Locations: Venezuela, Caracas, Cyprus, U.S, Egypt, Europe, Republic of Cyprus, United States, Ukraine, Nicosia

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