The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure
The European Union ban on imports of Russia's seaborne oil from Dec. 5 has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.
Aramco and ADNOC joined a consortium of Indian state-run firms in 2018 to set up a 1.2 million barrels-per-day coastal refinery and petrochemical plant in western Maharashtra, seeking a reliable outlet for their oil.
Moscow has repeatedly said it will not sell oil to countries that comply with the cap
Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck.
Japan will ask the United States to be more flexible on EV purchase incentives for non-American carmakers.
Japan-based Envision Automotive Energy Supply Corporation (AESC) is also in talks with automakers in Japan, Europe, the United States and China for new supply deals, its chief executive Shoichi Matsumoto told Reuters.
The talks come as auto manufacturers from Stuttgart to Seoul have been angered by Biden's $430 billion "Inflation Reduction Act", enacted in August and aimed at rolling back climate change and making Washington a world leader in the EV market.
Oil prices briefly erased some losses after officials said the U.S. Energy Department will repurchase 3 million barrels of domestic crude oil for the Strategic Petroleum Reserve.
The automobile industry is pouring more than $1 trillion into a revolutionary shift from combustion engines to electric vehicles guided by software.
Taiwan has turned a wary eye on China's ambition to boost its semiconductor industry and is tightening legislation to prevent what it says is China stealing its chip technology.
Soitec and STMicroelectronics are deepening their cooperation over the manufacturing of a key and fast-growing material used in the electric car industry.
The Biden administration broke its silence on European Union deliberations over a $65-70 per barrel Russian oil price cap, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution.
Tesla launched two EVs in Thailand, marking its first foray into the regional autos hub that has long been dominated by Japanese manufacturers.
Oil prices settled up by over $2 per barrel on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.
The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change.
Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine.
Uber and Aurora Innovation will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays.
India will continue buying Russian oil and even look for term contracts as sanctions allow purchases provided that Western services are not used.
Reliance Industries is snapping up Russian refined fuels, including rare purchases of naphtha, after some Western buyers stopped Russian imports.
