Energy/Automotive News| WTI Crude $70.77/bbl, Brent $76.73/bbl, Opec $79.16/bbl
London, 17 January 2024, (Oilandgaspress): – Oil prices mixed as continued tensions in the Middle East lead to more tanker diversions. The crisis in the Red Sea poses serious risks to oil flows and prices could change quickly if tensions lead to a major supply disruption in the Middle East, Chevron CEO Michael Wirth told CNBC on Tuesday. Shell has reportedly suspended shipments through the Red Sea. Houthi militants, based in Yemen and allied with Iran, have repeatedly attacked commercial vessels in the Red Sea in response to Israel’s war in Gaza.
UK Government approves planning application for BECCS at Drax Power Station
The Secretary of State for Energy Security and Net Zero, Claire Coutinho, has today approved the Development Consent Order (the DCO) for Drax Power Limited’s (Drax) plans to convert two of its biomass units at Drax Power Station to the carbon removals technology bioenergy with carbon capture and storage (BECCS).Drax Power Station currently has four biomass generating units and produces around 4% of the country’s power and 9% of its renewable electricity.
The DCO is a milestone for the project, providing planning consent for its development. BECCS is currently the only credible large-scale technology that can both deliver carbon removals and generate renewable power. Drax’s BECCS plans will enable Drax Power Station to continue to play a critical role in supporting UK energy security and would enable it to remove approximately 8 million tonnes of carbon dioxide per year when both units are fully operational. Read full article
During the period from 8 to 12 January 2024, Eni acquired on the Euronext Milan no. 4,493,371 shares (equal to 0.13% of the share capital), at a weighted average price per share equal to 15.0289 euro, for a total consideration of 67,530,602.13 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read full article
Alpine announces the appointment of Marguerite Prince as VP, Alpine Human Resources, effective 1 February 2024.
She will be a member of the Alpine Management Committee and will report to François Roger, Renault Group’s Chief People, Workplace, Organization Officer, and Philippe Krief, Alpine CEO. As VP, Alpine Human Resources, Marguerite Prince will support and guide the brand’s 1,800 collaborators on all HR issues and challenges.
Marguerite Prince has 18 years of professional experience at Renault Group, including 12 years in HR. Read full article
1PointFive, a carbon capture, utilization and sequestration (CCUS) company, and Trafigura, a market leader in the global commodities industry, today announced that Trafigura has agreed to purchase carbon dioxide removal (CDR) credits to be produced from 1PointFive’s first industrial-scale Direct Air Capture (DAC) facility, STRATOS, which is currently under construction in Texas. This is Trafigura’s first transaction towards meeting its commitment as a Founding Member of the First Movers Coalition to purchase at least 50,000 tons of durable and scalable net carbon dioxide removal credits generated through advanced CDR technologies by 2030. The advance purchase of DAC credits from 1PointFive aligns with Trafigura’s commitment to support early-stage technologies to enable high-quality carbon removal credits for its customers. It also marks the establishment of a relationship between 1PointFive and Trafigura to advance DAC as a practical, transparent and durable carbon removal solution. The agreement paves the way for the broader adoption of 1PointFive’s CDR credits to help hard-to-abate industries address their emissions.
STRATOS is designed to capture up to 500,000 metric tons of CO2 annually when fully operational and is expected to be the largest facility of its kind in the world. The captured CO2 underlying Trafigura’s removal credits will be stored through durable subsurface saline sequestration.
“Our work with Trafigura is rooted in a shared commitment to the climate and an understanding of the critical role that durable carbon removal, specifically Direct Air Capture, plays in helping organizations address their carbon footprint,” said Michael Avery, President and General Manager of 1PointFive. “We are excited about this agreement because it establishes our collaboration with a global commodities firm focused on reducing emissions across the value chain.”
