Energy / Automotive News Roundup; September 23, 2024 Latest
London, (Oilandgaspress) –– Oil prices are back pointing higher after rising geopolitical tensions and US rate cuts underpin the commodity. US crude topped at $72.44 per barrel on Friday following a strong performance on Thursday. A bigger-than-expected drawdown in US inventories improved sentiment towards current demand, with the Fed’s 50 basis point cut improving prospects of future demand.
Meanwhile, soaring tensions between Israel and the Iranian-backed militia group Hezbollah in Lebanon keep upwards pressure on prices as supply disruption remains a possibility. That said, momentum has stalled at the start of the new week with WTI struggling to get past $72.55 for the second time since last week, having settled around $72.18 in a similar setup to last Friday. Market Analysis: By Daniela Sabin Hathorn, senior market analyst at Capital.com
bp and Apollo announced an agreement for Apollo-managed funds to purchase a non-controlling stake in bp Pipelines TAP Limited, the bp subsidiary that holds a 20% share in Trans Adriatic Pipeline AG (TAP) in a transaction valued at approximately $1 billion. Upon completion, bp will remain the controlling shareholder of bp Pipelines TAP Limited. Trans Adriatic Pipeline AG is the owner and operator of a key infrastructure asset for meeting European energy demand – the final 880-kilometre leg of the Southern Gas Corridor pipeline system that transports natural gas from the bp-operated Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to markets in Europe such as Greece and Italy.
bp and Apollo will also look to partner on additional investment opportunities, including potential co-operation in both gas and low carbon energy assets, and infrastructure. Read More
100 days from the implementation of the new EU Corporate Sustainability Reporting Directive (CSRD), world-leading social sustainability expert Florian Wupperfeld has criticised the regulations, saying they will not benefit citizens and communities, but instead line the pockets of large international consultancy firms.
The CSRD is a new regulation being enforced by the EU from 1 January 2025 requiring all large companies to undertake non-financial reporting on sustainability. 50,000 companies will fall within the scope of the CSRD, including over 10,000 non-EU companies who qualify by generating over €150 million in the EU market. Of the non-EU companies qualifying, North America and the UK will be most affected, with 31% American, 13% Canadian and 11% British.
The EU has introduced the directive to help consumers and investors assess the impact of these companies on people and the environment and to encourage initiatives which are beneficial to the public.
However, world-leading social sustainability expert, Florian Wupperfeld, has today said that the new CSRD regulations will not benefit people and communities, but instead create “a pointless middle man lining his pockets and profiteering from sustainability targets”, as the regulations are “little more than a ‘tick box’ exercise”.
Wupperfeld is CEO of LCD Ventures, a UK-based urban innovation company offering data-driven placemaking services and socially sustainable solutions. He has advised some of the world’s most iconic destinations, recognisable brands and real estate developers to develop global cultural and social sustainability placemaking strategies and innovations, including the City of Amsterdam, Berlin, Malta, Soho House, Tate London, Pinebridge and Brookfield.
On the new CSRD regulations, he explains: “Conceptionally, citizens, employees, suppliers, workers should benefit. But since this scheme is so untransparent, it will only line the pockets of shareholders of big corporates including Consultancy firms who will jump on an opportunity to sell glossy brochures with emotional pictures at hundreds of thousands of euros. It will certainly not benefit creative, sports or educational infrastructure for the local community. People talk about Greenwashing – we are now about to enter a period of ‘Social Smoothing.’”
In June 2021, just two months after the EU announced this draft CSRD regulation, PwC announced it would hire over 100,000 new staff to service this new sector. [i]
Wupperfeld argues that the European Commission’s new regulations are providing consultancies with a “golden opportunity to get paid for doing nothing of any particular value”, securing high-paying contracts to provide companies with positive ESG ratings rather than delivering any real impact.
He says that it’s often the case that “good social impact” does not result in a good social rating and that the system has been set up without the proper knowledge and accountability infrastructure. Wupperfeld proposes that an incentives-based, data-led system would deliver more for social sustainability. Read More
The Danish State Railways (DSB) announced it selected S3 Passenger to replace DSB’s legacy inventory management system for all its mainline services. S3 Passenger is developed by Siemens Mobility subsidiary Sqills, and it is considered the industry-leading dynamic pricing, inventory management, and reservation system. DSB signed a 12-year contract that can be extended by another 12 years. DSB is the third public transport operator on the Scandinavian market that uses S3 Passenger, and it is one with a rich history dating back more than a century. DSB was founded in 1885 with the merger of two state-owned railway operators. The fact that S3 Passenger meets virtually all DSB requirements out-of-the-box and Sqills’ proven implementation track record are key enablers of a relatively short implementation project. “We are honored to partner with DSB in their journey to replace their reservation system. At Siemens Mobility, we are committed to driving the digital transformation of the rail industry by delivering technology that drives operational efficiency and ensures great passenger experience. We look forward to a successful collaboration, supporting DSB in meeting the evolving needs of their passengers and the industry,” said Devina Pasta, CEO of Siemens Mobility Software.
