Amid Stage 6 load shedding and calls for the president to declare an energy emergency, government's Central Energy Fund is investing billions to open a "gas bridge" to Mozambique. Two deals – the creation of a new state-owned gas trading entity and the acquisition of part of Sasol's stake in the Rompco pipeline – will incentivise government to burn more gas even as numerous studies warn against the economic and…

While motorists will pay the full fuel levy for the first time in months in August, there may be some price relief thanks to a weaker oil price.   At the current oil prices, Central Energy Fund data point towards cuts of more than 50c in petrol. However, there is still some time to go before prices are determined. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. After much pain…

South Africa has been left without a single operating oil refinery after Sasol closed Natref amid delayed oil deliveries. Sasol says it doesn't expect supply shortages at fuel stations, for now.  Fuel imports will be ramped up, and Sasol's coal-to-fuel plant is at full capacity. Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. At this stage, petrol or diesel shortages are not expected at fuel stations, after South…

Sasol, South Africa’s largest fuel producer, declared force majeure on the supply of petroleum products due to delays in deliveries of crude to the Natref refinery it owns with TotalEnergies, leaving just a fraction of the country’s fuel-production capacity still operational. Natref, a 108 000 barrel-a-day plant, was forced to shut after the late oil shipments, the company said in a statement. “Sasol Oil will not be in a position…

Sasol has declared a force majeure on petroleum products due to the delay of crude oil shipments.  This resulted in the shutdown of the Natref refinery.  Sasol said steps were being taken to stabilise supplies from Natref and the situation would hopefully be resolved by month end.  Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. Sasol has declared a force majeure on the supply of petroleum products after…

High fuel costs are dampening oil demand in developed countries, the IEA said on Wednesday. The watchdog added that global supply is still uncertain as Europe phases in its Russia oil embargo. "As an EU embargo on Russian oil is set to come into full force at the end of the year, the oil market may tighten once again." For more stories go to www.BusinessInsider.co.za. High gas prices are pushing…

Brazilian President Jair Bolsonaro said on Monday that a deal was close with Moscow to buy much cheaper diesel from Russia, in what would appear to be the latest tangible benefit stemming from his friendly relationship with President Vladimir Putin. Bolsonaro, a far-right former army captain, gave no further details. Neither Bolsonaro's office, nor Brazil's Mining and Energy Ministry immediately responded to requests for comment. "It makes sense and eventually…

Fuel tablets promising to save you money at the petrol station and reduce your consumption are ineffective. The fuel aftermarket industry is riddled with many products promising bold results, but South African authorities have not tested them. Consumers should be cautious about putting foreign objects or chemicals in their tanks. You may also lose the warranty on your vehicle if you operate it outside of the manual and guides by…

Hot water from underground is providing energy and heat for households in Szeged, Hungary. This geothermal project could possibly serve as a blueprint for other European countries planning to reduce their dependence on Russian gas. Replacing gas with geothermal energy could reduce Szeged's greenhouse gas emissions by 60%. At plants painted with birds and hedgehogs, hot water from deep underground is being channelled to produce energy and heat for thousands…

The US jobs data for June came out better than expected. But wages are rising, adding fuel to worries about accelerating inflation. The jobs data also gave few indications the US economy is slowing, which likely convince the central bank to continue aggressive interest rate hikes. The US economy added far more jobs than expected in June and wages rose, giving President Joe Biden a reason to cheer but adding fuel…