Covert forms of sexual harassment remain an issue in Western Australia’s mining industry – study

Energy News Beat

 

​[[{“value”:”

Being put down or condescended to based on gender, and receiving offensive sexist remarks, remain common themes in Western Australia’s mining sector, the Mental Awareness, Respect and Safety (MARS) Program Landmark Study shows.

The report was produced by the Centre for Transformative Work at Curtin University, whose researchers surveyed more than 2,500 workers and conducted in-depth interviews with 60 individuals to gain insights into their experiences with a focus on three critical areas – creating mentally healthy workplaces, building a culture of safety and respect, and preparing for workplace safety in future mining.

In detail, 41% of female mining workers reported they had experienced being put down or condescended to, while 34% reported receiving offensive sexist remarks such as suggesting that people of their sex are not suited for the kind of work they do.

Even though the study found that covert forms of sexual harassment such as sexism and misogyny are high, it also noted that sexual attention and sexual coercion are decreasing.

In addition to the prior, only four in 10 WA mining workers reported feeling satisfied with their jobs and nearly one in three said they were likely to try to find a new job with another employer in the next 12 months.

“Our research found one in three mining workers experiences emotional exhaustion regularly, indicating high levels of burnout. Disturbingly, covert forms of sexual harassment, including sexism and misogyny, persist,” MARS Program Landmark Study chief investigator, Sharon Parker, said in a media statement. “The negative impact of these experiences on mental health and well-being is evident, emphasizing the urgent need for change through improved work design, leadership and organizational culture.”

In Parker’s view, given that the mining sector constitutes 10% of the Western Australia workforce and plays a pivotal role in the state’s economy, this type of study is crucial.

Lead author Cheryl Yam said that while the findings acknowledge workplace culture was improving as companies pay more attention to reducing discrimination and harassment, a collective commitment is needed to achieve meaningful and lasting change in building a respectful workplace culture.

“The mining industry is a leader in physical safety. With the support and resources from the MARS Program, we are confident that the mining industry is well positioned to also be a leader in mental health and well-being,” Yam said. “Our research findings provide a roadmap for meaningful action to address and reduce covert forms of sexual harassment and create respectful workplaces to attract, retain and prevent harm to women and people in other minority groups.”

The study also highlighted that 30% of mine workers reported high or very high levels of psychological distress and 38% reported feeling burnt out at work.

Also, 16% of workers reported having experienced bullying (22% reported witnessing bullying) at least 2-3 times per month in the past six months.

On the positive side, most WA mine workers reported high levels of physical safety behaviours such as safety compliance and safety participation. Yet, underreporting of notifiable safety incidents and near misses continues to exist in the industry.

Finally, 60% of fly-in-fly-out mine workers reported being satisfied with their accommodation while 73% of male FIFO workers reported feeling physically very safe in their work-provided accommodation compared to 53% of female FIFO workers.

“}]] 

The post Covert forms of sexual harassment remain an issue in Western Australia’s mining industry – study appeared first on Energy News Beat.

 

Copper price soars to 7-month high on China’s plans to cut output

Energy News Beat

Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the world’s mined copper, agreed on a joint production cut.

Benchmark three-month copper on the London Metal Exchange (LME) touched $8,799 a metric ton, the highest since Aug. 1, 2023. It last traded 1.6% up at $8,790 as at 1055 GMT.

Copper for delivery in May rose on the Comex market in New York, touching $4.06 per pound ($8,932 per tonne), up 3.3% compared to Tuesday’s closing.

The rise started on the Shanghai Futures Exchange (SHFE), where copper reached a two-year high of 70,460 yuan ($9,796) per ton.

China’s biggest copper smelters met in Beijing on Wednesday, agreeing on a symbolic cut in loss-making production, without specifying volumes and timing.

“It’s a knee-jerk response to rush in. Interest spiked on SHFE right after the announcement of China’s production cut,” a trader said. “Who will admit they are the first to turn unprofitable?”

Shortages have led to intensifying competition for mined copper concentrates, causing a sharp fall in income for smelters to decade-low levels.

