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Abu Dhabi's Ocior Energy bags HPCL's 5,000-tonne green hydrogen deal

Abu Dhabi's Ocior Energy bags HPCL's 5,000-tonne green hydrogen deal

Time of India5 days ago
Abu Dhabi-based
Ocior Energy
has won the bid to supply 5,000 tonne of
green hydrogen
per year to
Hindustan Petroleum Corporation Limited
's
Visakhapatnam refinery
in Andhra Pradesh, according to people familiar with the development.
The green hydrogen project is to be set up on a build, own, operate basis for 25 years.
Ocior Energy will manufacture green hydrogen at ₹328 a kg, excluding goods and services tax (GST). It is the second refinery after
Indian Oil Corporation
Limited (IOCL) to conclude the tender.
In May,
L&T Energy Green Tech
Ltd won the bid to build a 10,000 tonne per annum green hydrogen plant at IOCL's Panipat refinery in Haryana.
L&T Energy Green Tech will supply green hydrogen to IOCL at ₹397 ($4.67) per kg with 18 per cent GST.
HPCL
's winning bid is at a discount to the IOCL price of ₹336 a kg.
HPCL and Ocior Energy did not reply to ET's emailed queries till press time.
Ocior Energy produces and supplies green hydrogen and green ammonia by building, owning and operating green hydrogen and green ammonia facilities, including the
renewable energy
facilities needed to generate green fuels. It has executed projects in Asia, West Asia and the North African region.
Currently it is executing green hydrogen and green ammonia plants in Gujarat and Odisha.
For HPCL's GH2 project at Visakh refinery, more than eight companies had submitted bids.
Jakson Green, which quoted a price of ₹345 per kg without GST, and L&T, which quoted a price of ₹393 a kg without GST, were the second lowest and third lowest bidders, respectively.
ReNew and NTPC quoted a price of ₹469 a kg and ₹505 a kg, respectively.
HPCL had invited bids in October 2024. The winning bidder has to construct the green hydrogen generation unit with electrolysers, power systems and purification units.
Bids were evaluated based on the lowest quoted rate for
green hydrogen supply
.
The winning bidder would also be required to conduct surveys to connect pipelines from the green hydrogen generation unit to the delivery point at HPCL's refinery. This includes acquiring rights of way and ensuring compatibility with HPCL's
hydrogen distribution network
.
Bidders can, however, establish their own renewable energy projects to procure power through power purchase agreements to meet their energy needs.
HPCL operates a 15 million tonnes per annum refinery at Visakhapatnam. Various units in the refinery consume grey hydrogen. The company intends to partly replace grey hydrogen with green hydrogen.
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Life atop China's car market starts to look tough for BYD as sales stall
Life atop China's car market starts to look tough for BYD as sales stall

