Tag: ammonia

Equinor plans to invest 60 billion-70 billion Norwegian crowns ($5.7 billion-$6.7 billion) a year in oil and gas offshore Norway until 2035 as it expects continuing strong demand for the fossil fuels, it said on Monday.

Norway is Europe’s largest gas supplier and a major producer of oil, pumping some four million barrels of oil equivalent per day, but many of its largest offshore fields are in decline and there are currently no new developments scheduled for the 2030s.

“We see a long-term demand curve for Norwegian oil and that is why we continue to invest,” Anders Opedal, CEO of state-controlled Equinor, told a press conference.

Equinor said it could produce 1.2 million barrels of oil equivalent per day (boed) in Norway in 2035, compared with 1.4 million boed in 2023, and drill 20-30 Norwegian exploration wells annually over the next 10 years compared with 26 wells in 2023.

In terms of gas alone, Equinor reiterated it expected to deliver 40 billion cubic metres to Europe every year until 2035.

Oil and gas investments by all companies offshore Norway are expected to hit a record this year and stay at elevated levels in 2025, driven by ongoing field developments and rising inflation, according to national statistics office data.

There were still “attractive opportunities” offshore Norway, Kjetil Hove, Equinor’s head of domestic operations, told the same press conference.

By: Reuters , August 26, 2024.

Namibia has ambitions to become one of the largest oil producers in Africa by 2035, with an average output of half a million barrels daily, displacing Egypt in the top five list, a government official has said.

“With four floating production storage and offloading units deployed by 2035, we could be producing more than half a million barrels per day of oil equivalent,” Ebson Uanguta, interim managing director of the National Petroleum Corporation of Namibia, said at an industry event, as quoted by China’s Xinhua.

Several significant oil and gas discoveries were made recently in Namibian waters, with supermajors tapping an estimated 11 billion barrels of oil in offshore resources, with first production expected in 2030.

Shell and TotalEnergies are the leading investors in Namibia’s oil future, along with Qatar Energy and a UK-listed Australian driller by the name of Global Petroleum. Chevron, Portugal’s Galp, and Rhino Resources are also exploring for oil in the country’s Orange Basin.

Earlier reports pegged the country’s oil and gas production capacity at 700,000 bpd as of 2030—the year that commercial production should begin.

Two discoveries in particular could transform the country into not only a new oil producer but a major one, as they are estimated to contain billions of barrels in oil and gas. One of these is Shell’s Graff discovery, which could hold as much as 1.7 billion barrels of oil and gas across three wells, according to Barclays estimates.

The other major discovery is TotalEnergies’ Venus, which is even bigger than Graff, with reserves seen at up to 3 billion barrels of oil equivalent.

Portugal’s Galp, meanwhile, earlier this year struck hydrocarbons at the Mopane discovery, which the company said could contain 10 billion barrels of oil equivalent or more. This would essentially dwarf the Shell and TotalEnergies discoveries, if proven, and make Namibia an even more attractive oil development destination.

By: Oilprice , August 26, 2024.

La Petrolifera Italo Rumena S.p.A. (PIR) has successfully acquired Nordic Storage AB, a leading Swedish tank storage company, from Aquarius Energy. This strategic acquisition was facilitated through InterTank Nordic AB, a Swedish tank storage firm in which PIR had previously secured a controlling stake.

Nordic Storage AB is one of the largest tank storage providers for bulk liquids in Scandinavia, with a storage capacity exceeding one million cubic metres. The company operates seven strategically located terminals across Sweden and Denmark, including in Gothenburg, Helsingborg, Malmö, Norrköping, Oskarshamn, Gävle, and Aalborg. These facilities offer a wide range of services for various energy products, such as distillates, aviation fuels, biofuels, vegetable oils, fuel oils, and chemicals.

Founded in Ravenna in 1920, PIR has a long history of providing storage and handling services for bulk liquids through its terminals in Northern Italy (Ravenna and Genoa), Albania (Vlora), and Tunisia (Zarzis).

With the acquisition of Nordic Storage AB, PIR has effectively doubled its storage capacity to approximately two million cubic metres, significantly expanding its footprint across the Mediterranean and Scandinavia. This move reinforces PIR’s position as a key player in the European bulk liquid storage market.

