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KKR & Co predicts that global spending on data centers will reach $250 billion annually due to the increasing demand for AI and cloud-computing support. The US leads in data center development, consuming significantly more power than Europe and Asia. KKR recently partnered with Energy Capital Partners to accelerate AI infrastructure development, while competitors like Blackstone Inc. and Brookfield Asset Management Ltd. are also heavily investing in data centers. Data-center operators are shifting towards securing reliable power sources, potentially leading to the emergence of purchase power agreements for gas-fueled plants. [Extracted from the article]

KKR & Co predicts that global spending on data centers will reach $250 billion annually due to the increasing demand for AI and cloud-computing support. The US leads in data center development, consuming 16 to 18 gigawatts of power compared to 6 gigawatts in Europe and Asia. KKR has partnered with Energy Capital Partners to accelerate AI infrastructure development, focusing on data centers, power generation, and transmission infrastructure. The company has been investing in data centers for five years and is exploring potential collaborations with technology, power firms, and utilities to meet the growing global demand for data centers. [Extracted from the article]

Kenya's annual inflation rate has dropped to its lowest level since at least 2010, with the consumer price index rising by 2.7% in October. The decrease was attributed to lower prices in key categories such as food, transport, and housing. The central bank responded to the declining inflation rate by cutting interest rates, expecting price growth to remain below 5% in the near future. [Extracted from the article]

Kenya's annual inflation rate has dropped to its lowest level since at least 2010, with the consumer price index rising by 2.7% in October. This decrease was attributed to lower prices in key categories such as food, transport, and housing. The central bank responded to this by cutting interest rates, expecting inflation to remain below 5% in the near future. [Extracted from the article]

Colombia's clean energy grid is being challenged by dry weather, leading to an increase in fossil fuel usage. With two-thirds of its power coming from hydro sources, the country's energy regulator has called upon fossil fuel-powered plants to increase output due to shrinking water reservoirs. President Gustavo Petro aims to reduce Colombia's reliance on fossil fuels, but the severe drought has forced the country to rely more on natural gas and coal for electricity generation. Despite efforts to maintain a clean grid, thermal plants burning gas or coal are crucial for grid reliability during extreme weather conditions. [Extracted from the article]

Mitsubishi Power Ltd. predicts a 50% increase in annual gas turbine orders globally through 2026, driven by the growth of data centers and artificial intelligence. Despite the rise in renewables, gas remains in demand as a transition fuel, particularly in Asia. Data centers currently make up a small portion of electricity consumption, but the demand for gas turbines is expected to continue beyond 2026. [Extracted from the article]

Mitsubishi Power Ltd predicts a 50% increase in annual gas turbine orders worldwide through 2026, driven by the growth of data centers. Despite challenges in project funding due to inflation, global demand for gas remains strong, especially in Asia. While renewable energy capacity is increasing, the need for storage systems and power grid upgrades keeps gas turbines relevant as a transition fuel. Investors like Per Lekander are optimistic about the future of gas turbines due to their reliability during periods of low solar and wind energy production. [Extracted from the article]

The article from Bloomberg.com discusses how the discount on Alberta natural gas is expected to decrease by half once the LNG Canada project begins exports next year. The CEO of Tourmaline Oil Corp. predicts that AECO gas prices may strengthen to around 75 Canadian cents per million British thermal units less than prices at the US Henry Hub. The growth in gas exports is driven by the increasing demand for power for artificial intelligence data centers, with projections ranging from 3 billion to 30 billion cubic feet a day. [Extracted from the article]

A report by S&P Global Commodity Insights predicts that green power projects worth $5.1 trillion will be developed in emerging markets by 2040 to reduce emissions. The growth in population, urbanization, economic development, and electrification will drive a significant increase in power supply requirements in these markets. Despite increased investment in clean energy globally, the world is facing challenges in meeting renewable power targets and reducing carbon dioxide emissions. [Extracted from the article]

Europe's energy ministers are meeting to discuss the import of Russian natural gas as the war in Ukraine continues. The ministers will discuss the region's preparedness for winter as a key gas transit agreement between Moscow and Kyiv expires. Europe is seeking to reduce its reliance on Russian fossil fuels by decreasing gas consumption and increasing renewable capacity. Negotiations are ongoing to find an alternative to the Ukraine pipeline, with Azerbaijan being considered as a potential supplier. The final decision is expected to be made at the last minute or early next year. [Extracted from the article]