Business Standard

time23 minutes ago

  • Business Standard

Life atop China's car market starts to look tough for BYD as sales stall

BYD's core domestic car deliveries fell 8% in June as rivals like Geely, Xpeng, and Xiaomi gained ground, even as overseas and commercial sales were excluded from the tally Bloomberg Life at the top is proving complex for China's leading automaker, and there are fresh challenges on the horizon. BYD Co.'s monthly sales have stagnated of late and with the summer months being a traditionally slower time for consumer purchases, that trajectory isn't expected to reverse any time soon. Discounting is also now being looked sternly upon by Beijing, with China last week pledging to rein in 'irrational competition' in the electric vehicle sector, reflecting authorities' wish to tackle the deflationary price wars that are threatening economic and industrial growth. Some of BYD's international forays are also proving more challenging than expected, raising the question, is China's No. 1 automaker on shaky ground? The Shenzhen-based behemoth currently looks like it will undershoot its annual sales target for 2025, in what would be a rare miss after a multi-year bull run. The number of electric and hybrid vehicles BYD needs to sell each month through December has hit 560,000 units, in excess of levels it could hope to achieve typically in a single month. The most vehicles BYD has ever sold in a month was just shy of 515,000, in December last year. Analysts are now doubting whether BYD can hit 5.5 million units in 2025. Consensus estimates continue to be downgraded. Deutsche Bank AG earlier this month said it now expects 5 million in wholesales, or deliveries to dealers, for this year, comprised of 4 million domestic units and 1 million overseas, while Morgan Stanley last month lowered its projection to 5.3 million, pointing to a smaller number of new models. Bloomberg Intelligence's Joanne Chen says BYD will need to sacrifice some profit and maintain its hefty discounting in the second half if it wants to stay on track. 'Regulatory scrutiny will temper direct cuts to vehicle sticker prices but competition isn't going away and retail promotions are still needed to sustain sales momentum,' she said. 'New model roll outs and steady tech upgrade are also crucial.' Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said many market watchers now realistically expect sales of around 5 million. 'My sense is that is the consensus,' she said. Stripping out overseas and commercial sales, BYD's core car deliveries in China are shrinking. In June, they slipped 8 per cent year-on-year as vehicles from brands like Zhejiang Geely Holding Group Co., Xpeng Inc. and Xiaomi Corp. won over buyers. HSBC Holdings Plc data show that Geely was the largest gainer of market share in the first half, while BYD was among the biggest losers. Overseas sales are faring better and those are looking on target to reach BYD's forecast of 800,000. Indeed, BYD is already almost 60 per cent of the way there. But while higher margin international sales will help BYD offset aggressive domestic discounting, some foreign markets are presenting new difficulties. BYD has grand plans for Saudi Arabia, for example, hoping to triple its footprint after Tesla Inc. entered the country. But EVs account for just over 1 per cent of total car sales in the kingdom, with high costs, sparse charging infrastructure and extreme temperatures challenging EV adoption. India, a potentially huge market, has meanwhile consistently blocked BYD's efforts to expand and despite rapid growth from a low base in Europe, there are substantial tariff headwinds and increasing competition from legacy automakers that already have consumers' trust, not to mention more extensive after-sales networks. At home, regulatory scrutiny has also intensified around BYD as it continues to be at the fore of an EV price war. In late May, it slashed prices by as much as 34 per cent, triggering renewed sector-wide discounts. Its moves were later discouraged in a veiled warning by the Chinese Communist Party's mouthpiece the People's Daily, which slammed the 'rat-race competition.' Whether Beijing can actually stop price discounting by a privately held company is a point of debate. Tianlei Huang, a China program coordinator at the Peterson Institute for International Economics, said authorities may resort to administrative tools such as price reviews or cost investigations to establish a de facto price floor, or coordinate a concerted capacity reduction among leading EV makers, although he acknowledged those measures won't be easy. Regardless, BYD must be careful. As the company gears up to release first-half results later next month and July sales data within weeks, analysts will have their spreadsheets at the ready, waiting to see whether those 2025 targets look even further in the distance.

Brigade Hotel Ventures sets IPO price band at Rs 85-90/share
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News18

time30 minutes ago

  • News18

Brigade Hotel Ventures sets IPO price band at Rs 85-90/share

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As Trump courts a more assertive Beijing, China hawks are losing out
As Trump courts a more assertive Beijing, China hawks are losing out