By: Storage Terminals / August 21, 2024

COOEC completes huge oil and gas offshore platform for Saudi Aramco’s Marjan oilfield, boosting Gulf production capacity

China Offshore Oil Engineering Company (COOEC) has finished work on the construction of a massive offshore oil and gas collection and transportation platform.

Designed for Saudi Aramco, the Marjan oil and gas collection and transportation platform is set to boost Saudi Arabia’s oil and gas production.

The platform was built in the eastern port of Qingdao by COOEC and will be transported to the Marjan oil field in the Gulf by the end of the month.

COOEC is the offshore engineering and construction company that is a subsidiary of China National Offshore Oil Corporation (CNOOC), whilst Saudi Aramco the world’s largest crude export company based in Saudi Arabia and one of the world’s largest integrated energy firms.

Historically dominated by Western companies like McDermott and Saipem, the offshore oil and gas sector is witnessing a shift, as Chinese firms take on more prominent roles in major international projects.

COOEC’s offshore marvel

Standing 24 storeys high and weighing over 17,000 tonnes, the platforms deck spans an area equivalent to 15 basketball courts. 

It is designed to collect and transport oil and gas from the offshore Marjan field, with an annual capacity of 24 million tonnes of crude oil and 7.4 billion cubic metres of gas.

The successful delivery of this facility marks a turning point for Chinese marine engineering firms, potentially opening doors for more roles as general contractors in large international projects.

According to CNOOC, the platform’s size, pipeline length and system complexity have all set international records for similar platforms.

The platform, which took 34 months to build, is a testament to China’s and COOEC’s growing prowess in advanced manufacturing. 

COOEC, Saudi Aramco and offshore platforms: global impacts and future prospects

The giant platform will play a pivotal role in developing offshore oil and gas platforms in Saudi waters, including major projects like the Marjan field expansion, to enhance the kingdom’s energy production capabilities.

According to Offshore Technology, a London-based industry news source, the platform is a crucial component of Saudi Aramco’s US$12bn Marjan crude increment programme, aimed at expanding the field’s capacity by 300,000 barrels of crude oil per day. 

It will also process an extra 2.5 billion standard cubic feet per day, generating 360,000 barrels of ethane and natural gas liquids.

This expansion aligns with Saudi Arabia’s broader strategy to maintain its position as a global energy leader.

For China, this project showcases its ability to compete on the world stage in high-tech manufacturing.

It also demonstrates the country’s commitment to moving up the industrial chain, a key goal in its economic development strategy.

The completion of this platform not only strengthens economic ties between China and Saudi Arabia, but also signals China’s growing influence in the global energy sector. 

According to the Global Times, the Chinese state-run newspaper: “Experts have said that bilateral cooperation such as the Marjan project highlights the high-level complementarity between China and Saudi Arabia amid enhanced and deepened cooperation under the Belt and Road Initiative.”

The Global Times also reports that, Aramco’s CEO, Amin Nasser as saying Aramco is “looking to invest in more chemical plants in China over the near term”.

Aramco is also targeting additional facilities that can transform oil into chemicals to leverage growing demand from China’s emerging green industries. 

China’s state broadcaster, CCTV, says the project is a “breakthrough in China’s technology for large-scale offshore oil and gas equipment construction”. 

By: constructiondigital,  Kitty Wheeler / August 20, 2024

Increased consolidation activity in U.S. oil and gas this year was followed by record profits and intensified competition for a limited amount of untapped resources. If you would like to know how to make the most of this M&A spree in U.S. oil and gas, our Global Energy Alert members get institutional-level updates on oil & gas stocks. Claim your 30-day risk-free trial today.

Texas Braces for the Biggest Electricity Demand Spike of This Year

Texas is set to confront its largest power generation squeeze this week as temperatures hit 105-110° F and will most probably push electricity consumption to the highest level on record.   
– The previous record for Texas’ power consumption was set a year ago at 85.5 GW, however with the Dallas are expected to see 110° F in the first half of this week, ERCOT expects the new all-time high to be set at 86-87 GW.   
– Electricity prices have been surging in unison with temperatures, with day-ahead quotes for Tuesday topping $500 per MWh, the highest hourly price in two weeks. 
– Despite the heat, natural gas prices at the Waha hub have so far remained negative (-$1 per mmBtu on Monday), indicating that higher solar generation during the day and battery cover in the evening will be enough to cover the heatwave. 

