On the evening of Friday, November 7, 2025, the Russian Armed Forces destroyed an OKKO gas station—a civilian object—during the attack on Korotych, in Kharkiv Oblast, Ukraine. People were refuelling their cars, while others were in the cafe that was part of the gas station. Several vehicles were damaged. Miraculously, nobody died during the attack, which was made with guided aerial bombs. Just two days later, the gas station resumed operations. Stories .....more

Venezuela had the world’s largest proven oil reserves, with more than 300 billion barrels. Most of its oil was extra-heavy crude that was technically and economically challenging to produce. Therefore, Venezuela’s government invited foreign oil companies to take part in oil exploration and production. Chevron Corp. (Chevron) had operated in Venezuela since 1923, and before the US government started to sanction Venezuela in 2019, Chevron was one of .....more

As the leading enterprise in China’s non-ferrous metal mining industry, Zijinshan Gold and Copper Mine (Zijin Mining) started to disclose corporate social responsibility reports in 2008 and had released environmental, social, and governance (ESG) reports since 2019, making it the first company in the mining industry to disclose ESG performance. As the mining industry had higher consumption, pollution, and risk than many other industries, its investment .....more

In the summer of 2024, Shell plc (Shell) faced a deepening credibility crisis as its flagship climate initiatives unravelled. The new CEO had initially promised disciplined execution and high-value emissions reductions, seeking to balance profitability with climate responsibility, but this narrative was quickly challenged when a 2024 Greenpeace report exposed that Shell’s Quest carbon capture and storage facility in Alberta had issued phantom credits .....more

In February 2021, following Myanmar’s military coup, Total SE (Total)'s chief executive officer faced a critical decision regarding the company’s long-standing operations in the country. The Yadana gas project, providing 50 per cent of Bangkok’s electricity needs and representing a profitable venture for Total (renamed TotalEnergies in 2022), suddenly became an ethical dilemma as military rule returned to Myanmar. The coup overthrew the democratically .....more

In 2024, Indraprastha Gas Ltd. (IGL), a leading player in India’s city gas distribution sector, faced mounting pressure as electric vehicle (EV) adoption and clean energy policies threatened its core business. With investor concerns rising, IGL explored diversification into EV battery recycling. This move aligned with IGL’s sustainability goals, but the recycling industry remained fragmented and risky. As the October 2024 strategy meeting approached, .....more

In October 2024, Crimson Orb Corporation faced a strategic dilemma as it evaluated the financial potential of its liquefied natural gas (LNG) projects. While these projects promised growth, General Manager Hiroshi Ishiba emphasized the need to align them with sustainability goals, raising concerns about environmental impact and the company’s carbon footprint. Tasked with finding a balanced approach, Takeshi Otani, the head of LNG operations, had to .....more

The crisis at Paria Fuel Trading Company Ltd. (Paria) occurred when five commercial divers were sucked into an undersea pipeline due to a differential pressure (Delta P) event. While one diver escaped after hours of crawling through the pipeline, the other four remained trapped. Collin Piper, Paria’s terminal operations manager, faced a critical decision regarding whether to authorize a high-risk rescue attempt. Piper had to weigh several critical .....more

This note presents a comprehensive valuation of Saudi Arabian Oil Co. (Aramco) using the discounted cash flow (DCF) approach. The analysis integrates both qualitative and quantitative factors influencing Aramco’s valuation, including market conditions, production capacity, proven oil reserves, and geopolitical considerations.

On April 8, 2024, Mike Teke—co-founder and group chief executive officer of Seriti Resources Holdings Ltd. (Seriti)—was driving to an executive meeting in Mpumalanga, South Africa, reflecting on how to sustain Seriti’s momentum in motivating employees toward higher productivity while maintaining a safe working environment. Although some sections of the Khutala Colliery had achieved high production levels, performance across Seriti’s operations remained .....more