Oil rises on Saudi plan to deepen output cuts from July
Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July ...
Germany launches $53 bln scheme to help stricken industry decarbonise
Germany is launching a programme that will make available tens of billions of euros for firms facing substantial energy costs, in a bid to help its challenged industrial sector fund ...
Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting May 29:
A new plan is expected in the coming days to protect the primary home of people belonging ...
Cyprus’ energy conundrum
By Charles Ellinas
Energy Minister, George Papanastasiou, initiated a debate around natural gas immediately following his appointment. In line with government goals, he has prioritized bringing natural gas to the ...
Law simplifying installation of photovoltaics welcomed by Keve
The Chamber of Commerce and Industry (Keve) on Friday welcomed the law simplifying the procedure for the installation of photovoltaic panels, saying the amendment will promote renewable energy sources.
In ...
OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say
OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance ...
No gas from Aphrodite until 2027, NewMed director says
There can be no supply from the Aphrodite field in the Cyprus EEZ before 2027, according to NewMed Energy, one of the three companies licensed to operate in this block.
An ...
Energy minister defends prioritising gas imports (Updated)
Energy Minister George Papanastasiou dismissed media reports on Wednesday which downplayed the government’s reorientation on energy as “wrong”, stating that energy companies and the government are on the same ...
Plan for Aphrodite gas field to be delivered on Wednesday
NewMed Energy, a partner in the Aphrodite gas prospect, will officially announce delivery of their modified development and production plan on Wednesday, the energy minister said on Tuesday.
George Papanastasiou ...
Oil falls 2 per cent on US debt deal struggles, OPEC+ talks uncertainty
Oil fell by nearly 2 per cent on Tuesday as concerns about the US debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the ...
Petroleum sales register drop of 5 per cent, year-on-year
Total sales of petroleum products in April registered a year-on-year drop of more than 5 per cent, according to data released by the Statistical Service on Monday.
In April 2023 total sales ...
The EU’s gas policies and impact on Cyprus
The new targets will impact all energy sectors, including transport, heating and shipping, in addition to electricity
By Charles Ellinas
EU’s gas policies are embodied in its RePwerEU strategy: ...
Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting May 22:
Talks between the government and US energy giant Chevron appeared to move in a positive direction on ...
Tectonic shift in energy policy
The ‘safe’ narrative that our gas will go to Egypt for liquefaction is being turned on its head by events
As energy giants and experts gather in Nicosia on Monday, ...
Cyprus and Chevron discuss speeding up Aphrodite exploitation
Talks between the government and US energy giant Chevron appeared to move in a positive direction on Friday, after a meeting at the presidential palace ended on a high note ...
Lloyd’s Register drops ships of top Indian carrier of Russian oil
Lloyd’s Register has told India’s Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of ...
Energy minister: State at fault for high energy prices
The Electricity Authority of Cyprus (EAC) is partly to blame for Cyprus’ energy woes and high prices, but the state has let the people down, Energy Minister George Papanastasiou said ...
Energy bills to fall for millions of Britons as regulator slashes price cap
Millions of British households will see cheaper energy bills from July after regulator Ofgem slashed its cap on prices following a slump in wholesale energy costs.
The news will come ...
‘Don’t expect any miracles,’ energy expert says about natural gas initiatives
Energy expert Charles Ellinas on Monday brushed aside comments made by Eni CEO, Claudio Descalzi that no EastMed pipeline could be feasible without Turkey, to which the government issued a ...
World can’t afford US-style home energy consumption habits
By Gavin Maguire
The US is hoping to play key leadership roles in an array of areas tied to the global energy transition, from developing corporate champions that drive emissions ...
Oil supply won’t be affected by stricter price cap enforcement, IEA says
The International Energy Agency (IEA) does not expect moves by the Group of Seven nations to counter the evasion of price caps on Russian energy will change the supply situation ...
First nuclear fusion plants to need $7 bln supply chain
Companies looking to harness the process that powers the sun and stars to generate electricity expect to spend about $7 billion by the time their first nuclear fusion plants come online, ...
Shell to use new AI technology in deep sea oil exploration
Shell Plc (SHEL.L) will use AI-based technology from big-data analytics firm SparkCognition in its deep sea exploration and production to boost offshore oil output, the companies said on Wednesday.
...
Why green and sustainability bonds are growing in importance
The financial markets are playing a critical role in the transition towards a more sustainable and socially responsible future, primarily due to the issuance of sustainability bonds and green bonds, ...