Natural gas price dips after limited storage decline

Businessam StaffMarch 29, 2018

Natural gas stocks decreased by 63 billion cubic feet for the week ending March 23, according to the U.S. Energy Information Administration (EIA) on Thursday. Analysts were expecting a storage withdrawal of about 87 billion cubic feet. The five-year average for the week is a withdrawal of 46 billion cubic feet, and last year’s storage […]

UK emissions drop 3% on rise of renewables

Businessam StaffMarch 29, 2018

Africa

Greenhouse gas emissions in the UK fell 3 percent last year from the previous year, due to increased use of renewable power sources and lower energy consumption. The new figures indicate that the UK has outperformed its target for emissions reduction during the “second carbon budget”, which is part of the country’s plan to cut […]

Saudi Arabia to build $200bn solar power farm to reduce dependence on oil

Businessam StaffMarch 28, 2018

In its latest efforts to increase access to renewables and reduce dependence on oil, Saudi Arabia has drawn up plans to build the world’s biggest solar farm, which, if realized, would create 100,000 jobs in the oil-rich kingdom and produce 200 gigawatts (GW) of energy, a third more than the global photovoltaic industry supplied worldwide […]

China meets 2020 carbon target ahead of schedule, says top climate official

Businessam StaffMarch 27, 2018

By agency report… China met its 2020 carbon intensity target three years ahead of schedule last year, the official media agency reported Tuesday, citing Xie Zhenhua, the country’s top climate official. China cuts its 2005 carbon intensity level, or the amount of climate-warming carbon dioxide it produces per unit of economic growth, by 46 percent […]

China introduces crude pricing benchmark

Bukola OdufadeMarch 26, 2018

World’s largest crude importer, China announced the launch of a new crude oil pricing benchmark Monday. The benchmark designed to set an Asian pricing index will serve as a third global benchmark outside of the U.S. and Europe. The new Shanghai International Energy Exchange has begun trading today after China surpassed the U.S as the […]

Iraq supports OPEC-led oil output reduction deal, Iraq’s Masum says

Businessam StaffMarch 26, 2018

Fuad Masum, Iraqi President said at a meeting Monday with OPEC Secretary-General Mohammad Barkindo that the country supports OPEC’s agreement to cut oil output. Masum, who met Barkindo in Baghdad, stressed the “need to support the deal to cut crude oil supply”, according to the state-run Iraqi Media Network website. Iraq, the second-largest producer in the […]

Trading giants lead way as China challenges global oil benchmark

Temitayo AyetotoMarch 26, 2018

Glencore Plc and Trafigura Group, two of the world’s biggest commodity giants are leading the way in China’s challenge of global oil benchmark; giving the country’s crude futures contract a go on its long-anticipated trading debut. The largest oil traders were among foreign participants as the yuan-denominated futures started on the Shanghai International Energy Exchange […]

More Africa homes get powered as Kenyan M-KOPA Solar secures more fund

Businessam StaffMarch 22, 2018

M-KOPA Solar, Kenyan pay-as-you-go solar energy provider has secured a new round of funding that will be used to extend their product offering to more homes and individuals across Africa. The investment amount, which is undisclosed, includes a first-ever $10 million investment from FinDev Canada, according to ITWebAfrica. Led by U.K. government-owned investment company CDC, […]