Top Energy/Automotive News As Reported; OPEC basket of thirteen crudes stood at $75.22 a barrel
London, 17 May, 2023, (Oilandgaspress) : Oil prices fell for a second day on Wednesday after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China. U.S. crude stockpiles reportedly rose by about 3.6 million barrels last week, according to American Petroleum Institute figures.
Magnis Energy Technologies Limited announce that iM3NY has entered into a JV Agreement with OSM. The JV will manufacture and sell lithium-ion battery packs. Magnis is the major shareholder of iM3NY.
OSM and iM3NY Joint Venture
The JV company will manufacture and sell lithium-ion battery packs produced in India to be used in OSM’s two, three and four-wheeler electric vehicles with a geographical target covering India, UAE, Bahrain, Kuwait, Qatar and Saudi Arabia.
The JV company will act as a stand-alone profit center and will take full responsibility for costs associated with carrying out its business activities.
JV Partner Roles
OSM will be responsible for the local operation along with all funding, sales and marketing, compliance and admin.
iM3NY will provide the technology and know-how required to develop and manufacture lithium-ion battery packs.
iM3NY is currently negotiating the supply of lithium-ion cells to OSM.
Shareholding and Governance OSM will have 74% shareholding in the JV company while iM3NY will own 26%. The board composition will consist of two board seats for OSM and one seat for iM3NY. Read More
Porsche Digital Campus promotes networking of business and science
Porsche AG and Porsche Digital GmbH are launching a global Porsche Digital Campus. The aim is to connect highly qualified students and young professionals in the fields of artificial intelligence (AI), data analytics and other software technologies with business and science.The first partner and location of the Porsche Digital Campus is within the Innovation Park Artificial Intelligence (Ipai) in Heilbronn, where Europe’s largest ecosystem is being created to bring AI to application.
“We are a highly attractive employer for tech experts. With the Porsche Digital Campus, we will support current and potential employees in their individual development and thus also strengthen our long-term innovative power,” says Andreas Haffner, Member of the Executive Board for Human Resources and Social Affairs at Porsche AG.The Ipai is the ideal location for launching the Porsche Digital Campus. This AI innovation park enables a wide variety of companies, start-ups, research and science as well as actors from the public sector to link up directly with tech companies. Read More
Seven Porsche 911 GT3 R fielded by six customer teams will fight for overall victory at this year’s 24-hour race on the Nürburgring-Nordschleife (20/21 May). The GT3 cars from Weissach go up against 27 vehicles from six rival manufacturers in the top SP9 class.Of the expected 136 entries, the Stuttgart sports car manufacturer campaigns by far the largest contingent. A total of 44 racing vehicles from Zuffenhausen will compete in twelve different categories. With its professional customer squads, Porsche has its sights set on clinching its 14th overall victory at the storied 24-hour race in Germany’s Eifel region. The results and insights from the Qualifiers event and previous races of the Nürburgring Endurance Series (NLS) were encouraging. Nevertheless, uncertainties remain: The Porsche 911 GT3 R, which was launched for the 2023 season and is based on the 992-generation nine-eleven, will line up on the grid of the 24-hour classic for the first time. In preparation for this year’s highlight on the famous Nordschleife, the Falken Motorsports team finished three of the NLS races in the top ten. Read More
Citroën is celebrating the 55th anniversary of the Mehari,
It was on 16 May 1968, 55 years ago, at the heart of the French student protest movement, that Citroën revealed its new vehicle at the Deauville golf course: the Mehari. An atypical pick-up offering from 28 to 32 hp, with an ABS (acrylonitrile butadiene styrene) plastic body, designed by Roland de La Poype. Built on a Dyane 6 platform, it was presented with the name of Dyane 6 Mehari on his release. Produced for almost 20 years between 1968 and 1987, 144,953 units were built (including 1,213 4×4 Mehari), making a surprising success for this unusual vehicle. The Mehari was produced, for the most part of it, in the Citroën factory in Forest, Belgium, but also in seven other factories in France, Spain and Portugal.
AN ALL-TERRAIN AND ALL-SEASON VEHICULE
The name of the Mehari comes from the masculine name mehari which is the name given to dromedaries in North Africa and in the Sahara. These animals are known for their off-road ability, their resistance and their sobriety. The mehari is able to transport both goods and passengers over long distances. This name is therefore very representative of the Citroën Mehari model, known for its adaptation to all terrains. It’s a vehicle with many capacities.