Market Movers

– Texas-based private equity firm Quantum Capital will acquire some Caerus Oil and Gas assets in Colorado’s Piceance Basin and Utah’s Uinta play for $1.8 billion as M&A activity moves into the Rocky Mountains. 
– Upstream major APA (NASDAQ:APA) is considering the sale of some $1 billion worth of oil and gas assets in the Permian basin of Texas and New Mexico, seeking to pay down some of the debt incurred by the purchase of Callon Petroleum. 
– Norway’s state oil company Equinor (NYSE:EQNR) has shut down its Gullfaks C offshore platform in the North Sea continental shelf after a well control issue that prompted the evacuation of staff. 

Battered by weak economic data from China, oil prices have struggled to move closer to the $80 per barrel mark with ICE Brent now trading at $78 per barrel. With speculative positions tilted towards the bearish, the market will be looking at the Fed’s minutes and Jerome Powell’s Jackson Hole speech for bullish cues. Seeing Libya’s supply disruption dissipate, there are not that many currently. 

M&A Activity Soars in the US Amidst Industry Consolidation. According to Ernst & Young, a total of $49.2 billion was spent on mergers and acquisitions in 2023, up 57% on the year, with the $59.5 billion Exxon-Pioneer deal alone set to surpass last year’s total and the $53 billion Chevron-Hess deal closing next year.

Related: BP To Develop Iraq’s Kirkuk Oil Fields On Profit-Sharing Model

Canada’s Rail Strike Unsettles Oil Industry. As Canadian rail workers ready for a nationwide strike on 22 August, rail movements of undiluted bitumen across Alberta could be jeopardized, however, for crude the impact should be relatively minor as TMX could accommodate some 200,000 b/d more oil. 

Guyana Moves Past Its Exxon Partnership. In Guyana’s first-ever competitive bidding round, the South American country has finalized production sharing contracts for eight offshore blocks, with deals signed with TotalEnergies, QatarEnergy, Petronas, Hess, CNOOC as well as ExxonMobil. 

French Major Eyes Kuwaiti Solar Expansion. French oil major TotalEnergies (NYSE:TTE) is set to sign a deal with Kuwait to construct a 1,100 MW solar photovoltaic plant in a consortium with regional firms Acwa Power and Masdar as Kuwait seeks to bring renewable generation to 15% by 2030. 

Gold Prices Break Another Record. Gold prices have soared above $2,500 per ounce for the first time in history, and even though the bullion has dipped marginally since, the triple whammy of recession fears, geopolitical tensions and persistently high demand will most probably push gold even higher. 

Algeria Saves Lebanon After Total Blackout. After Lebanon’s only remaining operational power plant exhausted its fuel supply on 17 August, prompting a nationwide blackout, Algeria has promised to step in and deliver fuel oil to the cash-strapped country in the Eastern Mediterranean. 

Venezuela Oil Spill Comes at the Worst Time. An oil slick of about 90 square miles has formed in Venezuela’s Golfe Triste, located next to the 146,000 b/d El Palito refinery, aggravating oil contamination in the country that witnessed 86 oil spills in both 2022 and 2023. 

West Africa Seeks to Calm Oil Tensions. Niger will be resuming oil exports through the territory of neighboring Benin after the 1,200-mile pipeline connecting the two countries was shut in June amidst military tensions, blocking CNPC’s production ramp-up from the Agadem oil field. 

China Keeps the Nuclear Construction Frenzy Alive. The Chinese government has approved five new nuclear power projects with a combined design capacity of 2,866 MW, adding a boost to the country’s current 56 operational reactors as Beijing prioritizes no-emission power generation. 

Libya Resumes Sharara Output to Feed Refinery. In a sign that Libyan supply disruptions could ease soon, the country’s national oil company said that production at the 300,000 b/d Sharara field (blocked for two weeks) has risen to some 85,000 b/d to maintain refinery runs at the Zawia refinery. 

Copper Rebounds on Improving Chinese Consumption. Copper’s benchmark three-month contract has recovered to $9,110 per metric tonne this week after Chinese copper exports dropped 40% from June to 140,940 tonnes, indicating that demand conditions are improving in China. 

Senegal Seeks to Revisit Oil Contracts. The new President of Senegal Diomaye Faye has set up a commission of legal and tax experts to review the country’s oil and gas contracts to ‘rebalance’ them in the national interest, just as the 100,000 b/d Sangomar project started producing this June. 

