Latest news with #energyexport
Zawya
2 days ago
- Business
- Zawya
Saudi's ACWA Power signs agreements with European companies to export renewable energy
CAIRO: Saudi Arabia's ACWA Power company signed several memoranda of understanding with European companies to export renewable energy and green hydrogen from the kingdom to Europe, the Saudi energy ministry said on Sunday. The European companies included France's TotalEnergies , Italy's Edison and Germany's EnBW . The Saudi company also signed separate agreements with other companies including Germany's Siemens Energy to develop energy transmission corridors. (Reporting by Jaidaa Taha and Muhammmad Al Gebaly; Editing by Toby Chopra and Susan Fenton)
Reuters
2 days ago
- Business
- Reuters
Saudi's ACWA Power signs agreements with European companies to export renewable energy
CAIRO, July 20 (Reuters) - Saudi Arabia's ACWA Power company signed several memoranda of understanding with European companies to export renewable energy and green hydrogen from the kingdom to Europe, the Saudi energy ministry said on Sunday. The European companies included France's TotalEnergies ( opens new tab, Italy's Edison ( opens new tab and Germany's EnBW ( opens new tab. The Saudi company also signed separate agreements with other companies including Germany's Siemens Energy ( opens new tab to develop energy transmission corridors.
Russia Today
01-07-2025
- Business
- Russia Today
India aiming to become net energy exporter by 2030
India is expected to become a net exporter of energy within the next six to seven years, Road Transport and Highways Minister Nitin Gadkari has said. The South Asian nation is heavily dependent on imports for energy. In the 2024-25 financial year, it imported 88% of its crude oil and 51% of its gas consumption, according to the Economic Times. 'Today we are the importer of energy but within six to seven years, we will be [an] exporter,' Gadkari said recently at an event hosted by the Times of India news outlet. The world's third largest economy is heavily dependent on fossil fuels, which account for 75% of total Greenhouse Gas (GHG) emissions. Gadkari, who believes hydrogen is the fuel of the future, pointed out that the Indian government is encouraging production of alternative fuels such as ethanol and biodiesel. A transition to renewable energy will help in reducing pollution and at the same time bring down logistic costs, he said. 'We can bring the fuel costs to 9% by the end of this year,' Gadkari added. As a part of its green hydrogen mission, India aims to achieve a production capacity of 5 million metric tonnes per annum of green hydrogen by 2030. Over the past decade, the South Asian nation has more than doubled its renewable energy capacity, according to data from India's Bureau of Energy Efficiency. India is also looking to fulfill its Net Zero targets with a commitment to achieve 50% of the installed capacity from non-fossil sources and reduce the emissions intensity of the economy by 45% by 2030. Another target is generating 500GW from renewables by 2030, adding 50GW annually, mostly solar and wind, boosted by the recent national budget.
Yahoo
27-05-2025
- Business
- Yahoo
Arrival of First Modules at Woodfibre LNG Marks New Milestone for Canadian LNG
SQUAMISH, BC, May 26, 2025 /CNW/ - The Woodfibre LNG project reached a major construction milestone on Saturday with the safe arrival of the first seven specialized LNG modules to site. The pipe rack modules, transported by heavy cargo vessel, are the first large-scale modular components to arrive at the site for installation. The pipe rack modules are fully completed structural steel frameworks that house and support piping carrying liquefied natural gas from the facility's liquefaction unit to the Floating Storage Tanks and loading facility. From there, LNG will be loaded onto carriers for delivery to overseas markets. "This is a huge milestone for the Woodfibre LNG project as it's the start of our facility going vertical - where people will really start to see the facility take shape," said Luke Schauerte, CEO of Woodfibre LNG. "But it's also bigger than that. These first modules are a significant step forward in diversifying Canada's energy export market, providing global customers with responsibly produced energy and ensuring Canadians receive maximum benefit for their resources." The modules will now be offloaded at the Woodfibre LNG facility through the project's newly completed Marine Offloading Facility, a purpose-built offload dock designed to handle the delivery of large modules throughout the construction phase. Following offloading, the modules will be moved into place and mounted on their permanent foundations. A total of 19 modules will arrive to the Woodfibre LNG site throughout the rest of 2025 and into 2026, ranging in size from a 126 tonne pipe rack to an almost 11,000 tonne liquefaction unit that covers roughly the same amount of space as a football field. "We are doing everything we can at Woodfibre LNG to bring our product to market as soon as possible. With modules arriving, we've hit a tremendously exciting and important phase where our site will change rapidly over the coming months. We're focused on working safely and efficiently to move this project forward and complete the province's first net zero LNG export facility," continued Schauerte. About Woodfibre LNG The Woodfibre LNG Project is a liquefied natural gas (LNG) facility that will produce 2.1 million tonnes of LNG for export annually, being built near the community of Squamish on the traditional territory of the Sḵwx̱wú7mesh Úxwumixw (Squamish Nation). The Woodfibre LNG Project is owned by Woodfibre LNG Limited Partnership, owned 70 per cent by Pacific Energy Corporation (Canada) Limited and 30 per cent by Enbridge Inc. Woodfibre LNG is the first industrial project in Canada to recognize a non-treaty Indigenous government, Squamish Nation, as a full environmental regulator. The Woodfibre LNG facility will be the world's first net zero LNG facility when it is completed in 2027. SOURCE Woodfibre LNG View original content to download multimedia:
Reuters
07-05-2025
- Business
- Reuters
Argentina's YPF swings to net loss in Q1
MEXICO CITY, May 7 (Reuters) - Argentine state oil company YPF sank into the red in the first quarter, it reported on Wednesday, swinging to a net profit loss of $10 million, hurt by lower seasonal demand and weaker export volumes. The loss compares to last year's net profit of $657 million in the first quarter of 2024. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Revenues, meanwhile, inched up 7% from a year ago to reach $4.61 billion, hurt by lower seasonal demand for diesel and fertilizers and a decrease in oil export volumes but partially offset by higher local fuel prices. YPF, one of Argentina's top domestic fuel suppliers, said its total production increased 5% year-on-year in the first quarter, including a 6% increase in crude production. The firm operates the massive Vaca Muerta shale formation, which Argentina is betting on to cement its status as a net energy exporter and to replenish depleted foreign reserves. The firm's first-quarter core earnings, or adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stayed stagnant from a year earlier to $1.25 billion. Operating costs grew by 26.4% year-on-year.
