Manufacturers in Britain have warned in recent weeks that soaring prices for natural gas would force them to shut down factories, and that prediction is now coming true.

CF Industries, a global producer of agricultural fertilizer, said late Wednesday it would halt operations at two plants in northern England because of high natural gas prices. The company said it did not know when production would resume.

CF uses large volumes of natural gas to produce hydrogen in a process that makes ammonia for fertilizers.

Also read |&nbsp;<a href="https://www.wionews.com/world/lanternfly-poses-threat-after-being-spotted-in-the-central-park-in-nyc-413620">Lanternfly poses threat after being spotted in the Central Park in NYC</a>

Wholesale prices for natural gas are at their highest in years, and have more than doubled since the spring. The main causes are a resurgence of global demand, especially in Asia, and worries that European countries are not putting enough fuel in storage to prepare for winter.

The jump in natural gas prices is in turn leading to very high electricity prices because the fuel is used at many power stations, putting pressure on both consumers and industry.

UKSteel, an industry group, said Wednesday that its members were facing "extortionate" electric power prices and said that some steel-makers were being forced to shut down during periods of extremely high rates.

On Wednesday, a fire that shut down a cable bringing electricity from France led to a further surge in electric power prices. Kent Fire and Rescue, which used as many as 12 fire engines to fight the blaze, said Thursday that firefighters had finished their work at the scene, and that cause of the fire had not been determined.

National Grid, Britain’s main electricity supplier, said the part of the cable damaged by the fire would be out of service until March. Another part of the cable was offline because of planned outage, and will be back online September 27. Together, the cable can provide enough electricity to power two million homes.

Manufacturers in Britain have warned in recent weeks that soaring prices for natural gas would force them to shut down factories, and that prediction is now coming true.

Manufacturers in Britain have warned in recent weeks that soaring prices for natural gas would force them to shut down factories, and that prediction is now coming true. CF Industries, a global producer of agricultural fertilizer, said late Wednesday it would halt operations at two plants in northern England because of high natural gas prices. The company said it did not know when production would resume. CF uses large volumes of natural gas to produce hydrogen in a process that makes ammonia for fertilizers. Also read | Lanternfly poses threat after being spotted in the Central Park in NYC Wholesale prices for natural gas are at their highest in years, and have more than doubled since the spring. The main causes are a resurgence of global demand, especially in Asia, and worries that European countries are not putting enough fuel in storage to prepare for winter. The jump in natural gas prices is in turn leading to very high electricity prices because the fuel is used at many power stations, putting pressure on both consumers and industry. UKSteel, an industry group, said Wednesday that its members were facing "extortionate" electric power prices and said that some steel-makers were being forced to shut down during periods of extremely high rates. On Wednesday, a fire that shut down a cable bringing electricity from France led to a further surge in electric power prices. Kent Fire and Rescue, which used as many as 12 fire engines to fight the blaze, said Thursday that firefighters had finished their work at the scene, and that cause of the fire had not been determined. National Grid, Britain’s main electricity supplier, said the part of the cable damaged by the fire would be out of service until March. Another part of the cable was offline because of planned outage, and will be back online September 27. Together, the cable can provide enough electricity to power two million homes.

High natural gas prices lead to a shutdown of British fertilizer plants

Ivory Coast on Wednesday announced discovery of "major" oil and natural gas deposits. The announcement was made after deepwater exploration by Italian firm Eni.

Ivory Coast's energy minister Thomas Camara said it was estimated that the find was between 1.5 and 2 billion barrels of oil and around 1.8-2.4 trillion cubic feet (51 million cubic metres) of gas.

He said the development would "greatly increase Ivory Coast's proven reserves in the coming years".

The 3,445-metre-deep well was drilled about 60 kilometres (40 miles) off the coast in 30 days, Eni said.

The firm added that it would now carry out a further evaluation of the wider potential of the find.

In a 2019 investment worth $185 million, Ivory Coast signed contracts with Eni and French firm Total to explore the possibility of ramping up Ivorian production.&nbsp;

Till now, the country has 51 identified oilfields with four in production. 26 of them are in exploration and the remaining 21 still up for grabs.

In 2014, Total said exploration had shown "very promising" prospects.

Aside from Total and Eni, Britain's Tullow Oil has also announced significant discoveries of Ivorian offshore.

(With inputs from agencies)

Ivory Coast on Wednesday announced discovery of "major" oil and natural gas deposits. The announcement was made after deepwater exploration by Italian firm Eni. Ivory Coast's energy minister Thomas Camara said it was estimated that the find was between 1.

Ivory Coast on Wednesday announced discovery of "major" oil and natural gas deposits. The announcement was made after deepwater exploration by Italian firm Eni. Ivory Coast's energy minister Thomas Camara said it was estimated that the find was between 1.5 and 2 billion barrels of oil and around 1.8-2.4 trillion cubic feet (51 million cubic metres) of gas. He said the development would "greatly increase Ivory Coast's proven reserves in the coming years". The 3,445-metre-deep well was drilled about 60 kilometres (40 miles) off the coast in 30 days, Eni said. The firm added that it would now carry out a further evaluation of the wider potential of the find. In a 2019 investment worth $185 million, Ivory Coast signed contracts with Eni and French firm Total to explore the possibility of ramping up Ivorian production. Till now, the country has 51 identified oilfields with four in production. 26 of them are in exploration and the remaining 21 still up for grabs. In 2014, Total said exploration had shown "very promising" prospects. Aside from Total and Eni, Britain's Tullow Oil has also announced significant discoveries of Ivorian offshore. (With inputs from agencies)

Ivory coast announces 'major' oil discovery

Turkish President Recep Tayyip Erdogan announced discovery of a new natural gas in the Black Sea on Friday. This can help Turkey reduce its dependence on energy imports

Erdogan last year announced a 405-billion-cubic-metre &nbsp;(14.3-trillion-cubic-feet) find in the so-called Sakarya field -- the biggest ever discovery in the Black Sea.

He hopes to put bring the first gas from that find to consumers in time for Turkey's &nbsp;centenary celebrations in 2023.

Erdogan said that further Turkish exploration work in the region resulted in the discovery of a new well with 135 billion cubic metres of reserves.

"The new discovery of 135 billion cubic metres was made in the Amasra-1 exploration well," Erdogan said while attending a special ceremony in the Black Sea city of Zonguldak.

Every year, Turkey consumes 45-50 billion cubic metres of natural gas.

Analysts have urged caution over the discoveries' significance

There has been no independent audit of the Sakarya field published to date.

Erdogan has said that Turkey intends to exploit the wells without foreign assistance and would not need outside financing.

Turkey's search for natural gas sparked an international crisis last year when it began conducting work in disputed waters claimed by EU members Cyprus and Greece.

The EU pulled back from its threat to expand existing sanctions on Ankara when Turkey pulled back its main exploration vessel and opened informal talks with Greece at the start of the year.

