December 19, 2024 Latest Energy / Automotive News and Analysis
London, December 19, 2024 (Oilandgaspress) –-Ukraine’s Navy and the Security Service of Ukraine (SBU) carried out a combined strike against the Novoshakhtinsk oil refinery in Russia’s Rostov Oblast overnight on Dec. 19, the General Staff of Ukraine’s Armed Forces reported.
Russian authorities and Telegram channels reported explosions and fire at the facility earlier the same day, connecting it to a Ukrainian drone attack. The Novoshakhtinsk facility is “the only oil refinery operating” in the region, the General Staff said. It reportedly produces up to 7.5 million tons of oil products annually and specializes in fuel production.The strike resulted in a massive fire and caused significant damage, the source claimed. Read More
Ukraine’s Navy and the Security Service of Ukraine (SBU) carried out a combined strike against the Novoshakhtinsk oil refinery in Russia’s Rostov Oblast overnight on Dec. 19, the General Staff of Ukraine’s Armed Forces reported.
Russian authorities and Telegram channels reported explosions and fire at the facility earlier the same day, connecting it to a Ukrainian drone attack.
The Novoshakhtinsk facility is “the only oil refinery operating” in the region, the General Staff said. It reportedly produces up to 7.5 million tons of oil products annually and specializes in fuel production. The city of Novoshakhtinsk lies around 10 kilometers (6 miles) from the Russo-Ukrainian border and over 200 kilometers (120 miles) from the front line. Read More
At least 100 North Korean troops have been killed while fighting for Russia against Ukraine, a South Korean lawmaker said after an intelligence briefing, the BBC reported on Dec. 19. Another 1,000 of Pyongyang’s soldiers have been injured, South Korean MP Lee Sung-kwon told reporters, connecting the high casualty rates to the lack of experience with terrain and drone warfare. The comments come after an undisclosed U.S. official estimated for the media that “a couple of hundred” of North Korean troops have been injured or killed since joining combat earlier this month.
Pyongyang has dispatched over 10,000 of its soldiers to help oust Ukrainian troops fighting in Russia’s Kursk Oblast since early August, Kyiv and Western officials said. Read More
Israel carried out airstrikes on a port city and energy infrastructure in Yemen on Thursday after a missile targeting central Israel was shot by the Iran-aligned Houthi rebels in Yemen. The Israeli airstrikes killed at least nine people, local officials told AP, after Israel targeted with fighter jets the port city of Hodeida, the Salif port, and the oil terminal Ras Isa on the Red Sea. Another wave of Israeli strikes targeted energy infrastructure in the Houthi-controlled capital of Yemen, Sanaa. The Iran-aligned Houthis have been targeting Israel with missiles for a year and have also targeted commercial tanker and cargo traffic in the Red Sea since the Israel-Hamas war erupted in October 2023. Read More
In sun-drenched Nigeria, 14 new solar farms were supposed to jumpstart a meager solar industry and generate huge amounts of power, about one-fifth as much as the country’s entire electric grid offers on a good day. But that ambition collapsed when Nigeria’s government wouldn’t provide critical guarantees to developers. It’s not that demand is low for clean power — the smallest solar systems for homes have exploded in popularity and created jobs — but big developers haven’t been able to overcome Nigeria’s reputation as a risky place to do business.
It’s a problem across sub-Saharan Africa, where 83% of the people in the world who lack electricity live. Despite tremendous solar potential, very little of it has been installed. Read More
China is set for a significant expansion of electric vehicle (EV) battery swapping, with global battery manufacturer CATL announcing this week that it will be making substantial investments in stations across the country next year.
Battery swapping isn’t a new concept, but its journey has been fraught with challenges. The uptake of EVs has varied globally over recent years, which can complicate the development of new infrastructure.China is significantly ahead in terms of EV adoption compared to other countries. It’s not only the world’s largest car market, but as of July, 50% of new car sales were electric, contributing to the majority of this year’s global EV sales.
