Latest Energy / Automotive Newstrack: Shares of EV Stock VinFast jumped roughly 88% on Tuesday.
London, 22 August, 2023, (Oilandgaspress) : PRESIDENT Ferdinand Marcos Jr. today visited the automotive manufacturing plant of Toyota Motor Philippines Corporation (TMP) and the manual transmission plant of Toyota Aisin Philippines (TAP) inside the Toyota Special Economic Zone in Laguna province. The President was welcomed by Japan’s Toyota Motor Corporation (TMC) Chairman Akio Toyoda and TMP’s local officials led by Chairman Alfred V. Ty.
Toyota Motor Corporation vehicle manufacturing and distribution subsidiary in the Philippines, celebrated its 35th anniversary. Approximately 600 people attended the ceremony, including Mrs. Louise Araneta-Marcos, First Lady of the Philippines and Kazuhiko Koshikawa, Ambassador of Japan to the Philippines, and other members of the Philippines government, as well as representatives from local suppliers and dealers. Attendees from Toyota included TMC Chairman Akio Toyoda and TMP Chairman Alfred Ty expressed his gratitude to the Philippines and his commitment to making further contributions. Read More
At One Planet Foundation (OPF) and NIO’s calling and participation, 75 pieces of Astronergy n-type TOPCon PV modules were sent to Qilian Mountain National Park to support the completion of the world’s first photovoltaic self-consumption system with a V2G charger, commencing the third phase of the Clean Parks and WWF ecological co-conservation program after the system’s operation since August 20th. Clean Parks is an ecosystem co-construction initiative advocated by NIO to support more nature reserves across the world in adopting smart EVs. As for now, NIO has helped construct clean energy infrastructure and formulate clean and low-carbon energy circulation to protect the authenticity and integrity of ecosystems under the initiative. With the support of ASTRO N TOPCon PV modules from Astronergy, the world’s first photovoltaic self-consumption system at Qilian Mountain National Park could have an annual average clean power generation of about 670,000 kWh, which could 100% satisfy the electric vehicle usage within the protected area and simultaneously offering powers for 50% of other needs. All these green power outputs result in an estimated annual carbon reduction of around 53 tons. Read More
Astronergy announces to make own carbon neutralized in 2050 Announced by Haiyan Huang, EVP & CSO at Astronergy, at the Second China Green PV Conference held on August 17th, the company to achieve carbon neutrality in the year 2050 with detailed plans of three key nodes, once again highlighting Astronergy’s firm action ambitions in issues related to the environment, social and governance (ESG). With gatherings of main industry players, professionals and expertise, the China Green PV Conference was held by the municipal government of Jiaxing City and the Committee of China Green Supply Chain Alliance (China ECOPV Alliance). Themed ‘Green Sustainable Manufacturing’, the speech given by Haiyan Huang at the event announced Astronergy’s detailed sustainable development roadmap with the years 2028, 2035 and 2050 as time nodes on ESG-related issues, clarifying the company’s goals on major issues of addressing climate change, natural resource management, labor and human rights, occupational health and safety, business ethics, supply chain management, biodiversity conservation, and promising to carbon neutralized Astronergy in 2050. From Zero to Zero
According to Huang’s speech, Astronergy takes ‘From Zero to Zero’ as the ultimate aim of all its products, strives to green product life cycle from the very beginning of product design to the supply chain and manufacturing, and so to produce PV modules with zero carbon emissions.
