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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

EGA, K Line green pact

"K" Line Group transports some five million tonnes of EGA’s bauxite per annum from the Republic of Guinea to the UAE .
  • Focus of agreement on development and implementation of new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes.
  • Solutions are likely to include kite systems, alternative fuels and CO2 capture technologies.

Emirates Global Aluminium (EGA) and Kawasaki Kisen Kaisha (K Line Group), one of the world’s largest shipping groups, Wednesday signed an agreement to cooperate on research and pilot projects to decarbonize bulk cargo shipping.

The cooperation is expected to focus on the development and implementation of new marine decarbonisation technologies suitable for EGA’s bulk cargo shipping routes in the eastern Atlantic Ocean, Mediterranean Sea and Indian Ocean.

Solutions are likely to include kite systems, alternative fuels and CO2 capture technologies. All of these technologies today have technical and practical challenges to widespread adoption that remain to be overcome, ranging from technology immaturity to lack of support infrastructure.

“K” Line Group will lead research into decarbonisation opportunities, and EGA will target pilot projects on its “K” Line shipping routes, according to a media report.

“K” Line Group transports some 5 million tons of EGA’s bauxite per annum from the Republic of Guinea to the UAE and some 1.5 million tons of alumina each year from Australia to the UAE, under long-term Contracts of Affreightment.

The global shipping industry is responsible for almost three percent of world greenhouse gas emissions, according to the International Maritime Organisation. Shipping accounts for a proportion of the emissions generated in EGA’s supply chain, known as scope 3 emissions.