Russia redirected most oil exports to China and India, says Novak
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
Geostrategy
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Economy
Germany inflation highest in 50 years as energy, foodstuff prices rise
Germany hit the highest level of inflation in 50 years due to a rise in the cost of living, energy,...
- The data provided by the Federal Statistical Office of Germany indicate that levels of inflation reached 7.9 percent in May 2022.
- The Federal Statistical Office of Germany blamed the war in Ukraine and the rise in oil prices for hitting this record high inflation.
Geostrategy
Iran’s uranium pool exceeds nuclear deal limit: UN nuclear watchdog
The International Atomic Energy Agency said in its latest report on Iran's nuclear program that it "estimated that, as of...
- The report also says that Iran is continuing its enrichment of uranium to levels higher than the 3.67 percent limit in the deal.
- Enrichment levels of around 90 percent are required for use in a nuclear weapon. Iran has always insisted its nuclear program is peaceful.
Economy
Saudi Arabia, UPLink in deal to counter sustainable development issues
This is a part of the Kingdom’s agenda to achieve sustainable development 2030 locally and internationally.
- The Saudi ministry seeks to explore the joint issues in the field of food security, food waste recycling.
- The move is a part of the Kingdom’s agenda to achieve sustainable development 2030 locally and internationally.
Geostrategy
G7 nations to stop financing fossil fuel projects abroad by end 2022
Japan Friday for the first time joined fellow members of the Group of Seven industrialised nations in pledging to end...
- Ending subsidies for the international fossil fuel energy sector was already part of a series of commitments agreed to by around 20 countries at COP26 climate summit in Glasgow.
- Six of the G7 club of rich nations were among the signatories at the time -- Britain, Canada, Germany, France, Italy and the United States -- but Japan had resisted until now.
Business
UAE and India to expand ties in renewable power, sustainable finance
India was the second-largest trading partner of the UAE in 2021 as it accounted for 9 percent of the total...
- The UAE and India agreed to expand bilateral cooperation towards accelerated climate action and implementation of the Paris agreement.
- The UAE’s cooperation with India in the area of climate aims to support India’s ambition to achieve 450 gigawatts (GW) of renewable energy.
Business
Sanctions hit Russia, Iran to boost cooperation in energy and trade
Tehran and Moscow are seeking to expand cooperation in energy and trade, officials said Wednesday, as Russian Deputy Prime Minister...
- Both countries have huge oil and gas reserves but are constrained by sanctions imposed by the West.
- The two countries vowed to increase the use of their national currencies in their trade exchange.
Business
ADNOC partners with BP, Masdar
The three firms will create green hydrogen and sustainable aviation fuel.
- ADNOC and BP will begin the design phase of the H2Teesside low-carbon hydrogen project.
- Cooperation agreements related to BP's HyGreen Teesside, a large-scale green hydrogen production facility in UK.
Economy
Global ESG assets could reach $50 trillion by 2025 : PIF Governor
Global environmental, social, and governance assets are expected to hit $41 trillion by the end of this year, and $50...
- PIF is developing its ESG strategy due to its broader long term strategy aimed at achieving net zero emissions in the country by 2060.
- The PIF governor also revealed that Saudi Arabia has launched seven solar and wind projects that could power 600,000 households.
Geostrategy
Russia may cut gas supplies to Finland over Ruble payment refusal
Russia may cut gas supplies to Finland soon over the Nordic country's refusal to pay Gazprom in rubles, Finnish state-owned...
- On Sunday, Russia suspended electricity supplies to Finland overnight after its energy firm RAO Nordic claimed payment arrears.
- Moscow has repeatedly warned Finland that any NATO membership application would be "a grave mistake far reaching consequences".
Economy
Russian embargo won’t result in global oil dearth : IEA
The IEA said "steadily rising" output from the United States and Middle Eastern members of the OPEC+ oil cartel will...
- The IEA had previously warned that Moscow's invasion of Ukraine could spark a global supply "shock".
- World oil demand growth, meanwhile, is forecast to slow to 1.9 million barrels per day in the second quarter.
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Russia redirected most oil exports to China and India, says Novak
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
Geostrategy
Company News
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Dubai to expand EV charging points by 170 percent till 2025
DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170...
Business
Saudi Arabia should ‘review’ emissions targets: French minister
France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
Geostrategy
Libyan rival leaders to work together for oil income
TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on...
Geostrategy
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Business
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ - Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
- The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
- The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Economy
Oil and gas firms must invest more in clean energy
“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
- Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
- The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability
Business
Energy prices may jump if output slashed, warns Shell CEO
LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
- The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
- Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.