Author: omc_admin

ENGIE North America announced an investment by CBRE Investment Management in a portfolio of battery storage assets in Texas and California, in one of the largest battery storage financing transactions to date. Energy storage forms one of the key building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted, particularly as demand on the grid grows from areas such as transport electrification and AI computing. The portfolio includes 2.4 GW of storage, consisting…

Diesel sales experienced a modest growth of 2 per cent, reaching 3.36 million tonnes, as reported by the three major state-owned fuel retailers that control around 90 per cent of the market. Preliminary sales figures from state-owned fuel retailers, made available on May 16, showed that petrol usage surged by approximately 10 per cent in the first half of May as travel during the summer season caused a spike in demand. Between May 1 and May 15, petrol consumption escalated to 1.5 million tonnes, up from 1.37 million tonnes during the same timeframe last year, news agency PTI reported.This marks…

WASHINGTON (AP) — U.S. consumer sentiment fell slightly in May for the fifth straight month, surprising economists, as Americans increasingly worry that President Donald Trump’s trade war will worsen inflation.The preliminary reading of the University of Michigan’s closely watched consumer sentiment index, released Friday, declined 2.7% on a monthly basis to 50.8, the lowest since June 2022. Since January, sentiment has tumbled nearly 30%.Americans have largely taken a sour view about where the economy is headed in the wake of the Trump administration’s imposition of huge import duties, which threaten to slow growth and push up prices. In recent weeks,…

India is reviewing a US request to lift restrictions on ethanol imports as it negotiates a wider trade deal with Washington to avoid punitive tariffs.US negotiators want the South Asian country to allow shipments of the biofuel for blending with gasoline, according to people familiar with the matter, a change from current rules that promote domestic supply and permit overseas purchases of ethanol only for non-fuel use. India, one of the first countries to begin trade negotiations with the US, has been pushing for an early deal. President Donald Trump said in Qatar on Thursday that New Delhi had offered…

It’s a legal-tech boom, and investors are making their closing arguments in cash.Funding to companies in the legal and legal-tech industries has tipped $999 million so far this year, new Crunchbase data provided to Business Insider shows. Investment rose to just over $2 billion in 2024, a record haul for the category.In contrast, the global venture market has slowed over the prospect of tariffs and falling stocks, with April posting one of the lowest funding totals of the past year, according to Crunchbase data.”In a VC market that’s really sleepy for the rest of the world,” said Zach Posner, cofounder…

Beijing: Oil prices edged up on Friday following a sharp drop in the previous session, heading for a weekly gain of more than 1 per cent as U.S.-China trade optimism outweighed the prospects of Iranian supply returning to the market.Brent crude futures rose 17 cents, or 0.26 per cent , to $64.70 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.29 per cent , to $61.80. Prices had fallen more than 2 per cent in the previous session after President Donald Trump said the U.S. was getting “close” to reaching a nuclear deal…

Enhanced rock weathering (ERW) startup Mati Carbon announced that it has secured a new blended finance facility from J.P. Morgan, with proceeds from the financing aimed at enabling the company to scale its carbon removal business globally. The new financing follows a $50 million award to Mati Carbon as the grand prize winner of the XPRIZE Carbon Removal competition. The competition, funded by Elon Musk and the Musk Foundation, aimed to catalyze new carbon removal solutions with the ability to scale sustainably to gigatonne scale, and was joined by more than 1,300 teams from over 88 countries. Founded in 2022,…

A press notice sent to Rigzone by the UK Department for Energy Security and Net Zero (DESNZ) team announced that legislation for Britain’s new publicly owned energy company, Great British Energy, has passed through Parliament. The press notice stated that the Great British Energy Bill received legislative consent from all three devolved governments, adding that it is first bill to do so under this parliament. Great British Energy will invest in clean power projects across the UK as part of the government’s Plan for Change to become a clean energy superpower, DESNZ’s press notice stated. The press notice also pointed…

Microsoft is working on a new Copilot and could unveil it at the company’s Build conference next week, according to an internal memo viewed by Business Insider.The software giant also has grand “Agent Factory” ambitions and is developing new ways for corporate customers to manage AI agents alongside human employees, the memo shows.The new Copilot project, called “Tenant Copilot,” is run by the organization behind the Microsoft 365 business. This new Copilot is designed to “rapidly channel an organization’s knowledge into a Copilot that can ‘talk,’ ‘think,’ and ‘work’ like the tenant itself,” according to an April 14 email sent…

(Bloomberg) – Canadian oil tycoon Adam Waterous’ Strathcona Resources Ltd. agreed to sell its assets in the Montney shale formation in western Canada in a shift that makes it a pure heavy oil producer.  Strathcona is divesting its gas-focused operations in three separate transactions worth C$2.8 billion ($2 billion USD). The largest will see the company sell its Kakwa asset to ARC Resources Ltd. for C$1.7 billion in cash and assumed lease obligations. Calgary-based Strathcona is also unloading its Grande Prairie asset to an unnamed buyer for C$850 million, while Tourmaline Oil Corp. is taking a smaller asset…