Europe's energy ministers are meeting to discuss the import of Russian natural gas as the war in Ukraine continues. The ministers will discuss the region's preparedness for winter as a key gas transit agreement between Moscow and Kyiv expires. Europe is seeking to reduce its reliance on Russian fossil fuels and increase renewable capacity. Negotiations are ongoing to replace transit flows, with Azerbaijan being considered as a potential supplier. The final decision is expected to be made at the last minute or early next year. [Extracted from the article]

The correlation between natural gas and carbon prices in Europe has broken, with carbon prices falling to their lowest level in almost six months while gas prices rallied due to escalating tensions in the Middle East. The decline in carbon prices may continue as renewable energy reduces the need for fossil fuels, although some places have shifted to coal-fired production. Energy traders are closely monitoring the supply situation as Europe's heating season begins, as a broader Middle East conflict could disrupt flows. European power prices have followed the increase in gas prices, but fell on Monday. [Extracted from the article]

Japan's liquefied natural gas (LNG) buyers are facing challenges in securing flexible supply contracts and are seeking government assistance to negotiate better terms. The use of destination clauses, which limit the on-selling of shipments, makes it difficult for companies to commit to long-term contracts due to uncertainty about future demand. Japanese utilities have been hesitant to sign new contracts with Qatar, a major LNG producer, as they aim to limit the use of fossil fuels to meet climate targets. Japan is a significant player in the global LNG trade and is currently reviewing its strategic energy plan to determine its power mix beyond 2030. [Extracted from the article]

Japan's liquefied natural gas (LNG) buyers are facing challenges in securing flexible supply contracts due to destination clauses that limit the on-selling of shipments. The Japan Gas Association Chairman, Takashi Uchida, has called on the government to help negotiate better terms to address uncertainty about future demand. Japanese utilities have been hesitant to sign new contracts with Qatar, a major LNG producer, as they seek to limit the use of fossil fuels to meet climate targets. Japan is a significant player in the global LNG trade and currently relies on LNG-fired power for stable electricity, particularly for energy-hungry facilities like data centers. [Extracted from the article]

Japan's liquefied natural gas (LNG) buyers are facing challenges in securing flexible supply contracts due to destination clauses that limit the on-selling of shipments. The Japan Gas Association Chairman, Takashi Uchida, has called on the government to help negotiate better terms to address uncertainty about future demand. Japanese utilities have been hesitant to sign new contracts with Qatar, a major LNG producer, as they seek to limit the use of fossil fuels to meet climate targets. Japan is a significant player in the global LNG trade and is currently reviewing its strategic energy plan to determine its power mix beyond 2030. [Extracted from the article]

Chevron CEO Mike Wirth has criticized the Biden administration's moratorium on new liquefied natural gas (LNG) export permits, calling for it to be reversed. Wirth argues that the policy raises energy costs, threatens supplies for America's European allies, and slows the transition from coal to gas, thereby increasing emissions. The industry has pushed back on the policy due to a surplus of natural gas, and a federal judge in Louisiana lifted the temporary moratorium in July. Wirth believes that natural gas is a crucial component in reducing carbon emissions and supporting the development of artificial intelligence. [Extracted from the article]

Chevron CEO Mike Wirth has criticized the Biden administration's decision to halt new export licenses for liquefied natural gas (LNG), arguing that it prioritizes politics over progress. Wirth claims that the policy will increase energy costs, threaten supplies for America's European allies, and slow the transition from coal to gas, thereby increasing emissions. He argues that natural gas is a cleaner alternative to coal and that the US has already achieved significant emissions reductions by switching to gas. Wirth calls for a more balanced conversation about the future of energy, based on realistic science and impartial data. [Extracted from the article]

A report from S&P Global Ratings warns that demand for natural gas in Western Europe is expected to sharply decline after 2030, which could pose a risk to the credit ratings of some grid operators. The report states that as regulatory periods end, operators may face higher regulatory reset risk depending on the pace of the energy transition. While resilient residential demand and a partial recovery in industrial consumption will support credit quality in the next few years, the energy transition will make it increasingly important for operators to prioritize leverage reduction over shareholder distributions. The expansion of green gases could help reduce the risk of stranded assets for gas networks, but this is dependent on the pace of the transition and investments in infrastructure. [Extracted from the article]