With government subsidies and mandates supporting the growth of EVs, it makes more sense for companies to invest in unique EV infrastructure in China, where it’s likely to be needed. Read More
Porsche aims to use recycled materials in its vehicles and close resource loops. Jonathan Hörz, Head of the sustainability strategy field “Circular Economy”, explains how the company intends to combine its ecological goals with economic efficiency through closed material cycles and durable product concepts. Read More
Hyundai Motor Group is proud to announce that a total of 22 models from Hyundai Motor Company, Kia Corporation and Genesis have been honored with the Insurance Institute of Highway Safety (IIHS) 2024 TOP SAFETY PICK (TSP) and TOP SAFETY PICK+ (TSP+) awards.
The Group’s total is more than any other automaker in the annual assessment, comprising 21 percent of the total 2024 awards. Moreover, Hyundai brand ranked second and Genesis ranked third tied with Honda and Mazda, respectively, among the brands with the most awards. Among the Group’s brands, Hyundai Motor secured nine awards (four TSP+ and five TSP), Genesis earned eight awards (seven TSP+ and one TSP), and Kia earned five awards (one TSP+ and four TSP). This recognition highlights the exceptional safety standards embedded in Hyundai, Kia and Genesis vehicles. All vehicles were 2024 model year unless otherwise specified.
For Hyundai Motor, the TSP+ winners included the IONIQ 5, KONA and TUCSON (models built after March 2024) small SUVs and IONIQ 6 midsize electric car. The TSP winners included the ELANTRA small car, SONATA midsize car, PALISADE and SANTA FE midsize SUVs, and SANTA CRUZ small pickup truck. Read More
Hyundai’s high-performance IONIQ 5 N electric SUV has been awarded the CarBuzz Best EV for 2025. CarBuzz editors evaluated over 160 new cars this year, evaluating their performance, practicality, value, and overall impact on the automotive landscape. In crowning the CarBuzz Best Electric Vehicle, editors considered an EV’s affordability, driving range and recharge speed, ease of use, and impact on the environment as factors. Bonus consideration is given to EVs that are good enough to change perceptions around electric cars.
“It’s such a huge honor for the IONIQ 5 N performance SUV to be named the CarBuzz Best EV for 2025,” said Olabisi Boyle, senior vice president of product planning and mobility strategy at Hyundai Motor North America. “We feel the IONIQ 5 N is a beast, with features like N e-Shift and N Grin Boost, the 5 N flips the script on what EVs can do—bringing serious power and excitement to the streets and proving electric performance can truly thrill.”
CarBuzz says, “Hyundai has found the solution to making EVs cool. By giving the IONIQ 5 N the sounds of a gasoline car and the simulated shifts of a transmission with its N e-Shift feature, Hyundai has created the most entertaining driving experience available in an EV today, and one that feels more organic than even some genuine combustion cars. Every other automaker needs to copy Hyundai’s homework immediately. There are quicker EVs on the market, but Hyundai’s decision to focus on driving pleasure rather than outright speed differentiates the IONIQ 5 N from its competitors. Hyundai is not the first company to attempt a track-focused EV, but it’s the first one to get it perfect.” Read More
Kia India has launched the much-anticipated Kia Syros, a revolutionary SUV that is bound to set new standards in design, technology, and space. Built on the reinforced K1 platform, the Syros is tailored to meet the needs of urban drivers and tech-savvy adventurers, blending versatility with cutting-edge advancements. The model introduces the first in-segment rear sliding, reclining and ventilated seats along with several other unrivalled features, like a dual-pane panoramic sunroof and Level 2 ADAS with 16-Autonomous Safety Features, complemented by a comprehensive suite of 20 Robust Hi Standard Safety Package.The Syros is also equipped with 20 standard robust hi-safety features, such as Electronic Stability Control, Hill Start Assist control, six airbags, Vehicle Stability Management, Electric Parking Brake with Auto Hold, ensuring maximum protection for both driver and passengers. Kia Connect 2.0 further elevates safety by integrating connectivity with peace of mind, offering SOS emergency support, real-time diagnostics, and stolen vehicle tracking, transforming safety into an essential driving standard for the modern era.
