Saudi mega-projects could generate 35% of power needs through on-site renewables
A BCG report says rooftop solar and decentralized renewable systems can lower electricity costs, reduce emissions and help developers meet...
Research
G7 ministers consider oil reserves as markets face volatility
In a statement following a virtual meeting with International Energy Agency (IEA) Executive Director Fatih Birol, the ministers said they...
Geostrategy
Geostrategy
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
- "We are more than doubling the barrels... to 1.4 million from 650,000," said Aliko Dangote, a Nigerian businessman who is Africa's richest person.
- The Dangote refinery has sparked monopoly fears as it becomes a powerful player itself.
Geostrategy
China’s power paradox: record renewables, continued coal
Bangkok, Thailand -- Call it the China power paradox: while Beijing leads the world in renewable energy expansion, its coal...
- China accounted for 93 percent of new global coal construction in 2024, the Centre for Research on Energy and Clear Air (CREA) found.
- China wants 3,600 gigawatts of wind and solar by 2035, but that may not meet future demand, risking further coal increases.
Geostrategy
Israel army says 250,000 left Gaza City for their “safety” since stepping up operations
The United Nations estimated in late August that about one million Palestinians lived in and around Gaza's largest urban centre,...
- The United Nations estimated in late August that about one million Palestinians lived in and around Gaza's largest urban centre
- The world body and members of the international community have urged the military to abandon its plans to capture the city
Science
New wave: Sea power turned into energy at Los Angeles port
San Pedro, United States -- Floating blue paddles dance on the waves that lap a dock in the Port of Los...
- Floating paddles on a dock move with the waves, causing hydraulic pistons to push a fluid.
- The pressurized fluid then spins a turbine to generate electricity.
Geostrategy
Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
- Flaring, the practice of burning natural gas during oil extraction, reached 151 billion cubic meters (bcm) in 2024, up 3 bcm from the previous year.
- While some countries have reduced flaring, the top nine largest-flaring countries continue to account for three-quarters of all flaring.
Economy
Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
- That rising demand will be "driven by expanding economic growth, rising populations, increasing urbanization, and the new energy-intensive industries like AI.
- The IEA said last month that it expects global oil demand begin to decline in 2030, driven by the rise of electric cars and the shift away from crude to produce power.
Business
Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
- The investment marks big tech's latest move to meet surging electricity demand from AI, with Microsoft, Google and Amazon also turning to nuclear power as an energy source.
- Under the deal, Meta's unspecified investment will replace state government subsidies to keep the Clinton Clean Energy Center operating beginning in 2027.
Economy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
- The signing comes at the conclusion of a visit to Iraq by a high-level US delegation comprising of representatives from 60 private firms.
- Despite sitting on large reserves of petrol and natural gas, decades of conflict and instability have ravaged Iraq's energy infrastructure.
Geostrategy
Nations divided ahead of decisive week for shipping emissions
London, United Kingdom -- Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
- The carbon tax, the most ambitious measure on the table, would make it more expensive for shipping companies to emit greenhouse gases, encouraging them to curtail emissions.
- But some member states, including China and Brazil, are proposing other measures, arguing the carbon levy would increase the cost of goods and contribute to food insecurity.
Business
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
- Though the partnership’s primary focus will be the USA, a portion of the capital may also be allocated towards opportunities in selected other international markets.
- The combined initial capital contribution from the partners is expected to amount to $5 billion.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi mega-projects could generate 35% of power needs through on-site renewables
A BCG report says rooftop solar and decentralized renewable systems can lower electricity costs, reduce emissions and help developers meet...
Research
Company News
Latest News
Oil prices extend gains after OPEC+ talks fail, equities mixed
Brent broke above $77 for the first time since 2018 Breakdown of talks raises the possibility of $100 a barrel...
Disagreement between UAE, Saudi Arabia hobbles OPEC
The UAE on Sunday pushed back against a plan by the OPEC+ group to extend a pact to cut oil...
Israel army says 250,000 left Gaza City for their “safety” since stepping up operations
The United Nations estimated in late August that about one million Palestinians lived in and around Gaza's largest urban centre,...
Geostrategy
New wave: Sea power turned into energy at Los Angeles port
San Pedro, United States -- Floating blue paddles dance on the waves that lap a dock in the Port of Los...
Science
Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
Geostrategy
Most Read
Business
Meta secures nuclear energy in 20-year Illinois plant deal
Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...
- The investment marks big tech's latest move to meet surging electricity demand from AI, with Microsoft, Google and Amazon also turning to nuclear power as an energy source.
- Under the deal, Meta's unspecified investment will replace state government subsidies to keep the Clinton Clean Energy Center operating beginning in 2027.
Economy
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
- The signing comes at the conclusion of a visit to Iraq by a high-level US delegation comprising of representatives from 60 private firms.
- Despite sitting on large reserves of petrol and natural gas, decades of conflict and instability have ravaged Iraq's energy infrastructure.
Geostrategy
Nations divided ahead of decisive week for shipping emissions
London, United Kingdom -- Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
- The carbon tax, the most ambitious measure on the table, would make it more expensive for shipping companies to emit greenhouse gases, encouraging them to curtail emissions.
- But some member states, including China and Brazil, are proposing other measures, arguing the carbon levy would increase the cost of goods and contribute to food insecurity.