Ecuador

Renewable Energy

Italy goes for deal to speed hydrogen pipeline to Austria, Germany, sources state

Italy is intending to sign a. letter of intent with Germany and Austria to accelerate. development of a more than 4billion euro ($ 4.35 billion). southern pipeline for supplying hydrogen to main Europe,. sources near to the matter told on Tuesday. The administration of Giorgia Meloni has actually laid out strategies to. turn Italy into an energy entrance and in 2015 it signed with. Germany and Austria a joint letter for a hydrogen-ready pipeline. between North Africa and Europe. The European Union aims to produce 10 million metric tons. and import 10 million lots of eco-friendly hydrogen by 2030 in...

Climate Change

SPECIAL REPORT-A program indicated to assist developing countries battle climate modification is funneling billions of dollars back to rich countries

Japan, France, Germany, the United States and other wealthy nations are reaping billions of dollars in economic rewards from a worldwide program indicated to assist the establishing world come to grips with the results of climate change, a review of U.N. and Organisation for Economic Cooperation and Development data shows. The financial gains happen as part of developed countries' promise to send out $100 billion a year to poorer nations to assist them decrease emissions and deal with severe weather condition. By channeling cash from the program back into their own economies, rich nations contradict the commonly welcomed idea that...

Energy Markets

Ecuador investigating people who allegedly hid energy supply information

Ecuador will examine more than 20 individuals for apparently purposefully concealing details about energy supply, the government stated on Wednesday as it grapples with a power crisis. A drought caused by the El Nino climate phenomenon has affected production at hydro-electric dams, which are Ecuador's. main source of electricity, leading to planned power cuts and. energy imports from surrounding Colombia. President Daniel Noboa declared an energy emergency on. Tuesday and named an interim energy minister. Previous minister Andrea Arrobo and other officials presumably. concealed information, Noboa's workplace said in a declaration on. Wednesday, including historically low reservoir levels. The country's...

Energy Markets

Ecuador's Noboa states energy emergency situation, names interim minister

Ecuadorean President Daniel Noboa declared an energy emergency situation on Tuesday and named an interim energy minister, as the South American country struggles with a dry spell affecting hydroelectricity production. Today we took a strong decision, when again we had to, which is to state an emergency situation in the nation's energy sector, Noboa said at a federal government event in the western city of Guayaquil. I have asked the minister to resign. Former energy minister Andrea Arrobo was changed on an interim basis by Transport Minister Roberto Luque, who will likewise keep his other post, Noboa's office stated in...

Oil & Gas Refining

Energy trader Gunvor's 2023 net revenue almost halves

Worldwide energy trader Gunvor's web earnings almost halved in 2023, as the high rate volatility seen across energy commodities abated versus the preceding year. Like Gunvor, competitors including Vitol and Trafigura had record years in 2022 amidst high price volatility and as Russia's war in Ukraine reshaped worldwide product flows. Nevertheless, in 2023, even as the Ukraine war persists, products markets faced fresh headwinds including a. weaker-than- anticipated Chinese economy, monetary tightening, a. stronger U.S. dollar, and oil supply cuts by the OPEC+ group,. Gunvor said on Wednesday. The Geneva-based trader generated about $1.25 billion in. net revenue after taxes...

Refined Products

Ecuador expects oil output to reach 550,000 bpd by end of 2025 -minister.

Ecuador anticipates its oil output to reach 550,000 barrels each day (bpd) by the end of 2025 as it gives foreign manufacturers contract extensions that had actually been on hold, the energy minister said on Wednesday. Ecuador's production has actually slid recently due to instability, lack of energy business interest in the Andean country's offered oil and gas areas and regular contract modifications. The country has actually been forced to renegotiate oil-for-debt deals. Existing output is around 485,000 bpd, listed below a peak of some 560,000 bpd a years ago. The government of President Daniel Noboa, who took workplace late...

Energy Markets

Energy trader Gunvor to pay $662 mln to end United States, Swiss bribery cases

Gunvor, among the world's largest oil traders, settled on Friday to pay about $ 662 million to deal with U.S. and Swiss investigations into a. plan to pay allurements to Ecuadorean officials to win business. Gunvor pleaded guilty to conspiring to violate a U.S. bribery law at a hearing in federal court in Brooklyn, New York City,. marking completion of a long-running criminal probe. The Geneva-based company likewise resolved a related investigation. by the Office of the Attorney General Of The United States of Switzerland. Jean-Baptiste Leclercq, Gunvor's basic counsel, informed U.S. District Judge Eric Vitaliano that the trader signed...