“We are delighted to collaborate with 1PointFive as we expand our global customer offering for hard-to-abate sectors. Supporting the development of large-scale removals projects demonstrates our commitment to advancing carbon sequestration technologies, underpinning demand today to enable the scaling of production for tomorrow,” said Hannah Hauman, Global Head of Carbon Trading for Trafigura. Read full article
Neste has been included in the Corporate Knights 2024 Global 100 Index of the most sustainable companies for the 18th consecutive time. Corporate Knights analyzed over 6,700 companies against global industry peers, emphasizing the impact of a company’s core products and services. Among all companies included in the Global 100 list, Neste was placed 19th in the index. Neste was assessed under the Energy sector and was ranked also as the best in the sector. “It is a great honor to be acknowledged among the world’s most sustainable companies, with other sustainability leaders in the index. I am proud of how we have incorporated sustainability as part of our business and how we have made systematic progress towards our long-term sustainability commitments. All the credit for this recognition goes to the global Neste team as well as our partners. In 2024, we will continue our comprehensive sustainability work with high ambition and strong commitment,” says Carl Nyberg, Executive Vice President, Renewables Supply Chain and Sustainability at Neste. As the world’s leading producer of sustainable aviation fuel, renewable diesel and renewable feedstock solutions for various polymers and chemicals industry uses, Neste’s business is built upon sustainability and the standards for Neste’s sustainability work are high. Neste provides its customers and partners with low-emission solutions to the world’s most pressing sustainability challenges. Renewable and circular solutions are Neste’s contribution to keeping societies running more sustainably and helping to reduce the dependency on virgin fossil raw materials. Besides increasing its renewable products production capacity, Neste recently completed a strategic study on transitioning its refinery in Porvoo, Finland, into a leading renewable and circular solutions refining hub in the mid-2030s.
The Global 100 Index is an annual ranking of corporate sustainability performance compiled by the independent consultancy Corporate Knights. The ranking is based on an assessment of 25 key performance indicators (KPIs) covering resource management, employee management and financial management as well as sustainable revenue, sustainable investment and supplier performance. Read full article
Hyundai Motor Company has been recognized yet again for its innovative design competitiveness by winning six top honors at the 2023 GOOD DESIGN Awards in the U.S., including four in the Transportation category and two in the Interactive Media category. Notably, Hyundai’s N Vision 74 ‘rolling lab’ achieved a global design awards ‘grand slam’.
“We feel a tremendous sense of honor to receive acknowledgment from the GOOD DESIGN Awards for these significant vehicles and innovations,” said SangYup Lee, Executive Vice President and Head of Hyundai & Genesis Global Design. “This recognition serves as a testament to the exceptional dedication exhibited by our team of visionary designers, who poured their unwavering passion and commitment into this project, alongside our collaborative engineers at the R&D center. It highlights the remarkable competitiveness of Hyundai’s design identity within the global market.”
The GOOD DESIGN Awards are selected through collaboration between The Chicago Athenaeum: Museum of Architecture and Design in Chicago, Illinois, and The European Centre for Architecture, Art, Design and Urban Studies in Europe. They announce award-winning works in various categories for Fortune 500 and global leading companies every year. Hyundai Motor achieved the honor of having four products, including N Vision 74, IONIQ 6, Grandeur (Azera) and Kona, selected in the Transportation category. In particular, the N Vision 74 high-performance hydrogen hybrid ‘rolling lab’ achieved a grand slam by winning all four major global design awards (iF, IDEA, Red Dot, GOOD DESIGN) with this award. Read full article
Hyundai Mobility Japan Co.’s Hyundai Customer Experience Center Yokohama (Hyundai CXC Yokohama) has won the Silver Award in the Shopping Space category at the 31st Asia Pacific Interior Design Award (APIDA) ceremony. This facility, designed by TONERICO:INC., is a new concept that supports online sales and meets various customer needs. It offers a simple and functional space for all vehicle-related experiences.