“But it’s important to note that there are around 1.7 million tons per year new ex-China smelter projects that are expected to come online in the second half, which will put more pressure on global concentrate supply,” said Brian Peng, a copper analyst of consultancy CRU.

More global copper smelters were not operating in the first two months of the year than in the same period last year, mainly because of Chinese inactivity, data from satellite surveillance of metal processing plants showed.

However, higher copper prices could further dampen demand in top consumer China, as can be seen in inventories.

Copper inventory in warehouses monitored by SHFE rose steeply to 239,245 tonnes as at March 8 from 30,905 tonnes in the beginning of the year.

Clarity on demand prospects could be provided by China’s loan data due this week, including total social financing numbers, a gauge of future metals consumption.

Source: Mining.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post Copper price soars to 7-month high on China’s plans to cut output appeared first on Energy News Beat.

 

Oxy deploys “industry first” fully electric well service rig from Axis on Permian production wells

Energy News Beat

(WO) – Axis Energy Services successfully deployed the oil and gas industry’s first fully electric well service rig on wells operated by Occidental. Axis’ EPIC RIG provides improvements in safety and efficiency, as well as the ability to run on grid power for reduced emissions and increased fuel flexibility. Axis’ EPIC RIG is currently reworking production wells for Occidental under a long-term contract in the Permian basin.

“The EPIC RIG is easily the biggest leap forward for well-service technology in decades,” said Axis CEO Ryan Phillips. “It’s deployment by Occidental signals the arrival of a new generation of well service rigs built for tomorrow’s oilfield.”

The EPIC RIG (Electric-Powered Intervention & Completion Rig) offers a broad array of advantages over traditional service rigs.

“Expanding electrification is integral to Oxy’s strategy because it contributes to emissions reductions, improves efficiency, creates cost-savings and leverages technology to accelerate our net zero goals,” said Bob Barnes, Senior Vice President of Operations at Oxy. “Of all the advantages of the EPIC RIG, we’re particularly excited about the different ways it can help us achieve our decarbonization goals.”

As the first service rig engineered around electric-powered drawworks, the EPIC RIG represents a major differentiation from traditional rigs with diesel-powered drawworks. The EPIC RIG VFD (variable frequency drive) electric motor not only delivers instant torque and smooth, consistent performance – it’s also more durable and requires less maintenance than a diesel engine, reducing downtime.

The switch to electric power has enabled Axis to reimagine the way a service rig operates. The dynamic braking system on the EPIC RIG replaces the traditional mechanical brake, the most common area for equipment-related NPT on a service rig. The EPIC RIG features a built-in PLC (programmable logic controller) system that works in conjunction with the Axis CORE data acquisition and analysis platform to give the rig operator precision control and enable automated safeguards that reduce manual actions and the potential for human error. The simplified design of the EPIC RIG minimizes mechanical processes and eliminates common failure points for increased reliability.

Additionally, the EPIC RIG VFD house can connect to the public power grid through a transformer, enabling operators to leverage renewable energy sources, eliminate emissions at the well site and save significantly on fuel costs. The EPIC RIG also has the flexibility to use a range of diesel alternatives, including field gas and natural gas, making it adaptable to remote locations and various conditions in the field.

In addition to the rig currently under contract with Occidental, Axis is developing two more EPIC RIGS for launch later this year. One will be a completion rig for frac plug drill outs.

“We are very excited to have teamed with Occidental to launch the first rig in our EPIC RIG buildout program,” said Phillips. “This is a milestone in our mission to move the well service industry forward by driving technological innovation.”

Source: Worldoil.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

 

The post Oxy deploys “industry first” fully electric well service rig from Axis on Permian production wells appeared first on Energy News Beat.

 

Californians Paying 140% More For Electricity than Other States

Energy News Beat

Electricity in Taft, California costs 275% more than what electricity costs in Bullhead City, Arizona. While residents of Los Angeles and San Francisco may feel comfortably smug hundreds of miles away from the Kern County city, it is rare to get a side-by-side comparison of energy bills in neighboring states.

How could this be?