(With inputs from agencies)

Turkish President Recep Tayyip Erdogan announced discovery of a new natural gas in the Black Sea on Friday. This can help Turkey reduce its dependence on energy imports Erdogan last year announced a 405-billion-cubic-metre (14.

Turkish President Recep Tayyip Erdogan announced discovery of a new natural gas in the Black Sea on Friday. This can help Turkey reduce its dependence on energy imports Erdogan last year announced a 405-billion-cubic-metre (14.3-trillion-cubic-feet) find in the so-called Sakarya field -- the biggest ever discovery in the Black Sea. He hopes to put bring the first gas from that find to consumers in time for Turkey's centenary celebrations in 2023. Erdogan said that further Turkish exploration work in the region resulted in the discovery of a new well with 135 billion cubic metres of reserves. "The new discovery of 135 billion cubic metres was made in the Amasra-1 exploration well," Erdogan said while attending a special ceremony in the Black Sea city of Zonguldak. Every year, Turkey consumes 45-50 billion cubic metres of natural gas. Analysts have urged caution over the discoveries' significance There has been no independent audit of the Sakarya field published to date. Erdogan has said that Turkey intends to exploit the wells without foreign assistance and would not need outside financing. Turkey's search for natural gas sparked an international crisis last year when it began conducting work in disputed waters claimed by EU members Cyprus and Greece. The EU pulled back from its threat to expand existing sanctions on Ankara when Turkey pulled back its main exploration vessel and opened informal talks with Greece at the start of the year. (With inputs from agencies)

Turkish President announces new Black Sea gas find

Russian President Vladimir Putin said on Friday that European nations should pay for Russian gas in euros. This comes as Kremlin moves to dump the dollar after US sanctions.

"The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done," Putin said at the Saint Petersburg International Economic Forum.

Putin's comments came a day after Russian economy ministry announced that it was dropping the dollar from its National Wealth Fund (NWF) and shifting to other currencies.

Russia has been trying for years to wean the economy off the dollar. Even Russia's state-owned energy companies have been turning to non-dollar settlement.

The economy ministry said that from May 20 the share of dollar assets in the fund had been reduced to zero percent from 35 percent.

Finance Minister Anton Siluanov said the euro will make up 40 percent of the fund, with 30 percent in yuan and 20 percent in gold.

The British pound and the Japanese yen will make up five percent each.

Some economists said the move was designed to send a signal to Washington ahead of a summit between Russian leader Vladimir Putin and US President Joe Biden on June 16.

The face-to-face meeting in Geneva comes amid the biggest crisis in ties between the two countries in years, with tensions high over a litany of issues including human rights, election meddling, Ukraine, and Belarus.

Moscow has been reducing the share of its dollar holdings since the West imposed sanctions on Russia following the annexation of Crimea in 2014.

(With inputs from agencies)

Russian President Vladimir Putin said on Friday that European nations should pay for Russian gas in euros. This comes as Kremlin moves to dump the dollar after US sanctions.

Russian President Vladimir Putin said on Friday that European nations should pay for Russian gas in euros. This comes as Kremlin moves to dump the dollar after US sanctions. "The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done," Putin said at the Saint Petersburg International Economic Forum. Putin's comments came a day after Russian economy ministry announced that it was dropping the dollar from its National Wealth Fund (NWF) and shifting to other currencies. Russia has been trying for years to wean the economy off the dollar. Even Russia's state-owned energy companies have been turning to non-dollar settlement. The economy ministry said that from May 20 the share of dollar assets in the fund had been reduced to zero percent from 35 percent. Finance Minister Anton Siluanov said the euro will make up 40 percent of the fund, with 30 percent in yuan and 20 percent in gold. The British pound and the Japanese yen will make up five percent each. Some economists said the move was designed to send a signal to Washington ahead of a summit between Russian leader Vladimir Putin and US President Joe Biden on June 16. The face-to-face meeting in Geneva comes amid the biggest crisis in ties between the two countries in years, with tensions high over a litany of issues including human rights, election meddling, Ukraine, and Belarus. Moscow has been reducing the share of its dollar holdings since the West imposed sanctions on Russia following the annexation of Crimea in 2014. (With inputs from agencies)

Putin urges Europe to pay in euro not dollars

Inaugurating a 450-km natural gas pipeline between Kochi in Kerala to Mangaluru in Karnataka, Prime Minister Narendra Modi on Tuesday said that a gas-based economy is crucial for Atmanirbhar Bharat and work is being done in the direction of "One Nation, One Gas Grid".

PM set out his government's energy roadmap, envisaging more than double the share of cleaner natural gas in the consumption basket, diversifying sources of energy, connecting the nation with one gas pipeline grid and bringing affordable fuel to people and industry.

"It is an honour to dedicate the 450-km pipeline to the nation. This is an important day for India, especially for people of Karnataka and Kerala. India is focusing on gas-based economy and lot of work is being done on `One Nation, One Gas Grid`. The gas-based economy is also crucial for Atmanirbhar Bharat," said PM Modi at the inauguration.&nbsp;

"It is an important day for India, especially for the people of Karnataka and Kerala. These two states are being connected via a natural gas pipeline. I congratulate everyone as the pipeline is a futuristic step towards a clean energy ecosystem," he added.&nbsp;

Governors and Chief Ministers of Karnataka and Kerala, along with Union Minister for Petroleum and Natural Gas were also present during the event. Kochi-Mangaluru Natural Gas Pipeline will have a positive impact on economic growth, the Prime Minister stated.

"It is an example that if we work together, nothing is impossible," he added. "The Kochi-Mangaluru pipeline is an example that if everyone works together by prioritising development, no goal is unachievable. This pipeline is going to prove very important in accelerating the development of both the states," said PM Modi.&nbsp;

"It is not just a pipeline but it will be a major driver of development in both states," he added.&nbsp; 
The Kochi-Mangaluru pipeline will increase the ease of living for millions of people in both states. This pipeline will reduce the expenses of the poor, middle class and entrepreneurs of both the states, the Prime Minister stated.&nbsp;

"The Kochi-Mangaluru pipeline will be the medium of gas distribution system in cities. It will become a medium for developing CNG-based transport systems in many cities," he added.&nbsp;

According to the PMO, the 450 km long pipeline has been built by GAIL (India) Ltd. It has a transportation capacity of 12 Million Metric Standard Cubic Metres per day and will carry natural gas from the Liquefied Natural Gas (LNG) Regasification Terminal at Kochi (Kerala) to Mangaluru (Dakshina Kannada district, Karnataka), while passing through Ernakulam, Thrissur, Palakkad, Malappuram, Kozhikode, Kannur and Kasaragod districts.The total cost of the project was about Rs 3,000 crore and its construction created over 12 lakh man-days of employment. Laying of the pipeline was an engineering challenge as the route of the pipeline necessitated it to cross water bodies at more than 100 locations.

