Saudi Arabia to raise gas prices by 80% in January
Businessam Staff
December 12, 2017
Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. According to Bloomberg, gasoline prices are set to increase by about 80 […]
China starts world’s biggest floating solar project of 150MW, worths $151m
Businessam StaffDecember 11, 2017
A unit of China Three Gorges Corp. is building a 1 billion yuan ($151 million) floating solar power plant, the world’s biggest, in the nation’s eastern province of Anhui. China Three Gorges New Energy Co. started building the 150-megawatt project in July and part of the plant has connected to the grid, according to a […]
U.K. gas surges to highest since 2014 as snow takes over London
Businessam StaffDecember 11, 2017
A weekend of snowfall has brought an early Christmas for U.K. natural gas bulls. Same-day prices surged to their highest level in almost four years as demand jumped with a plunge in temperatures after snow covered much of the country over the weekend. The contract soared as much as 13 percent, the most since June, […]
International Solar Alliance seeks cheap energy via global bids
Businessam StaffDecember 6, 2017
The International Solar Alliance, championed by India and France, came into effect Wednesday, aiming to promote affordable sun-powered electricity to its members through global tenders and cheap financing. The inter-governmental agency, which has been ratified by 19 countries and has 46 signatories to its framework agreement, aims to mobilize $1 trillion of low-cost financing for […]
Oil slides toward $57 on signs U.S. gasoline stockpiles expanded
Businessam StaffDecember 6, 2017
Oil dips toward $57 per barrel after industry data showed U.S. gasoline stockpiles expanded for the first time in four weeks. Futures dropped 0.6 percent in New York after rising 0.3 percent on Tuesday. Motor-fuel inventories climbed by 9.2 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since January […]
OPEC, non-OPEC influence on glut, price now visible to the world– Barkindo
Businessam StaffDecember 4, 2017
Secretary-General of Organisation of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has declared that the World has now recognised that without the group’s efforts, the glut in the market would have persisted, leading to continuous fall in prices. Speaking at the 3rd OPEC and non-OPEC Ministerial meeting in Vienna, Austria, said there is oil prices […]
Inverter chargers could be the future for solar energy
Businessam StaffNovember 30, 2017
The solar inverter is a central component of every solar system, turning the direct current (DC) from a solar panel to the alternating current (AC) we use in homes and the electric grid. Some call it the brains of the solar system because it is where the solar system is monitored and feeds into the […]
Oil falls before OPEC’s output-cut extension meeting This Week
BloombergNovember 28, 2017
Brent crude slipped to near $63.50 a barrel before OPEC and its allies meet this week to discuss prolonging their output cuts beyond March. Futures dropped as much as 1.2 percent in London, extending Monday’s slight decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk of a slide in prices, which have […]
Barclays sees extension of OPEC-led deal at November 30 meeting
Businessam StaffNovember 27, 2017
Barclays on Monday said that while it expects a six- or nine-month extension of an OPEC-led deal to curb oil output during a meeting on Nov. 30, the level of production cuts would be more significant than the duration. The bank forecast Brent to remain above $60 per barrel in the fourth quarter of 2017, […]
Israel, Egypt in talks over gas exports
Businessam StaffNovember 26, 2017
Government ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to Bloomberg report. Tarek El-Molla, Egyptian Oil Minister and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation […]