Centre approved proposals to set up pithead thermal plants worth Rs 21,547 crore through Coal India Limited (CIL) subsidiaries South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL). The CCEA has approved the proposal of equity investments by SECL, MCL and CIL.
The SECL will invest equity capital of Rs.823 crore considering a debt-equity ratio of 70:30 and 49 per cent equity investment in the JV company with an estimated project capex of Rs 5,600 crore for the proposed 1×660 MW Supercritical Thermal Power Plant in Madhya Pradesh’s Anuppur district. The MCL will invest equity capital of Rs 4,784 crore for the proposed 2×800 MW Super-Critical Thermal Power Plant in Sundargarh District, Odisha with an estimated Project Capex of Rs.15,947 crore.
US largest LNG exporter in 2023, China largest buyer
For the first time, the US has become the largest exporter of liquefied natural gas (LNG). It surpassed Australia and Qatar to take the top spot. According to Bloomberg, the US exported 91.2 million tonnes of LNG in 2023, the highest ever for the country. The jump has been attributed to the restarting of the Freeport LNG plant in Texas last year. The plant had been shut down after a fire and explosion was reported in June 2022. Qatar, which had claimed the top spot in 2022, saw its LNG volume fall by 1.9%, placing the country in the third spot, according to Bloomberg. Australia’s LNG volume has had little to no change since 2022. China regained its title as the world’s largest buyer of LNG. According to Bloomberg, China’s LNG imports rose by 12% last year. The country is expected to drive global demand growth for the next 10 years.
Canada oil sands set to expand as delayed pipeline is almost complete
Some of Canada’s biggest oil producers are planning to boost production in the short to medium term this year in anticipation of the completion of the much-delayed Trans Mountain Pipeline, which is expected to begin service soon. The pipeline will triple its capacity to 890,000 bpd. Heavy hitter Canadian Natural Resources announced in its 2024 capital budget its plans to reach exit 2024 production levels of around 1.455 million barrels of oil equivalent per day (boepd), up by around 40,000 boepd from last year. It is also targeting a 2025 average annual production growth of approximately 4% to 5% compared to 2024. Cenovus Energy also announced plans to invest in an offshore project called West White Rose along with expanding its existing oil sands facilities.
Germany: New heating law comes into force – what that means
Germany’s the Building Energy Act (GEG) stipulates that from 2024, every newly installed heating system must be powered by 65% renewable energy, Carbon Brief cited Zeit Online report. The outlet adds that the new regulations apply from January, primarily for new buildings in a new development area, with transition periods for existing buildings. Therefore, functioning oil and gas heaters are allowed to continue their operation, and in the event of a need for a complete replacement due to irreparable issues, transition periods spanning several years are in place.