This was done through a special technique called the Horizontal Directional Drilling method.The pipeline will supply environment-friendly and affordable fuel in the form of Piped Natural Gas (PNG) to households and Compressed Natural Gas (CNG) to the transportation sector.It will also supply Natural Gas to commercial and industrial units across the districts along the pipeline. Consumption of cleaner fuel will help in improving air quality by curbing air pollution.

(With inputs from agencies)

Inaugurating a 450-km natural gas pipeline between Kochi in Kerala to Mangaluru in Karnataka, Prime Minister Narendra Modi on Tuesday said that a gas-based economy is crucial for Atmanirbhar Bharat and work is being done in the direction of "One Nation, One Gas Grid".

Inaugurating a 450-km natural gas pipeline between Kochi in Kerala to Mangaluru in Karnataka, Prime Minister Narendra Modi on Tuesday said that a gas-based economy is crucial for Atmanirbhar Bharat and work is being done in the direction of "One Nation, One Gas Grid". PM set out his government's energy roadmap, envisaging more than double the share of cleaner natural gas in the consumption basket, diversifying sources of energy, connecting the nation with one gas pipeline grid and bringing affordable fuel to people and industry. "It is an honour to dedicate the 450-km pipeline to the nation. This is an important day for India, especially for people of Karnataka and Kerala. India is focusing on gas-based economy and lot of work is being done on `One Nation, One Gas Grid`. The gas-based economy is also crucial for Atmanirbhar Bharat," said PM Modi at the inauguration. "It is an important day for India, especially for the people of Karnataka and Kerala. These two states are being connected via a natural gas pipeline. I congratulate everyone as the pipeline is a futuristic step towards a clean energy ecosystem," he added. Governors and Chief Ministers of Karnataka and Kerala, along with Union Minister for Petroleum and Natural Gas were also present during the event. Kochi-Mangaluru Natural Gas Pipeline will have a positive impact on economic growth, the Prime Minister stated. "It is an example that if we work together, nothing is impossible," he added. "The Kochi-Mangaluru pipeline is an example that if everyone works together by prioritising development, no goal is unachievable. This pipeline is going to prove very important in accelerating the development of both the states," said PM Modi. "It is not just a pipeline but it will be a major driver of development in both states," he added. The Kochi-Mangaluru pipeline will increase the ease of living for millions of people in both states. This pipeline will reduce the expenses of the poor, middle class and entrepreneurs of both the states, the Prime Minister stated. "The Kochi-Mangaluru pipeline will be the medium of gas distribution system in cities. It will become a medium for developing CNG-based transport systems in many cities," he added. According to the PMO, the 450 km long pipeline has been built by GAIL (India) Ltd. It has a transportation capacity of 12 Million Metric Standard Cubic Metres per day and will carry natural gas from the Liquefied Natural Gas (LNG) Regasification Terminal at Kochi (Kerala) to Mangaluru (Dakshina Kannada district, Karnataka), while passing through Ernakulam, Thrissur, Palakkad, Malappuram, Kozhikode, Kannur and Kasaragod districts.The total cost of the project was about Rs 3,000 crore and its construction created over 12 lakh man-days of employment. Laying of the pipeline was an engineering challenge as the route of the pipeline necessitated it to cross water bodies at more than 100 locations. This was done through a special technique called the Horizontal Directional Drilling method.The pipeline will supply environment-friendly and affordable fuel in the form of Piped Natural Gas (PNG) to households and Compressed Natural Gas (CNG) to the transportation sector.It will also supply Natural Gas to commercial and industrial units across the districts along the pipeline. Consumption of cleaner fuel will help in improving air quality by curbing air pollution. (With inputs from agencies)

‘One nation, one gas grid’: PM Modi inaugurates Kochi-Mangaluru GAIL pipeline

America's biggest oil and gas lobby group is ramping up its advertising spending ahead of the November election to persuade voters that natural gas is a climate-friendly fuel, according to ad buying data.

The campaign by the American Petroleum Institute (API), targeted at younger voters and some tight congressional races, is part of a global battle by the drilling industry to assuage growing fears over the role of natural gas in driving climate change.

US&nbsp;Democratic presidential candidate Joe Biden last month unveiled a $2 trillion plan to transition the American economy away from fossil fuels, including natural gas, if he beats incumbent Donald Trump, who is a drilling advocate.

Also read:&nbsp;<a href="/opinions/natural-gas-frames-future-gulf-relations-266987" hreflang="en">Natural gas frames future Gulf relations</a>

Biden's plan would support climate litigation against polluters who conceal information about environmental and health risks.&nbsp;

In the three weeks following Biden's climate announcement on July 14, API increased its spending on Facebook ads to an estimated average of $24,000 a day. That's about six times its average daily spending in the preceding six months, according to an analysis by InfluenceMap, a non-profit group whose data on lobbying is used by institutional investors.&nbsp;

Those ads mainly target a younger audience including 25-to-34-year-olds, according to a separate analysis by Bully Pulpit Interactive Media conducted on behalf of Reuters.

Meanwhile, API has spent an estimated $3.1 million on TV ads between Jan. 1 and Aug. 16, according to data from analytics firm iSpot, an increase of 51% over the same period in 2019.

The TV ads are part of API's "Energy for Progress" campaign, launched in January.

For at least six months, the campaign's website cast natural gas as a "clean" fuel before that description was revised to "cleaner" on the site sometime in the last two months.

Also read:&nbsp;<a href="/india-news/india-looks-to-trial-liquefied-natural-gas-as-fuel-for-fishing-boat-242904" hreflang="en">India looks to trial liquefied natural gas as fuel for fishing boat</a>

Climate scientists say that natural gas is not clean and is emerging as a major threat to the climate due to the sheer scale of carbon dioxide (CO2) the industry emits.&nbsp;

In addition, they say, a significant amount of methane, a far more potent short-term warming agent, leaks during production of natural gas.

API points out on its website that when burned, natural gas produces about half as much planet-warming CO2 as coal and less air pollution, and has helped the United States reduce emissions by replacing coal in power plants.

API President Mike Sommers told Reuters that his group's advertising ahead of the election seeks "to inform people of all generations of the importance of American energy leadership," including on the environment.

"In this country, there is a lot of energy illiteracy," he said.

DEFINE 'CLEAN'

Republican and Democratic politicians alike once saw natural gas as a "bridge fuel" to a low-carbon future, but some states, cities and towns have increasingly moved to phase out natural gas power generation or ban its use in new homes and buildings.

API declined to say why it switched to calling natural gas "cleaner" on its "Energy for Progress" website. It continues to use the words "clean" or "clean-burning" in relation to natural gas on its main website, api.org, and in Facebook ads.

Industry critics say the use of the word "clean" is not just a matter of semantics. Such claims about environmental friendliness are coming under greater scrutiny as the presidential campaign goes into its final stretch. Also, some institutional investors are pushing for more action on climate change, and the oil and gas industry faces lawsuits alleging it has deceived the public about the harm of its products.

Also read:&nbsp;<a href="/south-asia/bangladesh-scraps-15-year-liquefied-natural-gas-supply-deal-with-swiss-trader-191333" hreflang="en">Bangladesh scraps 15-year Liquefied Natural Gas supply deal with Swiss trader</a>

"It's about using green imagery and language to convince the public that their products are part of the climate solution rather than the essence of the problem," said Richard Wiles, executive director of the Center for Climate Integrity, a nonprofit in Washington, D.C., which supports climate litigation against oil and gas companies.

API president Sommers said his group's "Energy for Progress" campaign is focused on 37 congressional districts across the country. He didn't detail which ones.&nbsp;

"API doesn't endorse candidates; we endorse policies," Sommers said. "We want to make sure that no matter who is in control that we have pro-majorities for energy in the House and the Senate."&nbsp;

Founded more than a century ago, API's mission in part is "to influence public policy in support of a strong, viable U.S. oil and natural gas industry," according to its website.

The group's nearly 600 members include the major U.S. and European oil companies. Their senior executives have sat on API's board in recent years, according to the group's tax forms, although API declined to identify its current board members.&nbsp;

API received a total of $116 million from membership dues in 2018, according to the most recent tax form.

Among its members is Anglo-Dutch major Royal Dutch Shell PLC &lt;RDSa.L&gt;, one of the largest oil companies in the world. In April, Shell said it paid API between $12.5 and $15 million in 2019. Whether any of this money was used for the "Energy for Progress" campaign was a question for API, Shell said. API declined to say how any of its members' contributions were used.

Shell told Reuters it "has always been careful to note that natural gas is a cleaner alternative to other sources of energy – most notably coal."&nbsp;

Some API ads and social media posts say gas is clean, not just cleaner than coal.

"Natural gas is already clean, affordable and efficient - and it's getting better every day," says one API ad on Facebook. Another ad, emblazoned across the doors of a train at a Washington, D.C. airport, depicts a man and a woman walking through a forest. "Thanks to clean natural gas," says the slogan, "U.S. CO2 emission levels are the lowest in a generation."

Dustin Meyer, API's director of market development, told reporters in July that there may be "no better example" of a pragmatic solution to climate change than natural gas "in driving out dirtier fuels from the power mix."

Nevertheless, natural gas is a fossil fuel that emits CO2 when burned. Its surging use means the United States could have roughly the same CO2 emissions levels in 2050 as it does now, if no new policies to control emissions are implemented, according to the U.S. Energy Information Administration's Annual Energy Outlook 2020.&nbsp;

STRONG OPPOSITION

While reeling from an historic collapse in demand for oil and gas triggered by the coronavirus pandemic, API members also face dozens of climate-related lawsuits, most dating back several years.

Most recently, the attorneys general from Massachusetts, Minnesota and the District of Columbia have sued members of the fossil fuel industry, accusing companies of deceiving consumers about harms caused by their products.

API was named for the first time in the Minnesota suit, which alleges fraud, deceptive advertising and other violations.&nbsp;

Referring to claims about natural gas in the "Energy for Progress" campaign, Kate Konopka, assistant attorney general in the District of Columbia, told Reuters: "We think this campaign is very much akin to Big Tobacco claims decades ago in terms of harmfulness around the improved value of light cigarettes."

Maura Healey, the attorney general of Massachusetts, who helped kick off the wave of litigation, told Reuters that API's portrayal of gas as clean was "just not true" and consistent with a pattern of misinformation by the API.&nbsp;

In a statement to Reuters about the Minnesota suit, API said the oil industry was working to substantially reduce emissions and "that any suggestion to the contrary was false."&nbsp;

In Europe, advertising watchdogs have ruled against oil companies in the past year for presenting natural gas and other fossil fuels as environmentally friendly. Several cases have been resolved informally, with companies agreeing not to repeat contested claims, although one company was fined.

In the United States, now the world's largest producer of oil and natural gas, API members increasingly are subject to protests over new pipelines and pressure from activist investors over their lobbying activity.

In October 2018, the Institutional Investors Group on Climate Change, a group of European pension funds and asset managers, urged companies to be more transparent over climate-related lobbying. The group collectively manages more than 30 trillion euros ($35.60 trillion) in assets - including in oil and gas.

Clare Richards, senior engagement manager for the Church of England Pensions Board, said omitting the full truth about natural gas is "tantamount to false advertising."

API president Sommers said some investors and activists will never accept the benefits of natural gas.&nbsp;

"I think we just view the future differently," he said.

America's biggest oil and gas lobby group is ramping up its advertising spending ahead of the November election to persuade voters that natural gas is a climate-friendly fuel, according to ad buying data.

