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Xpressbees, the Logistics Unicorn, Secures $80 Million Investment from Teachers’ Venture Growth
The infusion of capital serves a dual purpose for Xpressbees. Firstly, it will be instrumental in accelerating the growth trajectory of the Xpressbees platform, underlining the company's commitment to expanding its reach and offerings.
Prime minister Narendra Modi calls uniform tariff for gas pipeline as noteworthy reform
In response to a tweet thread by Petroleum Minister Hardeep Puri, Modi tweeted, "Noteworthy reform in the energy and natural gas sector." In a tweet thread, Puri informed that in line with objective of economic development of all regions of the country, PNGRB has introduced implementation of a unified tariff, a much awaited reform in natural gas sector.
UK to halve business energy prices this winter
"To administer support, the government has set a supported wholesale price -- expected to be 211 pounds ($238) per megawatt-hour (MWh) for electricity and 75 pounds per MWh for gas, less than half the wholesale prices anticipated this winter -- which is a discounted price per unit of gas and electricity," the government said in a statement.
Mineral production records 7.5% growth in June 2022
According to figures released by the Indian Bureau of Mines (IBM), the cumulative growth recorded during the April-June period of the current fiscal was 9 per cent over the corresponding period of last year. Coal's production level stood at 669 lakh tonnes in June 2022, while lignite's production was 46 lakh tonnes. Natural gas (utilised)production stood at 2,747 million cubic metres, petroleum (crude) production was at 24 lakh tonnes, while limestone's output stood at 335 lakh tonnes.
EU member states agree to cut off 15% of their gas demand
Jozef Sikela, Czech Minister of Industry and Trade, presided over an exceptional EU Council meeting on energy on Tuesday, with the EU preparing for possible gas supply disruptions over the winter. "Member states agreed to reduce their gas demand by 15 per cent compared to their average consumption in the past five years, between 1 August 2022 and 31 March 2023, with measures of their own choice," Xinhua news agency reported quoting the European Council as saying in a statement.
Europe at risk of recession due to rising oil and gas prices
Europe's economy will be hit by a variety of factors including falling demand in the US � its biggest export market, the continued fallout from Russia's invasion of Ukraine and related increases in food and energy prices, according to Nomura, a Japanese investment bank with significant operations in London, The Guardian reported.
EOGEPL Q4 FY22 results: Revenue rises 118% YoY to Rs 148 crore
The company had posted a revenue of Rs 68 crore for the same quarter previous fiscal. Core EBITDA grew by 32 per cent QoQ to Rs 115 crore from Rs 87 crore in the same quarter previous fiscal. Sales volume grew by 42 per cent YoY whereas sales price realization increased by 55 per cent YoY and Gas production grew by 17 per cent YoY at 0.77 mmscmd.
Austria will pay in rubles for Russian gas
Karl Nehammer said at a press conference, "We, that is, (state energy company) OMV, accepted the terms of payment, as did the German government. They (the terms) were found to be in line with the terms of the sanctions. For us, this was important," RT reported. Nehammaer added, however, that Austria still supports Ukraine-related anti-Russia sanctions.
Natural gas demand seen up 12-14% next fiscal despite high prices: Crisil
The domestic demand for natural gas is seen rising by 12-14 per cent next fiscal, despite prices remaining high for the past several months, said ratings agency Crisil. According to it, this trend is supported by economic recovery and lower-than-usual inventories in key European consumption centres. Besides, Russia's invasion of Ukraine, which began in February 2022, drove already-elevated gas prices even higher, Crisil said.
Soaring LNG prices likely to drive up India's Rs 1 tn fertiliser subsidy
India's heavy reliance on imported Liquified Natural Gas (LNG) as a fertiliser feedstock exposes the nation's balance sheet to ongoing global gas price hikes, increasing the government's fertiliser subsidy bill, a new report by the Institute for Energy Economics and Financial Analysis (IEEFA) said on Monday.
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