Mexico Exempts Pemex from Paying Tax. The Mexican government gave state oil company Pemex a tax break for the fourth time this year already, not paying any profit-sharing levies nor production taxes in July and saving more than $6 billion in tax payments in 2024 to date. 

By Oilprice.com, Tom Kool – Aug 20, 2024

U.S. drivers are seeing relief from high gasoline prices at the pump, GasBuddy data showed on Monday.

According to GasBuddy, the nation’s average gasoline prices dipped for a third week in a row on Monday, falling another 4.2 cents from this time last week, reaching $3.37 per gallon.

The national average is now 11.4 cents per gallon below this same time a month ago.Diesel prices are also down week over week, falling to $3.69 per gallon for a new multi-year low.

“Gasoline and diesel prices continue to trail off across much of the country as summer demand fades away. Lower demand in other oil-consuming nations is also helping to lead the downward pressure on pump prices as we approach Labor Day,” GasBuddy’s head of petroleum analysis Patrick De Haan shared in a blog post on Monday—and he doesn’t expect retail gasoline prices to rise in the near future as well, signaling that the United States could be emerging from summer demand and corresponding high prices.

“With little new action in the Middle East to rile up prices and Hurricane Ernesto remaining far out at sea, it looks like the downward trend could continue into the week ahead. As more schools begin to resume, gasoline demand will likely continue to ease. With the transition to winter gasoline less than a month away for the majority of the nation, gas prices will soon begin their seasonal cooling off—just as temperatures soon will as well.”

High retail gasoline prices are troublesome for Vice President Kamala Harris, who is on the ticket for the U.S. presidential race this November. The Administration has battled high gasoline prices since almost the start of its term, releasing hundreds of millions of barrels of crude oil from the nation’s Strategic Petroleum Reserve to keep consumers happy by keeping a lid on escalating prices.

By: Oilprice / August 20, 2024

Enbridge Gas has been awarded significant funding as part of two major hydrogen initiatives aimed at advancing clean energy solutions. The company received $5 million to conduct a System-Wide Hydrogen Blending Study, which will explore the feasibility and maximum limits of blending hydrogen gas into the existing pipeline network. Additionally, Enbridge Gas was granted $900,000 for the Markham Virtual Hydrogen Hybrid Demonstration Project.

The Markham project is designed to showcase the potential of using Ontario’s existing wind and solar assets to produce renewable hydrogen, thereby reducing power supply intermittency. This initiative is expected to play a crucial role in integrating hydrogen into the energy mix, enhancing the stability and sustainability of the power grid.

Both projects are supported by the federal Energy Innovation Programme and the Clean Fuels Fund, reflecting the government’s commitment to fostering innovation in clean energy technologies.

“We are proud to be at the forefront of providing hydrogen solutions to the energy mix,” said Michele Harradence, executive vice president and president of Enbridge Gas Distribution & Storage.

By: Storage Terminals Magazine / August 20, 2024

Saudi Arabia is set to direct to its oil industry a smaller portion of its $1-trillion strategic investments than previously estimated, Goldman Sachs said in a report this week.

The capex plan through 2030 of the world’s top crude oil exporter will see a “capex super-cycle” with $1 trillion worth of investments across six strategic sectors by 2030.

“But the oil industry is likely to receive a smaller portion of this than previously forecast,” analysts at Goldman Sachs wrote.

Saudi Arabia will spend about 73% of its planned capex on non-oil sectors, up from an earlier forecast of 66% of investments in non-oil activities, Faisal AlAzmeh, who heads CEEMEA equity research and covers natural resources, chemicals, and infrastructure in the Middle East, writes in his team’s report.

Under a directive from Saudi Arabia’s energy ministry, capex in the oil sector is likely to shrink by $40 billion between 2024 and 2028, Goldman Sachs noted.

However, natural gas continues to be “a key contributor to the country’s decarbonization, economic development, and diversification plans,” AlAzmeh writes.

Saudi Arabia will face a set of challenges in finding the money to cover what Goldman’s analysts called the “capex super-cycle.”

The Saudi liquidity situation remains tight, per the latest banking system data for May 2024 cited by Goldman.

The Wall Street bank’s analysts have estimated that the Kingdom will have an estimated $25 billion-per-year funding gap for its capex projects.

