Putin urges new energy approaches

Spanish Market: Crude oil, Emissions, Hydrogen, Natural gas
21/04/21

Russia needs "new integrated approaches" to the development of the energy sector including nuclear power generation and hydrogen, Russian president Vladimir Putin said in his annual state of the nation address today.

Addressing members of the government and both chambers of the Russian parliament, Putin said that Russia needs to respond to "the challenges of climate change" and "adapt its agriculture, industry, housing sector and infrastructure to them". It also needs to "create a new industry for carbon emissions utilisation, ensure [emissions] reduction and introduce tough control and monitoring".

Russia's energy sector remains dominated by hydrocarbons, although officials have recently been saying that Moscow intends to play its part in the transition to a low-carbon energy system. Deputy prime minister Alexander Novak said in December that Russia plans to use its fossil fuel resources and nuclear technology to become a "world leader in production and exports of hydrogen" by 2035.

Russia aims to develop technology to produce hydrogen from natural gas using nuclear energy and to develop other low-carbon methods of hydrogen production. Deputy energy minister Pavel Sorokin said earlier this month that Russia is eyeing a 20-25pc share of global hydrogen trading by 2035. Rosneft, Lukoil and Gazprom have all said in recent weeks and months that they are evaluating the viability of hydrogen projects.

Most of Russia's leading oil and gas firms have already committed to emissions reductions, while the country's fifth-largest crude producer Tatneft has committed to carbon neutrality by 2050, following the lead of a number of big international firms. At the same time, Russian oil companies still plan to increase oil production once Opec+ deal restrictions on crude output are lifted.

The Russian parliament has approved a bill that requires major emitters to report their greenhouse gas emissions. But the legislation does not envisage any measures to ensure reduction.

By Oksana Yablokova

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25/04/25

Canada H2 sees opening as political chaos engulfs US

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Phillips 66 ups Sweeny crude switching capacity: Update

25/04/25

Phillips 66 ups Sweeny crude switching capacity: Update

Adds CEO comment from earnings call Houston, 25 April (Argus) — US independent refiner Phillips 66 completed a project in the first quarter that allows it to adjust more of the crude slate at its 265,000 b/d Sweeny refinery in Old Ocean, Texas. The project will allow the company to switch about 40,000 b/d between heavy and light crude, Phillips 66 said today in an earnings release. The flexibility project was completed during a first quarter turnaround. Phillips 66 plans to run additional crude from the Permian basin in west Texas and eastern New Mexico through Sweeny, depending on market conditions, chief executive Mark Lashier said on an earnings call. The lighter crude from the Permian will displace imported heavy crude, he said. Several US refiners are exploring ways to run more lighter crude grades in the wake of new US tariffs and other actions that may limit the supply of heavier and medium grade crudes imported from trading partners. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

SLB taking steps to offset tariffs: Update

25/04/25

SLB taking steps to offset tariffs: Update

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Danish H2 sector criticises country's mandate draft

25/04/25

Danish H2 sector criticises country's mandate draft

London, 25 April (Argus) — Industry group Hydrogen Denmark and some of its member companies have criticised the country's draft to transpose EU hydrogen transport targets into Danish law, and have urged Copenhagen to adjust the rules before they are finalised in May. Companies with hydrogen projects, including Everfuel, Copenhagen Infrastructure Partners and European Energy, signed an open letter calling for changes, as did fuel producer Crossbridge Energy, which runs the 67,000 b/d Fredericia oil refinery and has an offtake deal for hydrogen from Everfuel. The group said Denmark's targets are unambitious and too low to spur significant demand and help the country realise its goal to export 'green' energy. The draft rules would effectively mean Danish fuel companies supply 1pc renewable hydrogen and derivatives to the transport sector by 2030, which was the minimum goal set by Brussels. The group urged Denmark to aim above the EU target, following member states like Finland that has set a 4pc target . The group also wants Denmark to phase in the quota with incremental increases each year until 2030 starting as early as 2026, to aid first-mover projects and generate experience that ensures Denmark can successfully meet the binding EU target that starts in 2030. The group also warned Denmark must not exclude use of subsidised hydrogen from counting towards transport targets. This would ruin the business case for many hydrogen production projects and could steer Danish producers towards exports and mean Denmark effectively subsidises neighbours like Germany to meet its own mandates, it said. The group's concerns stem from language around 'supported' projects in the draft text, which it understands to refer to state aid. If left unchanged, the rule would affect projects that Denmark has subsidised through its power-to-X tender and Danish projects that may hope to benefit from EU-level funds like the European Hydrogen Bank or the Innovation Fund. The industry group praised Copenhagen's plan to allow renewable hydrogen switching in refineries to count towards the targets. This mechanism, known as the refinery route in some European countries, has been called "elegant" by market participants because it should raise demand for hydrogen in the near term and is a logistically simpler way to cut CO2 than converting refuelling stations and vehicle fleets to use hydrogen. Denmark appears to have allowed the rule without limiting the value of credits, unlike the Netherlands where a 'multiplier' rankled industry participants . Allowing the refinery route will probably please Everfuel and Crossbridge Energy, as the latter had complained Denmark was not supporting its refinery 20MW fuel switching project unlike EU peers. Copenhagen had planned to set the draft mandates into law by 21 May — the deadline set under the EU's revised renewable energy directive (REDIII) — but it remains to be seen if it will press ahead with this timeline given industry has demanded changes. By Aidan Lea Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

NYC comptroller sets net zero investment standards

25/04/25

NYC comptroller sets net zero investment standards

Houston, 25 April (Argus) — New York City's top financial officer this week issued standards that will be used to evaluate investment plans for the city's retirement systems that aim to meet net zero goals. Comptroller Brad Lander adopted a "Net Zero Implementation Plan" in 2022 requiring public markets asset managers, who manage funds for New York City's retirement systems, to submit investment plans that work towards achieving net zero by 2040 to his office by 30 June. Earlier this month, his office announced that the city's pension systems lowered their greenhouse gas (GHG) emissions by 37pc and achieved their interim climate goals one year early , with much of that decline driven by divestment of fossil fuel reserve owners. Under the standards released on 22 April, asset managers should take into account climate-related investment risks in their decision-making and work with portfolio companies to promote "real economy decarbonization." In addition, asset managers must require portfolio companies to report and set goals to reduce their scope 1 and 2 emissions — direct emissions from sources owned by the company and from electricity purchases, respectively — as well as scope 3 emissions, or indirect supply chain emissions. Investment plans must also include short-, medium-, and long-term goals to reach net zero and ensure that future capital expenditures and lobbying align with those goals. For plans that do not meet those standards, Lander will recommend to "put those managers' investment mandates out to bid , " or begin a lengthy procurement process to contract new asset managers to manage those funds. "Our new standards demand that the retirement systems' managers strengthen their Net Zero plans consistent with their fiduciary duty — or we will find new asset managers who will," Lander said. The New York City Comptroller oversees five public pension funds which together form the fourth largest public pension plan in the US, with about $285bn in assets that are managed by external investment managers contracted by the city. Lander said that threats from the federal government, including efforts to halt offshore wind , as well as President Donald Trump's executive order targeting state and local climate policy, would affect the city's ability to lower emissions and were a major reason for issuing the net zero standards. New York City's pension systems have goals of investing $1.8-19bn in "climate change solutions" by 2035. By Ida Balakrishna Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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