From the outside, the Mehari doesn’t really seem to be suitable for all seasons, as it looks more like a small convertible used during the summer holidays. Thanks to a winter cover, the car is completely sealed, which makes it a car that can be used all year round. Read More
KBR Awarded Prestigious Dwight D. Eisenhower Award
KBR announce the U.S. Small Business Administration (SBA) awarded KBR’s Science and Space division the Dwight D. Eisenhower Award for Excellence in research and development.
This prestigious award recognizes large prime contractors that have excelled in their utilization of small businesses as suppliers and subcontractors. The award highlights excellence in how a company manages its small business program, small business utilization, and execution of small business reporting requirements. The SBA Dwight D. Eisenhower Award can only be won once every three years.
KBR’s Vice President of Procurement and Supply Chain Management, Barbara Wade, and Small Business Liaison Officer for Science and Space, Gracie Orr, accepted the award on behalf of KBR at the ceremony during National Small Business Week in Washington, D.C. on April 30.
“This award is earned through the hard work, dedication, and diligence of our small business teams,” said Byron Bright, President of Government Solutions U.S. “KBR regularly solicits SBA services to help identify, engage, and use small business subcontractors to optimize performance. We are proud of this honor and look forward to continuing our partnership with small businesses in the years to come.”
KBR promotes a robust culture that is committed to the success of our small business program, the small business community, and historically underutilized businesses. KBR frequently seeks out qualified small business teammates for government and commercial contracts who have the technical skill sets, niche expertise, and ability to perform high-technology work. Read More
Neste celebrates the opening of the Singapore expansion
Neste announced its final investment decision on additional renewable products production capacity in Singapore in December 2018. The EUR 1.6 billion Singapore Expansion project has been successfully completed, the start-up of the refinery expansion has been completed after mid-April, and Neste is celebrating its opening today. The Singapore refinery expansion doubles Neste’s production capacity in Singapore and brings the refinery’s total capacity to 2.6 million tons annually of which up to one million tons can be sustainable aviation fuel (SAF). This strengthens our position as the world’s leading SAF producer. In addition to increased production capacity, the enhanced raw material pre-treatment capacity onsite increases Neste’s capability to process more challenging waste and residue raw materials. Read More
Volvo Trucks launches music video to boost road safety
STOP, LOOK, WAVE! It’s a simple message, but one that can save lives. And it’s also the theme of Volvo Trucks’ new music video, launched during UN Global Road Safety Week 2023. The aim is to reach out to schoolchildren worldwide to instil the importance of safe behavior, as well as heightening awareness of heavy vehicles in traffic. Every year, approximately 1.3 million people are killed and 50 million injured in road accidents. For people aged 5-29 years, there is no greater threat to their lives. And on the roads, 1 in 4 deaths occur among pedestrians and cyclists.
In an attempt to change this for the better, the World Health Organization (WHO) arranges the annual UN Global Road Safety Week – inviting individuals and organizations to contribute towards the UN’s target to reduce road traffic deaths and injuries by 50% before 2030.
Volvo Trucks´ contribution is a training program for children, called STOP LOOK WAVE, teaching them how to be safer in traffic. The program includes a brand new song and a music video that encourages children all over the world to cross roads in a safe way. Read More
Mitsubishi Corporation Invests in Kyoto Fusioneering
Mitsubishi Corporation (MC) announced that it has acquired a stake in Kyoto Fusioneering Ltd. (KF) through a third-party allotment of the latter’s shares.
KF is a plant engineering company focused on fusion energy(1) technologies. Its establishment in 2019 was based on decades of fusion research and development by Kyoto University. KF specializes in key components and integrated systems that are required in order to build fusion reactors and fusion power plants. KF’s strategic aim is to build a fusion energy supply chain by leveraging Japan’s leading manufacturing capabilities. Furthermore, KF serves a wide range of fusion research institutions and startups around the world as clients. These advantages led to MC’s decision to invest into KF.
Fusion energy can generate electricity without producing any CO2 emissions. Its primary fuel, namely hydrogen, is widely available in seawater, meaning that it could potentially represent an inexhaustible source of energy. There continues to be considerable global interest in fusion as a next generation of clean energy, one that could both help decarbonize our plant and secure stable supplies of energy. During its Integrated Innovation Strategy Promotion Council meeting on April 14, 2023, the Japanese government set out its “Fusion Energy Innovation Strategy,” which outlines the country’s vision to establish fusion energy as a new industry. The strategy also clarifies that cooperation among industry, academia and government must be accelerated in order to realize this vision. MC believes that the Kyoto University-born startup KF will lead such collaborations and help make this vision a reality. Read More
6,000 Pay Tribute to Honorary Chairman’s Path toward a Global Toyota
Honorary Chairman Shoichiro Toyoda laid the foundations for Toyota’s growth into a global company. On April 24, farewell events were held in Tokyo and four other locations including Toyota City, attended by some 6,000 guests.
