Netherlands

Norway's $1.6 trillion sovereign wealth fund, one of the world's biggest investors, said on Saturday it would vote in favour of the reappointment of BP's present chair to the company's board of directors. Ahead of its annual meeting on April 25, BP has proposed the reappointment of Chair Helge Lund to the board, which in 2015 dismissed previous CEO Bernard Looney. The fund said it would also vote in favour of BP's executive remuneration plan. Two major shareholder advisory firms have expressed support for the BP board's handling of previous CEO Bernard Looney's. dismissal last year, ahead of the British...

The Dutch Senate on Tuesday authorized a law to permanently close the Groningen gas field, following the federal government's guarantee that production will never ever be resumed to limit seismic risks in the area. Normal gas production at Groningen in the north of the Netherlands ended last October after years of output cuts to limit seismic activity linked to years of extraction, that has damaged countless structures. The gas field, as soon as among Europe's primary suppliers, was offered for limited production during a cold wave in current months, however the government has proposed a law that would close the...

Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, remains in exclusive settlements with Exxon Mobil's ESSO SAF to acquire the FossurMer refinery in southern France and the Toulouse and Villette de Vienne terminals. Trafigura stated in a declaration on Thursday it would go into into a minimum 10-year unique petroleum supply and item offtake arrangement, consisting of ownership of petroleum and item stocks in tank. Fos-sur-Mer refinery has a crude oil processing capacity of 140,000 barrels each day. Trafigura added that Rhone Energies would continue to supply ESSO SAF in the area. The offer's conclusion is subject...

Energy storage group VTTI will get a 70% stake in Italy's biggest liquefied gas ( LNG) terminal, with grid operator Snam owning the rest, the Milanlisted group stated on Wednesday, announcing a. deal to be finalised by yearend. Snam, which is controlled by the Italian government, stated in. a declaration it had actually exercised its pre-emption right to increase. its stake in the facilities dubbed Adriatic LNG to 30% from. 7.3%. The move comes after ExxonMobil and QatarEnergy last. week consented to sell their stakes in the terminal to a consortium. led by Dutch group VTTI. It verifies what 2...

The Dutch Senate has postponed a vote on a law to close permanently the Groningen gas field, angering the government that has actually said production would never ever resume because of the threat of earthquakes. Normal gas production at Groningen in the north of the Netherlands ended last October after years of output cuts to limit seismic activity, linked to decades of extraction, that has actually harmed countless structures. The gas field, once one of Europe's primary providers, was available for restricted production during a cold snap in recent months, but the federal government has actually proposed a law that...

The Dutch federal government on Thursday said it had actually received numerous quotes in a tender to build an overseas wind farm in the Dutch part of the North Sea with a. overall capability of 4 gigawatts (GW). The government stated it expected to announce the winning bid. in June, while the wind farms were anticipated to be operational by. early 2030. The farms will be developed at 2 areas, with a capability of. 2 GW each, around 60 kilometres (37 miles) off the Dutch coast. Previously on Thursday, Dutch energy firm Eneco stated it had. reversed its decision to...

A Dutch court on Tuesday rejected an appeal by Russia against a $50 billion arbitration award it was ordered to pay to the former shareholders of nowdefunct oil producer Yukos in 2014. The judgment followed years of legal wrangling in Dutch courts following the initial arbitration tribunal judgment, that found Moscow had actually violated its global commitments by taking actions developed to bankrupt Yukos, formerly Russia's. largest oil business. A lower Dutch court dismissed the charge in 2016, only to. see it reimposed on appeal. Russia then took the case to the Dutch Supreme Court, which. in 2021 referred it...

Port authorities in Rotterdam, Europe's largest sea port, on Tuesday said industrial companies might take their investments in other places if the Dutch federal government failed to support them through the energy transition. We are extremely anxious about the degrading financial investment environment and the competitive edge of industry in the Netherlands, port CEO Boudewijn Siemons stated. The port of Rotterdam can play an important part in reaching nationwide and European environment goals. Companies need to understand where they stand, he added. Siemons stated large investments were needed in the electricity grid, to permit a huge increase of wind and...

The Dutch Supreme Court denied on Friday an appeal from Russia against the seizure by former shareholders of the now-defunct oil company Yukos of the rights to Stolichnaya ad Moskovskaya brand names of vodka for the Benelux Market. Former shareholders have said that they will now sell the Benelux right to 18 different vodka brands to receive a minimum of $50 billion in arbitration awards Russia has been ordered to pay to them in 2014. The ruling on brand names comes after a lower court denied an appeal last month by Russia against the arbitral award that Russia has so...

The business exodus from Russia because its 2022 invasion of Ukraine has actually cost foreign companies more than $107 billion in writedowns and lost earnings, a analysis of business filings and declarations showed. The volume of losses have actually increased by one 3rd since the last tally in August in 2015, underscoring the scale of the monetary hit to the business world from Moscow's intrusion, as well as highlighting the abrupt loss of Western knowledge from Russia's economy. As Russia's intrusion continues in the middle of failing Western military aid, and the granularity of Western sanctions regimes boosts, business still...