“Over the past few years, we have continued to establish ourselves across Northern Europe and partnering with DSB is another indicator of the maturity of S3 Passenger. We feel that we are at the start of a great partnership that will be defined by a collegial and professional approach to jointly bringing better service to the Danish train traveler,” added Johan Nieuwerth, Chief Product Officer Sqills. Read full article
Siemens presents advanced charging solutions for eMobility
Siemens eMobility announced its latest advancements at the IAA Transportation 2024 in Hanover. For the first time, Heliox and Siemens products are showcased together, highlighting a comprehensive portfolio that includes hardware, software, services, and complete solutions.
eMobility Portfolio Family Siemens Heliox
Expanding Portfolio with Heliox Acquisition
Siemens eMobility has significantly enhanced its IoT product portfolio and digitalization offerings with the acquisition of Heliox. This strategic move strengthens Siemens’ position in depot and fleet charging, enabling flexible implementation of large and complex projects.
Supporting Emission-Free Public Transport in Hamburg
Siemens supports Hamburger Hochbahn AG’s mission for a completely emission-free bus fleet by 2030. Siemens has supplied 324 charging points with a capacity of around 50 MW, while Heliox has added 229 charging points. This collaboration results in 553 charging points, significantly reducing CO2 emissions from public transport in the greater Hamburg area.
Global Framework Agreement with E.ON Drive Infrastructure
Siemens and E.ON Drive Infrastructure have signed a global framework agreement to expand the E.ON public charging network. The agreement includes SICHARGE D fast charging stations and backend access via Sifinity Control, maximizing reliability and availability for E.ON customers.
Siemens and OMV Strengthen Collaboration on eVehicle Depots
Siemens AG Austria and OMV Downstream GmbH have signed a Memorandum of Understanding (MoU) to reduce CO2 emissions in heavy transport and logistics. The partnership aims to implement innovative solutions for the electrification of vehicle depots, addressing current and future mobility needs.
Innovative Hardware, Comprehensive Software & Reliable Service Offerings
At IAA Transportation, Siemens eMobility is showcasing its latest charging technologies, including the Megawatt Charging System [MCS] prototype, which delivered a 1 MW charge. The SICHARGE D 400, a DC fast charging compact charger with power up to 400 kW, features liquid-cooled cables, dynamic power distribution, and high efficiency.
Siemens’ software solutions, such as DepotFinity, support efficient management of depots and fleets, optimizing charging infrastructure and reducing costs. DepotFinity maximizes battery-powered kilometers, lowers operating costs, and integrates smoothly into existing depots.
Siemens eMobility offers a range of services to ensure maximum uptime, from installation and commissioning to long-term operation. Remote monitoring, predictive maintenance, and comprehensive training are part of Siemens’ commitment to quality and reliability in e-mobility. Read Press Release
Siemens announced the confirmation of its updated emissions reduction targets by the Science Based Targets initiative (SBTi). Supporting the company’s commitment to fostering a low-carbon future, Siemens’ near- and long-term targets are now aligned with the SBTi Net-Zero Standard for Scope 1, 2, and 3 targets for 2030 and 2050. The SBTi Net-Zero Standard is the world’s leading framework for corporate net-zero target-setting in line with climate science. SBTi provides standards, guidance, and tools for companies to set emissions reductions targets. This confirmation by the SBTi validates Siemens’ science-based net-zero approach which is fully aligned with the Paris Agreement. Read Press Release
Saipem and newcleo have signed a collaboration agreement to identify solutions for the offshore application of newcleo’s technology to produce nuclear energy.
The objective of this agreement is to study the application of newcleo’s “Small Modular Lead-cooled Fast Reactor” (SM-LFR) technology to provide zero-emission electricity and process heat to oil and gas offshore installations, thereby improving their sustainability performance. The agreement also allows for the possibility of extending the use of newcleo’s technology to produce zero-emission electricity through floating nuclear units, connected to the electricity grid on land or to other users.
The collaboration between the two companies, which will combine their skills, experience and knowledge, involves the creation of a feasibility analysis on the possible development of prototypes of newcleo’s SM-LFR technology for offshore applications. newcleo’s solution employs one of the most promising technologies in the field of small nuclear fission reactors. newcleo’s technology leverages passive security systems (i.e. exploiting natural forces or phenomena without requiring active mechanisms), unique in the marine environment, enabling much greater efficiency in the use of extracted uranium compared to other types of conventional fission reactors. This is thanks to the reuse of spent nuclear fuel used by other reactors, in line with the principles of the circular economy.