In March, 2023 the California Assembly jammed SBX1-2, Gov. Gavin Newsom’s Gas Tax, through an expedited hearing, pretending that was enough exposure to the public, and debated the bill and voted on it. Gov. Gavin Newsom signed the bill.

Newsom’s Gas Tax also created a new panel of unelected bureaucrats with subpoena power, to investigate oil and gas companies, impose penalties, new costs and regulations, which would inevitably lead to gas shortages, rationing and price spikes. The bill created a new government agency to arbitrarily decide how much profit oil and gas businesses are allowed to make, disrupting California’s energy market and threatening the reliability of the state’s fuel supply,

Dave Noerr is the Mayor of Taft, and also has a home in Bullhead City, AZ. The electricity bills mentioned above are his. The Globe talked once again with Mayor Noerr about California Governor Gavin Newsom’s draconian SBX1-2, and the new agency it created to decide on oil/gas industry profits.

The Green Agenda

In addition to Gov. Newsom’s $310+ billion dollar budget and $75 million budget deficit, Howard Jarvis Taxpayers Association President Jon Coupal warned us last summer that the legislature is also advancing a $15 billion ‘Climate Bond’ to appear on the ballot sometime in 2024” – a Green Agenda climate tax.

The Green Agenda pushed by radical environmentalists in California is on steroids and is making food, cars, energy and homes unaffordable. The radical greenies are responsible for the no-forest management policies which ignite into California’s annual “wildfire season.” The radical greenies are responsible for the government created water shortage. The green agenda is planning to completely shut down the extraction of California’s wealth of natural resources – oil and natural gas.

And Governor Newsom is the Big Chief Greenie.

Mayor Noerr reported that in a meeting in McKittrick, CA in Kern County in 2019 after an oil seepage, Gov. Newsom said, “My bias is consistent” about the oil and gas industry. When they spoke after the meeting, Noerr asked the governor what he saw on his tour around McKittrick. Noerr said the governor answered by offering disclaimers: “I did not know that water comes out with oil extraction; I did not know there was heavy oil and light oil; I did not know heavy oil can be bagged and used…”

Noerr said Newsom is a slave to his bias, in spite of emerging facts. And “he’s a slave to his ego,” Noerr said. “He went in to the issue with his bias fully in tact.”

While Gov. Newsom was fairly conciliatory at the time, he did comment that oil and gas is our past, and renewables are the future.

Evidence of his bias is very clear when you observe Newsom’s appointees to the California Public Utilities Commission – all like-minded rabid environmentalists who equally share his bias and tow his party line. The CPUC commissioners set and accept electricity rates, and Newsom has appointed all five.

The CPUC says, “Our five Governor-appointed Commissioners, as well as our staff, are dedicated to ensuring that consumers have safe, reliable utility service at reasonable rates, protecting against fraud, and promoting the health of California’s economy.”

Noerr also addressed that Gov. Newsom bases the need for SBX1-2 on the high cost of oil and gas. But the high cost is because of Gavin Newsom and his policies, and are not in response to market drivers.

Mayor Noerr directed the Globe to the Energy Information Agency (eia.gov) and said going back to 2018, California paid 124% more for electricity than other states. In 2019, it grew to 139%; 2020 it was 131%; and in 2024 it is 140% – the cost of Californias energy and energy poverty. He said this rules out refiner margins.

Noerr showed me PG&E’s January 1, 2024 Annual Electric True-Up and said PG&E has raised energy prices 60% in the course of the last two years – and 23.8% in a single year. “That’s 10 times the CPI target for the feds to lower interest rates!” Noerr said.

As for electricity across the California/Arzona border differing by 275%, Noerr notes that Arizona isn’t exactly the lowest priced state for electricity in the U.S. He said Arizona ranks 25th – right in the middle of the pack.

The whole point of this conversation besides identifying the real culprits behind highest-in-the-nation oil and gas prices, and electricity prices, is this is where the poor, and in particular the working poor, are hit the hardest. As a percentage of their take-home income, they spend more on electricity and energy than anything else. And unaffordable energy bills can make a family homeless the moment they can’t pay the bill.

