David Baratz, USA TODAY
A general view taken on March 4, 2021 from Giarre, north of Catania, Sicily, shows the Mount Etna volcano spewing smoke.
17 SLIDES © Giovanni Isolino, AFP via Getty Images
It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
March 4 (Reuters) - U.S. alternative fuels supplier Clean Energy Fuels Corp and its largest shareholder, European oil and gas producer Total SE, announced terms of a new joint venture on Thursday focused on renewable natural gas (RNG) production.
Clean Energy's shares rose 7.5% to $13.15 in pre-market trading.
The joint venture, owned equally by both firms, will have an initial firm commitment of $100 million to build renewable gas production facilities. That amount could be increased to $400 million later as "development opportunities progress", Clean Energy said in a statement.
Clean Energy said Total will also provide credit support to the joint venture for building so-called 'downstream' infrastructure, which includes refineries and fuel stations.
Carbon-negative RNG is produced when carbon emissions are captured from dairies and turned into a transportation fuel, reducing the harmful effects of long-term climate change.
Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists.
Total CEO Patrick Pouyanne said in January his company will keep up its renewable energy investments this year, as it tries to reduce its dependence on oil and shift towards electricity and renewable energy.
U.S. oil major Exxon and Chevron are also investing in carbon-removal technology, as traditional global oil and gas firms attempt to invest more in green energy and tackle climate change.
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Krishna Chandra Eluri)
Exxon Mobil to Cut Jobs
in Singapore as Big Oil
Retrenches
Andrew Janes and Sharon Cho
(Bloomberg) -- Exxon Mobil Corp. expects to cut about 300 jobs in the Asian oil-trading hub of Singapore by the end of 2021, part of a global retrenchment that was announced last year.
The planned lay-offs equate to about 7% of its 4,000-strong workforce in the city-state, the company said in a statement. It follow similar announcements in recent months from fellow oil majors Royal Dutch Shell Plc and Chevron Corp., which are also cutting positions in Singapore.
See also: Exxon to Cut 14,000 From Global Workforce Due to Oil Slump
Exxon said in October that it would slash its global workforce by 15%, or about 14,000 people, by the end of 2022. The oil industry was hit hard by the collapse in prices last year due to the coronavirus, while it also faces longer-term challenges as fossil fuels are gradually replaced by cleaner alternatives. Southeast Asian refiners, meanwhile, may also come under pressure from massive plants being opened in China.
Shell said in November that it would cut oil-processing capacity at the Pulau Bukom complex in Singapore by half, resulting in hundreds of job losses over the next three years. Chevron may cut 10% of its workforce in the city-state, the Business Times reported in November, citing an unidentified spokesman.
Big Oil is shedding thousands of jobs globally. BP Plc plans to slash 10,000 positions, Shell will cut as many as 9,000 roles, and Chevron has announced about 6,000 reductions.
The job losses in Singapore are due to a reorganization that was accelerated by the pandemic, and the changes will enhance long-term competitiveness, Exxon said in the statement. A spokesperson in Singapore confirmed the plan followed from last year’s announcement of global workforce reductions.
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