Australia expects to finalize a critical minerals agreement with the US by the end of the year, Bloomberg reported on Saturday, citing comments made by Australian Prime Minister Anthony Albanese to reporters after a meeting with US President Joe Biden last Friday. The agreement, part of the Australia-US Climate, Critical Minerals, and Clean Energy Transformation Compact, is aimed at reducing reliance on China, which currently controls 70% of the global rare earth market. The cooperation will also other nations including Canada to ensure a stable and sustainable supply of these valuable resources.

Australia is also working with the UAE on critical mineral supply chains: The UAE and Australia agreed to the terms of a comprehensive economic partnership agreement to facilitate investment in “priority sectors” including renewable energy and critical mineral supply chains last week. The trade agreement is the Australian labor government's first since taking office in May 2022, and Australia’s first with a country in the MENA region.

India’s state-owned Solar Energy Corporation of India (SECI) plans to invest INR 180 bn (USD 2.16 bn) in equity for renewable capacity expansion by 2030, and has plans for an IPO in one or two years, Reuters reported on Friday. SECI is set to tender 20 GW of projects this fiscal year. The size of the IPO has not yet been determined. The move comes amongst a broader push in India to invest in renewables as the government aims to add at least 500 GW of clean energy by 2030.

Consortium conducts ship-to-ship ammonia transfer in Australia: Japan's Mitsui Lines, Norway's Yara, and Singapore's Global Centre for Maritime Decarbonisation have completed the world's first ship-to-ship ammonia transfer at anchorage in Australia's Dampier port, Reuters reported last week. The operation simulated real bunkering conditions and involved two transfers of 4k cubic meters of ammonia between a Mitsui gas carrier and a Navigator Gas carrier. The Pilbara region, known for its ammonia production, is expected to become a hub for ammonia bunkering.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Equinor + RWE cancel Norway-Germany hydrogen pipeline: Norway’s biggest oil and gas company Equinor has halted plans to build a blue hydrogen pipeline from Norway to Germany with German electricity company RWE. The decision is a result of not enough customers or supply as well as a lack of a regulatory framework. (Reuters)
  • GE Vernova slashes jobs: US energy equipment manufacturing and services company GE Vernova plans to slash 900 jobs globally as it restructures its offshore wind division. This move reflects broader industry challenges, as inflation, supply chain disruptions, and project delays have impacted offshore wind developments. (Bloomberg)
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