Hyundai CXC Yokohama is an open and comfortable center where customers and community members can experience Hyundai Motor’s clean mobility solutions. It showcases the KONA Electric, the IONIQ 5 battery electric vehicle (EV) — winner of the 2022-2023 Import Car of the Year at Japan Car of the Year (JCOTY) — and the NEXO hydrogen fuel cell electric vehicle and other Hyundai Motor Company models available on the market. It also provides one-stop access for test drives, quick charging, lounges and maintenance and after-sales services. The design approach involved merging the existing ‘warehouse’ with the EV’s pristine image. The showroom was connected to the vehicle maintenance shop to create a seamless space that reflects Hyundai Motor’s objective to offer a clean, sustainable mobility environment. Customers can witness the work conducted on electric vehicles in the clean maintenance shop to gain confidence and trust in Hyundai Mobility Japan’s exemplary service standards. The center incorporates sustainable materials, such as recycled concrete panels and Wood Wool Cement Boards (WWCB) and the overall design conveys a clean and sustainable image. Unique experiences exclusive to Hyundai Mobility Japan, such as a customer lounge with real-time vehicle maintenance viewing and a dedicated delivery space, further differentiate the center. Read full article
The Hyundai IONIQ 6[iii] electric sedan has been named a 2024 EV Pulse Editor’s Choice. This award, given by EV Pulse, celebrates an electric vehicle (EV) that combines leading performance, quality, and features into a compelling, balanced package. As a leading voice in the automotive industry, EV Pulse rigorously evaluates and selects vehicles that represent the best in class for these awards. Press releases and specifications for the 2024 IONIQ 6 can be found here.
“The Hyundai IONIQ 6 delivers on everything we expect from a modern Hyundai,” said Chad Kirchner, vice president of content, EV Pulse. “The E-GMP architecture allows for lightning quick recharge times, and the 361 miles of available range crushes most of the competition, regardless of price. When you factor back in price, it is hard to argue the winning formula of sleek sedan design, advanced technology, and the value we’ve come to expect from Hyundai.”
“Receiving such an accolade in this competitive market is a true testament to the hard work of our teams,” said Ricky Lao, director, product planning, Hyundai Motor North America. “The IONIQ 6 has led the way for Hyundai, earning numerous industry recognitions. We are proud to see that the vehicle’s performance and dedicated E-GMP platform has been so critically acclaimed. IONIQ 6 represents a compelling blend of innovative design, vast range, confident driving dynamics, ample cabin space, and rapid charging.” The EV Pulse Editor’s Choice award highlights the pinnacle of electric vehicle innovation and performance. Established in 2020, EV Pulse is committed to delivering in-depth and accessible information, driving the latest vehicles, and researching new technologies to keep its audience at the forefront of the electric vehicle revolution. Read More
Live ticker on the Red Sea situation
This live ticker will assist your cargo planning during the dynamic situation in the Red Sea. According to clause 18 of our bill of lading “Matters affecting Performance” we have had to take the decision to avoid the Suez Canal and the Red Sea with immediate effect, and instead route our ships around the Cape of Good Hope. Read More
Renewable hydrogen produced by green electricity and carbon capture and utilization (CCU) play an important role in combating climate change. Low-emission e-fuels produced using these technologies are particularly suitable for segments that are difficult to electrify, such as aviation and marine. The joint E-Fuel research project demonstrating high temperature electrolysis (SOEC), carbon capture, and hydrocarbon synthesis technologies has now come to its successful end. During the three-year project, the development of synthetic e-fuels towards commercial scale production was accelerated.
The E-fuel research project that has been funded by Business Finland and consortium partners and coordinated by VTT is part of the Neste Veturi ecosystem. The project consortium of 15 partners covered all parties in the value chain from CO2 capture to green hydrogen and fuel production, logistics, as well as users of the transportation fuels in aviation and road and marine transport.
The project successfully generated hundreds of kilograms of synthetic hydrocarbons intended for the production of novel sustainable transportation fuel. The hydrocarbons were refined by Neste mainly into carbon neutral synthetic e-diesel, which was tested on a diesel-powered tractor in late 2023. During the project, technologies of the consortium companies were developed further, and the produced diesel burned more cleanly than fossil and renewable diesels in the current market. E-fuels can be considered carbon-neutral, as they are produced using captured CO2 emissions and renewable hydrogen, effectively offsetting the carbon dioxide released during combustion in an engine.