A sanctioned Russian liquefied natural gas (LNG) export facility, Arctic LNG 2, has sent a shipment to Asia for the first time. Everest Energy picked up the shipment and is currently en route to Asia via the northern sea route. The vessel used for the shipment is a traditional LNG vessel without ice-breaking capabilities, which is highly unusual and potentially dangerous. The final destination for the gas is unclear, but it may be delivered to the Koryak fuel storage unit in Kamchatka or an import terminal in Asia. The Arctic LNG 2 plant faced delays in exports due to US sanctions linked to Russia's invasion of Ukraine. [Extracted from the article]

The oil industry is facing challenges as China's economic slowdown, changes in the global energy mix, and the possibility of increased crude supply are impacting refiners and producers. The Asia Pacific Petroleum Conference in Singapore will address these concerns, including the potential decline in fossil fuel use as clean energy becomes more prevalent in China. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies are facing uncertainty about future actions. Despite these challenges, Singapore remains a thriving hub for the oil industry, with increased bunker fuel sales and trans-shipment activity. [Extracted from the article]

European natural gas prices have rebounded after a recent slide, as traders consider the balance between current supply levels and potential winter demand. Rising imports of liquefied natural gas and ample fuel stockpiles have helped alleviate supply concerns, leading to decreased volatility in the market. However, analysts warn that a harsh winter could drive prices up significantly, while a mild winter would likely keep prices stable. Concerns also remain about limited global gas supplies and the potential impact of the expiration of a gas-transport deal between Russia and Ukraine. [Extracted from the article]

Sasol Ltd., South Africa's second largest emitter of greenhouse gases, is revising its strategy to achieve a 30% emissions reduction by 2030. The company plans to replace coal with natural gas and incorporate renewable energy solutions, but the CEO, Simon Baloyi, has reconsidered this approach due to unforeseen challenges. Environmental groups are skeptical of Sasol's commitment to its emissions reduction goal, and investor activists have criticized the company's leadership. Sasol acknowledges the need for refinements to its strategy and aims to increase profitability from its Secunda operations, the world's largest single-point emitter of greenhouse gases. [Extracted from the article]

Zelenskiy Hails "Historic Week" Ahead of EU Decision (3:55 a.m.) The European Union will decide on Ukraine's bid for candidacy status to join the bloc this week. Keywords: 0629846DBB; ENI@IM; GAZP@RM; AGR; ALLTOP; BUSINESS; CMD; CONS; CONSS; COS; DRG; EUROPE; EXE; GEN; GER; GOV; HEA; INDUSTRIES; MARKETS; NORTHAM; NRG; OIL; RUSSIA; UK; US; WORLD; WWTOP EN 0629846DBB ENI@IM GAZP@RM AGR ALLTOP BUSINESS CMD CONS CONSS COS DRG EUROPE EXE GEN GER GOV HEA INDUSTRIES MARKETS NORTHAM NRG OIL RUSSIA UK US WORLD WWTOP RDR62BT0G1KX (Bloomberg) -- President Volodymyr Zelenskiy said his nation was facing a "historic week", as the European Union's 27 member states are asked to sign off on its bid for candidacy status to join the bloc. [Extracted from the article]

Ukraine exported only 4 million tons of grains and oilseeds since Russia started the war in late February and blocked Ukrainian ports, Dmytrasevych said. Keywords: ENI@IM; GAZP@RM; AGR; ALLTOP; BUSINESS; CMD; CONS; CONSS; COS; DRG; EUROPE; EXE; GEN; GENTOP; GER; GOV; GOVTOP; HEA; INDUSTRIES; MARKETS; NORTHAM; NRG; OIL; RUSSIA; TOP; UK; US; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN ENI@IM GAZP@RM AGR ALLTOP BUSINESS CMD CONS CONSS COS DRG EUROPE EXE GEN GENTOP GER GOV GOVTOP HEA INDUSTRIES MARKETS NORTHAM NRG OIL RUSSIA TOP UK US WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU Russia said it hit military targets in Ukraine with sea-launched cruise missiles, including a strike on a planning meeting of Ukrainian commanders. [Extracted from the article]

Keywords: ENI@IM; GAZP@RM; AGR; ALLTOP; BUSINESS; CMD; CONS; CONSS; COS; DRG; EUROPE; GEN; GER; GOV; HEA; INDUSTRIES; MARKETS; NRG; RUSSIA; UK; WORLD; WWTOP EN ENI@IM GAZP@RM AGR ALLTOP BUSINESS CMD CONS CONSS COS DRG EUROPE GEN GER GOV HEA INDUSTRIES MARKETS NRG RUSSIA UK WORLD WWTOP RDQGLST0AFB4 (Bloomberg) -- Russia said it hit military targets in Ukraine with sea-launched cruise missiles, including a strike on a planning meeting of Ukrainian commanders. Ukraine warned its grain harvest may shrink by more than 40% this year because of Russia's invasion. [Extracted from the article]