Under the hood, the Syros boasts two engine options Smartstream 1.0-liter turbo petrol with 88.3 kW (120PS)/172Nm and 1.5-liter CRDi diesel with 85 kW (116PS)/ 250Nm paired with manual and automatic transmission. With a longer wheelbase of 2550mm and refined suspension, the Syros ensures superior ride quality, balancing agility for city drives. Read More
Building on the success of the Stellantis Employee Share Purchase Plan initially open to employees from Italy and France in 2023, the Company extended ‘Shares to Win’, its share purchase plan, in November to nearly its entire global workforce, representing more than 230,000 Stellantis employees from 18 countries. Shares to Win is an incentive program that enables employees to become shareholders in the Company on preferential terms.
‘Shares to Win 2024’, the Company’s second Employee Share Purchase Plan, resulted in a total investment of around €94.5 million, including €65.2 million from individual investment and €29.3 million matched by the Company, representing around 9.7 million additional shares held by employees.
“The success of this second edition of Shares to Win demonstrates our employees’ confidence in the sustainable future of our Company,” said Xavier Chéreau, Chief Human Resources, ESG and Heritage Officer. “By extending this employee share purchase plan to nearly our entire global workforce, we strengthened our commitment to the sharing of value creation with our employees, while fostering cohesion and pride in belonging to Stellantis.”
Globally, around 15% of eligible employees subscribed to Shares to Win 2024, with an individual investment of around €1,960.. Read More
Stellantis announced that it has made the decision to pull launch timing of its range-extended Ram 1500 Ramcharger ahead of Ram 1500 REV, the company’s first battery-electric light duty pickup truck. Ram brand originally planned to launch the Ram 1500 REV in the first half of 2025.
The decision to launch Ramcharger first was driven by overwhelming consumer interest, maintaining a competitive advantage in the technology and slowing industry demand for half-ton BEV pickups.
Ramcharger will be open for consumer orders in US in the first half of 2025 followed by the Ram 1500 REV launch in 2026. Availability for European customers will be announced separately. The Sterling Heights (Michigan) Assembly Plant will continue to be the primary home for Ram 1500 production – including electrified and internal combustion engine versions – and play a key role in bringing this industry-leading technology to market. Read More
At the 101st edition of the Brussels Motor Show, taking place from January 11th to 19th, Lancia will be showcasing its most recent creations—the Ypsilon Rally 4 HF and Ypsilon in electric and hybrid configurations —to highlight its unstoppable Renaissance, i.e., its solid and ambitious roadmap which is once again making it a desirable, respected, and trustworthy brand within the European premium market.
The star of the show will be the Ypsilon Rally 4 HF. Specifically designed for racing, it is equipped with a 1.2-liter, 3-cylinder engine which delivers 212 HP and features a 5-speed dog ring gearbox and mechanical limited-slip differential. The front-wheel-drive configuration guarantees agility and high performance, making it ideal for young drivers who want to make a name for themselves. The category in which the fundamentals of the sport are honed, the Rally 4 category represents pure passion and the first step for tomorrow’s champions. Read More
McDermott International, Ltd (“McDermott” or the “Company”) today announced that it completed the redemption and exchange of all of its outstanding Series A Preference Shares (“Series A Preference Shares”), par value $0.001 per share, into the Company’s Class A ordinary shares (“Class A Ordinary Shares”), $0.001 par value per share (the “Preference Share Transaction”).
Pursuant to the Preference Share Transaction, the outstanding Series A Preference Shares were redeemed or exchanged for approximately 2.9 billion Class A Ordinary Shares. “This transaction goes a long way to simplifying our capital structure, providing us with flexibility as we execute our long-term strategy,” said Travis Brantley, McDermott Chief Financial Officer. “We’re pleased by this strong vote of confidence in McDermott by our shareholders.” Michael McKelvy, McDermott President and Chief Executive Officer, added, “We thank our majority shareholders for their strong support for this transaction and related actions to strengthen the Company, such as maintaining the allocation of 7.5% of Class A Ordinary Shares to be administered by the Board of Directors for long-term incentive programs to ensure continued workforce stability and alignment with shareholder value.” Read More
(Reuters) – Geothermal energy startups are on the upswing with Big Tech companies looking to feed their power-intensive AI data centers, but long-term investments remain uncertain as oil majors double down on natural gas.