As for now, Astronergy has one TÜV Rheinland – certified zero-carbon manufacturing base in Zhejiang Yancheng and gained China PV industry’s first carbon disclosure certificate and multiple carbon footprint and environmentally friendly certificates worldwide. By 2035, the proportion of renewable energy electricity in Astronergy will reach 100%, manufacturing-used water will be fully recycled, per-product water consumption will decrease by 50%, product recovery rate will reach 90%, and 80% of product raw materials will come from recycled materials. And in 2050, there will be 8 manufacturing bases of Astronergy finished zero-carbon upgradations. Read More
Calle Carlberg won the fifth round of the ADAC Opel Electric Rally Cup “powered by GSe” as part of the ADAC Saarland-Pfalz Rallye. The 23-year-old Swede, as always guided by his father Torbjörn in the “hot seat” of the Opel Corsa Rally Electric, set the best time in nine of the 10 special stages and finally celebrated with a lead of 35.4 seconds over Max Reiter (23) and his co-driver Conny Nemenich his second win of the season. The title fight between Carlberg and Reiter has now really flared up. While the Scandinavian travelled to St. Wendel five points behind the local hero, Carlberg now leads the overall standings of the world’s first electric one-make rally cup by the same distance ahead of Reiter. Read More
Tata Sons is in discussions with multiple startups as the conglomerate seeks technical know-how for its £4 billion ($5.1 billion) UK battery plant, where it aims to start mass production in 2026. The collaborations for the battery plant, capable of supplying cells for at least 500,000 vehicles a year, could range from a joint venture and sharing of knowledge to experimentation and licensing agreements, Balaji said. Tata intends to have partners across “the whole pathway from cell chemistry to manufacturing to industrialization,” he said. The conglomerate is speaking to several companies involved in different stages of the value chain — research and development, manufacturing innovation and refining — and plans to make an announcement soon after narrowing down the options. Read More
Egypt’s petroleum ministry on Tuesday announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The new discovery was made by Egypt’s Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day, the ministry said. The well is the fourth to be completed and another three wells could be drilled as part of the current phase of exploration, the ministry said. Total output from the field, located in North Geisum, has reached about 23,000 barrels per day, the ministry added. Read More
Nigeria’s net external foreign exchange reserves fell to $3.7 billion in 2022 from $14 billion in 2021, JP Morgan said in a new report. Nigeria’s central bank has been in the spotlight since President Bola Tinubu launched an investigation at the regulator early August after removing currency controls that had kept the naira artificially high, sending it almost 40% weaker to the dollar as a result. Apart from foreign exchange availability, JP Morgan’s report also looks at other measures introduced by Tinubu, including eliminating fuel subsidies, which has spurred inflation, and the release of financial figures from 2016-2022 by the Central Bank of Nigeria (CBN) amid the ongoing probe. JP Morgan said the low net foreign exchange reserves meant the FX market would face continued market pressures, but added that the CBN could still source foreign exchange at commercial and semi-commercial rates. Last week the naira currency gained after the state oil firm NNPC secured a $3 billion loan to increase the supply of hard currency on the foreign exchange market. Prior to the announcement of the loan, the central bank had said it would take “significant” measures to calm the market. In its audited accounts, the central bank revealed that it owes a total of $7.5 billion to JP Morgan and Goldman Sachs in loans. Read More
Vestas has received a 288 MW order to power two undisclosed wind farms in the USA. The order consists of 30 V150-4.5 MW wind turbines and 34 V150-4.5 MW wind turbines for the two projects. The order includes supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset. Turbine delivery is expected to begin in the second quarter of 2024 with commissioning scheduled for the third quarter of 2024. The customer and projects are undisclosed. Read More
InnoVent Renewables announces its formation with a corporate mission to drive renewable energy forward by mitigating the global environmental challenge of waste tires. InnoVent Renewables launched as a U.S.-based technology and operations company with a proprietary continuous pyrolysis technology that converts waste tires, plastics, and biomass into valuable fuels and chemicals. Each year more than 1 billion tires are disposed of globally, and North America alone disposes of 100+ million tires annually. Decomposition of tires is slower than other waste resulting in a serious health hazard (mosquitos, pests, water borne diseases, and chemical leaching into soil); and burning tires in pits or cement kilns is far more hazardous as it emits toxic emissions in the air. The exclusive pyrolysis technology is unique in that it’s continuous, which is a much higher efficiency compared to batch processing. It utilizes the gas to preheat the tires, thereby making it a Net Zero energy process. During the process valuable chemicals are recovered from the products, producing high quality fuels. Read More