The corporate exodus from Russia considering that its 2022 intrusion of Ukraine has actually cost foreign companies more than $107 billion in writedowns and lost earnings, a analysis of business filings and statements showed. The volume of losses have increased by one 3rd given that the last tally in August last year, underscoring the scale of the financial hit to the business world from Moscow's invasion, as well as highlighting the sudden loss of Western knowledge from Russia's economy. As Russia's intrusion continues amid faltering Western military help, and the granularity of Western sanctions programs boosts, companies still intending to...

German nationalised energy company SEFE will take complete ownership of gas transmission network WIGA by purchasing out joint venture partner Wintershall Dea in the most recent sign of Berlin tightening its grip on energy infrastructure. The deal, through which SEFE will acquire the 50.2% stake it does not already own in WIGA, is being funded by the company, it stated, after Germany asked Brussels to raise an acquisition ban enforced as part of the group's bailout in 2022. The transaction still needs to be authorized by the EU Commission, SEFE stated. The parties have actually agreed not to disclose the...

A Dutch court on Wednesday ordered the government to do more to cut noise contamination at Amsterdam's Schiphol airport, possibly restricting traffic at one of Europe's busiest centers. In a case brought by a group of people who live close to the airport, the court said the federal government had actually not struck a reasonable balance between Schiphol's economic interests and the problems it triggers for individuals on the ground. The court stated it could not explicitly buy the federal government to restrict flights at Schiphol, but that such a cut might be an ultimate outcome of its verdict. It...

A Dutch court was set to guideline on Wednesday on a claim declaring that KLM misguided clients with a marketing campaign focused on improving the business's ecological image, in a case of socalled greenwashing. The decision in the high-profile case comes as regulators and marketing authorities across Europe have actually increased analysis of companies' environmental claims. KLM, which does not dispute that air travel adds to global warming, rejected misleading customers with the Fly. Responsibly project, which it stated was well-intentioned. effort to draw attention to the issue. The fit, generated 2022 by environmental group Fossil. Free, argued that there...

Italy ought to mimic France's. present automobile purchase incentives that favour vehicles produced in. Europe when it examines its own national plan, Stellantis. CEO Carlos Tavares said on Tuesday in an interview. with il Resto del Carlino newspaper. Italy revealed previously this year a new money incentive. scheme for auto purchases, worth 950 million euros ($ 1 billion). for 2024. Nevertheless Market Minister Adolfo Urso has said the. If it stops working to support sales, plan might be revised next year. of automobiles produced in the country. Asked whether he was stressed that Italian rewards would. Favour Chinese carmakers, Tavares...

A Dutch court will on Tuesday hear Shell's appeal against a landmark environment judgment which ordered it to considerably deepen scheduled greenhouse gas emission cuts. The district court in The Hague in 2021 ordered the oil and gas giant to lower its world warming carbon emissions by 45%. by 2030 from 2019 levels. The order related both to Shell's own emissions and those. caused by the purchasers and users of its items. It came amidst. rising pressure on energy companies from investors, activists. and governments to shift away from nonrenewable fuel sources and quickly ramp. up financial investment in renewables....

A Dutch court ruled on Wednesday that KLM had actually misinformed customers with a marketing campaign aimed at enhancing the business's environmental image, in a case of socalled greenwashing. The decision, which comes at a time when regulators are more carefully scrutinising environmental claims, will work as a. criteria for airline companies on what they can say publicly about their. efforts to minimize greenhouse gas emissions. A variety of advertisements made by KLM in the past were. therefore prohibited and misleading, the court said in a summary. of judges' composed decision, including that some company claims. about sustainability had actually...

A U.S. appeals court on Tuesday upheld the Environmental Protection Agency's choice to grant California a waiver to set its own tailpipe emissions limitations and electricvehicle requirements. The three-judge panel of the U.S. Court of Appeals for the District of Columbia declined a legal challenge from 17 Republican-led states and entities that produce or sell liquid fuels. The EPA in March 2022 under President Joe Biden brought back California's capability to set its own zero-emission car sales required and tailpipe emissions limitations through 2025, reversing a. 2019 decision by then-President Donald Trump. California Guv Gavin Newsom said the court agreed....

The Biden administration's. plan to slap heavy brand-new tariffs on Chinese electric cars and. batteries would offer short-term defense for U.S. vehicle jobs,. potentially at the cost of White House efforts to eliminate. climate modification by accelerating U.S. EV adoption. Few Chinese-made EVs are presently offered in the United. States, so the instant effect on customers of greater EV. tariffs would be very little, analysts stated. The White House likewise. strategies to more than triple tariffs on Chinese EV batteries and. battery parts to 25%. Graphite, permanent magnets used in EV. motors and other EV minerals would get new 25%...

U.S. President Joe Biden's administration is set to reduce proposed annual requirements through 2030 of its sweeping strategy to strongly cut tailpipe emissions and increase electric lorry sales, two sources told on Sunday. Car manufacturers and the United Vehicle Workers had actually prompted the Biden administration to slow the proposed ramp-up in EV sales. They say EV technology is still too pricey for numerous mainstream U.S. customers and that more time is required to develop the charging infrastructure. The Epa in April 2023 proposed needing a 56% reduction in brand-new vehicle emissions by 2032. Under the preliminary EPA proposal covering...