America's biggest oil and gas lobby group is ramping up its advertising spending ahead of the November election to persuade voters that natural gas is a climate-friendly fuel, according to ad buying data. The campaign by the American Petroleum Institute (API), targeted at younger voters and some tight congressional races, is part of a global battle by the drilling industry to assuage growing fears over the role of natural gas in driving climate change. US Democratic presidential candidate Joe Biden last month unveiled a $2 trillion plan to transition the American economy away from fossil fuels, including natural gas, if he beats incumbent Donald Trump, who is a drilling advocate. Also read: Natural gas frames future Gulf relations Biden's plan would support climate litigation against polluters who conceal information about environmental and health risks. In the three weeks following Biden's climate announcement on July 14, API increased its spending on Facebook ads to an estimated average of $24,000 a day. That's about six times its average daily spending in the preceding six months, according to an analysis by InfluenceMap, a non-profit group whose data on lobbying is used by institutional investors. Those ads mainly target a younger audience including 25-to-34-year-olds, according to a separate analysis by Bully Pulpit Interactive Media conducted on behalf of Reuters. Meanwhile, API has spent an estimated $3.1 million on TV ads between Jan. 1 and Aug. 16, according to data from analytics firm iSpot, an increase of 51% over the same period in 2019. The TV ads are part of API's "Energy for Progress" campaign, launched in January. For at least six months, the campaign's website cast natural gas as a "clean" fuel before that description was revised to "cleaner" on the site sometime in the last two months. Also read: India looks to trial liquefied natural gas as fuel for fishing boat Climate scientists say that natural gas is not clean and is emerging as a major threat to the climate due to the sheer scale of carbon dioxide (CO2) the industry emits. In addition, they say, a significant amount of methane, a far more potent short-term warming agent, leaks during production of natural gas. API points out on its website that when burned, natural gas produces about half as much planet-warming CO2 as coal and less air pollution, and has helped the United States reduce emissions by replacing coal in power plants. API President Mike Sommers told Reuters that his group's advertising ahead of the election seeks "to inform people of all generations of the importance of American energy leadership," including on the environment. "In this country, there is a lot of energy illiteracy," he said. DEFINE 'CLEAN' Republican and Democratic politicians alike once saw natural gas as a "bridge fuel" to a low-carbon future, but some states, cities and towns have increasingly moved to phase out natural gas power generation or ban its use in new homes and buildings. API declined to say why it switched to calling natural gas "cleaner" on its "Energy for Progress" website. It continues to use the words "clean" or "clean-burning" in relation to natural gas on its main website, api.org, and in Facebook ads. Industry critics say the use of the word "clean" is not just a matter of semantics. Such claims about environmental friendliness are coming under greater scrutiny as the presidential campaign goes into its final stretch. Also, some institutional investors are pushing for more action on climate change, and the oil and gas industry faces lawsuits alleging it has deceived the public about the harm of its products. Also read: Bangladesh scraps 15-year Liquefied Natural Gas supply deal with Swiss trader "It's about using green imagery and language to convince the public that their products are part of the climate solution rather than the essence of the problem," said Richard Wiles, executive director of the Center for Climate Integrity, a nonprofit in Washington, D.C., which supports climate litigation against oil and gas companies. API president Sommers said his group's "Energy for Progress" campaign is focused on 37 congressional districts across the country. He didn't detail which ones. "API doesn't endorse candidates; we endorse policies," Sommers said. "We want to make sure that no matter who is in control that we have pro-majorities for energy in the House and the Senate." Founded more than a century ago, API's mission in part is "to influence public policy in support of a strong, viable U.S. oil and natural gas industry," according to its website. The group's nearly 600 members include the major U.S. and European oil companies. Their senior executives have sat on API's board in recent years, according to the group's tax forms, although API declined to identify its current board members. API received a total of $116 million from membership dues in 2018, according to the most recent tax form. Among its members is Anglo-Dutch major Royal Dutch Shell PLC <RDSa.L>, one of the largest oil companies in the world. In April, Shell said it paid API between $12.5 and $15 million in 2019. Whether any of this money was used for the "Energy for Progress" campaign was a question for API, Shell said. API declined to say how any of its members' contributions were used. Shell told Reuters it "has always been careful to note that natural gas is a cleaner alternative to other sources of energy – most notably coal." Some API ads and social media posts say gas is clean, not just cleaner than coal. "Natural gas is already clean, affordable and efficient - and it's getting better every day," says one API ad on Facebook. Another ad, emblazoned across the doors of a train at a Washington, D.C. airport, depicts a man and a woman walking through a forest. "Thanks to clean natural gas," says the slogan, "U.S. CO2 emission levels are the lowest in a generation." Dustin Meyer, API's director of market development, told reporters in July that there may be "no better example" of a pragmatic solution to climate change than natural gas "in driving out dirtier fuels from the power mix." Nevertheless, natural gas is a fossil fuel that emits CO2 when burned. Its surging use means the United States could have roughly the same CO2 emissions levels in 2050 as it does now, if no new policies to control emissions are implemented, according to the U.S. Energy Information Administration's Annual Energy Outlook 2020. STRONG OPPOSITION While reeling from an historic collapse in demand for oil and gas triggered by the coronavirus pandemic, API members also face dozens of climate-related lawsuits, most dating back several years. Most recently, the attorneys general from Massachusetts, Minnesota and the District of Columbia have sued members of the fossil fuel industry, accusing companies of deceiving consumers about harms caused by their products. API was named for the first time in the Minnesota suit, which alleges fraud, deceptive advertising and other violations. Referring to claims about natural gas in the "Energy for Progress" campaign, Kate Konopka, assistant attorney general in the District of Columbia, told Reuters: "We think this campaign is very much akin to Big Tobacco claims decades ago in terms of harmfulness around the improved value of light cigarettes." Maura Healey, the attorney general of Massachusetts, who helped kick off the wave of litigation, told Reuters that API's portrayal of gas as clean was "just not true" and consistent with a pattern of misinformation by the API. In a statement to Reuters about the Minnesota suit, API said the oil industry was working to substantially reduce emissions and "that any suggestion to the contrary was false." In Europe, advertising watchdogs have ruled against oil companies in the past year for presenting natural gas and other fossil fuels as environmentally friendly. Several cases have been resolved informally, with companies agreeing not to repeat contested claims, although one company was fined. In the United States, now the world's largest producer of oil and natural gas, API members increasingly are subject to protests over new pipelines and pressure from activist investors over their lobbying activity. In October 2018, the Institutional Investors Group on Climate Change, a group of European pension funds and asset managers, urged companies to be more transparent over climate-related lobbying. The group collectively manages more than 30 trillion euros ($35.60 trillion) in assets - including in oil and gas. Clare Richards, senior engagement manager for the Church of England Pensions Board, said omitting the full truth about natural gas is "tantamount to false advertising." API president Sommers said some investors and activists will never accept the benefits of natural gas. "I think we just view the future differently," he said.

In the run-up to US election, drilling lobby promotes natural gas as 'clean'

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent&nbsp;on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said.

"The price has been hiked only to adjust the huge losses of state-run Petrobangla," said Monwar Islam, the chairman of the Commission.&nbsp;

Petrobangla is incurring losses of about $235 million a month as it currently imports liquefied natural gas from the international market and sells it onto the domestic market at a loss, an official said.

BERC last raised natural gas prices by 11 per cent&nbsp;in 2017.

Business leaders said with this price hike the industry will lose its competitiveness in the international market.

"This huge price hike is a stops us boosting our output and also it will give us strong competition in the international market," said Anwarul Alam Chowdhury, the President of the Bangladesh Chambers of Industry.&nbsp;

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said.

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said. "The price has been hiked only to adjust the huge losses of state-run Petrobangla," said Monwar Islam, the chairman of the Commission. Petrobangla is incurring losses of about $235 million a month as it currently imports liquefied natural gas from the international market and sells it onto the domestic market at a loss, an official said. BERC last raised natural gas prices by 11 per cent in 2017. Business leaders said with this price hike the industry will lose its competitiveness in the international market. "This huge price hike is a stops us boosting our output and also it will give us strong competition in the international market," said Anwarul Alam Chowdhury, the President of the Bangladesh Chambers of Industry.

Bangladesh raises natural gas price by about 33%

Global energy transition is on a fast track and India is not far behind. India’s absolute commitment towards carbon neutral economy is well appreciated. Prime Minister Narendra Modi is one of the biggest supporters of expanding green and sustainable sources of energy, thereby mitigating risks of damaging the environment. 
 
With reference to energy transition, countries like Iceland, Costa Rica, Nicaragua, United Kingdom, Sweden, Germany, Morocco, Denmark, China and the United States are setting benchmarks for the rest of the world.