Meta and Alphabet’s Google are among the tech companies partnering with startups proposing to produce geothermal electricity, to power their data centers.Large data-center operators are also racing to meet the energy needs of artificial intelligence, accelerating a range of clean technologies in the process. Read More
Renault Group in France and the trade unions CFE-CGC and CFDT signed a new three-year social agreement today, December 19, for the period 2025-2027. Renault Group in France and the two representative trade unions, CFE-CGC and CFDT, have today concluded a new multi-year social agreement for the period 2025-2027. Built around four main themes, this new social framework introduces measures that promote a more agile and efficient working organization, while strengthening employee social protection and skills development. Renault Group chooses to strengthen employee protection while preserving their purchasing power.
Protect employees against activity fluctuations with a solidarity mechanism guaranteeing 100% net salary maintenance in case of partial activity and all social benefits (leave, working time reduction days – RTT, profit-sharing). This measure will be applied retroactively to the date the negotiations began.
Deploy OneHealth, a comprehensive health and wellness program to provide equitable access to quality care. Designed around four commitments (act, prevent, protect, and support), this initiative offers a holistic and complete care pathway, with free check-ups organized and fully funded by the company, a digital platform, a network of health professionals close to the workplace, teleconsultations and advice, and 24/7 psychological assistance. Free for employees, some services are also accessible to their household members.
Improve the health insurance by increasing the guarantees and level of protection, without any increase for employees. The company will cover 100% of the additional costs related to these improvements, thus offering enhanced health coverage. Read More
On November 5, Fortune magazine released the list of China’s Most Admired Companies in 2024. CNPC, recognized for its outstanding contributions to biodiversity protection, secured places on both the All-Stars List of China’s Most Admired Companies and the Energy Sector Leaders List of the Petroleum/Chemicals/Coal category.
Fortune China’s Most Admired Companies list evaluates enterprises’ “soft power”, concerning factors like managerial expertise, talent attraction, product or service excellence, corporate social responsibility, investment value, asset management and global impact. This year, 332 Chinese companies made it to the roster of candidates, among which 50 companies earning the highest overall scores will be included in the final All-Stars List. Only four companies were selected for the Energy Sector Leaders List of the Petroleum/Chemicals/Coal category. CNPC earned a prominent position on both lists, highlighting its commitment to sustainable practices and corporate excellence. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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(Reuters) – Geothermal energy startups are on the upswing with Big Tech companies looking to feed their power-intensive AI data centers, but long-term investments remain uncertain as oil majors double down on natural gas.
Meta and Alphabet’s Google are among the tech companies partnering with startups proposing to produce geothermal electricity, to power their data centers. Large data-center operators are also racing to meet the energy needs of artificial intelligence, accelerating a range of clean technologies in the process. Read More
McDermott International, Ltd today announced that it completed the redemption and exchange of all of its outstanding Series A Preference Shares (“Series A Preference Shares”), par value $0.001 per share, into the Company’s Class A ordinary shares (“Class A Ordinary Shares”), $0.001 par value per share (the “Preference Share Transaction”).
Pursuant to the Preference Share Transaction, the outstanding Series A Preference Shares were redeemed or exchanged for approximately 2.9 billion Class A Ordinary Shares. “This transaction goes a long way to simplifying our capital structure, providing us with flexibility as we execute our long-term strategy,” said Travis Brantley, McDermott Chief Financial Officer. “We’re pleased by this strong vote of confidence in McDermott by our shareholders.”
Michael McKelvy, McDermott President and Chief Executive Officer, added, “We thank our majority shareholders for their strong support for this transaction and related actions to strengthen the Company, such as maintaining the allocation of 7.5% of Class A Ordinary Shares to be administered by the Board of Directors for long-term incentive programs to ensure continued workforce stability and alignment with shareholder value.” Read More
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