NaaS Technology Inc. announced that it has entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Charge Amps AB (“Charge Amps”) . The consideration for the acquisition, which values Charge Amps at an equity value of approximately SEK 724 million (US$66.4 million), will be a combination of cash and newly issued Class A ordinary shares of the Company. Charge Amps is a prominent integrated EV charging solutions provider headquartered in Sweden, boasting over a decade of pioneering experience with a strong focus on sustainability. It offers a full suite of EV charging hardware and charge point management systems, covering diverse AC use cases at work, home and destination while enabling swift integration to charge point operators and value-added energy management features for end-users. As a dedicated EV charging platform, Charge Amps holds a well-established international presence, driving cleaner transport solutions worldwide. The acquisition is subject to customary closing conditions. Houlihan Lokey acted as financial advisor to NaaS and ABG Sundal Collier acted as financial advisor to Charge Amps in connection with the transaction. Read More
FreeWire Technologies, the leading provider of battery-integrated electric vehicle (EV) charging stations and energy management solutions, today announced the launch of Mobilyze Pro, an AI-enabled platform designed to provide accurate predictions to efficiently and profitably expand nationwide EV charging infrastructure. The platform’s new tools, including a utilization prediction engine, a tariff recommendation engine, and a profitability calculator, leverage AI to parse through public and proprietary datasets to predict the best locations to deploy EV fast charging. Over 180,000 public fast charging stations will be required to support 26 million EVs in the U.S. by 2030. The gap between EV sales and the infrastructure needed to support them is projected to widen with time. This gap is being exacerbated by long lead times for utility upgrades, making battery-integrated charging the quickest and most cost-effective solution. Mobilyze Pro is designed to help site hosts meet this rapidly growing demand for charging infrastructure by providing accurate utilization and profitability forecasts. These tools give owners of charging infrastructure the resources they need to compare site locations and hardware solutions, thereby providing confidence in the business case for EV charging and overcoming a key hurdle to accelerate deployment and access for drivers. Read More
NaaS Technology Inc. has announced plans to acquire Charge Amps AB (“Charge Amps”), a Swedish EV charging solutions provider for approximately SEK 724 million (US$66.4 million) of 100% of the issued and outstanding shares. The deal marks a landmark initiative of NaaS’ expanded global layout after its acquisition early this June of over 89% stake in Sinopower HK, the biggest one-stop solar PV service provider in HK. As a leading Sweden-born EV infrastructure supplier, Charge Amps has pioneered the market specializing in home and destination AC charging solutions. For over a decade, Charge Amps’ broad portfolio of intelligent, sustainable, user-friendly, and aesthetically pleasing product offerings has been proven by its 22% local market share with an established international footprint in 13 markets. Sustainability as the entrenched Company DNA is manifested throughout the whole production chain as well as other commitments being a participant of the UN Global Compact. Set in the fossil-free transition, significant uptake in EV sales and its strongly-correlated charging infrastructure are out of step regarding the growth curve and supply-demand relationship. Europe, leading the shift towards vehicle electrification, is expected to sell nearly 62 million EV by 2030, as indicated in an Arthur D. Little analysis. The report also states that the build-up of a dense and well-developed charging infrastructure and software management are required, illustrated by an installed charger base of nearly 50 million by 2030, thus calling for synergy between EV infrastructure manufacturers and integrated service providers. Read More
Beach Energy Ltd announces a gas discovery at Trigg Northwest 1, the fourth well of the Perth Basin gas exploration campaign and the second Beach-operated well1. Trigg Northwest 1 was drilled to a total depth of 5,000 metres and intersected gas in the target Kingia Sandstone reservoir. No gas pay was interpreted in the secondary High Cliff and Wagina reservoirs. Logging acquired whilst drilling shows net gas pay of six metres across a 49 metre gross section in the Kingia Sandstone reservoir. Gas was sampled from the Kingia reservoir using wireline tools and recovered to surface. The well will be cased and completed to facilitate future testing of productivity, connected volumes and commerciality. Once cased and completed, the rig will move to the Tarantula Deep 1 well location, approximately 16 kilometres west of Trigg Northwest 1 Read More
Neste has entered a cooperation with Suntory, ENEOS and Mitsubishi Corporation to enable the production of PET (Polyethylene Terephthalate) resin made with renewable Neste RE™ on a commercial scale. Neste RE is Neste’s feedstock for polymers production, made 100% from bio-based raw materials such as waste and residues, e.g. used cooking oil, to replace fossil feedstock in the value chain. Japanese beverage company Suntory will utilize the renewable PET resin to produce bottles for its products in 2024. A new partner for Neste in Japan, ENEOS will use bio-intermediates based on Neste RE to produce bio-PX (Bio-Paraxylene) at its Mizushima Refinery in Okayama, Japan. The bio-PX will then be converted to PTA (Purified Terephthalic Acid) and subsequently to PET resin for Suntory to use to manufacture their PET bottles. Mitsubishi Corporation will be coordinating the collaboration between the value chain partners.