So after spending billions on housing for the 180,000 homeless drug addicted, mentally ill in the state – who still live on the streets – Noerr said the United Way identified 3 million families who can’t pay their utility bills – families driven to the edge of homelessness.

These high electricity and energy costs also drive up the costs of everything else, Noerr says – the cost to run a school, a grocery store, every mall, car dealer, doctor’s office – every business in the state is paying more for electricity, and passing the cost on to the consumers.

Gavin Newsom says oil and gas companies are “gouging” people. Yet Noerr says the governor is absolutely indifferent to the real hardships, as well as the real root causes.

Source: Californiaglobe.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

 

The post Californians Paying 140% More For Electricity than Other States appeared first on Energy News Beat.

 

The costs to New Yorkers of Cuomo’s crazy climate law keep rising

Energy News Beat

State lawmakers voted for major cuts in greenhouse-gas emissions and massive buildouts of wind turbines, solar panels, power lines and batteries by 2030 without knowing how it would work, let alone what it would cost.

The 2019 bill, the Climate Leadership and Community Protection Act, essentially wrote Gov. Andrew Cuomo’s executive branch a blank check, allowing every state agency to weigh climate concerns in every major decision and giving regulators the power to effectively eliminate emissions in nearly every corner of the economy.

With New York halfway to that 2030 deadline, the true cost of the program is coming into view — and it’s not pretty.

A state commission two years ago laid out a robust plan for banning gas appliances, heating nearly every home with electricity and mandating other major changes over the next three decades.

It made a surprising claim: This “deep decarbonization” of the economy wouldn’t just cover its own costs; it would produce $115 billion to $130 billion in “net benefit.”

It was too good to be true.

Peeling back officials’ creative accounting revealed, for one thing, they assumed and counted financial benefits for humanity (not just New Yorkers) of lowered emissions.

Key parts were made on overly optimistic if not flat-out-bad assumptions.

Drilling deeper revealed officials expect New Yorkers to incur $4.9 trillion in new expenses between 2020 and 2050 because of the act, offset by $4.3 trillion in “avoided” spending on things like heating oil and furnaces.

The difference — around $600 billion — represents the added cost for families and businesses to comply with the law.

Those costs will come in the form of higher fuel prices (a new tax is planned for fuel purchases next year), higher electricity rates (through which residents are already paying for new wind and solar projects upstate) and higher property taxes (as local governments and schools have to comply), to name a few.

The $600 billion figure also assumes the state can hit its targets, both for costs and savings.

But state government has a terrible track record on predicting the future and keeping things on budget.

Officials failed, among other things, to predict the recent popularity of natural gas, which reduced both emissions and energy prices.

If new climate-law costs run 5% higher and offset costs run 5% lower, the price tag surges to more than $1 trillion over the 30-year period.

These figures seem farcically large, but imagine replacing most downstate power plants with enough batteries to power the city and suburbs for four days at a time — as the climate act requires.

What data the state have published put that cost alone north of $100 billion, even with battery prices dropping by half between now and 2040.

Adding the costs of replacing the heating systems of nearly every New York home and building (and upgrading the insulation) pushes things further into the billions.

What’s worse, state agencies are putting New York on the hook for tens of billions of dollars over the next quarter-century through subsidy agreements with offshore-wind and power-line developers.

The law requires utilities to pass those costs to electricity customers (and regulators have said they can’t be shown on electric bills).

And the state still hasn’t said how high electric bills will climb when they’re done cutting these deals.

New York could still reduce emissions through a less expensive and more predictable process if state lawmakers get back behind the wheel.

Legislators, not bureaucrats, can and should be making decisions about what taxes and policies Albany uses to tackle emissions.

As the Empire Center explains in a new report, there are many ways senators and assemblymembers can put guardrails around the climate law to prevent what are becoming clear threats to electricity’s affordability and reliability — and to New York’s economic health — without giving up on the state’s climate goals.

The law’s proponents embraced its self-executing nature because it would force unpopular, disruptive and even dangerous policies to deliver lower emissions no matter what.

They think the best thing would be for lawmakers to do nothing and allow the process to run its course.