“The research and development of Power-to-X technologies is one of our key focus areas. E-fuels offer a way to expand the carbon-neutral transport fuel pool beyond biomass-based renewable fuels to replace fossil fuels. In the aviation sector, specifically, where the constraints of battery range and weight pose challenges, the development of sustainable electric aviation fuels suitable for current aircraft and distribution infrastructure plays an important role in reducing the use of fossil fuels. It has been our pleasure to participate in the E-Fuel project, the results of which create a good foundation for continuing the development work,” says Dietmar Huber, Vice President of Innovation Business Platform Power-to-X at Neste. Read More
Saab has received an order for its Mobile Short Range Air Defence (MSHORAD) solution from the Swedish Defence Materiel Administration (FMV). The contract period is 2024-2026 and the order value is approximately SEK 300 million. Saab booked the order in the fourth quarter 2023.
FMV and the Swedish Armed Forces will use the acquired solution for two configurations, both integrated on the BvS10 armoured vehicle, to further define Sweden’s future mobile air defence requirements.
“We are proud that our Swedish customer has chosen to use Saab’s mobile short range air defence solution for this purpose. Our advanced solution is truly mobile, providing crucial protection for forces on the battlefield,” says Görgen Johansson, head of Saab’s business area Dynamics. Saab’s MSHORAD is a vehicle-integrated solution that can identify, counter and neutralise air threats, including UAVs and armoured helicopters, quickly and effectively. The system consists of a mobile radar unit, based on the Giraffe 1X radar and a mobile firing unit, based on RBS 70 NG, all connected with Saab’s ground-based air defence command and control solution, GBAD C2. Read More
Mitsubishi Heavy Industries, Ltd. (MHI) agreed today with The Kansai Electric Power Co., Inc. (KEPCO) to install a CO2 capture pilot plant at Himeji No.2 power plant in Hyogo, Japan. This new plant is being established to demonstrate the next-generation CO2 capture technology as a substitution of the existing pilot plant installed at Nanko Power Station in 1991, and MHI aims to start operation in FY2025. The pilot plant will be installed for R&D of CO2 capture technology and will use flue gas from the gas turbine at Himeji No.2 Power Station, with a capture capacity at approximately 5 tons/day. By demonstrating the next-generation CO2 capture technology, which has been jointly developed under an agreement (Note) with ExxonMobil since 2022, the plant will accelerate R&D aimed at reducing environmental impact and costs, and further strengthen its competitiveness. In addition, by implementing a remote monitoring system of ΣSynX (Sigma Syncs) Supervision, MHI’s digital innovation brand, it will be possible to monitor the operation status of this plant at MHI Yokohama Building and other sites, and to automatically start and stop operations by remote control. Read More
Horisont Energi AS adjusted the activity level to a dynamic business environment, adopted a sharper cost focus, organized around a clean ammonia team and a CCS team supported by commercial and technical teams to optimize resource use at the beginning of the second half of 2023. Over the last six months Horisont Energi has progressed its business activities and its main projects. For this, at the end of 2023, the necessary decisions were taken to adapt a company group structure by adding respective business line subsidiaries. Now, further actions must be taken in the pursuit of a sustainable future for the company, particularly with respect to commercial agreements and financing.
These various planned activities will require a substantial part of only one CEO’s time and efforts. Building on the experiences made over the last six months, and considering how Horisont Energi may best deliver, the board has decided to strengthen the governance of the company by implementing a dual CEO structure.
For this purpose, the board will call an extraordinary general meeting to update the articles of association to allow for the appointment of two CO-CEOs.
Subject to approval by this general meeting and the pursuing formal appointment by the board, it is planned that Bjørgulf Haukelidsæter Eidesen will continue as a CO-CEO, whereas the current CFO, Leiv Kallestad, will also take on the role as CO-CEO.
