GreenergyDaily

Feb. 26, 2024

1. Fifteen people have been confirmed dead following the fire that broke out in a residential building in Nanjing's Yuhuatai district on Feb. 23, with 44 people being treated in hospital, the local government said on Feb. 24. Preliminary analysis shows that the fire started at the electric bicycle parking area in the building.

2. Oil prices fell in early Asian trading on Monday, extending losses from the previous session after oil ended the week 2-3% lower amid market concerns that higher-than-expected inflation could delay U.S. interest rate cuts. "Crude oil prices declined for want of fresh drivers," ANZ analysts wrote in a note. "Oil has been caught between bullish factors such as lower OPEC output and elevated geopolitical risks and bearish concerns about weak demand in China."

3. Qatar will further raise gas production despite a steep drop in global gas prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States. QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its liquefied natural gas production that will add a further 16 million tonnes per annum to existing expansion plans, bringing total capacity to 142 mtpa.

4. On February 26, Li Auto officially stated that it plans to deploy 2,000 supercharging stations in 2024.

5. The U.S. government should block the import of low-cost Chinese autos and parts from Mexico, a U.S. manufacturing advocacy group said on Friday, warning they could threaten the viability of American car companies. "The introduction of cheap Chinese autos - which are so inexpensive because they are backed with the power and funding of the Chinese government - to the American market could end up being an extinction-level event for the U.S. auto sector," the Alliance for American Manufacturing said in a report, according to Reuters.

6.The cars of Xiaomi Automobile, the electric vehicle unit of Chinese handset giant Xiaomi, are expected to have an ecology that will allow industry-leading interconnectivity among devices, according to a research report by Huaan Securities.

7. Construction of the world's highest large-scale pumped storage power station, the Daofu pumped storage power station located in the Yalong River basin, has recently begun. The power station is located in the Garze Tibetan Autonomous Prefecture, Sichuan Province, at an altitude of 4,300 meters. It has a total installed capacity of 2.1 million kW and is designed to generate 2.994 billion kWh of power annually.

8. According to data from the China Association of Automobile Manufacturers, Chinese brand passenger cars sold 1.278 million units in January 2024, which is a 68.6% increase YoY. The market share was 60.4%, up by 8.8%.

9. China's largest offshore crude oil and natural gas producer announced Sunday that the cumulative proven oil and gas reserves of its Bozhong 26-6 oilfield has exceeded 200 million cubic meters, making it the largest metamorphic rock oilfield worldwide.

10. BYD said it would give a car owner lifetime free car maintenance service and CNY200,000 (USD27,800) of compensation for his brave action after the lawyer quickly pulled over his car on an expressway and stopped a Bentley driver from stabbing and beating a BMW car owner.