So, “Saudi Arabia will have to tap alternative sources of financing,” according to Goldman Sachs Research.

Saudi Arabia’s gross domestic product contracted again in the second quarter compared to year-ago levels, pushed down by an 8.5% dip in oil activities as the Kingdom is cutting oil production as part of the OPEC+ agreement and additional voluntary output curbs.

“With oil prices remaining in the $80-$85 range and production down to 9 million barrels per day, Saudi Arabia is experiencing a modest rise in pressure on the government’s budget,” Goldman Sachs said.

By: Oilprice / August 20, 2024

Saudi Arabia is set to direct to its oil industry a smaller portion of its $1-trillion strategic investments than previously estimated, Goldman Sachs said in a report this week.

The capex plan through 2030 of the world’s top crude oil exporter will see a “capex super-cycle” with $1 trillion worth of investments across six strategic sectors by 2030.

“But the oil industry is likely to receive a smaller portion of this than previously forecast,” analysts at Goldman Sachs wrote.

Saudi Arabia will spend about 73% of its planned capex on non-oil sectors, up from an earlier forecast of 66% of investments in non-oil activities, Faisal AlAzmeh, who heads CEEMEA equity research and covers natural resources, chemicals, and infrastructure in the Middle East, writes in his team’s report.

Under a directive from Saudi Arabia’s energy ministry, capex in the oil sector is likely to shrink by $40 billion between 2024 and 2028, Goldman Sachs noted.

However, natural gas continues to be “a key contributor to the country’s decarbonization, economic development, and diversification plans,” AlAzmeh writes.

Saudi Arabia will face a set of challenges in finding the money to cover what Goldman’s analysts called the “capex super-cycle.”

The Saudi liquidity situation remains tight, per the latest banking system data for May 2024 cited by Goldman.

The Wall Street bank’s analysts have estimated that the Kingdom will have an estimated $25 billion-per-year funding gap for its capex projects.

So, “Saudi Arabia will have to tap alternative sources of financing,” according to Goldman Sachs Research.

Saudi Arabia’s gross domestic product contracted again in the second quarter compared to year-ago levels, pushed down by an 8.5% dip in oil activities as the Kingdom is cutting oil production as part of the OPEC+ agreement and additional voluntary output curbs.

“With oil prices remaining in the $80-$85 range and production down to 9 million barrels per day, Saudi Arabia is experiencing a modest rise in pressure on the government’s budget,” Goldman Sachs said.

 A looming labor dispute at Canada’s two main railroads is unlikely to significantly reduce oil exports to the United States due to excess capacity on Trans Mountain and other pipelines, people close to the matter said.

North American shippers such as fertilizer supplier Nutrien (NTR.TO), opens new tab and U.S. logistics firm C.H. Robinson (CHRW.O), opens new tab are bracing for simultaneous stoppages at the Canadian operations of Canadian National Railway or CN (CNR.TO), opens new tab and Canadian Pacific Kansas City (CP.TO), opens new tab (CPKC) that could cost the nation’s economy billions of dollars.

CN said last week it was putting in place an embargo on any new reservations for movement of hazardous materials, security-sensitive cargoes or refrigerated containers originating in Canada, starting on Thursday. CPKC said that it had begun to halt any new shipments of hazardous chemicals or dangerous goods.

A strike or lockout could start on Thursday.

But oil exports may be largely unscathed. U.S. rail imports of Canadian crude have fallen sharply in recent years, averaging around 55,000 barrels per day in May, U.S. Energy Information Administration data showed, the lowest since the pandemic price crash in 2020. The U.S. imports about 4.2 million bpd from Canada, mostly by pipeline.

Anybody receiving crude by rail right now is figuring out what alternatives they have, whether it’s an alternative grade that can be substituted on the pipeline, or if a buyer is willing to take something else,” said Elliot Apland at MarbleRock Advisors, which helps negotiate rail supply-chain contracts.

Prices of Western Canadian Select crude typically fall during export logjams. However, Trans Mountain’s expansion in May and available capacity on other pipes should limit deep discounting, industry experts and analysts said.

Crude-by-rail is not as essential to the Canadian market as it was prior to the Trans Mountain expansion,” said Jeremy Irwin, a senior oil markets analyst at consultancy Energy Aspects.

