Latest news with #Socar
Korea Herald
08-07-2025
- Automotive
- Korea Herald
Fewer young Koreans are buying new cars, report shows
About a quarter of new car registrations in the first half of this year were filed by people in their 20s and 30s, the lowest figure in the past decade, data provided by automobile information website showed Tuesday. A total of 29,066 new cars were bought by 20-somethings during the first six months of this year, according to Car Is You, a website providing information about local and international car markets. This accounts for 5.7 percent of all new cars sold here in the same period. The proportion of cars bouth by 20-somethings has been falling setadily since 2016, when it was 8.8 percent. The percentage of new cars bought by Koreans in their 30s is on the verge of falling below the 20 percent-mark for the first time. They bought 99,611 new vehicles, which was just 19.5 percent of total new car sales. This figure stood at 25.9 percent in 2016 and has been steadily declining ever since. More older people are buying new cars Young people are increasingly opting not to own a car, but instead use a car-sharing platforms like SoCar. The platform in 2024 said the number of its members has surpassed 10 million mark, which is a little under one-third of every Korean who has a driver's license. In 2023, 53 percent of all Socar users were in their 30s higher than the average age for all users was 32.9. On the other hand, 18 percent of all new car purchases were made by drivers in their 60s in the first half, nearly doubling from 9.6 percent in 2016. The percentage of new cars bought by 70-somethings also rose in the same period, from 2.8 percent to 4.5 percent. This trend is thought to have been fueld by the increasing number of senior citizens who are working beyond the legal retirement age of 60. According to a Statistics Korea report in June, 7.05 million people aged 60 and up were employed in May this year, marking an all-time high. Compared to 3.96 million in 2016, the figure soared by over 3 million.
Asharq Al-Awsat
30-06-2025
- Business
- Asharq Al-Awsat
Türkiye to Set Sustainable Aviation Fuel Mandates for Airlines, Suppliers
Türkiye will set mandates for airlines and jet fuel suppliers to boost uptake of sustainable aviation fuel, with a goal of reducing aviation emissions by 5% by 2030, its civil aviation authority said on its website. The move is aimed at complying with the UN International Civil Aviation Organization's emission reduction scheme that will become mandatory in 2027. The new rules will oblige airlines to use sufficient SAF in international flights involving Türkiye to meet the 5% emissions reduction goal. They will also require jet fuel suppliers in the country to procure SAF to meet that target, and domestic oil refiners Tupras and Socar to start producing SAFs, Reuters reported. The authority will publish minimum emission reduction targets before the end of the third quarter each year, it said, adding it would penalize airlines and jet fuel suppliers for any non-compliance. Airline operators must load 90% of the SAF they need for international flights in Türkiye, the authority said. Aviation is responsible for 2.5% of global energy-related CO2 emissions, according to the International Energy Agency. Tupras, Türkiye's largest oil refiner, aims to produce 20,000 metric tons of SAF at one of its major plants in 2026, the company said earlier this year. It aims to lift production up to 400,000 tons by building a new unit at its Izmir refinery, pending a final investment decision. DB Tarimsal Enerji, a local biofuel firm, also aims to produce 100,000 tons of SAF at a new plant. Türkiye's jet fuel demand fell 4% last year to 6.26 million tons, or 135,000 barrels per day, according to the country's energy regulator.
Reuters
30-06-2025
- Business
- Reuters
Turkey to set sustainable aviation fuel mandates for airlines, suppliers
June 30 (Reuters) - Turkey will set mandates for airlines and jet fuel suppliers to boost uptake of sustainable aviation fuel, with a goal of reducing aviation emissions by 5% by 2030, its civil aviation authority said on its website. The move is aimed at complying with the U.N. International Civil Aviation Organization's emission reduction scheme that will become mandatory in 2027. The new rules will oblige airlines to use sufficient SAF in international flights involving Turkey to meet the 5% emissions reduction goal. They will also require jet fuel suppliers in the country to procure SAF to meet that target, and domestic oil refiners Tupras ( opens new tab and Socar to start producing SAFs. The authority will publish minimum emission reduction targets before the end of the third quarter each year, it said, adding it would penalise airlines and jet fuel suppliers for any non-compliance. Airline operators must load 90% of the SAF they need for international flights in Turkey, the authority said. Aviation is responsible for 2.5% of global energy-related CO2 emissions, according to the International Energy Agency. Tupras, Turkey's largest oil refiner, aims to produce 20,000 metric tons of SAF at one of its major plants in 2026, the company said earlier this year. It aims to lift production up to 400,000 tons by building a new unit at its Izmir refinery, pending a final investment decision. DB Tarimsal Enerji, a local biofuel firm, also aims to produce 100,000 tons of SAF at a new plant. Turkey's jet fuel demand fell 4% last year to 6.26 million tons, or 135,000 barrels per day, according to the country's energy regulator.
Yahoo
09-06-2025
- Business
- Yahoo
Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar
-- State-owned German trading company, SEFE, is set to announce a 10-year agreement to purchase gas from Socar, the state-owned company in Azerbaijan, according to a Bloomberg report on Monday. This agreement allows SEFE to procure up to 15 terawatt-hours of gas annually, equivalent to approximately 1.5 billion cubic meters per year. The report indicated that the gas is expected to be transported to Europe via the Trans Adriatic Pipeline (TAP). This pipeline traverses Northern Greece, Albania, and the Adriatic Sea before reaching the southern shores of Italy. SEFE, an acronym for Securing Energy for Europe, has been proactive in securing new supply contracts. The region has become more reliant on global supplies since the majority of its Russian pipeline gas was lost in 2022. Despite Norwegian production operating at nearly full capacity, Europe continues to require additional supplies while it awaits the commencement of more liquefied natural gas export facilities in the US. Related articles Germany's SEFE to enter 10-year gas deal with Azerbaijan's Socar Crude futures sink on Saudi push for OPEC+ supply hikes Trump's aluminium tariff rise threatens Indian industry, Vedanta warns Sign in to access your portfolio
Bloomberg
09-06-2025
- Business
- Bloomberg
Germany's SEFE to Announce 10-Year Deal For Gas From Azerbaijan
Germany's state-owned SEFE is expected to announce a 10-year deal to buy gas from Azerbaijan's state-owned Socar, according to people familiar with the matter. The agreement, which begins immediately, allows the German trading company to buy as much as 15 terawatt-hours of gas per year, the people said, speaking on condition of anonymity. That's equivalent to about 1.5 billion cubic meters per year. The gas is likely to reach Europe via the Trans Adriatic Pipeline, two of the people said. TAP, crosses Northern Greece, Albania and the Adriatic Sea before coming ashore in southern Italy.
