Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has informed that the country will not import fossil fuels from 2045 as it will develop the potential of palm oil as an alternative fuel by then.
The Ministry of Industry and Trade (MoIT) has sent an urgent dispatch to the Vietnam Oil and Gas Group along with petrol and oil businesses and traders, requesting them to ensure petrol and oil supply amid an output decline at the Nghi Son oil refinery in early January due to a technical incident.
Hau Giang Bioenergy Joint Stock Company (HBE) held a groundbreaking ceremony for a biomass power plant using rice husk as fuel with a total investment of 875 billion VND (36.5 million USD) in the Mekong Delta province of Hau Giang on December 15.
The Ministry of Finance (MoF) is taking steps to stabilise domestic gasoline prices and supply while removing difficulties for petroleum traders, said Nguyen Tien Minh, Director of the MoF’s Price Management Department.
The retail prices of petrol and oil dropped in the latest adjustment by the Ministries of Industry and Trade, and Finance on November 21 after four consecutive hikes.
The Ministry of Industry and Trade (MoIT) has proposed a new price mechanism to adjust fuel prices every 5 days instead of the current 10-day cycle, or possibly every day to finally address a number of issues that resulted in sporadic fuel shortages across the country in recent months.
The retail price of RON 95-III bio-fuel almost reached 24,000 VND (0.97 USD) per litre from 3pm on November 11, following the latest adjustment by the Ministries of Industry and Trade, and Finance.
The renovation, expansion and construction of airports will create impetus for local socio-economic development through tourism, investment and business activities.
IPP Air Cargo, in an unanticipated move, has withdrawn its application for a cargo flight permit, citing “worsening economic conditions”, “looming global recession” and “volatile fuel prices”, all of which likely will result in numerous challenges for global freighters.
The Vietjet Aviation JSC recorded a surge in its nine-month revenue, fulfilling 85% of the target set for this year, according to its third-quarter report.
The energy transition brings many opportunities for industries, but it also poses great challenges, particular in fossil fuel extraction and processing, according to industry insiders.
The Ministry of Industry and Trade (MoIT) will ask the Government to adjust costs on petrol trading for businesses to help them avoid losses, said Deputy Minister Do Thang Hai.
The Ministry of Finance said it does not support removing current special consumption taxes on petroleum in response to recent calls to drop taxes from the Vietnam Chamber of Commerce and Industry (VCCI).
Retail prices of oil and petrol increased starting from 3pm on October 11, following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.
The Indonesian government has increased the quotas of subsidised fuel, Pertalite gasoline and Solar diesel, effective from October 1, to meet the community's needs until the end of the year.
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