Ukraine invasion: Oil majors make $281 billion in profits

An international NGO called Global Witness claimed that since the Russia-Ukraine conflict began in February 2022, the oil “super-majors” have profited $281 billion (£223 billion). Five of the biggest listed oil firms in the world: BP, Shell, Chevron, ExxonMobil, and TotalEnergies have seen profits of more than a quarter of a trillion dollars. This is after Russia’s invasion of Ukraine caused a sharp rise in energy costs and household bills. Since the invasion started, UK-based companies BP and Shell have profited by a total of $94.2 billion (£75 billion). According to the NGO, this would be sufficient to pay for all household electricity costs in Britain for a period of 17 months. Since the second quarter of 2022, Shell has generated $58.9 billion (£47 billion) in earnings, while BP has made $35 billion (£28 billion) since the fight began. The three main US and European corporations, TotalEnergies, ExxonMobil, and Chevron, have earned a combined profit of about $187 billion (£148 billion). The analysis revealed that the largest players in the fossil fuel industry stand to gain the most from the conflict in Ukraine, even in the event of a draw. 

Coal India to bid for three critical minerals mines

Coal India Ltd (CIL) plans to bid for three blocks in critical minerals auctions conducted by the country’s mines ministry this month, Reuters reported. The country launched the first part of its critical minerals auction in November 2023, which has been estimated to raise about ₹450 billion ($5.42 billion) overall with companies like Ola Electric and Shree Cement expressing interest. CIL plans to get a block from the government for exploration and once lithium reserves are proved, the PSU would go for mining, one official said. 

Qatar to increase LNG export capacity in bet on Asian demand

Following the discovery of substantial new gas reserves, the Gulf nation of Qatar intends to expand its capacity for producing LNG in an effort to meet the rapidly rising demand from China and other Asian countries, the Financial Times reported. According to an announcement on Sunday, the action, which follows projected output increases that have been revealed in recent years, will result in an almost 85% increase in the company’s entire production capacity from present levels before the end of the decade. The Gulf state is placing a wager with these plans that the fuel’s robust demand would endure, with Asian economies moving away from coal in an attempt to reduce carbon dioxide emissions.

Coal ministry asks for over 600 freight trains anticipating high demand during summers

Anticipating a spike in the demand for electricity this summer, the Union coal ministry requested Indian Railways to run 600-650 goods trains daily to transport coal to power plants from May to August. The coal ministry has requested that the Indian Railways guarantee sufficient availability of goods trains to carry coal, according to a top source in the railway ministry. According to the official, Indian Railways plan to add 80–100 goods trains, or 4,000–4,500 wagons, by April in order to haul coal. According to the ministry, an additional 3,000 wagons or 60 goods trains might be allocated for the transportation of coal in the event that demand increases.  

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