Time of India

timean hour ago

  • Time of India

As Trump courts a more assertive Beijing, China hawks are losing out

Academy Empower your mind, elevate your skills In recent years, one of China 's biggest requests of US officials has been that the United States relax its strict controls on advanced artificial intelligence chips, measures that were put in place to slow Beijing's technological and military week, the Trump administration did just that, as it allowed the world's leader in AI chips, US-based Nvidia , to begin selling a lower-level but still coveted chip known as H20 to move was a dramatic reversal from three months ago, when President Donald Trump banned China from accessing the H20, while also imposing triple-digit tariffs on Beijing. That set off an economically perilous trade clash, as China retaliated by clamping down on exports of minerals and magnets that are critical to American factories, including automakers and defence decision to cut off access to those materials upended the dynamic between the world's largest economies. The Trump administration, which came into office determined to bully China into changing its trade behavior with punishing tariffs, appeared to realize the perils of that approach. Now, the administration has resorted to trying to woo China throughout the government say the Trump administration is putting more aggressive actions on China on hold, while pushing forward with moves that the Chinese will perceive positively. That includes the reversal on the H20 H20 decision was primarily motivated by top Trump officials who agreed with Nvidia's arguments that selling the chip would be better for American technology leadership than withholding it, people familiar with the move Trump officials have also claimed that it was part of the trade talks. After telling Congress in June that there was "no quid pro quo in terms of chips for rare earths," Scott Bessent , the treasury secretary, reversed those comments Tuesday, saying that the H20 move was "all part of a mosaic" of talks with China. "They had things we wanted, we had things they wanted, and we're in a very good place," he said.A Chinese Ministry of Commerce official seemed to reject that Friday, saying that the United States had "taken the initiative" to approve the H20 sales. China believes the US should continue to remove its trade and economic restrictions, the official said.A person familiar with the talks, who spoke on condition of anonymity because he was not authorized to speak publicly, said that the H20 chip was not specifically discussed in meetings between Chinese and US officials in Geneva and London this spring. But the reversal was part of a more recent cadence of warmer actions the United States and China have taken toward each other. For instance, Beijing agreed in recent weeks to block the export of several chemicals used to make fentanyl, an issue Trump has been concerned events have underscored the influence that China has over the US economy. When Trump raised tariffs on Chinese exports in April, some top Trump officials thought Beijing would quickly fold, given its recent economic weakness. Instead, Beijing called Trump's bluff by restricting rare earths needed by American makers of cars, military equipment, medical devices and the flow of those materials stopped, Trump and other officials began receiving calls from CEOs saying their factories would soon shut down. Ford, Suzuki and other companies shuttered factories because of the lack of and his top advisers were surprised by the threat that Beijing's countermove posed, people familiar with the matter say. That brought the United States back to the negotiating table this spring to strike a fragile trade truce, which Trump officials are now wary of upsetting. That agreement dropped tariffs from a minimum 145% to 30%, with the Chinese agreeing to allow rare earths to flow as freely as administration's caution when it comes to China has been amplified by Trump's desire for an invitation to Beijing later this year. The president, who has been feted on other foreign trips, wants to engage in face-to-face trade negotiations with Chinese leader Xi Jinping . Howard Lutnick, the commerce secretary, has begun recruiting CEOs for a potential delegation, setting off a competition over who will get to ride in Air Force One, according to people familiar with the Allen, a retired diplomat, said both countries were "clearly preparing for a summit meeting," adding, "that's bringing forth measures that the other side wants and it's also holding back measures that the other side doesn't want.""It's like a dance," Allen said. "One side makes a move, the other side makes a move to correspond to that."The Commerce Department declined to comment. The White House, the Treasury Department and the Office of the United States Trade Representative did not respond to a request for comment."The government understands that forcing the world to use foreign competition would only hurt America's economic and national security," said John Rizzo, a spokesperson for to China has fueled bipartisan action for the past decade. Now, Trump's more hawkish supporters are quietly watching as the president remakes the party's China few are willing to speak out publicly, officials in the Trump administration and in Congress have privately expressed concern that the trade war has given China an opening to finally bring US technology controls onto the negotiating Padilla, a former export control official in the George W. Bush administration, said the fact that the United States was now negotiating over what were supposed to be security restrictions was "a significant accomplishment for the Chinese.""They've been after this for decades, and now they've succeeded," he said. "I assume the Chinese are going to demand more concessions on export controls in return for whatever we want next."Trump was the first to harness the power of US export controls, by