Energy
Trump says U.S. and India reached trade deal tied to ending India’s Russian oil purchases
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President Donald Trump said he and Indian Prime Minister Narendra Modi reached a trade agreement under which India would stop buying Russian oil and increase purchases from the United States, while Washington would cut tariffs on Indian goods from 25% to 18%. Trump also said India would move to eliminate tariffs and non-tariff barriers on U.S. products and would buy more than $500 billion in American goods, though key elements were not independently confirmed by the U.S. or Indian governments in the immediate aftermath.
Brazil's Chamber of Deputies approved on Monday, February 2, the Provisional Measure establishing the Gás do Povo program, providing free cooking gas cylinders to low-income families. With 415 favorable votes, the bill now heads to the Senate for review. The initiative aims to combat energy poverty and replace the Gas Aid, benefiting up to 15 million families by March.
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Cuba has denied engaging in formal talks with the United States over the oil embargo, following President Donald Trump's assertions of advanced negotiations and Mexico halting supplies. This comes after Havana's condemnation of a recent US executive order tightening sanctions, amid Cuba's deepening energy crisis.
Pertamina Patra Niaga has launched the Berkah Ojek Online MyPertamina (BOOM) program to reward the loyalty of online ojek drivers by distributing 100 motorcycles. The nationwide program runs from February 1 to October 31, 2026, involving partners from platforms like Gojek and Grab. Participants can collect points via the MyPertamina app to exchange for raffle vouchers.
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GeoPark, a private oil company, announced the acquisition of exploration and production assets from Frontera Energy in Colombia for US$400 million. This deal will enable the firm to boost its output from 28,000 to nearly 70,000 barrels per day, projecting 95,000 barrels by 2028. It will position GeoPark as Colombia's largest private producer, accounting for 10% of national crude output.
Ogun State Governor Abiodun has commissioned new roads in Ijebu-Ode. During the event, he addressed concerns surrounding oil exploration in the state.
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A decade after British energy firm Drax opened wood pellet mills in struggling Southern towns, places like Urania, Louisiana, and Gloster, Mississippi, continue to decline economically and face health issues from pollution. Despite promises of jobs and growth, the mills employ far fewer workers than predecessors and benefit from substantial tax breaks. Residents report persistent poverty and environmental harms without the anticipated prosperity.
16th finance commission balances southern states' concerns and equity
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