At the ceremony in Tokyo, Chairman of the Board of Directors Takeshi Uchiyamada delivered the condolence message, followed by an address from Chairman Akio on behalf of the family. During his own speech, Akio borrowed the words of his father, Honorary Chairman Shoichiro, and vowed that “Toyota will carry on making products (monozukuri) and developing people.” Read More
Aquila European Renewables NAV Net Asset Value and Factsheet – March 2023
Listed sustainable investment fund Aquila European Renewables (AER) 7.4% share price total return YTD has been the strongest across its peer group.
The fund today announced that (London Stock Exchange news) its unaudited Q1 net asset value (NAV) was EUR 432,926,707 or 110.08 cents per ordinary share – a NAV total return of 0.7% per ordinary share over the quarter. Additionally, its investment portfolio has become fully operational this year.Key drivers of the NAV movement in Q1 2023:
· Share buyback programme (+0.6 cents per Ordinary Share).
· Decrease in power price forecasts in the Nordics, particularly in Denmark as a result of decreasing commodity prices and the existing interconnectivity with continental Europe (-3.9 cents per Ordinary Share). Read More
Volta Zero to hit the streets of Sweden in mid-2023
Volta Trucks, the leading and disruptive all-electric commercial vehicle manufacturer and services provider, has confirmed its intention to accelerate its market launch for Sweden following overwhelmingly positive interest from customers.
The company will accelerate its launch plans and is set to have vehicles on the road in Sweden in mid-2023, ahead of the original market launch plan to introduce the vehicle later in 2024. This decision has been made due to increased demand and rapidly growing interest among customers operating in Scandinavia.
The 16 and 18-tonne version of the all-electric Volta Zero fits perfectly in the Scandinavian city transport sector, where Medium Duty trucks are the most common vehicles used for goods being transported into larger cities such as Stockholm, Gothenburg and Malmö.
The all-electric Volta Zero is designed with urban safety in mind, for both the driver as well as the people walking and cycling on the city streets around the vehicle. The driver of a Volta Zero sits in a central seating position in the cabin and in a much lower position compared with a conventional truck. This combination, plus a glass house-style cab design, gives the driver a wide 220-degree direct vision and combines with advanced camera technology to provide maximum visibility around the whole vehicle.
The sliding doors fitted on each side of the cabin, allow the driver to enter or exit on either side of the vehicle, and always onto the pavement. The low cabin allows the driver to simply step in and out of the vehicle, rather than climbing up and down from a traditional truck cab, which is known to create health and safety issues and impact on driver retention. Read More
Monthly Oil Statistics
The latest IEA’s Monthly Oil Statistics report including February 2023 data shows that for Total OECD:
• Total OECD production of crude oil, NGL and refinery feedstocks increased by 6.2% in February 2023 compared to February 2022.
• Refinery gross output of total products grew by 0.6% on a year-on-year basis.
• Net deliveries of total products decreased by 1.4% in February 2023 compared to February 2022.
• Oil stock levels on national territory increased by 304 kilotons in February 2023 compared to the closing stock levels in January 2023 and closed at 480 million metric tons.
Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $70.98 | Up |
| Crude Oil (Brent) | USD/bbl | $75.07 | Up |
| Bonny Light | USD/bbl | $74.02 | Down |
| Saharan Blend | USD/bbl | $75.04 | Up |
| Natural Gas | USD/MMBtu | $2.38 | Down |
| OPEC basket 16/05/23 | USD/bbl | $75.22 | Up |
Baker Hughes Rig Count: U.S. -17 to 731 Canada +1 to 94
U.S. Rig Count is down 17 from last week to 731 with oil rigs down 2 to 586, gas rigs down 16 to 141 and miscellaneous rigs up 1 to 4.
Canada Rig Count is up 1 from last week to 94, with oil rigs up 3 to 37, gas rigs down 2 to 57.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 12 May 2023 | 731 | -17 |
| Canada | 12 May 2023 | 94 | +1 |
| International | April 2023 | 947 | +17 |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
