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Exxon Plans $10 Billion Oil Investment in Nigeria, Presidency Says

(Reuters) – Exxon Mobil Corp  has proposed a $10 billion investment in offshore oil operations in a new investment push in Nigeria, a presidential spokesperson said on Thursday, citing company executives. The investment was announced during talks between Nigeria’s Vice President Kashim Shettima and the CEO of Exxon’s Nigeria operations Shane Harris on the sidelines of …

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Emissions-Free Truck Prices Need to Drop by 50% to Compete With Diesel, Study Says

By Reuters FRANKFURT, Sept 11 (Reuters) – Prices of emissions-free trucks need to fall by as much as half to make them an affordable alternative to diesel models, a study by consultancy firm McKinsey published on Wednesday said, a necessary step to help achieve European Union climate targets. Less than 2% of the EU’s heavy freight …

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Eni CEO sees Brent oil price around $80 per barrel in Q4

(Reuters) – The chief executive of Italian energy group Eni  expects Brent oil prices to recover to around $80 per barrel in the coming months. “Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Claudio Descalzi said on the sidelines …

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OPEC Boosts Long-Term Oil Demand Outlook, Driven by Developing World Growth

By Alex Lawler and Fabio Teixeira 2045 demand forecast up 3 mln bpd from last year’s outlook OPEC extends forecast to 2050, with demand at 120.1 mln bpd OPEC sees no peak demand, unlike BP and IEA forecasts OPEC calls for $17.4 tln investment in oil industry by 2050 LONDON/RIO DE JANEIRO, Sept 24 (Reuters) …

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Northvolt to Cut 20% of Global Staff, Placing Europe’s EV Battery-Making Ambitions at Risk

Struggling to ramp up production as demand for electric vehicles slows Bloomberg News Workers gather at a food truck in the snow at the Northvolt AB plant in Skelleftea, Sweden, on Thursday, Feb. 17, 2022. Photo by Mikael Sjoberg /Bloomberg Sweden’s Northvolt AB will shed 20 per cent of its global workforce and pause its expansion plans to slow …

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Canada’s Federal Greenwash Law Bill C-59: You’re Guilty Until Proven Innocent

“Under this new law, you’re guilty unless you prove your innocence to some back-room bureaucratic body. That’s simply not a Canadian concept.” Photo by THE CANADIAN PRESS/Sean Kilpatrick In its latest display of environmental correctness, the federal government passed a new anti-greenwashing law that requires individuals or organizations making claims or promises about the climate …

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Companies Ask World Leaders at UN to Follow Through on Renewables Targets

By Valerie Volcovici and Simon Jessop NEW YORK, Sept 23 (Reuters) – Executives from several major companies urged world leaders on Monday to follow through on an international agreement, made at the COP28 summit in Dubai last year, to triple renewable-energy capacity by 2030 to fight climate change. Companies including massive energy-user Amazon.com (AMZN.O) and …

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Global Refiners Face Profit Slump as New Plants Come Online

(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, …

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Saudi Arabia’s Crude Oil Exports in July Hit Almost One-Year Low

(Reuters) – Saudi Arabia’s crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country’s oil exports stood at 5.741 million barrels per day (bpd) in July, their lowest level since August 2023. Saudi Arabia is world’s largest exporter …

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Russia’s LNG Shadow Fleet Looks to Circumvent US Energy Sanctions

The Indian Apartment Behind Russian Efforts to Break US Gas Sanctions A network stretching from Dubai to China is involved in a multi-billion dollar effort to ship gas from Russia’s Arctic LNG facility. The crayon marks on the wall of the sparsely furnished apartment hint at it being a conventional family home. But the single …

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