Kenyan annual inflation increased to a two-month high in August due to rising prices of food, utilities, energy, and transport. The consumer price index rose by 4.4% compared to the previous month. The central bank had recently cut its benchmark interest rate, expecting inflation to remain below its target range. Key components of inflation, such as food and non-alcoholic drinks, housing and utilities, and transport costs, all experienced price increases. [Extracted from the article]

Kenyan annual inflation increased to a two-month high in August due to rising prices of food, utilities, energy, and transport. The consumer price index rose by 4.4% compared to the previous month. The central bank had recently cut its benchmark interest rate, expecting inflation to remain below its target range. Key highlights include a 5.3% increase in food and non-alcoholic drink prices, a 4.2% increase in housing and utility costs, and a 3.9% rise in transport costs. [Extracted from the article]

Brazilian President Luiz Inacio Lula da Silva's efforts to increase the supply and reduce the cost of natural gas in Brazil have raised concerns about interventionist policies that could discourage investment from major oil companies. A recent decree allows Brazil's oil regulator to determine the amount of natural gas that oil producers reinject into reservoirs, potentially diverting more gas to the fuel market instead. This could impact the economics of offshore projects being studied by companies like Equinor and Shell, as they may be required to build gas pipelines and limit gas reinjection. Experts warn that such regulations could discourage investment and affect the country's oil production. [Extracted from the article]

Karachi's main power utility, K-Electric Ltd., plans to double Pakistan's solar capacity by adding 640 megawatts of clean energy in the next two years. The bidding process for the first projects will open on August 19 and close next month. Pakistan has historically faced high power prices due to its reliance on costly fossil fuel imports, but increasing the share of solar energy could help lower the nation's overall import bill. K-Electric aims to add about 1,200 megawatts of renewable energy projects over the next five years while reducing the use of expensive sources like liquefied natural gas and fuel oil. [Extracted from the article]

Sasol Ltd., a South African fuel and chemical maker, will write down 55.1 billion rand ($3 billion) primarily at its US business due to challenges such as depressed chemicals prices and lowering carbon emissions. The company will report a net loss after tax of 55.8 billion rand for the year to June 30, with a significant impairment on its Chemicals America ethane value-chain unit. Sasol is the second-biggest polluter in South Africa and plans to lower emissions by substituting coal with natural gas and renewable energy. The company's Lake Charles chemicals facility in Louisiana has also faced mismanagement issues and cost overruns. [Extracted from the article]

Shipping company A.P. Moller-Maersk is acquiring 50-60 vessels as part of its fleet renewal program. These vessels, which have a carrying capacity of 800,000 twenty-foot equivalent units, will be able to run on either conventional oil-derived marine fuel, liquefied gas, or methanol. Maersk believes that green methanol will be the most competitive and scalable pathway to decarbonization in the short term, but also sees a future for liquefied biomethane. The new vessels will replace older ones, so Maersk's overall capacity will remain at around 4.3 million TEU. The company is also working on securing agreements for liquefied biomethane to reduce greenhouse gas emissions. [Extracted from the article]

Tokyo is facing a tight power supply due to hotter-than-normal summer temperatures, prompting the city's utility to urge consumers to use electricity efficiently. The day-ahead spot price for electricity in Tokyo reached its highest level since February 2023. Unplanned maintenance and a decrease in available power generation have also contributed to the tight power supply. Japanese authorities have assured that there is enough capacity for this season, but pleas for power conservation have become common during peak demand periods. [Extracted from the article]

Tokyo is facing a tight power supply due to hotter-than-normal summer temperatures and plant outages. The city's utility is urging consumers to use electricity efficiently as the day-ahead spot price for the Tokyo region spiked to its highest level since February 2023. Unplanned maintenance has also reduced available power generation across Japan. The Tokyo area's power reserves could fall as low as 2% on Monday, prompting the Organization for Cross-regional Coordination of Transmission Operators to order a neighboring utility to share 200 megawatts of capacity. [Extracted from the article]

Kenyan annual inflation has reached a four-year low in June, providing some relief to consumers who have been struggling with high living costs. Consumer prices rose by 4.6% this month, matching economists' expectations and marking the lowest rate since September 2020. This decrease in inflation may lead to a potential interest rate cut in August, as policymakers aim to bring inflation to the central bank's target range of 5%. The recent protests against a tax bill, which were sparked by concerns over rising prices, resulted in the bill being scrapped by President William Ruto. [Extracted from the article]