Source: Nypost.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

 

The post The costs to New Yorkers of Cuomo’s crazy climate law keep rising appeared first on Energy News Beat.

 

Leaked documents reveal Kremlin control over Turkish Stream pipeline construction through Bulgaria

Energy News Beat

 

Leaked documents from the emails of Russian politicians show that the Kremlin, through Russian and Belarusian companies, had full control over the construction of the Turkish Stream gas pipeline through Bulgaria from 2019-2021, despite then-Prime Minister Boyko Borisov’s claims that the project was under the Bulgarian government’s control, Capital reported.

Capital published leaked documents from the Russians’ emails about the road map for the construction of the Turkish Stream.

The gas pipeline, which runs through Bulgaria, transports Russian gas to Serbia and Hungary. As previously reported by Euractiv, the Turkish Stream will remain the only pipeline carrying Russian gas to the EU from the beginning of 2025.

Documents have been leaked from the hacked email of Russian politician Alexander Babakov, who has been sanctioned several times since 2014 for Russian aggression in Ukraine and has been named as one of the people who organised the secret funding of political formations in several countries. There are also leaked documents from the email of Yevgeny Zobnin, Babakov’s assistant.

The documents show that in the 2018-2020 period, during the last GERB government, Russia took full control of the entire project, Capital reported.

The Bulgarian authorities first held a tender for the gas pipeline construction, which was won by the Saudi consortium Arkad in early 2019. The deal will be finalised on 14 October 2019 during the visit of Russian President Vladimir Putin to Saudi Arabia.

An agreement was reached to transfer control of the gas pipeline project through Bulgaria from the Saudi consortium Arkad to the Russian side by appointing subcontractors.

On 18 November 2019, a binding management agreement was signed between the Russians and the Saudi consortium. Russia paid the Saudis $50 million first and then another $35 million as compensation.

In 2020, Russian and Belarusian companies started building a pipeline in Bulgaria. They were approved by the Bulgarian state company Bulgartransgaz, which owns the gas infrastructure in the country, writes Capital.

In the tender documents, Arkad did not list any subcontractors, which means that the participation of the Russian and Belarusian companies was politically approved by the Bulgarian authorities, the media added.

The continuation of the gas pipeline was built extremely quickly during the third GERB government under Borisov. This route was implemented much faster than the inter-system gas connection between Bulgaria and Greece, contributing to the real diversification of gas sources for the Bulgarian economy.

Euractiv asked the Commission whether the leak confirms the suspicion that the rules for concluding contracts were grossly violated and everything was rigged for Gazprom and Russia’s geopolitical plans. It was also asked whether EU rules had been broken and, if so, what the consequences would be.

The Commission said it had not received any complaints and was not currently investigating them.

“In accordance with EU rules and the principle of transparency, the public procurement notice was published in the Official Journal of the European Union on 26.12.2018 under number 2018/S 248-574577 and published in TED (Tenders Electronic Daily)”, the response of the Commission says adding that the Bulgarian Bulgartransgaz has also published other tender documents on its website.

Source: Euractiv.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post Leaked documents reveal Kremlin control over Turkish Stream pipeline construction through Bulgaria appeared first on Energy News Beat.

 

Oil prices up 3% to 4-month high on US crude stock drop, Russian refinery attacks