“In order to tackle the imminent climate crisis and its consequences, companies are required to take responsibility now. Through partnering along the value chain, Neste can contribute to reducing the polymers and chemicals industry’s dependence on fossil resources as well as to manufacturing of products that have a lower carbon footprint,” says Lilyana Budyanto, Head of Sustainable Partnerships APAC at Neste Renewable Polymers and Chemicals business unit.
A mass balancing approach will be applied to allocate the bio-based materials to the PET bottles. Read More
Equinor ASA announced on 4 May 2023 an ordinary dividend per share of USD 0.30 and an extraordinary dividend per share of USD 0.60 for first quarter 2023. The NOK dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 15 August 2023, in total seven business days. Average Norges Bank fixing rate for this period was 10.4545. Total cash dividend for first quarter 2023 of USD 0.90 per share is consequently NOK 9.4091 per share. On 25 August 2023, dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $80.73 | Up |
| Crude Oil (Brent) | USD/bbl | $84.29 | Up |
| Bonny Light | USD/bbl | $86.98 | Up |
| Saharan Blend | USD/bbl | $85.30 | Up |
| Natural Gas | USD/MMBtu | $2.58 | — |
| OPEC basket 21/08/23 | USD/bbl | $ 87.58 | Up |
Nigeria’s former oil minister and OPEC president Diezani Alison-Madueke has been charged with bribery offenses she committed during her time as Nigeria’s oil minister, the UK National Crime Agency (NCA) said on Tuesday. Former OPEC president Diezani Alison-Madueke has been charged with bribery offences relating to her time as Nigeria’s oil minister, the UK National Crime Agency said on Tuesday. Alison-Madueke, 63, has been on bail since first being arrested in London in October 2015. She will appear in court in the British capital on October 2, the NCA said. Soon after her arrest, her family’s lawyer told AFP she would strongly contest corruption allegations that have dogged her during and after her time in former president Goodluck Jonathan’s government. Alison-Madueke, in office from 2010 to 2015, was the first woman to be oil minister in Nigeria and the first female president of the global oil cartel OPEC. Read More
VinFast Auto Ltd. celebrated its listing and commencement of trading of its shares on the Nasdaq Global Select Market under the ticker symbol “VFS,” with an equity value of over US$23 billion. VinFast’s public listing follows the completion of the business combination with Black Spade Acquisition Co (“Black Spade”) on August 14, 2023. VinFast celebrated this moment by ringing the opening bell at Nasdaq Stock LLC (“Nasdaq”) earlier today and became the largest Vietnamese company listed on the U.S. stock market by market capitalization. The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Le Thi Thu Thuy, or Madame Thuy Le, who is supported by an experienced, diverse, and entrepreneurial senior management team. Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement. Read More
On Friday Tesla TSLA +0.79% was 49% off its highs and unchanged since 2020. Tesla (TSLA) again cut prices in China on two Model Y vehicle trims and is offering an insurance subsidy for Model 3 buyers. The move shows EV price competition still intensifying, even amid increased speculation over the release of Tesla’s revised Model 3. Meanwhile, Cathie Wood and her Ark Invest firm sold more than 100,000 shares of TSLA at the end of last week as Tesla stock continues to retreat.
