Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business
Iran asserts peaceful nuclear agenda amid western concerns
Tehran, Iran - Iran's nuclear program remains peaceful, said Nasser Kanani, the spokesman for the Iranian Ministry of Foreign Affairs,...
Geostrategy
Economy
G20 finance ministers, top bankers warn of energy crisis
Other issues to be tackled by the ministers include digital financial inclusion –- with more than a billion of the...
- The two-day meeting on the resort island of Bali started under the shadow of a war that has roiled markets, spiked food prices
- Top global finance figures, including US Treasury Secretary Janet Yellen, will discuss the rebound from the coronavirus pandemic
Geostrategy
UAE, Türkiye discuss enhancing relations in various sectors
A UAE delegation led by Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber has concluded a...
- A UAE delegation led by Minister of Industry and Advanced Technology was on a two-day visit to Türkiye aimed at enhancing cooperation
- The visit included meetings with senior government and private sectors officials as well as a UAE-Türkiye Investment Workshop
Geostrategy
Libya’s state oil company chief resists move to replace him
Libya's Tripoli-based government has named a new head of the state oil company to replace veteran technocrat Mustafa Sanalla, who...
- Farhat Bengdara and four others will from now on make up the "board of directors of the National Oil Corporation".
- Mustafa Sanallla has led the National Oil Corporation since 2014,. The Corporation has largely managed to remain neutral in the face of political wrangling.
Geostrategy
Libyans fume at power cuts amid intolerable heat
Mahmud Aguil has a comfortable house in Libya's capital Tripoli, but chronic power outages in the war-battered country and roasting...
- The electricity crisis is just the latest trial for Libyans after a decade of insecurity, fuel shortages, crumbling infrastructure and economic woes
- Supporters of the eastern camp have restricted production at key oil facilities in recent months to pressure Dbeibah to transfer power to Bashagha
Egypt raises fuel prices in quarterly review
The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance...
- The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49)
- The fuel committee convenes on a quarterly basis to assess the prices of petroleum products and amends them in accordance with the international price of Brent crude oil
Economy
Supply risks still haunt market despite high oil prices: IEA
The Paris-based agency cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and...
- The IEA now expects oil demand to rise this year to 99.2 million barrels per day (mbd) and to 101.3 mbd next year.
- Meanwhile, supply climbs to 100.1 mbd this year. But even if it hits an expected record of 101.1 mbd next year, it will fall below demand.
Brent oil closes under $100/barrel for first time since April
Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud...
- The US benchmark, West Texas Intermediate, fell 7.9 percent to finish at $95.84 a barrel
- The drop in the currency market is "raising concerns that Europe is going into recession
Interview
GCC expects moderate impact of global recession
The region is better placed to deal with global slowdown as oil and gas prices will stay high due to...
- The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS
- Regional GDP growth is expected to be +2.7 percent in 2023 in an 'adverse scenario', slightly lower than the +3.1 percent expected in the baseline scenario, Claus adds
Economy
Euro strikes parity with Dollar for first time in nearly 20 years
The euro struck parity with the dollar Tuesday for the first time in nearly 20 years as a cut in...
- Oil prices meanwhile fell heavily on concerns of a wider recession as central banks hike interest rates to fight decades-high inflation.
- European stock markets fell approaching the half-way mark and in the wake of overnight losses in Asia and on Wall Street.
Economy
Dubai to host World Corporate Summit in November
Dubai will host the first edition of the World Corporate Summit which will discuss sports and multi-sectoral business growth as...
- The summit will be attended by decision-makers from multinational corporations, UAE-based firms and government institutions
- The WCS will exchange insights, explore collaborative partnerships and opportunities for business growth
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Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business
Company News
Gazprom 2022 profit at US$15bn
Business
Latest News
Major energy firms post sliding profits as oil and gas prices dip
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...
Business
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
Economy
G20 nations fall short of common plan on fossil fuels
NEW DELHI, INDIA - Energy ministers from the group of 20 nations meeting in India on Saturday failed to agree...
Geostrategy
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Geostrategy
US, Arab League discuss Middle East, Israeli-Palestinian conflict
The US-Arab Strategic Dialogue discussed Middle East peace and the Israeli- Palestinian conflict, among other issues. The dialogue concluded successfully...
- US-Arab League discussed reducing tensions in regional conflicts, climate change and health security.
- The US condemned the attack on the Swedish Embassy in Baghdad and urged the Iraqi government to protect foreign missions.
Science
UAE and Egypt to boost cooperation in higher education, scientific research
Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
- The Egyptian minister noted the depth of the ties across all levels between the two countries, especially in scientific, cultural and educational fields
- The UAE official applauded the relations between the UAE and Egypt, noting the latter's role in the education field and stressing UAE's resolve to deepen ties
Business
Governments should provide incentives for green finance, says Dubai Chambers’ webinar
DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...
- The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
- The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.