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
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...
Geostrategy
Geostrategy
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
- Buffeted by a global energy crisis, inflationary pressures and geopolitical instability, the move to clean energy has faced a challenging time.
- This year's top 10 emerging technologies will likely become increasingly familiar in the years ahead as they help tackle some of our biggest challenges.
Geostrategy
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,...
- Iranian foreign ministry spokesman Nasser Kanani reaffirmed the country's commitment to continuing cooperation with the IAEA
- Kanani said that Iran views negotiation and diplomacy as the best methods for resolving any unfounded concerns about its nuclear program
Geostrategy
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...
- India has been able to snap up discounted crude from Russia before refining it and selling it to European customers, reports say
- Russian Deputy PM Alexander Novak said he expected Russian oil and gas revenues will amount to almost nine trillion rubles ($98 billion) this year
Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
- The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year.
- The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally.
Market Report
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
Business
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...
- The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
- Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
Geostrategy
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
- The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
- Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
COP28 UAE
IEA boss says COP28 bid farewell to fossil fuels
PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
- It gave an unmistakable signal to investors that if you continue to invest in fossil fuels you may well have serious business risks
- It gives a signal to the investors for clean energy that they may be more profitable than many people now believe they are.
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
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
Company News
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Masdar to buy stake in Terra-Gen
Business
Sovcomflot 2023 net profit $900m
Business
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
Science
Most Read
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.
Economy
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
- The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing.
- With Qatar leading by example and Saudi Arabia set to follow, these moves signify a key shift towards renewable energy sources.
Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.
- Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
- The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030