TechnologyFord Motor, SK Innovation announce EV battery joint venture in N. America
Ben Klayman
4 minute read
A visitor is reflected as he takes pictures of a new Ford Aspire car during its launch in New Delhi, India, October 4, 2018. Picture taken October 4, 2018. REUTERS/Anushree Fadnavis
Ford Motor Co (F.N) and South Korean battery maker SK Innovation (096770.KS) on Thursday announced they will form a battery joint venture in North America to support the No. 2 U.S. automaker s electric vehicle rollout.
The companies said they have signed a memorandum of understanding for the formation of the venture, called BlueOvalSK. Reuters on Wednesday reported plans for the joint venture. read more
Turkey raised the special consumption tax on some petrol and diesel oil types, as well as liquefied petroleum gas, propane and butane by rates ranging between 54-189%, prompting hikes in pump prices at fuel stations on Thursday.
EnergyGlobal oil demand has risen to 95 mln bpd -Al Jaber
Reuters
1 minute read
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo
The global oil market is rebalancing, and oil demand has risen to 95 million barrels per day, Sultan Ahmed Al Jaber, chief executive of the Abu Dhabi National Oil Company, said on Thursday.
The longer-term forecast has demand rising to 106 million bpd by 2030, Al Jaber said during the Columbia Global Energy Summit. The oil and gas industry has reduced investments over the past five years, as companies prioritized capital discipline and as investors grew more motivated by environmental concerns, he said.
EnergyU.S. to waive sanctions on firm, CEO behind Russia s Nord Stream 2 pipeline
Andrea ShalalSabine Siebold
4 minute read
A road sign directs traffic towards the Nord Stream 2 gas line landfall facility entrance in Lubmin, Germany, September 10, 2020. REUTERS/Hannibal Hanschke/File Photo
The Biden administration will waive sanctions on the company behind Russia s Nord Stream 2 pipeline to Europe and its chief executive, a Washington source familiar with the plans and Germany s foreign minister saidon Wednesday.
A U.S. State Department report to be delivered to Congress as early as Wednesday concludes that Nord Stream 2 AG and CEO Matthias Warnig, an ally of Russian President Vladimir Putin, engaged in sanctionable activity but that it was in the U.S. national interest to waive the sanctions, the source said.
ChinaChina s April diesel exports rise 5.7% on resurgent overseas demand
Reuters
2 minute read
China s diesel exports in April rose 5.7% from the same period last year because of resurgent overseas demand and refiners efforts to reduce bulging domestic stocks.
Diesel shipments reached 2.72 million tonnes last month, down from 2.81 million tonnes in March, data from the General Administration of Customs showed on Tuesday.
Gasoline exports in April plunged 22.8% from a year earlier to 1.47 million tonnes.
Jet kerosene exports were 660,000 tonnes in April down 67.5% from the record high of 2.03 million tonnes a year earlier.
For May, China s gasoline exports are expected to fall to 1.29 million tonnes while diesel exports will decline to 1.89 million tonnes, according to energy consultants Jinlianchuang.