![]() That echoed comments from Amin Nasser, the chief executive of Saudi Aramco, who said while wind and solar will underpin an energy transition, phasing out fossil fuels prematurely would put energy security at tremendous risk. ![]() Yet oil production levels must keep energy markets sustainable and secure, he added. “We want to sell green electricity,” he told the congress this week. World Petroleum Congress coming to Calgary The country’s Energy Minister, Prince Abdulaziz bin Salman, said that the Middle Eastern state is committed to the energy transition and will move beyond hydrocarbons to become one of the cheapest producers of renewable energy and hydrogen. Take Saudi Arabia, one of the world’s top oil-producing countries, which is set to host the next congress in 2026. Thomas told the congress Thursday that while oil companies seem confident they can make the transition work, “no one seems to be bothered about the climate-change part.” Now the managing director of Netherlands-based ES3, which uses energy scenarios to inform investment strategies, Mr. The target of limiting global warming to 1.5 degrees Celsius was “the obvious elephant in the room,” said Wim Thomas, former chief energy adviser for Royal Dutch Shell. The World Petroleum Council unveiled its new branding at this year’s congress, officially changing its name to WPC Energy to reflect what it calls a “commitment to lead the global transition to a low-carbon energy system.” But that goal isn’t so much about reducing the world’s reliance on fossil fuels, as it is about diversifying energy sources and lowering emissions through innovation and tools such as carbon capture and storage. They cite the need to alleviate global energy poverty and often point to Russia’s war on Ukraine and the resulting foundational crumble of Europe’s natural gas supplies as evidence that supply chains must be fortified. Instead, companies and oil-rich jurisdictions have tied the future of fossil-fuel demand squarely to affordability in the face of increasing global economic uncertainty. Now, global geopolitical forces have shifted the focus to energy security, and producers have become increasingly emboldened to push back on the narrative that fossil fuels will be phased out. Just a few years ago, it was de rigueur for oil companies to highlight their climate goals. It’s a sign of how much the conversation around the energy transition has changed. XOM-N, watched dazzling Cirque du Soleil performances and ate Alberta beef.īut amid discussions on technology advances, regulatory environments, industry management and finance, one phrase that looms large in the global petroleum zeitgeist was notable for its absence: climate change. It calls itself the Olympics of the petroleum industry, and this week inside the auditoriums and cavernous presentation halls, and on the red carpets of the exhibition floor in Calgary, delegates of the 24th World Petroleum Congress got their faces printed on coffee courtesy of ExxonMobil Corp. The deal is expected to close in the first half of 2020.Please log in to bookmark this story. LLC was financial adviser to Rockstar, with King & Spalding acting as legal counsel. The American Arbitration Association ruled in favor of Coca-Cola.Ĭenterview Partners LLC was financial adviser to PepsiCo, while Gibson Dunn & Crutcher LLP acted as lead counsel and Davis Polk & Wardwell LLP provided tax and antitrust advice. over an alleged breach of a noncompete agreement between the two companies. has been increasing its presence in the energy drinks market, a move that prompted a dispute with Monster Beverage Corp. to "participate in the caffeine space from multiple dimensions." In the same month, PepsiCo announced a partnership with Rockstar and Starbucks Corp. The energy-drink maker was founded in 2001 and operates in over 30 countries.ĭuring PepsiCo's earnings call in February, CEO Ramon Laguarta said it plans to increase its activity in the caffeinated beverages segment. Rockstar signed a distribution agreement with PepsiCo in 2009. The company does not expect the deal to have a material impact on its 2020 results. ![]() The company also agreed to provide about $700 million in payments related to future tax benefits associated with the transaction, payable for up to the next 15 years. PepsiCo plans to expand the lineup and distribution network of both Rockstar and its own energy drinks, including Mountain Dew's Kickstart, GameFuel and AMP. on March 11 said it agreed to buy Rockstar Energy Beverages for $3.85 billion. Maker of snacks and soft drinks PepsiCo Inc.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |