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India in major projects drive

NEW DELHI: India’s oil and gas industry has kick-started 8,363 economic activities/projects, worth an anticipated cost of Rs5.88 lakh crore ($78 billion) since April 20 this year under the Covid-19 mandated standard operating procedures, the Minister of Petroleum and Natural Gas, Dharmendra Pradhan.

"A total of around 338 million man-days of employment is expected to be generated towards the completion of these 8,363 projects. In the current financial year, as on 15th August, employment of more than 22 million man-days has been generated through capital expenditure in the execution of oil and gas projects," he said.

The projects include several joint ventures with foreign entities in refining, drilling and petrochemicals. They also cover refinery projects, bio refineries, E&P projects, infrastructure projects, pipelines and drilling/survey activities.

Out of the total anticipated cost of these projects, approximately Rs 1.20 lakh crore is targeted to be incurred as Capex in the 2020-21 financial year.


Storebrand values climate

OSLO: Storebrand, Norway’s largest private asset manager, has divested from ExxonMobil, Chevron, Rio Tinto and BASF citing their lobbying practices regarding climate.

The stakes were small compared to Storebrand’s $91 billion in assets under management but their sale marks an escalation from the company’s historical preference to engage with companies over such issues. The move comes amid growing concern about trade groups lobbying to soften green finance rules in Europe.

"If you have corporates that are spending a lot of resources and energy to try to avoid that regulation that is required, that is clearly not supportive and not in the long-term interest of anybody, if you want to reach the climate goals or the (UN) sustainable development goals," Storebrand Asset Management CEO Jan Erik Saugestad told Reuters.

Storebrand said it had sold its $12.3 million stake in ExxonMobil, a $10.4 million stake in Chevron, a $3.8 million stake in miner Rio Tinto and its $2.7 million holding in chemicals company BASF.


Vestas builds largest wind park

HAMBURG: SSE Renewables, a leader in renewable energy in the UK and Ireland, has placed a 443 MW order for the Viking wind project on the Shetland Islands in the Northern Atlantic.

With this landmark deal, Vestas reinforces its presence in the UK onshore wind market, where it has installed more than 2,000 wind turbines with a total capacity of more than 4 GW. The Viking wind project will be Vestas’ largest stand-alone wind park order in Europe to date.

The project marks a significant step forward for onshore wind in the UK at a time when renewable energy is setting new records providing almost 40 per cent of the UK’s electricity.

Vestas will supply SSE Renewables with 103 V117-4.2 MW turbines in 4.3 MW Power Optimised Mode. By using a turbine model known for its ability to withstand extreme wind conditions, this solution is an exceptional fit for the site’s strong winds that will maximise energy output for the site and simultaneously lower the levelised cost of energy.

Global research backs hydrogen

LONDON: As part of the European Metrology Programme for Innovation and Research (EMPIR), TÜV SÜD National Engineering Laboratory is developing standards for accurate flow metering and pricing at hydrogen refuelling stations. The Metrology for Hydrogen Vehicles 2 project is part of the world’s first large-scale research project to tackle hydrogen fuel measurement inaccuracy challenges.

To expand the use of hydrogen vehicles as a low carbon transport option across Europe, it is essential that the gap between legislation and technology is closed. An extensive new infrastructure is required, where end-users are assured of accurate flow metering and fair charging at refuelling stations. However, there are no European-wide measurement methods and standards. During the three-year programme, TÜV SÜD National Engineering Laboratory’s research will help manufacturers and operators to improve the accuracy of hydrogen refuelling stations. It will develop new hydrogen measurement standards for both light (cars and vans) and heavy duty (buses and trucks) vehicles.




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