Saipem’s interest in nuclear energy is part of its technological development programme, dedicated to energy transition, with the aim of helping to achieve Net Zero objectives by 2050. Nuclear energy is, in fact, an energy source that can efficiently and sustainably support growing energy needs and ensure the diversification and security of energy supply. In this light, Saipem intends to evaluate, the potential application of the new generation of compact reactors (Small Modular Reactors – SMR) for offshore plants, to generate power and heat with very low climate-changing emissions, equal to those of renewable energies, and therefore with a high sustainability profile. Read Press Release
3t, the UK-headquartered leader in the provision of training for safety-critical industries, has today announced it will make its seventh acquisition with the purchase of GTSC, the largest energy training business in the Middle East, bolstering its presence across the region in Saudi Arabia, the United Arab Emirates and Egypt.
3t has acquired GTSC from Al Mansoori Specialized Engineering. The acquisition sees over 100 GTSC employees and several purpose-built training facilities become part of 3t. Founded in 1993, GTSC has trained almost one million people in the Middle Eastern energy sector and has unrivalled regional facilities and heritage. The company boasts an extensive array of industry-accredited technical, offshore survival, HSE, firefighting and road safety training courses.
3t is backed by specialist private equity firm, Bluewater, whose value creation model has helped drive the company’s ambitious growth strategy which is centred on internationalisation and market diversity with the aim of becoming a global leader in safety critical training. This is 3t’s seventh acquisition since 2017 and closely follows its June 2024 acquisition of ALL STOP!, a leading safety-critical training business in the US.
The recent acquisitions position 3t on track to break through the $100mn revenue mark in 2024, following a record-breaking year of profitability and growth in 2023. This move is a key component of 3t’s transformational year, marked by the successful acquisitions of ALLSTOP! alongside a $100mn Nordic bond raise.
3t provides over 600 different training courses at 11 global centres, training more than 100,000 people every year to the highest industry standards. 3t is renowned for service quality and has built long-standing, highly-valued relationships with market leading customers. Its training provision is bolstered by its deep-rooted learning technology offering which includes its world-leading simulators, state-of-the-art virtual reality and digital twin technology, as well as a host of digital learning solutions and programmes. 3t has long-standing relationships in the Middle East, and already provides a broad range of services to the region.
With the training and development of skilled workforces in higher demand than ever, the acquisition will ensure personnel in the Middle East in safety critical roles across sectors including renewables and oil and gas meet the highest levels of safety, compliance and competence. The combined business offering will directly impact regional efforts to increasingly train its local workforce, ensuring they have the correct skillset required to meet the growing demand for energy and other safety critical industries Read Press Release
IEA Life Cycle Upstream Emission Factors (2024)
Low carbon generation technologies do not correspond to any direct emissions at the point of generation; however, they do emit GHG emissions over their life cycle. Considering the climate impacts over the life cycle provides a better understanding of the emission reduction benefits from electrification. Life cycle assessment (LCA) of electricity systems is critical to identify potential problem-shifting along supply chains and technology life cycles.
Following a successful pilot edition, the Life Cycle Upstream Emission Factors is now available as an independent Excel database. The product includes a set of life cycle emission factors corresponding to national electricity grids, which may be applied for reporting Scope 3 Category 3 emissions associated with the consumption of purchased electricity under the GHG Protocol. Data is available from year 2015 up to the latest available year, for around 150 countries.
Data is published in an excel format free of charge and includes the following emission factors:
a) Total upstream emission factors (CO2eq/kWh)
Correspond to the total upstream emissions intensity associated with the national electricity generation. The factors are computed using the overall life cycle footprint of the electricity generation technologies/fuels excluding direct emissions from combustion of the fuels at the generation point weighted by their respective shares in the generation mix.
b) Fuel-cycle emission factors (CO2eq/kWh)
Correspond to the fuel-cycle emissions intensity associated with the national electricity generation. The factors are computed using the life cycle emissions intensity corresponding to fossil fuels, uranium and biofuels fuel-cycles weighted by the respective shares of all fuels/technologies in the generation mix. The non-fuel cycle life cycle emissions and the direct emissions from combustion of the fuels at the generation point are excluded.
c) Life cycle adjustment factors for transmission and distribution losses (CO2eq/kWh) Include the emission intensities associated with the transmission and distribution losses of electricity in the grid developed from a life cycle perspective. Read Press Release
ADNOC Distribution announced that the Board of Directors has approved an interim dividend of $350 million (AED1.285 billion) for the first half of 2024, equivalent to 10.285 fils per share, underscoring the Company’s commitment to delivering consistent and attractive returns to its shareholders.
The deadline for purchasing shares to qualify for the interim dividend payment is 26th September 2024, with eligibility based on shareholders recorded in the share register on 30th September 2024.
