International Energy Association invites India to become full-time member: Oil Minister Puri

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member, India’s oil Minister Hardeep Singh Puri said after online discussions with IEA Executive Director Fatih Birol. If India accepts the invitation, New Delhi will be required to raise its strategic oil reserves to 90 days stock. India’s current […]

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Reliance buys Norway’s REC Solar Holdings from China’s Bluestar for $771 million; also picks up controlling stake in Sterling & Wilson for Rs 2850 crore

Mukesh Ambani-controlled Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries (RIL), has acquired REC Solar Holdings (REC Group) from China National Bluestar (Group) Co. An RIL statement said the transaction is for an enterprise value of $771 million. This is the first major renewable energy deal, where an equipment manufacturing facility has been acquired. Hours after picking up […]

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China’s Chengxin, Tsingshan team up for $350m Indonesia lithium project

China’s Shenzhen Chengxin Lithium Group Co Ltd and an affiliate of steel and nickel giant Tsingshan Holding Group will invest in a $350 million Indonesian lithium project to capture demand from the electric vehicle (EV) battery sector, Reuters reported. Tsingshan, which shook up the global nickel market by rapidly increasing production at low cost in […]

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OPEC+ unlikely to increase production to curb rising oil prices: Goldman Sachs

The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]

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Rising coal prices are squeezing aluminum supply globally

Tightening coal supplies, toughening emissions standards have forced some provinces in China to ration coal-fired power production. According to Reuters, output curbs have hit steel, aluminum and cement industries particularly hard. About 7% of aluminum production capacity has been suspended. It is believed some 2.33 million tonnes per year of aluminium smelter capacity has been […]

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China faces widespread, unexpected blackouts; cities go dark

A “Power Supply Shock Looms” as the energy crisis gripping Europe – and especially the UK – has hit China. Residents in three north-east Chinese provinces experienced unannounced power cuts as the electricity shortage which initially hit factories spread to homes. People living in Liaoning, Jilin and Heilongjiang provinces complained on social media about the […]

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Government’s Rs 4,500 crore Production Linked Incentive scheme for renewables finds 18 applicants

India’s big business corporate houses like Reliance, Adani, Tata, and Jindal are some of the 18 companies that have applied for the government’s Rs 4,500 crore production-linked incentive (PLI) scheme. They expect to start or increase their manufacturing capacity with the help of these funds. State-owned giant, Coal India Limited (CIL), which is also trying […]

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