International

EU to quit Russian fossil fuels by 2027: Reuters

Published on : 2022-05-12

The European Commission unveiled a €195 billion plan to stop importing Russian fossil fuels by 2027, reported Reuters on Thursday.

The news agency said that the draft measures will combine a faster rollout of renewable energy and energy savings.

“The draft measures, which could change before they are due to be published next week, include a mix of EU laws, non-binding schemes, and recommendations national governments could take up, including by revising their plans to spend the EU's huge COVID-19 recovery fund to free up more funding for the energy transition,” reported Reuters.

Tensions between countries in Europe and Russia heightened on Thursday with Russia imposing sanctions on a number of companies that import its gas.

On Thursday Russia reduced natural gas supplies to Germany in retaliation over Europe’s sanctions over the war in Ukraine.

Germany is the largest buyer of Russian gas, which accounts for about 35 percent of the country’s supplies.

QatarEnergy to build 18 largest LNG vessels ever built in China’s CSSC for $6bln

The new vessels, with a capacity of 271,000 cubic meters each, will be constructed at China’s Hudong-Zhonghua Shipyard

UAE’s Dana Gas suspends operations at Iraq’s Khor Mor gas field following drone attack

The UAE-based Dana Gas, the largest private sector natural gas company in the region, has suspended operations at its Khor Mor gas field following a drone attack on its site on April 26

Shell earns $1bln a year from US crude trading, court filing shows

Testimony by a former head of Shell U.S. crude trading division filed in a Texas state court has offered a rare look at the huge profits of its trading operations and the multi-million dollar bonuses bestowed on traders