Haukelidsæter Eidesen will focus on strengthening existing and building new external relationships, whereas Kallestad will focus on enhancing project delivery capabilities and continue with responsibility for financing. The board acknowledges all the work that has been done in 2023 and the results that have been achieved and is convinced that strengthening the governance will enable and secure key deliveries while continuing focus on efficiency of operations and cost control. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $70.77 | Down |
| Crude Oil (Brent) | USD/bbl | $76.75 | Down |
| Bonny Light | USD/bbl | $78.63 | Up |
| Saharan Blend | USD/bbl | $79.64 | Up |
| Natural Gas | USD/MMBtu | $2.83 | Down |
| OPEC basket 16/01/24 | USD/bbl | $79.16 | Down |
The Nigerian National Petroleum Co. Ltd. (NNPC) has opened bidding for operation and maintenance rights for the under-repair Port Harcourt refinery in the oil-rich Niger Delta. The refinery has a total crude distillation capacity of 210,000 barrels per day at two plants, according to information from the Bureau of Public Enterprises (BPE). Read full article
Subsea 7 S.A. will publish its fourth quarter and full year results for the period ended 31 December 2023 on Thursday 29 February 2024 at 08:00 CET.
A conference call and simultaneous webcast for the investment community will be held on Thursday 29 February 2024 at 12:00 CET.
From 08:00 CET the results announcement and the presentation to be reviewed during the conference call and webcast Read more
DS Automobiles is rolling out an exclusive fleet of Paris Fashion Week® branded DS 7 E-TENSE and DS 9 E-TENSE models to escort journalists, influencers and talent through the streets of Paris, for a stylish, zero-emissions experience, with ChatGPT incorporated in DS IRIS SYSTEM. The DS 7 and DS 9, with E-TENSE plug-in hybrid drivetrains, embody the perfect combination of French luxury and innovative technology.
The Paris Fashion Week calendar begins this Tuesday 16 January with six days dedicated to Men’s Ready-to-Wear Fall/Winter 2024-2025, before the Haute Couture Spring/Summer from Monday 22 to Thursday 25 January. Women’s Fashion Fall/Winter 2024-2025 will follow from Monday 26 February to Tuesday 5 March.
Electrification remains at the heart of DS Automobiles’ strategy, with a 100% electrified range sold since 2019. From the 100% electric New DS 3 E-TENSE to the 360 horsepower DS 9 E-TENSE plug-in hybrid, each model demonstrates the Brand’s commitment to sustainable mobility. From 2024, all new DS Automobiles designs will be 100% electric, underlining the Brand’s commitment to the energy transition. There are close links between DS Automobiles and the fashion world. Unique features such as the Pearl stitching, the Clous de Paris embossed inserts and the watchstrap design seat upholstery particularly resonate in creative and innovative design circles. Read full article
VALORAUTO will be expanding its end-of-life vehicle recycling service to private owners. This service offers a free and responsible solution to the end-of-life management of vehicles weighing under 3,5 tons, for both passenger vehicles and for light commercial vehicles (LCVs), regardless of the brand or engine type (combustion and electric), as well as for vehicles without driving license. VALORAUTO offers a complete package solution with ELV take-back network management that includes collecting and dismantling vehicles, support to enhance the SUSTAINera Reuse offer of original used automotive parts and grow the recovery of recycling materials. VALORAUTO takes a significant step by opening this service up to private owners, having offered it to professionals since November 2023. It will make it possible to reduce the environmental impact of end-of-life vehicles and meet the OEM’s requirements in terms of Extended Producer Responsibility. VALORAUTO is an effective and reliable service, consistent with the new French regulation*, which requires manufacturers to provide solutions to manage the end-of-life of their products. Stellantis intends to set up its Individual System with VALORAUTO as its Service Provider. In a proactive approach, VALORAUTO service will be offered to private owners not only in France but also in Belgium and Luxembourg. Read full article
Exactly 75 years ago today, two Volkswagen Type 1 vehicles landed on the shores of New York, marking the first attempt to sell the vehicle, better known today as the Beetle, to Americans. Seventy-five years later, the iconic automaker is celebrating its humble beginnings, recognizing those who have woven the brand into the cultural fabric of the U.S. and setting the stage for the next era in its continued transformation.