Trans Mountain’s expansion nearly tripled the flow of crude from landlocked Alberta to the Pacific coast, to 890,000 bpd.

Maintenance at U.S. Midwest refineries, which buy and process Canadian crude, will also free pipeline space for additional barrels, Irwin added.

WCS for September delivery in Hardisty, Alberta, settled on Friday at $12.25 a barrel below U.S. West Texas intermediate crude, according to brokerage CalRock, compared to an average $18.65 discount in 2023. The relatively small discount indicates little market concern about moving Canadian crude.

“We’re closely monitoring the situation and putting plans in place to mitigate any impacts if a strike or lockout were to happen,” a spokesperson at producer Cenovus Energy (CVE.TO), opens new tab said.

ConocoPhillips (COP.N), opens new tab Canada said it ships refined product on CPKC and other rail carriers, but has flexibility to manage a sustained strike. The company does not expect any impact to its Surmont oil-sands production.

REFINED PRODUCTS

Canadian propane relies mainly on rail to reach domestic and export markets. Any stoppage could significantly reduce deliveries for fuel and chemical manufacturing.

AltaGas’ (ALA.TO), opens new tab Ridley Island Propane Export Terminal in British Columbia has stocked up on propane, Energy Aspects’ Irwin noted.

Some companies that use generators for electricity on job sites have been stockpiling diesel, Irwin said, adding that a rail stoppage longer than two weeks could strand some diesel at Alberta refineries.

Those refineries include Imperial Oil’s (IMO.TO), opens new tab Strathcona, Suncor Energy’s (SU.TO), opens new tab Edmonton, Shell’s (SHEL.L), opens new tab Scotford Complex, North West Redwater’s Sturgeon refinery and Cenovus’ Lloydminster refinery.

Canada’s gasoline markets tend to be localized and production stays in the region. Many major gasoline markets are connected directly to refineries by pipelines, while railways and trucks also distribute gasoline in other regions.

“Everyone is trying to get the inventories to a point where they could free rail logistics for 14 days and still be OK, said a senior industry executive who declined to be identified.

By Reuters, Arathy Somasekhar / August 19, 2024

Welcome to our guide to the energy and commodities markets powering the global economy. Today, reporters Alex Longley and Bill Lehane examine the influence that Nigeria’s new refinery will have on oil supplies.

In a finely balanced oil market, Nigeria has suddenly reemerged as a key player.

During the past few weeks, actions by the country’s massive Dangote refinery have moved prices, with purchases of US barrels initially boosting the crude futures curve before a decision to sell them sent oil tumbling.

Once fully operational, the plant outside Lagos will be able to process 650,000 barrels a day, rivaling the largest sites in the US and more than 50% larger than Europe’s biggest refinery.

A look at International Energy Agency data this week shows why that’s so important.

Even if OPEC+ cancels planned supply hikes, there will be a surplus of about 860,000 barrels a day next year. The group currently plans to add 540,000 barrels a day next quarter.

Refinery ramp-ups are complicated, and there’s already been at least one delay. But once the site starts churning out gasoline, it will transform fuel markets in the region and upend long-established trade flows, particularly in Europe, where Nigeria currently purchases much of its supplies.

Aliko Dangote, the billionaire behind the plant, said last month the plan is for it to start producing the fuel in August, though others are doubtful.

“The refinery’s gasoline is unlikely to hit the market until at least September,” consultant FGE wrote this month, citing issues with some of the plant’s units.

Then there’s the question of feedstock.

The facility was built on a dream of Nigeria consuming its own crude. That’s why there was an uproar when Dangote started buying US supplies.

Recently, the country announced plans for its refiners to pay for oil in local currency and to consume as many as 445,000 barrels a day of domestic product. Still, it’s unclear how the latter will happen.

But if it does, that will mean less crude for current buyers, notably in Europe.

It also means that in an oil market focused on war, economic slowdowns and output curbs, Nigeria will be a surprisingly hot topic among traders in coming months.

Small modular reactors are a popular topic in the nuclear-energy world, with more than 80 designs in development. For years, the industry has presented the technology — which typically has an output capacity of less than 300 megawatts — as a tonic for the high costs and schedule overruns associated with large reactors. Yet with construction budgets spiking and only two modern SMRs operating globally, questions about their viability persist, BloombergNEF says.

By: Bloomberg, Alex Longley and Bill Lehane / 15 August 2024