• Dubai approves rise in energy, water efficiency programs

    DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st meeting of DSCE, which was held virtually. The Council reviewed updates of the demand side management strategy for 2030 and 2050, which set well-studied goals to reduce water and electricity...
  • Sovcomflot 2023 net profit $900m   

    In 2023, the firm demonstrated strong financial results.
  • Climate change undermines global security, says NATO chief

    Baku, Azerbaijan--NATO Secretary General Jens Stoltenberg on Sunday stressed the need to fight global warming, and called climate change a "crisis multiplier" with implications for global security. He made the remarks during a press conference in Baku along with Azerbaijani President Ilham Aliyev, whose energy-rich country is set to host the...
  • Iran signs big contracts to increase oil production

    Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields.
  • ExxonMobil makes new oil discovery

    The oil and gas strike is the first of 2024.
  • US consumer inflation in Feb up as Federal Reserve mulls rate cut

    The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.
  • Baghdad, Tehran in talks to import gas from Turkmenistan

    Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with the Iraqi Minister of Electricity Luay Al-Khatteeb revealing that discussions are underway to utilize Iran's extensive network for the transportation of Turkmenistan's gas. Highlighting the challenges in establishing direct lines...
  • A greener globe requires a greener industry, says Chinese industry leader

    Beijing, China-- A greener globe requires a greener energy industry, which could definitely be represented by new quality productive forces such as green hydrogen, according to Baoshen Zhong, Chairman of LONGi Green Energy. China Economic Net quoted Zhong as saying, during the 2024 Two Sessions, that “Renewable energy, mainly photovoltaic...
  • Saudi Arabia transfers 8% Aramco stake to PIF-owned firms

    Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's PIF sovereign wealth fund, according to state media. Aramco is the main source of revenue for Crown Prince and Prime Minister Mohammed bin Salman's ambitious economic and social reform program...
  • Saudi tech show LEAP 2024 to close on ‘record-breaking’ note

    Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing for what organizers are terming as "record-breaking" final day with more announcement of investments expected to be made on the occasion. Abdullah Al-Swaha, Saudi minister of communications and information technology,...
  • GAS, SPPC ink two contracts

    The duration of each contract is of 22 months.
  • Qatar and China entrepreneurs explore partnerships, JVs in tech and energy

    Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships in various sectors, including technology, healthcare, energy, and real estate. This came in the Qatari-Chinese Business Meeting, hosted by the Qatar Chamber (QC) in the presence of QC's First Vice-Chairman...
  • Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned

    Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah Energy Company, has successfully started-up the reactor of Unit 4 of the Barakah Nuclear Energy Plant (Barakah Plant). The reactor has begun initial production of heat through nuclear fission, used...
  • Energy-related global CO2 emissions hit record levels in 2023, says IEA

    PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years thanks to continued expansion of clean technologies, the International Energy Agency said on Friday. CO2 emissions from energy rose by 1.1 percent in 2023, increasing by 410 million tonnes to a...
  • World resource extraction could surge 60 percent by 2060, UN warns

    Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the UN said on Friday, calling for dramatic changes in energy, food, transport and housing. Enormous expansion of infrastructure, energy demand and consumer consumption over the last half century, particularly in...
  • Masdar completes acquisition of 49% stake in Dogger Bank South project

    Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3 gigawatt (GW) Dogger Bank South (DBS) project – one of the world’s largest planned offshore wind farms. The planned $13.89 billion joint investment with RWE, a leading renewable energy company...
  • Egypt signs several MoUs with global developers in renewable energy

    Cairo, Egypt--Egypt has signed seven Memoranda of Understanding (MoUs) on Wednesday in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced. Egyptian Minister of Planning and Economic Development Hala Al-Saeed said that the agreements represent a new...
  • Pakistan-Iran gas pipeline recommences after 10-year delay

    Tehran, Iran -- In a significant step towards enhancing energy cooperation between Pakistan and Iran, Islamabad has given the green signal for advancing much-delayed work on gas pipelines within its territory. This marked considerable progress in the Pak-Iran gas pipeline project, Mehr News Agency reported. The approval comes as Pakistan...
  • China discovers world’s largest metamorphic rock oilfield in Bohai Sea

    BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock oilfield in the Bohai Sea. According to China Central Television, the Bohai 26-6 oilfield, situated approximately 170 kilometers from Tianjin Municipality, has recently confirmed an unprecedented volume of oil and...
  • Price of natural gas in Europe falls to a 3-year low

    LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost three years as mild winter weather continues and European stockpiles hold up. Mid-morning on Friday, the benchmark Dutch TTF futures contract was down 3.2 percent at US$24.3 (22.45 euros) a...
  • Glencore 2023 profit down 75%

    The company said lower energy prices cut into its profits.
  • Europe’s gas demand at 10-year low, to peak in 2025: report

    The invasion of Ukraine by Russia triggered a massive shift by European nations away from Russian natural gas delivered by pipelines, with prices for LNG soaring as they competed on international markets for limited supplies. With a limited number of import terminals, European nations were also forced to undertake measures...
  • World needs ‘trillions’ for climate action: COP28 president

    Paris, France -- The world needs "trillions" of dollars to spur on the green transition and tackle global warming, the head of last year's COP28 climate talks said Tuesday, warning that political momentum can evaporate without clear action. COP28 president Sultan Al Jaber hailed progress made at UN negotiations last year in...
  • EDF’s net profit is $10.8bn

    EDF cut its large debt by increasing nuclear production.
  • Indian PM Modi seeks enhancing of ties in Qatar visit

    Doha, Qatar - Indian Prime Minister Narendra Modi on Thursday committed to strengthening ties with Qatar during his first visit to the gas-rich Gulf emirate since 2016. During a meeting with Qatar's ruler, Modi gave a "commitment to further expanding and deepening bilateral cooperation with Qatar", a statement from India's foreign...
  • IEA warns on plummeting oil stocks as growth in demand ebbs