targeting Chinese tech giant Huawei and putting global restrictions on American technology in his first term. But the Biden administration expanded those rules. Concerned that China's growing AI capacity would advance its military, Biden officials cracked down on exports of Nvidia chips, seeing them as the most effective choke point over Chinese AI then, when Chinese officials raised their objections to US technology controls in meetings, US officials had responded by insisting that the measures were national security matters and not up for in the meeting in Geneva in May, China finally had a powerful counterargument. Beijing insisted that its minerals and magnets, some of which go to fighter jets, drones and weaponry, were a "dual-use" technology that could be used for the military as well as civilian industries, just like AI and chips. It demanded reciprocity: If the United States wanted a steady flow of rare earths, Washington should also be ready to lessen its technology not clear exactly what the United States agreed to in Geneva: The agreement has never been made public. But when the United States put out an unrelated export control announcement the day after the Geneva summit concluded, China responded angrily, saying the statement "undermined the consensus" the countries had a notice May 13, the Commerce Department said that using Huawei's AI chips "anywhere in the world" was an export control violation. The notice was directed at other nations considering purchasing Huawei chips, people familiar with the move said, not the Chinese. The announcement appeared to take other parts of the Trump administration by surprise, and within hours, the language in the release was walked back, though no policy changes were and Jamieson Greer, the trade representative, expressed concerns that such moves could damage trade talks with China, people familiar with the incident once again clamped down on rare earth exports. Trying to find its own leverage, the United States responded by restricting exports of semiconductor design software, airplane parts and two sides restored their truce in a meeting in London in June. Since then, trade in those products has restarted. But US companies complain that Chinese licenses for rare earth magnets are limited to six months, and that the Chinese government is requesting proprietary information to obtain those has also continued to build out its export controls. On July 15, the day after Nvidia said it would be permitted to sell the H20 in China, Chinese officials announced new restrictions on exports of battery United States has been trying to decrease its dependence on China for rare earths, but there is no quick solution. China has a powerful hold over numerous industries, ranging from pharmaceuticals to solar panels to drones."The challenge for the Trump administration is, how do they get out of this quagmire?" said Jimmy Goodrich, a senior adviser for technology analysis to the Rand Corp. "It appears some competitive US actions are now at the whims of Beijing, who can now determine the time, place and nature of US tech and trade policy toward China."The change in the relationship with China has coincided with a separate shift in the administration, in which officials who favor technology controls on China have been sidelined in favor of those who support the tech industry's ambitions to sell and Marco Rubio, the secretary of state who has long been an ardent China critic, have hewed closely to the position of the president, who is more of a dealmaker than a national security hawk. And hawkish members of the National Security Council have been fired in recent months, after being accused of insufficient absence has paved the way for officials like David Sacks, the White House AI czar, who has criticized export controls, to push for tech companies to have freer rein. Nvidia's CEO, Jensen Huang , has gone on a lobbying blitz in Washington, pushing politicians to open China for AI chip has contended that blocking US technology from China has backfired by creating more urgency for China to develop its own technology. He has argued that the Chinese military won't use Nvidia chips, and pushed back against Washington's consensus that China is an adversary, describing it a "competitor" but "not our enemy."Others have challenged those assertions, pointing to past research that the Chinese military has placed orders for Nvidia chips. Scientific papers published earlier this year also showed Chinese researchers with ties to military universities and a top nuclear weapons lab using Nvidia chips for general the Nvidia spokesperson, said in a statement that "non-military papers describing new and beneficial ways to use US technology promote America."In a letter Friday, John Moolenaar, the Republican chair of the House Select Committee on China, said the H20 chip had aided the rise of the Chinese AI model DeepSeek and would help China develop AI models to compete with American arguments do not appear to have persuaded the president. In an Oval Office meeting with Huang in July, Trump agreed with Nvidia that keeping American chips out of China would only help Huawei, and decided to reverse the H20 familiar with Trump's views say he has always viewed export controls more transactionally. In his first term, Trump agreed to roll back US restrictions on ZTE at the urging of Xi. In this term, Trump and his advisers have begun using America's control over AI chips as a source of leverage in negotiations with governments from the Middle East to China, Trump has his own long-standing aspirations. He believes that US businesses have been getting ripped off for decades, and that he can be the one to fix it, particularly if he negotiates directly with Xi. His advisers have begun strategizing toward a more substantial trade negotiation with China focused on market opening, as well as the potential visit this fall.

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