Noticeably strong policy interventions along with heightened investment in sustainable energy remain the major catalysts of energy transition in these countries.&nbsp;

India’s rise to the occasion is noteworthy and quite exciting for local and global stakeholders. Not long ago, coal was considered the ‘backbone’ of India’s power sector, but today renewable sources like solar and wind are well placed to change that narrative. Currently, grid-connected renewable installation capacity driven by wind and solar exceeds 75 gw. Solar with 26 gw is strongly poised to surpass wind (35 gw) as the largest renewable source within a couple of years

During April-December 2018, India added 4,374 mw of grid-connected solar power against the target of 11,000 mw for the financial year.&nbsp;

By the virtue of expanding domestic solar market base and greater emphasis on ‘Make in India’, domestic manufacturers are becoming competitive to counter Chinese import threat. Interestingly, India’s average monthly solar component import reduced from $349 million in 2017-18 to $193 million during April-December 2018. In the context of coal-fired plants being the biggest and cheapest suppliers of power to grid, renewable sources desperately wanted “grid parity”.&nbsp;

No longer do solar and wind power face the burden of high tariff. Near monopoly of coal as a cheaper source of power is under severe threat—even long term existence of coal power is a big question. Market-discovered pricing and mega-scale installations of renewable projects has brought down tariff of renewable power below the so-called conventional ‘grid-party’. Through the auction process, the Solar Energy Corporation of India and Gujarat Urja Vikas Nigam Ltd discovered solar and wind tariff of Rs 2.44/kWh and Rs 2.43/kWh respectively.&nbsp;

As the coal and renewable story unfolds, coal -- the frugal source of power - loses the coveted tag of the ‘cheapest’ but retains the undesirable tag of `dirtiest’ power.&nbsp;

Despite renewables making significant inroads in the direction of price rationalisation, other factors like long- term price sustainability and efficiency are under relentless scrutiny. Industry analysts pose relevant questions: Are the renewable producers playing to win bids? Will they be able to sustain the low prices?&nbsp;

The renewable power industry is at the growth stage and within the next five years, the real battle might unravel true survivors.

The emerging competition, market structure and customer preferences will decide the winner between the ‘cheapest’ and ‘finest’. It may so happen that the ‘finest’ would be one amongst the cheapest; then, what would happen to the rest?&nbsp;

Till 2022, the domestic renewable market will remain buoyant, subject to continued thrust of government at the helm of affairs. Beyond 2022, many renewable firms may face financial stress; therefore a phase of consolidation is natural.&nbsp;

In India’s energy transition, road transport deserves the utmost attention. Policy makers are clearly pushing for much greener and cleaner technologies.&nbsp;

Lately, electric vehicles (EV) have received government thrust, investors’ interest and consumer acceptance. For the last couple of years, many stakeholders have backed electric cars, which called for a reality check as limiting factors outstripped the enablers.

However, mid-course corrections and reactive measures are being undertaken to strengthen the EV transition. The two-wheeler segment that was not on the immediate radar, started to gain attention.

Faster adoption of EV could be achieved through advancement in storage technology, reducing the cost of EV acquisition, creating adequate charging infrastructure and offering convenient charging facilities. &nbsp;

Natural gas – the cleanest fossil fuel - is destined to impact energy transition in a much bigger way than ever anticipated in India.

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-energy-transition-is-on-smooth-road-and-fast-track-in-india-2723961">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Global energy transition is on a fast track and India is not far behind. India’s absolute commitment towards carbon neutral economy is well appreciated. Prime Minister Narendra Modi is one of the biggest supporters of expanding green and sustainable sources of energy, thereby mitigating risks of damaging the environment.

Global energy transition is on a fast track and India is not far behind. India’s absolute commitment towards carbon neutral economy is well appreciated. Prime Minister Narendra Modi is one of the biggest supporters of expanding green and sustainable sources of energy, thereby mitigating risks of damaging the environment. With reference to energy transition, countries like Iceland, Costa Rica, Nicaragua, United Kingdom, Sweden, Germany, Morocco, Denmark, China and the United States are setting benchmarks for the rest of the world. Noticeably strong policy interventions along with heightened investment in sustainable energy remain the major catalysts of energy transition in these countries. India’s rise to the occasion is noteworthy and quite exciting for local and global stakeholders. Not long ago, coal was considered the ‘backbone’ of India’s power sector, but today renewable sources like solar and wind are well placed to change that narrative. Currently, grid-connected renewable installation capacity driven by wind and solar exceeds 75 gw. Solar with 26 gw is strongly poised to surpass wind (35 gw) as the largest renewable source within a couple of years During April-December 2018, India added 4,374 mw of grid-connected solar power against the target of 11,000 mw for the financial year. By the virtue of expanding domestic solar market base and greater emphasis on ‘Make in India’, domestic manufacturers are becoming competitive to counter Chinese import threat. Interestingly, India’s average monthly solar component import reduced from $349 million in 2017-18 to $193 million during April-December 2018. In the context of coal-fired plants being the biggest and cheapest suppliers of power to grid, renewable sources desperately wanted “grid parity”. No longer do solar and wind power face the burden of high tariff. Near monopoly of coal as a cheaper source of power is under severe threat—even long term existence of coal power is a big question. Market-discovered pricing and mega-scale installations of renewable projects has brought down tariff of renewable power below the so-called conventional ‘grid-party’. Through the auction process, the Solar Energy Corporation of India and Gujarat Urja Vikas Nigam Ltd discovered solar and wind tariff of Rs 2.44/kWh and Rs 2.43/kWh respectively. As the coal and renewable story unfolds, coal -- the frugal source of power - loses the coveted tag of the ‘cheapest’ but retains the undesirable tag of `dirtiest’ power. Despite renewables making significant inroads in the direction of price rationalisation, other factors like long- term price sustainability and efficiency are under relentless scrutiny. Industry analysts pose relevant questions: Are the renewable producers playing to win bids? Will they be able to sustain the low prices? The renewable power industry is at the growth stage and within the next five years, the real battle might unravel true survivors. The emerging competition, market structure and customer preferences will decide the winner between the ‘cheapest’ and ‘finest’. It may so happen that the ‘finest’ would be one amongst the cheapest; then, what would happen to the rest? Till 2022, the domestic renewable market will remain buoyant, subject to continued thrust of government at the helm of affairs. Beyond 2022, many renewable firms may face financial stress; therefore a phase of consolidation is natural. In India’s energy transition, road transport deserves the utmost attention. Policy makers are clearly pushing for much greener and cleaner technologies. Lately, electric vehicles (EV) have received government thrust, investors’ interest and consumer acceptance. For the last couple of years, many stakeholders have backed electric cars, which called for a reality check as limiting factors outstripped the enablers. However, mid-course corrections and reactive measures are being undertaken to strengthen the EV transition. The two-wheeler segment that was not on the immediate radar, started to gain attention. Faster adoption of EV could be achieved through advancement in storage technology, reducing the cost of EV acquisition, creating adequate charging infrastructure and offering convenient charging facilities. Natural gas – the cleanest fossil fuel - is destined to impact energy transition in a much bigger way than ever anticipated in India. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Energy transition is on smooth road and fast track in India

Natural gas is expected to overtake coal as the world's second-largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday,

The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements.

Global gas demand would increase by 1.6 per cent a year to 2040 and would be 45 per cent higher by then than today, it said.

The estimates are based on the IEA's "New Policies Scenario" that takes into account legislation and policies to reduce emissions and fight climate change. They also assume more energy efficiencies in fuel use, buildings and other factors.