Germany's solar power generation has reached a new record, with output reaching 47,198 megawatts at midday. This represents a 34% increase compared to the previous year. The expansion of solar farms and sunny weather across Europe have contributed to this surge in solar generation, displacing the use of gas and other fuels for power production. As a result, prices have dropped during the middle of the day when the grid cannot handle the production, but remain high at other times when gas is relied upon. The increase in solar production is being absorbed by the rising demand for air conditioning due to higher temperatures. [Extracted from the article]

German inflation in December was lower than expected, with consumer prices rising by an annual rate of 3.8%, compared to economists' predictions of 3.9%. This increase was primarily due to base effects, as energy costs were depressed in 2022 but rose in 2023. The European Central Bank (ECB) aims for a 2% inflation target, and the lower-than-expected inflation may help keep wage demands in check. The ECB remains cautious about inflation and is closely monitoring domestic drivers, particularly salaries. The sluggish euro-area economy and projections suggest that inflation may not reach 2% until 2025 or later. [Extracted from the article]

German inflation in December was lower than expected, with consumer prices rising by an annual rate of 3.8%, compared to economists' predictions of 3.9%. This increase was primarily due to base effects, as energy costs were depressed in 2022 but rose in 2023 due to one-time state aid. The European Central Bank (ECB) aims for a 2% inflation target, and the lower-than-expected inflation may help keep wage demands in check. The ECB remains cautious about inflation and is closely monitoring domestic drivers, particularly salaries, as they negotiate new deals in the first half of 2024. The ECB's most recent projections show inflation returning to 2% in the second half of 2025, while the Bundesbank predicts Germany will not achieve that milestone until 2027. [Extracted from the article]

German inflation in December rose by an annual rate of 3.8%, which was lower than economists' predictions of 3.9%. This increase was primarily due to base effects, as energy costs were depressed in 2022 but rebounded in 2023. The European Central Bank (ECB) is closely monitoring inflation and wage demands, as negotiations for new wage deals are expected to take place in the first half of 2024. The ECB's most recent projections indicate that inflation will reach its 2% target in the second half of 2025, while the Bundesbank predicts that Germany will not achieve this milestone until 2027. [Extracted from the article]

German inflation in December was lower than expected, rising by an annual rate of 3.8% compared to economists' predictions of 3.9%. This increase was primarily due to base effects, with energy costs being depressed in 2022 and then boosting inflation in 2023. The European Central Bank (ECB) remains cautious about inflation and is closely monitoring domestic drivers, particularly salaries. The ECB's most recent projections show inflation returning to its 2% target in the second half of 2025, while the Bundesbank predicts Germany will not achieve this milestone until 2027. [Extracted from the article]

Germany will eliminate its gas storage levy at the border starting in January 2025. This decision comes after concerns were raised by central European countries, such as the Czech Republic, that the levy was making it more expensive to move away from Russian gas. The levy was introduced in 2022 during Europe's energy crisis when Russia reduced its pipeline gas flows. While the levy will still increase in July, domestic traders may still have to pay the fee beyond 2025. Germany intends to invest in LNG facilities to support diversification away from Russian gas. Central European countries have criticized the levy for favoring Russian gas and making imports from the West more expensive. The withdrawal of the levy may help the European Union reduce its reliance on Russian energy supplies. Germany and the Czech Republic are also calling for a high-level working group to address the remaining gas, oil, and radioactive material imports from Russia. [Extracted from the article]

Democrats have requested that the US Department of Justice investigate major oil companies and their trade groups after a congressional probe found that the industry had deceived the public about climate change for decades. The investigation, which lasted three years, accused Exxon Mobil Corp., Chevron Corp., Shell Plc, BP Plc, the American Petroleum Institute, and US Chamber of Commerce of engaging in a campaign of deception while privately acknowledging the role of fossil fuels in climate change since the 1960s. The oil companies have criticized the move, calling it a political distraction. The Justice Department has acknowledged the letter but has not provided further comment. [Extracted from the article]

Democrats have called on the Department of Justice to investigate major oil companies and their trade groups following a three-year congressional probe. The investigation concluded that Big Oil had deceived the public about the effects of climate change for decades. The companies, including Exxon Mobil, Chevron, Shell, BP, the American Petroleum Institute, and the US Chamber of Commerce, were accused of engaging in a "campaign of deception and doublespeak" while privately acknowledging the role of fossil fuels in climate change since the 1960s. The Democrats' request for further investigation draws parallels to the historic investigation into the tobacco industry's deceptive practices. [Extracted from the article]