Energy News Beat

NEW YORK, March 13 (Reuters) – Oil prices rose about 3% to a four-month high on Wednesday on a surprise withdrawal in U.S. crude inventories, a bigger-than-expected drop in U.S. gasoline stocks and potential supply disruptions after Ukrainian attacks on Russian refineries.
Brent futures rose $2.11, or 2.6%, to settle at $84.03 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.16, or 2.8%, to settle at $79.72.
That was the highest close for Brent since Nov. 6.
The U.S. Energy Information Administration (EIA) said energy firms pulled a surprise 1.5 million barrels of crude from stockpiles during the week ended March 8.
That compares with the 1.3 million barrel build analysts forecast in a Reuters poll and the 5.5 million barrel withdrawal shown in data from the American Petroleum Institute (API), an industry group. EIA/A ,
U.S. gasoline futures , meanwhile, showed the biggest price increase across the energy complex, rising about 2.9% to their highest since September 2023 after EIA said energy firms pulled a much larger-than-expected 5.7 million barrels of gasoline from stockpiles last week.
That compares with the 1.9 million-barrel withdrawal from gasoline stocks that analysts forecast in a Reuters poll.
“Gasoline is driving us today. There is growing concerns about growing tightness with a combination of seasonal maintenance and other outages,” said Phil Flynn, an analyst at Price Futures Group.
That increase in gasoline prices boosted the gasoline- and 321- crack spreads, which measure refining profit margins, to their highest since August and September 2023, respectively.
In Russia, Ukraine struck oil refineries in a second day of heavy drone attacks, causing a fire at Rosneft’s biggest refinery in what Russian President Vladimir Putin said was an attempt to disrupt his country’s presidential election this week.
“As Russian refining capacity is damaged by Ukrainian drone strikes, this can result in Russia exporting less diesel fuel with a potential for Russia to start importing gasoline and that of course will affect prices around the world,” said Andrew Lipow, president of Lipow Oil Associates in Houston.
Putin told the West that Russia was technically ready for nuclear war and that if the U.S. sent troops to Ukraine, it would be considered a significant escalation of the conflict. Putin, however, also said he saw no need for the use of nuclear weapons in Ukraine.
Oil and the wider financial markets also found support from sentiment that the latest data on U.S. inflation will not derail interest rate cuts by midyear.
Lower rates can boost economic growth and support oil demand.
The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, stuck to its forecast for oil demand growth of 2.25 million barrels per day (bpd) in 2024, higher than many other forecasts.
The International Energy Agency (IEA), which expects demand growth to be much lower, updates its forecasts on Thursday.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Reporting by Scott DiSavino in New York, Robert Harvey and Alex Lawler in London; additional reporting by and Laila Kearney in New York, Georgina McCartney in Houston, Katya Golubkova in Tokyo and Jeslyn Lerh in Singapore; Editing by Jason Neely, Andrea Ricci and Jonathan Oatis

Source: Reuters.com

The post Oil prices up 3% to 4-month high on US crude stock drop, Russian refinery attacks appeared first on Energy News Beat.

 

Three companies bag $1.75bn in offshore drilling deals with Equinor

Energy News Beat

EuropeOffshore

Norwegian energy giant Equinor has extended contracts for drilling services on the Norwegian Continental Shelf with KCA Deutag, Odfjell Technology, and Archer.

The initial contracts with the trio were signed in 2018 with three option periods of two years. The first two-year option was exercised in 2022. Equinor said that the options for drilling services on fixed installations on the Norwegian Continental Shelf will provide jobs for 2,000 people per year, and have an estimated value of NOK 18.4bn ($1.75bn).

The three companies will deliver drilling, completion, intervention services, plugging, maintenance, and modifications on all 19 of Equinor’s fixed installations. The new contracts will start on October 1, 2024, in direct continuation of the currently active deals.

The deal with KCA Deutag involves new contracts and extensions worth over $450m in total. In addition to a four-year extension for an existing contract scope covering five platforms across the Oseberg and Kvitebjørn fields, the driller was also awarded additional work to deliver drilling, maintenance, and engineering services on the Njord and Heidrun platforms. The company also has an agreement with Equinor for the management, operation, and maintenance of the Askepott and Askeladden Cat J jack-up rigs.

Odfjell Technology, on the other hand, was awarded a NOK 2bn contract for drilling services on four fixed platforms. Equinor exercised extension options for drilling services on the Johan Sverdrup and Heidrun platforms while awarding new deals for work on the Grane and Visund assets. According to Odfjell Technology, the deal is based on limited competition on parts of a contract awarded by Equinor in 2018.

The third deal went to Archer and is a four-year contract extension for platform drilling services with an estimated contract value of NOK 8bn.

Under the contract, Archer will provide platform drilling services to nine of 19 Equinor’s installations on the Norwegian Continental Shelf. The platforms included in the deal are Gullfaks A, B and C, Sleipner A, Snorre A and B, and Statfjord A, B and C. For this contract, Archer will service 12 rigs on the NCS.