"Natural gas is the fastest growing fossil fuel in the New Policies Scenario, overtaking coal by 2030 to become the second-largest source of energy after oil," the report said.

China, already the world's biggest oil and coal importer, would soon become the largest importer of gas and net imports would approach the level of the European Union by 2040, the IEA said.

According to Reuters calculations, based on China's General Administration of Customs data, China has already overtaken Japan as the world's top natural gas importer.

Although China is the world's third-biggest user of natural gas behind the United States and Russia, it has to import about 40 per cent of its needs as local production cannot keep pace.

Emerging economies in Asia would account for about half of total global gas demand growth and their share of LNG imports would double to 60 per cent by 2040, the IEA report said.

"Although talk of a global gas market similar to that of oil is premature, LNG trade has expanded substantially in volume since 2010 and has reached previously isolated markets," it said.

LNG involves cooling gas to a liquid so it can transported by ship.

The United States would account for 40 per cent of total gas production growth to 2025, the IEA said, while other sources would take over as US shale gas output flattened and other nations started turning to unconventional methods of gas production, such as hydraulic fracturing or fracking.

Global electricity demand will grow 2.1 per cent a year, mostly driven by rising use in developing economies. Electricity will account for a quarter of energy used by end users such as consumers and industry by 2040, it said.

Coal and renewables will swap their positions in the power generation mix. The share of coal is forecast to fall from about 40 percent today to a quarter in 2040 while renewables would grow to just over 40 per cent from a quarter now.

Energy-related carbon dioxide emissions will continue to grow at a slow but steady pace to 2040. From 2017 levels, the IEA said CO2 emissions would rise by 10 per cent to 36 gigatonnes in 2040, mostly driven by growth in oil and gas.

This trajectory was "far out of step" with what scientific knowledge says would be required to tackle climate change, the report said.

Natural gas is expected to overtake coal as the world's second-largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday, The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements.

Natural gas is expected to overtake coal as the world's second-largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday, The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements. Global gas demand would increase by 1.6 per cent a year to 2040 and would be 45 per cent higher by then than today, it said. The estimates are based on the IEA's "New Policies Scenario" that takes into account legislation and policies to reduce emissions and fight climate change. They also assume more energy efficiencies in fuel use, buildings and other factors. "Natural gas is the fastest growing fossil fuel in the New Policies Scenario, overtaking coal by 2030 to become the second-largest source of energy after oil," the report said. China, already the world's biggest oil and coal importer, would soon become the largest importer of gas and net imports would approach the level of the European Union by 2040, the IEA said. According to Reuters calculations, based on China's General Administration of Customs data, China has already overtaken Japan as the world's top natural gas importer. Although China is the world's third-biggest user of natural gas behind the United States and Russia, it has to import about 40 per cent of its needs as local production cannot keep pace. Emerging economies in Asia would account for about half of total global gas demand growth and their share of LNG imports would double to 60 per cent by 2040, the IEA report said. "Although talk of a global gas market similar to that of oil is premature, LNG trade has expanded substantially in volume since 2010 and has reached previously isolated markets," it said. LNG involves cooling gas to a liquid so it can transported by ship. The United States would account for 40 per cent of total gas production growth to 2025, the IEA said, while other sources would take over as US shale gas output flattened and other nations started turning to unconventional methods of gas production, such as hydraulic fracturing or fracking. Global electricity demand will grow 2.1 per cent a year, mostly driven by rising use in developing economies. Electricity will account for a quarter of energy used by end users such as consumers and industry by 2040, it said. Coal and renewables will swap their positions in the power generation mix. The share of coal is forecast to fall from about 40 percent today to a quarter in 2040 while renewables would grow to just over 40 per cent from a quarter now. Energy-related carbon dioxide emissions will continue to grow at a slow but steady pace to 2040. From 2017 levels, the IEA said CO2 emissions would rise by 10 per cent to 36 gigatonnes in 2040, mostly driven by growth in oil and gas. This trajectory was "far out of step" with what scientific knowledge says would be required to tackle climate change, the report said.

Natural gas to overtake coal as world's second largest energy source: IEA

The growth of eight core sectors slowed to 3-month low of 4.1 per cent in March due to weak performance in as many as six sectors including coal, crude oil and natural gas. 
 
The other sectors which showed slower growth rate were refinery products, steel and electricity. 
 
The growth rate of eight infrastructure sectors, which also include fertilisers and cement, was 5.2 per cent in March 2017, according to the data released by the commerce and industry ministry today. 
 
The previous low was in the core sectors was 3.8 per cent in December 2017. 
 
Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years. Their rate of growth was 4.8 per cent in the previous fiscal and 3 per cent in 2015-16.

The&nbsp;core sector&nbsp;would have an impact on the Index of Industrial Production (IIP) data as these eight segments account for about 41 per cent of the total factory output. 
 
Output growth rate of only fertliser and cement reported healthy numbers. Both the sectors grew by 3.2 per cent and 13 per cent respectively in March.

On the other hand, coal, natural gas, refinery products and steel production growth slowed to 9.1 per cent (as against 10.6 per cent in March 2017), 1.3 per cent, 1 per cent, 4.7 per cent (as against 11 per cent a year ago) respectively during the month under review. 
 
Electricity generation growth rate too decelerated to 4.5 per cent as against 6.2 per cent in March 2017. 
 
Crude oil recorded a negative rate of growth of 1.6 per cent in March this year.

Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years. Their rate of growth was 4.8 per cent in the previous fiscal

The growth of eight core sectors slowed to 3-month low of 4.1 per cent in March due to weak performance in as many as six sectors including coal, crude oil and natural gas. The other sectors which showed slower growth rate were refinery products, steel and electricity. The growth rate of eight infrastructure sectors, which also include fertilisers and cement, was 5.2 per cent in March 2017, according to the data released by the commerce and industry ministry today. The previous low was in the core sectors was 3.8 per cent in December 2017. Cumulatively, the eight core sectors grew by 4.2 per cent in 2017-18, lowest in the last three financial years. Their rate of growth was 4.8 per cent in the previous fiscal and 3 per cent in 2015-16. The core sector would have an impact on the Index of Industrial Production (IIP) data as these eight segments account for about 41 per cent of the total factory output. Output growth rate of only fertliser and cement reported healthy numbers. Both the sectors grew by 3.2 per cent and 13 per cent respectively in March. On the other hand, coal, natural gas, refinery products and steel production growth slowed to 9.1 per cent (as against 10.6 per cent in March 2017), 1.3 per cent, 1 per cent, 4.7 per cent (as against 11 per cent a year ago) respectively during the month under review. Electricity generation growth rate too decelerated to 4.5 per cent as against 6.2 per cent in March 2017. Crude oil recorded a negative rate of growth of 1.6 per cent in March this year.