    "As the IEA celebrates its 50th anniversary this week, oil supply security remains as critical as ever," said the agency created half a century ago by the OECD to help rich countries weather the 1970s oil crisis which wreaked widespread economic havoc. "Given heightened geopolitical risks and low global oil...
  • UCC Holding signs contracts for seven Kazakhstan projects

    Doha, Qatar -- UCC Holding, a Qatari company, has signed two energy contracts for seven projects in Kazakhstan. The first contract with QazaqGas comprises two gas treatment plants:1 BCMA Gas Processing Plant Project and 2.5 BCMA and the construction of a New Compressor Station CS-14 and Main Gas Pipeline CS-14...
  • Global LNG demand to rise more than 50 percent by 2040: Shell

    "Demand for natural gas has already peaked in some regions but continues to rise globally, with LNG demand expected to reach around 625-685 million tons a year in 2040, according to the latest industry estimates," Shell said in a report.
  • Saboteurs hit Iran pipelines disrupting gas supply: state media

    The saboteurs hit pipelines in the cities of Borujen in the southwestern province of Chaharmahal and Bakhtiari, and Safashahr in the southern province of Fars, Aghli said, adding that there were no casualties in the explosions or the ensuing fires.
  • Energy transition led Saudi Arabia to halt oil expansion, says official

    RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to expand into other forms of energy, the Gulf country's energy minister said on Monday. Oil giant Aramco announced on January 30 that the energy ministry had ordered it to maintain...
  • UN COP29 host Azerbaijan sees a big boom in gas production

    Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels, an analysis by the NGO Global Witness based on data from Rystad Energy shows that the upcoming COP29 host aims to hike its gas production from 35 billion cubic meters...
  • Scientists in UK create new fusion record

    LONDON, UK - Scientists in Britain announced on Thursday they had smashed a record for generating fusion energy in the final experiment using the Joint European Torus (JET) machines. Nuclear fusion is the same process that the sun uses to generate heat. Proponents believe it could one day help tackle climate...
  • Equinor reports 59% fall in net profit

    Its earnings were US$36.2bn, half of what is was in 2022.
  • BP posts US$15.2bn net annual profit

    It will deliver US$1.75bn in buybacks for Q4 of last year.
  • QatarEnergy, Mitsui ink pact

    The agreement provide for a rise in condensate volumes.
  • 48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report

    Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the EY MENA IPO Eye Q4 2023 report. During Q4 2023, 19 IPOs raised $4.9 billion in proceeds. ADES Holding Company raised the most funds.
  • Jordan’s EMRC grants approvals for EV charging infrastructure

    AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical metering devices dedicated to electric vehicle charging infrastructure, with the current tally of licensed EV charging facilities standing at 63 across the Kingdom.EMRC records indicate a distribution of 49 publicly...
  • Norway’s sovereign wealth fund posts record US$213bn profit

    Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion kroner ($213 billion) last year, driven by tech stocks and a weak national currency. The fund's total value reached close to 15.8 trillion kroner last year. The 16.1 percent return...
  • Schneider Electric, Charge&Go ink pact

    The aim is to develop EV charging facility in the UAE.
  • Saudi Aramco halts plan to raise production capacity

    Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply cuts dating back to October 2022, Saudi Arabia's daily output stands at approximately nine million bpd, far below its capacity of 12 million bpd.
  • KACST, ACWA Power sign pact

    The aim is to develop technologies for clean energy.
  • Clean energy largest driver of Chinese GDP growth in 2023: report

    China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of wind and solar energy. Faced with soaring energy consumption, the country has turbocharged its use of renewables -- but also in 2022 approved its largest expansion of coal-fired power plants...
  • ADNOC Drilling begins use of hybrid rigs

    The rigs use high-capacity battery to reduce emissions.
  • Tata Steel to slash 2,800 UK jobs

    Tata Steel employs about 8,000 staff in the United Kingdom.
  • France flooded with applications for electric car leasing scheme

    Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from 100 euros ($109) a month, Environment Minister Christophe Bechu said on Friday. President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon...
  • Saudi Arabia to host WEF special meeting in April

    Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi Economy and Planning Minister Faisal Al Ibrahim said on Thursday. Speaking at the panel 'Saudi Arabia: The Course Ahead', Faisal Al Ibrahim said the event will focus on global collaborations,...
  • Diversification of energy sources needed to meet demand: Saudi minister

    Davos, Switzerland -- The Saudi Minister of State for Foreign Affairs, Cabinet's member, and Climate Affairs Envoy, Adel bin Ahmed Al-Jubeir has called for diversification of energy sources to meet the increasing global demand for energy. The minister made these remarks Wednesday at a session titled “Bold Steps for a...
  • Aramco injects $4 billion into its global venture capital arm

    Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more than doubling the capital allotted to it, from $3 billion to $7 billion. This, Aramco said in a statement, will take Aramco’s overall venture capital allocation to $7.5 billion, which...
  • Stock markets: Germany drags Europe down, Tokyo rises again

    In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break above 35,000 points for the first time since 1990 thanks to a revival of Japanese inflation and a weaker yen that helps exporters.
  • Several MoUs signed at Future Minerals Forum in Saudi Arabia

    RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry and Mineral Resources, has witnessed the signing of several memoranda of understanding (MoUs) between a number of government agencies, companies and institutions. New exploration sites were announced as well as...
  • Oil prices rise on Red Sea escalation, corporate earnings season

    Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping. An analyst at SEB bank said if the US-UK attacks were unsuccessful in destroying Houthi weapons, and oil tankers need to go around Africa,...