To celebrate the momentous anniversary, today, the brand is announcing a year-long holistic campaign that will serve as a love letter to the American people, and an invitation to be part of Volkswagen’s electric future.
“Over the past 75 years, Volkswagen has grown from a tale of two Beetles into a part of America’s cultural fabric,” said Rachael Zaluzec, Senior Vice President of Customer Experience & Brand Marketing, Volkswagen of America. “We carry people in our name and our heart. As we look forward to the next 75, we will celebrate the real people and real-life moments that have made Volkswagen brand the people’s love story it is today.”
Moments are being planned throughout the year to spotlight the people, products and places that have defined one of America’s best-known brands. The 75th anniversary campaign will include Volkswagen’s return to Super Bowl LVIII following a hiatus from advertising in The Big Game. Read full article
Rig Count: U.S. -2 to 619 Canada +88 to 213
U.S. Rig Count is down 2 from last week to 619 with oil rigs down 2 to 499, gas rigs down 1 to 117 and miscellaneous rigs up 1 to 3.
Canada Rig Count is up 88 from last week to 213, with oil rigs up 75 to 133, and gas rigs up 13 to 80.
International Rig Count is down 23 rigs from last month to 955 with land rigs down 23 to 735, offshore rigs unchanged at 220.
The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.
| Region | Period | Rig Count | Change |
| U.S.A | 12 January 2024 | 619 | -2 |
| Canada | 12 January 2024 | 213 | +88 |
| International | December 2023 | 955 | -25 |
Alfa Romeo begins 2024 by celebrating two very important anniversaries. This year is the 70th of the Giulietta Sprint, unveiled in 1954, as well as the 50th of the 1974 Alfetta GT; two much-loved and commercially successful models that – each in their own way – tell the story of two memorable eras, extraordinary times in Italian automotive history.
To mark the occasion, the mastery of the Alfa Romeo Centro Stile has produced two new logos, deliberately presented at the beginning of the year. Their aim is to support club and brand events throughout 2024, making them emblems of the tribute the Alfisti fandom will pay to two cars that have taken their rightful place in the collective unconscious, as icons of functional beauty and noble Italian sportiness.
The wide range of club events and all the brand’s communications will therefore bear the official “made at the Alfa Romeo Centro Stile” emblems.
Distinguished by minimalistic and elegant lines, the two logos retrace the features of the two cars, adorned for the occasion with their signature, in the same font as on their bodywork. The dates of the celebrations complete the tribute. The Alfa Romeo Centro Stile offers both emblems in a range of color solutions, to make them extremely functional for different applications.
Celebrations at the Alfa Romeo Museum
The Alfa Romeo Museum in Arese has already scheduled two events to celebrate these major anniversaries. The context is Backstage, a series of lectures begun in 2018 to explore Alfa Romeo history using unpublished materials from the Documentation Center and testimonials from the historians, designers, test drivers, and mechanics who played an active role in or had in-depth knowledge of that car or project. Read More
Bentley Motors has signed the Armed Forces Covenant, a national pledge to support the Armed Forces Community at the home of Bentley in Crewe, together with members of the Ministry of Defence and Dr. Karen Lange, Member of the Board for HR. This is another important step towards Bentley’s ambition to become the most diverse and inclusive luxury car company.
Bentley is committed to supporting the armed forces community, pledging to treat those who serve, or have served, and their families with fairness and respect, and to guarantee that they will not be in any way disadvantaged within the business as a consequence of their service.
Bentley’s ultimate ambition is to be the employer of choice for those leaving the military, and the company is working hard to realise this goal, recognising military skills and qualifications in the recruitment and selection process and working with the Career Transition Partnership (CTP) to support the employment of Service leavers.
In addition, the company is supporting colleagues who are members of the Reserve Forces and volunteering leaders in military cadet organisations, granting additional leave for annual training. Read More
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