The global EV giant announced Sunday prices in China for the Model Y Long Range and Performance variants have been reduced by RMB14,000 ($1,930). This represents about a 4% price cut, Tesla’s third Model Y price trim in China. Tesla left prices for its base Model Y, the most popular variant in China, unchanged.
The Model Y faces several new crossover rivals from competitors BYD (BYDDF), Li Auto (LI) and XPeng (XPEV). Read More
Baker Hughes Rig Count:
U.S. Rig Count is down 12 from last week to 642 with oil rigs down 5 to 520, gas rigs down 6 to 117 and miscellaneous rigs down 1 to 5.
U.S. Rig Count is down 120 rigs from last year’s count of 762 with oil rigs down 81, gas rigs down 42 and miscellaneous up 3.
The U.S. Offshore Rig Count is down 1 to 17, down 1 year-over-year.
Canada is down 1 to 189 rigs.
Canada Rig Count is down 1 from last week to 189, with oil rigs up 3 to 119 gas rigs down 4 to 70.
Canada Rig Count is down 12 from last year’s count of 201, with oil rigs down 18, and gas rigs up 6.
| Region | Period | Rig Count | Change |
| U.S.A | 18 August 2023 | 642 | -12 |
| Canada | 18 August 2023 | 189 | -1 |
| International | July 2023 | 961 | +2 |
Kia America debuted the 2023 EV6 North American Utility Vehicle of the Year Limited Edition1 at The Quail, a Motorsports Gathering. With only 1,000 examples set for production, the commemorative EV6 celebrates its exalted status after being recognized as winning the “Utility Vehicle of the Year” category in the North American Car, Truck and Utility Vehicle of the Year™ (NACTOY) competition in January 2023. The all-electric EV6 was recognized for excellence in categories including automotive innovation, design, and value by the NACTOY jury, which consists of 50 automotive experts from print, online, radio, and broadcast media.
The EV6 North American Utility Vehicle of the Year Limited Edition is a standout, both in design and performance. It introduces the model-exclusive colorway of brilliant Deep Forest Green over Desert Beige, which pays homage to classic performance vehicle styling combinations. Featuring a 77.4 kWh battery with a 74kW front motor and a 165kW rear motor, the dual-motor, 320-hp EV6 North American Utility Vehicle of the Year Limited Edition incorporates certain elements of the Wind and GT-Line trims into one package. Blacked-out exterior elements, including wheel arch moldings, side treatments, and front and rear fasciae, are borrowed from the EV6 Wind. Feature content from the EV6 GT-Line include 20-inch alloy wheels, a sunroof, Augmented Reality Head-Up Display2, Surround View Monitor3 (SVM), Blind-Spot View Monitor (BVM), and a heated, flat-bottom steering wheel and rear seats4. Advanced Driver Assistance Systems5 (ADAS) include Forward Collision-Avoidance Assist6 (FCA) and Highway Driving Assist 27 (HDA 2). FCA can assist the driver when braking to help prevent a collision or lessen the effects in certain conditions if a vehicle is detected in front and uses automatic braking to avoid or mitigate an impact. HDA 2 is a driving convenience system that is designed to help keep a set distance from a car detected in front and centers the vehicle in the lane and can, in certain circumstances, assist with lane changes and adjust the lateral position of the car within the detected lane markers. Ultra-fast DC charging compatibility, available onboard power generator8, and a flat-floor interior that utilizes innovative materials throughout the cabin continue to be part of the EV6 package, as well as a remarkable level of connectivity features, and Kia’s latest-generation heat pump, which scavenges waste heat from the car’s coolant system. Read More
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