The H1 dividend marks the first installment of the expected full-year 2024 dividend of $700 million (AED2.57 billion), equivalent to 20.57 fils per share. This aligns with ADNOC Distribution’s five-year dividend policy, which sets an annual dividend of $700 million or a minimum of 75% of net profits, whichever is higher, from 2024 to 2028, subject to Board discretion and shareholder approval.
The second and final dividend for 2024 is expected to be paid in April 2025, subject to the Board’s recommendation and shareholder approval. The full-year 2024 dividend would offer a 5.6% annual dividend yield, based on the share price of AED3.67 as of 20th September 2024.
The Company generated free cash flow of $488 million (AED1.79 billion) in H1 2024, comfortably covering the interim dividend of $350 million (AED1.285 billion). As of June 30, 2024, it continued to maintain a strong financial position with a net debt-to-EBITDA ratio of 0.53x and liquidity of $1.7 billion (AED6.2 billion), including a cash position of $925 million (AED3.4 billion), positioning it favorably for future growth and shareholder value creation. Read More
Following initial steps taken as part of its strategic review, Northvolt today outlines a revised scope of operations in Sweden to ensure that its resources are focused on accelerating production in large-scale cell manufacturing at Northvolt Ett. These measures are expected to result in the redundancy of approximately 1,600 Northvolt employees, split across Skellefteå (1,000 positions), Västerås (400 positions) and Stockholm (200 positions). All redundancies are subject to ongoing union negotiations.
In adjusting its near-term ambitions and focusing on the ramp-up of the first 16 GWh phase of Northvolt Ett, Northvolt positions itself to prioritize commitments to its current automotive customers. This priority is further being supported by a recently introduced acceleration program geared to further increase levels of production. The program is already demonstrating results and contributed to Northvolt Ett cell production increasing threefold since the beginning of this year.
Peter Carlsson, CEO and Co-Founder of Northvolt, commented: “While overall momentum for electrification remains strong, we need to make sure that we take the right actions at the right time in response to headwinds in the automotive market, and wider industrial climate. We now need to focus all energy and investments into our core business. Success in the ramp-up of production at Northvolt Ett is critical for delivering to our customers and enabling sustainable business operations. Recent production records at Northvolt Ett show that we are on the right path, but the decisions we’re taking today, however tough, are required for Northvolt’s future.” Acknowledging the impacts that the resizing of Northvolt’s workforce will have, especially at Northvolt Ett and for the city of Skellefteå in northern Sweden, Northvolt has engaged its partners and stakeholders to support in efforts to mitigate impacts to the greatest extent possible.
Northvolt’s internal resources have been mobilized to support impacted employees in several areas, including the search for new employment and assistance in matters relating to relocation. Further to this, Northvolt is establishing a taskforce together with external partners to provide additional support to employees on work visas, and their families. Read More
Neste Corporation has today received a notification under Chapter 9, Section 10 of the Finnish Securities Market Act (FSMA). According to the notification by BlackRock, Inc., the aggregate holdings of the entities referred to therein excluding financial instruments according to SMA 9:6a have on 20 September 2024 decreased to below 5% of the total number of shares and voting rights of Neste Corporation. The aggregate holdings including financial instruments according to SMA 9:6a owned by BlackRock, Inc. and the entities referred to above amounts to 5.33% of the total number of shares of Neste Corporation. The share stock of Neste Corporation consists of 769,211,058 shares, each entitling one vote. Source,
EDF Renewables and Korea Western Power (KOWEPO), alongside their partner Abu Dhabi Future Energy Company PJSC – Masdar, announced today the successful financial closing of the 1.5 gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project in the Emirate of Abu Dhabi. Following a successful bid submission, the project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake) signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC), and will design, finance, build and operate the plant.
Financing for the project has been secured from six top-tier banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC) and Export-Import Bank of Korea (KEXIM). Read full article
Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Masdar’s Youth 4 Sustainability (Y4S) has announced the opening of registration for its 2025 program. Y4S is a global initiative dedicated to nurturing the next generation of sustainability leaders.
As the world navigates a crucial energy transition, Y4S equips young people with essential skills, knowledge, and networks needed for the job market of tomorrow to drive a sustainable future. As applications for the 2025 cohort open today on 19 September, Y4S participants past and present talk about the skills and benefits they have gained personally from being part of a global initiative preparing them to be the next generation of sustainability leaders and change makers.
Y4S offers two distinct programs. The Sustainability Ambassadors (SA) program, designed for students based in the UAE, provides immersive learning experiences, including site visits to Masdar’s world-leading clean energy projects, engagement with influential UAE leaders, and participation in pivotal global events like COP29. In addition, the Future Sustainability Leaders program brings together a select group of international students and young professionals, connecting them with global business leaders, offering access to top accelerators and incubators, and facilitating participation in key events like New York Climate Week. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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