Core sector growth rate slowed to 3-month low of 4.1% in March

The combined Index of Industrial Production (IIP) of Eight Core Industries stood 5.3 percent higher in February this year, compared to the same period last year, the government said on Monday.

As per official data from the Ministry of Commerce and Industry, the combined index for the core sectors stood at 123.1 in February this year, which was 5.3 percent higher as compared to the index of February last year. Furthermore, its cumulative growth during April to February 2017-18 was 4.3 percent, the data revealed.

-Coal production increased by 1.4 per cent in February, 2018 over February, 2017, and its cumulative index increased by 1.6 per cent during April to February, 2017-18 over the corresponding period of the previous year.

-Crude Oil production declined by 2.4 per cent in February, 2018 over February, 2017 and its cumulative index declined by 0.8 per cent during April to February, 2017-18 over the corresponding period last year.

-Natural Gas production declined by 1.5 per cent in February, 2018 over February, 2017, and its cumulative index increased by 3.1 per cent during April to February, 2017-18 over the corresponding period of previous year.

Among refinery products, petroleum refinery production was up by 7.8 per cent in February, 2018 over February, 2017, while its cumulative index increased by 4.9 per cent during April to February, 2017-18 over the corresponding period of previous year.

Furthermore, fertilizer production increased by 5.3 per cent in February, 2018 over February, 2017. However, the cumulative index declined by 0.2 per cent during April to February, 2017-18 over the corresponding period last year.

Steel production increased by five per cent in February, 2018 over February last year, while its cumulative index increased by 5.9 per cent during April to February 2017-18. Additionally, cement production increased by 22.9 per cent in February, 2018 over February last year. However, its cumulative index increased by 5.7 per cent during April to February, 2017-18 over the corresponding period of previous year.

Meanwhile, electricity generation increased by 4 per cent in February over the same month last year, while its cumulative index increased year-on-year by 5.2 per cent during April to February, 2017-18.&nbsp;

&nbsp;

As per official data from the Ministry of Commerce and Industry, the combined index for the core sectors stood at 123.1 in February this year, which was 5.3 percent higher as compared to the index of February last year. Furthermore, its cumulative growth during April to February 2017-18 was 4.3 percent, the data revealed.

The combined Index of Industrial Production (IIP) of Eight Core Industries stood 5.3 percent higher in February this year, compared to the same period last year, the government said on Monday. As per official data from the Ministry of Commerce and Industry, the combined index for the core sectors stood at 123.1 in February this year, which was 5.3 percent higher as compared to the index of February last year. Furthermore, its cumulative growth during April to February 2017-18 was 4.3 percent, the data revealed. -Coal production increased by 1.4 per cent in February, 2018 over February, 2017, and its cumulative index increased by 1.6 per cent during April to February, 2017-18 over the corresponding period of the previous year. -Crude Oil production declined by 2.4 per cent in February, 2018 over February, 2017 and its cumulative index declined by 0.8 per cent during April to February, 2017-18 over the corresponding period last year. -Natural Gas production declined by 1.5 per cent in February, 2018 over February, 2017, and its cumulative index increased by 3.1 per cent during April to February, 2017-18 over the corresponding period of previous year. Among refinery products, petroleum refinery production was up by 7.8 per cent in February, 2018 over February, 2017, while its cumulative index increased by 4.9 per cent during April to February, 2017-18 over the corresponding period of previous year. Furthermore, fertilizer production increased by 5.3 per cent in February, 2018 over February, 2017. However, the cumulative index declined by 0.2 per cent during April to February, 2017-18 over the corresponding period last year. Steel production increased by five per cent in February, 2018 over February last year, while its cumulative index increased by 5.9 per cent during April to February 2017-18. Additionally, cement production increased by 22.9 per cent in February, 2018 over February last year. However, its cumulative index increased by 5.7 per cent during April to February, 2017-18 over the corresponding period of previous year. Meanwhile, electricity generation increased by 4 per cent in February over the same month last year, while its cumulative index increased year-on-year by 5.2 per cent during April to February, 2017-18.

Core sectors register 5.3% IIP growth in February

Venezuela&#39;s oil revenues plummeted 40.7 per cent in 2015 due to sinking global oil prices, the country&#39;s state-owned oil and natural gas company,&nbsp;Petr?leos de Venezuela, S.A. (PDVSA)&nbsp;said in its annual report released Sunday.

PDVSA -- the world&#39;s fifth-largest oil company -- earned $72.2 billion in revenues last year, a sharp drop from 2014&#39;s $121.9 billion.

Meanwhile, its net profit fell 19 per cent to $7.3 billion.

The South American OPEC country relies heavily on its oil and gas reserves -- which account for 96 per cent of the country&#39;s exports and are the largest worldwide at more than 300 billion barrels.

The first half of 2016 saw the value of Venezuela&#39;s crude oil tumble to an average $31.15 per barrel, said the country&#39;s Ministry of Petroleum and Mining last Friday.

&quot;In 2014 the average price was $88. It is obvious that our earnings have dropped,&quot; said PDVSA president and Venezuela&#39;s Oil Minister Eulogio del Pino, in a Sunday interview broadcast by the private station Televen.

The sector&#39;s nose-dive has exacerbated the country&#39;s already dire economic situation in which 80 per cent of basic consumer products, including food and medicine, are in short supply.

Soaring prices and shortages have in turn led to riots, looting and vigilante justice.

President Nicolas Maduro blames the country&#39;s economic woes on a right-wing conspiracy, while the opposition is demanding a referendum to oust the leader. 
 
(AFP)

PDVSA - the world's fifth-largest oil company - earned $72.2 billion in revenues last year, a sharp drop from 2014's $121.9 billion

Venezuela's oil revenues plummeted 40.7 per cent in 2015 due to sinking global oil prices, the country's state-owned oil and natural gas company, Petr?leos de Venezuela, S.A. (PDVSA) said in its annual report released Sunday. PDVSA -- the world's fifth-largest oil company -- earned $72.2 billion in revenues last year, a sharp drop from 2014's $121.9 billion. Meanwhile, its net profit fell 19 per cent to $7.3 billion. The South American OPEC country relies heavily on its oil and gas reserves -- which account for 96 per cent of the country's exports and are the largest worldwide at more than 300 billion barrels. The first half of 2016 saw the value of Venezuela's crude oil tumble to an average $31.15 per barrel, said the country's Ministry of Petroleum and Mining last Friday. "In 2014 the average price was $88. It is obvious that our earnings have dropped," said PDVSA president and Venezuela's Oil Minister Eulogio del Pino, in a Sunday interview broadcast by the private station Televen. The sector's nose-dive has exacerbated the country's already dire economic situation in which 80 per cent of basic consumer products, including food and medicine, are in short supply. Soaring prices and shortages have in turn led to riots, looting and vigilante justice. President Nicolas Maduro blames the country's economic woes on a right-wing conspiracy, while the opposition is demanding a referendum to oust the leader. (AFP)

Venezuelan oil plummets in 2015, says PDVSA annual report

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