The post Three companies bag $1.75bn in offshore drilling deals with Equinor appeared first on Energy News Beat.

 

Expanded BRICS will keep ‘trademark’ name – Moscow

Energy News Beat

The bloc’s acronym is a “brand” and the addition of new members will not change that, a top Russian diplomat has said

The BRICS economic group will keep its current name despite the bloc’s expansion, a top Russian diplomat has said.

BRICS is a recognizable brand and a “trademark,” according to Deputy Foreign Minister Sergey Ryabkov, who is also Russia’s sherpa in the group.

“One thing has to be made clear: The leaders in Johannesburg agreed that despite the expansion which took place on January 1, the new larger group will keep its name, BRICS. Period. Not ‘BRICS-plus’, but BRICS. It’s a brand. It’s a well-known trademark. And it’s going to stay that way,” Ryabkov replied when asked by a journalist in Moscow whether ‘BRICS-plus’ could become the name for the expanded bloc.

Ryabkov was referring to the 2023 BRICS summit in Johannesburg, South Africa, where new members were formally invited to join the group.

BRICS is an acronym for Brazil, Russia, India, China, and South Africa, the initial members of the bloc. Five more countries – Ethiopia, Saudi Arabia, Iran, Egypt, and the United Arab Emirates – joined the group at the start of this year as part of a major expansion. The door has been left open for further additions.

The expanded BRICS accounts for about 30% of the global economy, and has a combined population of roughly 3.5 billion, or 45% of the world’s inhabitants.

The bloc’s political and economic influence has increased significantly since harsh sanctions were imposed on Russia by the US and its their allies following the start of the Ukraine conflict in 2022. BRICS members have not joined the Western campaign and have continued or boosted trade with Russia.

Numerous other nations have expressed interest in becoming BRICS members, and some have already formally submitted applications, including Venezuela, Thailand, Senegal, Cuba, Kazakhstan, Belarus, Bahrain, and Pakistan.

For more stories on economy & finance visit RT’s business section

 

The post Expanded BRICS will keep ‘trademark’ name – Moscow appeared first on Energy News Beat.

 

Ukraine bombs Russian nuclear power plant periphery

Energy News Beat

14 Mar, 2024 10:17

HomeRussia & FSU

Ukrainian forces dropped a bomb near diesel tanks located at Russia’s Zaporozhye nuclear power plant, management at the facility reported on Thursday.

In a video published on social media, plant director Yury Chernuk pointed to a crater in the ground, which he said had been created by an explosive device dropped from a Ukrainian drone.

The bomb itself was composed of explosives wrapped in foil, according to reports, but the location was significant. The crater was just five meters away from the perimeter fence, and tanks storing diesel fuel could be seen in the footage.

The plant has backup diesel generators, which kick in when electricity supply from the power grid is cut off. Its equipment needs to be powered continuously to ensure safe operation, even when nuclear reactors are not online. Blackouts have been a regular occurrence for the site since the beginning of the conflict.

”Destruction of those tanks or a fuel leak may not only cause a fire, but also result in significant loss of diesel reserves. Consequently, the plant’s preparedness for emergencies would be reduced by orders of magnitude,” Chernuk explained.

Another person, who was not identified, suggested that the bombing incident had been part of Ukraine’s intimidation tactics. Kiev considers the plant to be occupied by the Russian military.

The director of the facility noted that Ukrainian forces had targeted the plant days after the International Atomic Energy Agency, the UN’s nuclear watchdog, rotated observers stationed there. The organization told Russian media that it was aware of the incident, but offered no further comment.

Following the incident, the situation was reportedly calm in Energodar, the city where the Zaporozhye power plant is located.

Source: Rt.com

Take the Survey at https://survey.energynewsbeat.com/

1031 Exchange E-Book

ENB Top News 
ENB
Energy Dashboard
ENB Podcast
ENB Substack

The post Ukraine bombs Russian nuclear power plant periphery appeared first on Energy News Beat.