DIRS.INFO The most relevant business & tech news

☆ China's gasoline demand peak nears as EV boom hastens transition
▼ + stars: | 2023-07-28 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +5 min

The International Energy Agency (IEA) and consultancy Rystad Energy have brought forward forecasts of China's peak gasoline demand by about a year to 2024, while Chinese state majors PetroChina and Sinopec (600028.SS) see it in 2025. The earlier halt in gasoline demand growth in the world's No. Reuters GraphicsAs a result of accelerating EV sales, Paris-based IEA now expects Chinese gasoline demand to peak in 2024 at about 3.7 million barrels per day (bpd), bringing forward an earlier projection of demand plateauing in 2025/2026. The research arm of China's state refiner CNPC expects gasoline demand to peak in 2025, citing accelerating sales of EVs, and sees gasoline demand shrinking 2.3% annually between 2026 and 2030. China's massive move into petrochemicals is already causing a glut globally, prompting companies to shift investments to high-end energy transition materials.

Persons: Aly, refiners, Toril Bosoni, EV's, Gaurav Batra, Mukesh Sahdev, Ma Yongsheng, Mohi Narayan, Carman Chew, Matthew Chye, Chen Aizhu, Zoey Zhang, Andrew Hayley, Florence Tan, Sonali Paul Organizations: Porsche, Auto Shanghai, REUTERS, International Energy Agency, Rystad Energy, China Association of Automobile Manufacturers, Reuters Graphics, Reuters, China, Shenghong Petrochemical, Energy, Graphics, Thomson Locations: Shanghai, China, Jan, Sinopec, Asia, Reuters Graphics China, Paris, U.S, North America, India, Sun, New Delhi, Singapore, Beijing

New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.

Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing

SINGAPORE, June 7 (Reuters) - Bangladesh is facing its worst electricity crisis since 2013, a Reuters analysis of government data shows, due to erratic weather and difficulty paying for fuel imports amid declining forex reserves and value of its currency. Bangladesh, the world's second-largest garments exporter behind China supplying global retailers including Walmart, H&M and Zara, has been forced to cut power for 114 days in the first five months of 2023, a Reuters analysis of power grid data showed. Supply was short of demand by as much as 25% early on Monday, the data showed. Over 40% of the 7.5 GW of power plants running on diesel and fuel oil could not operate because they lacked fuel, according to the operator. Power imports by the energy hungry nation, which has very little renewable capacity, held steady at less than 10% of total supply, the data showed.

Persons: Bangladesh Taka, Ruma Paul, Matthew Chye Organizations: Walmart, Reuters Graphics Reuters, Power, Power Grid Co, Reuters Graphics, Oil, Reuters, Bangladesh, U.S ., Thomson Locations: SINGAPORE, Bangladesh, China, Zara

☆ Factbox: Chile lithium move latest in global resource nationalism trend
▼ + stars: | 2023-04-21 | by ( Matthew Chye | ) www.reuters.com time to read: +3 min

April 21 (Reuters) - Chile's President Gabriel Boric announced on Thursday he would nationalise the country's vast lithium industry to boost the economy and protect the environment. Chile is the world's second largest producer of lithium, a key component in batteries used in electric vehicles. Myanmar accounted for 77% of China's tin ore imports last year, Chinese customs data showed. INDONESIA* A resource powerhouse, Indonesia is tightening controls over various materials in a push to develop local downstream operations and extract greater value. More export bans will also be announced in the coming years in order to develop resource processing industry onshore, he said, speaking at an economic forum.

NEW DELHI, April 6 (Reuters) - Singapore's imports of Russian naphtha nearly tripled in the first quarter of 2023, government data showed, after the European Union banned oil products imports from Russia. The Asia oil hub imported 741,000 tonnes of Russian naphtha in the period, accounting for about 23% of Singapore's total imports of the refined product, a Reuters calculation based on Enterprise Singapore data showed. The EU banned imports of Russian oil products from Feb. 5 and the Group of Seven Nations, EU and Australia imposed a $45 cap on Russian naphtha trade using western ships and insurance. The limitations, which have changed global oil trade flows, are aimed at curbing Moscow's revenues, while allowing Russian supplies to stay in the market and keep world oil prices low. The key buyers of naphtha from Singapore are South Korea, China, Taiwan and Japan, the data showed.

Summary Fossil fuel-fired power output rises fastest in nearly 3 decadesEmissions from power gen rose nearly a sixth to 1.15 bln tonnesCoal-fired power output up 12.4%, gas-fired output down 29%Share of coal in overall power output rose to 73.1%Renewables output rose 21.7%, share up to 11.8%SINGAPORE, April 5 (Reuters) - India's power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuters analysis of government data showed, fuelling a sharp surge in emissions as output from both coal-fired and renewable plants hit records. In the new fiscal year that began April 1, Indian power plants are expected to burn about 8% more coal. That is 3.4% of the International Energy Agency's estimate of annual global emissions of 33.8 billion tonnes in 2022. The government has defended India's high coal use citing lower per capita emissions compared with richer nations and rising renewable energy output. The green energy output helped prevent as much as 32.5 million tonnes of CO2 emissions from power that would otherwise likely have been produced with coal, calculations show.

☆ Factbox: Asia's carbon pricing and emission trading systems
▼ + stars: | 2023-03-31 | by ( Matthew Chye | ) www.reuters.com time to read: +5 min

Here is a look at some of the carbon emissions trading systems (ETS) and pricing mechanisms in Asian countries aimed at reducing greenhouse gas emissions and achieving net zero targets. * A carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. INDIA* Parliament in December passed the Energy Conservation (Amendment) Bill 2022 that sought to establish carbon trading. * Authorities are studying the implementation of a carbon exchange and plan to set up agencies to monitor and verify emission volume. MALAYSIA* The stock exchange launched a voluntary carbon market (VCM) in December with the introduction of the Bursa Carbon Exchange, the world's first Shariah-compliant carbon exchange.

☆ Analysis: Dark summer nights: India faces high risks of power cuts after years of coal, hydro power neglect
▼ + stars: | 2023-03-08 | by ( Sudarshan Varadhan Sarita Chaganti Singh Matthew Chye | Sudarshan Varadhan | Sarita Chaganti Singh | ) www.reuters.com time to read: +6 min

April nighttime peak demand is expected to hit 217 gigawatts (GW), up 6.4% on the highest nighttime levels recorded in April last year. "Even the smallest interruption in power supply will create havoc," Nair said. As much as 189.2 GW of coal-fired capacity is expected to be available this April, according to Grid-India's February note. The strain comes after sundown, as coal-fired capacity has grown only 9% over the last five years. Hydro and nuclear power capacity additions face tougher obstacles, as they are hobbled by lack of foreign investment and opposition from critics over safety and environmental issues, boding ill for power supply down the track.

☆ Growing tensions between Asian palm oil producers and the European Union
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +3 min

Here is a timeline of the rising tensions between the Asian palm oil producers and the EU over the matter. JUNE 14, 2017EU negotiators agree to phase out the use of palm oil in transport fuels from 2030. APRIL 16, 2018British supermarket chain Iceland says it would remove palm oil from its own-brand food products due to concerns over rainforest destruction. MARCH 13, 2019The European Commission concludes that palm oil cultivation results in excessive deforestation and the use of harmful biofuel feedstocks, including palm oil, should be capped until 2023 and phased out by 2030. JAN 9, 2023Indonesian and Malaysia agree to work together and strengthen cooperation to fight discrimination against palm oil.

Search resuls for: "Matthew Chye"

9 mentions found