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U.S. Lawmakers Urge Washington to Rally Allies Against China’s Ban on Micron
Two Republican lawmakers; Representative McCaul, chairman of the House Foreign Affairs Committee, and Gallagher, chairman of the House select committee on China, urged the Biden administration to rally U.S. allies, including Japan and South Korea, against China’s “economic aggression” in the wake of Beijing’s ban on purchases of U.S. chipmaker Micron’s memory chips. The two lawmakers sent a letter to U.S. Commerce Secretary Raimondo, calling on the administration to take action after China targeted the biggest U.S. memory chip maker.June 5, 2023
Sweden Ordered Uniper to Restart Malmö Power Plant in Case of a Crisis
Sweden’s power grid operator Svenska Kraftnat ordered Germany’s Uniper, the operator of mothballed Oresundsverket power station in Malmö, to restart the plant in case of a deteriorating security situation causes supply disruptions. The grid operator said the plant in Sweden’s south, which has been idled since 2016, should be recommissioned as part of the country’s power reserve by 2025. The plant was mainly running on gas before being shut down, but it can also burn oil.June 5, 2023
Exxon, Chevron in Advanced Talks on Algeria Natural Gas Deals
Two U.S. energy majors ExxonMobil and Chevron are looking to tap Algeria’s vast resources of natural gas as they are in advanced talks for exploration and production deals in the North African nation. Algeria holds huge conventional natural gas reserves, and it is also estimated to have the third–largest shale gas reserves in the world after China and Argentina. ExxonMobil and Chevron could complete the talks on the deals with Algerian state-held oil and gas firm Sonatrach by the end of this year.June 5, 2023
India’s Tata Group to Invest $1.58 Billion in Lithium-Ion Cell Factory
India’s largest conglomerate Tata Group has signed an outline deal on Friday on building a lithium-ion cell factory, with an investment of about 130 billion rupees ($1.58 billion), as part of the nation’s efforts to create its own electric vehicle (EV) supply chain. India’s car market is still small compared to the size of its population. Tata Motors currently dominates the country’s EV sales, which made up just 1% of India’s total car sales of about 3.8 million units last year.June 5, 2023
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