Qatar has raised $2.5 billion through its first-ever green bond, joining the growing global market for sustainable debt. The bond consists of a $1 billion five-year portion and a $1.5 billion 10-year tranche. Green bonds from the Middle East have become increasingly popular in recent years, with investors showing interest in sales from various entities in the region. Qatar, despite being one of the highest per capita emitters of greenhouse gases, is investing heavily in solar power and argues that natural gas can contribute to global climate goals. The country has a strong credit rating and its last Eurobond deal in 2020 attracted significant investor interest. [Extracted from the article]

The growth of data centers, which require large amounts of electricity, will lead to an increased demand for natural gas as a fuel source for generating electricity, according to TC Energy Corp. This demand is expected to increase by up to 8 billion cubic feet per day by 2030, equivalent to 21% of current US demand for natural gas in electric generation. To meet this demand, TC Energy plans to reinforce gas-pipeline networks and increase connections to local distribution companies. While the growth of data centers will require more electricity, it is important to note that the increase in data center capacity will not directly translate into a proportional increase in overall electricity demand. [Extracted from the article]

Kenyan annual inflation has decreased to its lowest level since 2020, primarily due to a decrease in food and energy prices. Consumer prices rose by 5% year-over-year in April, compared to 5.7% in March. However, the weakening shilling and devastating floods in the country pose potential risks to inflation. The central bank has raised interest rates by 600 basis points since May 2022 in an effort to control inflation, but they paused this month due to expectations of further slowing. Prices of food and non-alcoholic drinks, as well as transport costs, have also experienced some fluctuations. [Extracted from the article]

A fire at Mexico's Akal-B oil platform in the Campeche Bank resulted in nine injuries and one fatality. The injured individuals included five employees of Petroleos Mexicanos (Pemex) and workers from other companies. The deceased worker was from the company COTER. The fire was quickly controlled within 20 minutes. The Akal-B platform, which is part of the Cantarell production complex, produces 200,000 barrels of oil and 900,000 cubic feet of gas per day. Pemex's plans to reduce crude exports in the coming months may impact global oil prices. [Extracted from the article]

Mexico's state-controlled oil company, Pemex, reported that a fire broke out at its Akal-B oil platform in the Campeche Bank, resulting in nine injuries. Two of the injured individuals were Pemex employees, while the others were from different companies. Fortunately, none of the injuries were severe, and the fire was quickly brought under control. The Akal-B platform, which is part of the Cantarell production complex, produces 200,000 barrels of oil and 900,000 cubic feet of gas per day. This incident comes at a time when Pemex is considering reducing crude exports, potentially impacting the global oil market. [Extracted from the article]

Shell Plc has adjusted its emissions-cut targets in its latest energy transition strategy update. The company now aims to reduce its net carbon intensity by 15% to 20% by 2030, compared to its previous target of 20%. This change reflects a trend among European oil majors to adapt their plans for achieving net zero carbon emissions. Shell's ultimate goal is to become a net zero company by 2050, eliminating all net emissions from its operations and reducing greenhouse gases from the fuel it sells to customers. The company plans to review its assets and reduce operating costs while seeking to narrow the valuation gap with US peers Exxon Mobil Corp. and Chevron Corp. [Extracted from the article]

China's National People's Congress, the country's highest profile political event, did not provide any positive news for commodities bulls hoping for increased demand in the raw materials market. The lack of price gains in key commodities like iron ore and copper indicates a mismatch between Beijing's growth goals and the market's lack of confidence in the plan. While fiscal stimulus may be necessary to achieve the target of 5% economic growth this year, the focus on upgrading industrial equipment and promoting the use of electric vehicles could boost metals consumption. However, the housing market remains a significant risk, and the government's long-term strategy is to shift towards greener industries. In the short term, China continues to rely on fossil fuels, particularly coal, for cheap and reliable power. [Extracted from the article]

Oman's state energy company, OQ SAOC, is considering selling shares in two units this year in an effort to raise funds and deepen capital markets. The company is evaluating plans to list its exploration and production business, as well as a methanol and liquefied petroleum gas fuels unit. This move is part of Oman's larger strategy to boost industries such as energy, transport, and tourism through state asset sales. The IPOs could potentially raise around $1 billion for OQ Exploration & Production. [Extracted from the article]