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...
Economy
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...
Geostrategy
Business
Russian gas to Europe via Ukraine down by almost a third
Ukraine is a major supply route for Russian gas to Europe and the two sides have kept flows going even...
- Ukraine's pipeline operator GTSOU said that it was halting gas transport at the Sokhranivka transit point
- Germany said Wednesday that it saw a 25 percent drop in supplies of Russian gas flowing through Ukraine
Economy
How will Lebanon vote impact the crisis-hit economy?
Here’s a look at the challenges that await incoming lawmakers in a country where there is little consensus on a...
- Starved of hydrocarbons, Lebanon’s power stations have scaled down operations to a near minimum
- Power cuts can last up to 23 hours a day, forcing residents to rely on expensive private generators
Economy
Energy firms’ climate commitments lack credibility: report
The climate commitments of global energy giants lack credibility as they rely on costly technologies that have yet to be...
- The research found that so far only four of the firms have made pledges that include a reduction in the emissions generated by the use of their products
- And only four have set 2030 reduction targets, which are important in driving quick progress and being able to evaluate progress
Geostrategy
Russia slaps sanctions on Western energy firms
The sanctions include a ban on transactions and the entry into Russian ports of vessels linked to the affected companies.
- The sanctions target 31 companies, most belonging to the Gazprom Germania group of subsidiaries of Gazprom
- The sanctions also affect Poland's EuRoPol GAZ SA, the owner of the Polish part of the Yamal-Europe gas pipeline
Economy
China, Europe to lead record renewable energy growth in 2022: IEA
The world will set a new record for renewable power capacity this year led by solar energy in China and...
- An additional 320 gigawatts is expected to be installed this year, equivalent to the entire electricity demand of Germany or the European Union's total generation from natural gas.
- Solar energy will account for 60 percent of renewable power growth in 2022, ahead of wind and hydropower, according to the agency, which advises developed nations on energy policy.
Economy
Clean sources transformed UAE energy sector in a decade: ENEC chief
The UAE has proactively invested in proven clean energy and within a decade, solar and peaceful nuclear energy have delivered...
- Barakah Nuclear Plant is now generating 2.8 Gigawatts of electricity, making it the largest source of clean electricity in the country.
- With all four reactors online, nuclear energy will meet 25 percent of the UAE’s electricity demand.
Geostrategy
France says EU deal on Russia oil embargo possible this week
The embargo on Russian oil, which is part of a sixth package of EU sanctions under discussion, is being resisted...
- New discussions on the Russian oil embargo are expected to be held between European leaders by telephone on Tuesday
- It will involve French President Emmanuel Macron, EU Commission President Ursula von der Leyen, and Hungary's Prime Minister Viktor Orban
Geostrategy
UN says ‘imminent’ Yemen oil spill would cost $20 bn to clean up
The United Nations warned Monday that it would cost $20 billion to clean up an oil spill in the event...
- The 45-year-old FSO Safer, long used as a floating oil storage platform with 1.1m barrels of crude on board, has been moored off the rebel-held Yemeni port of Hodeida since 2015
- The UN official had earlier announced on Twitter that the Netherlands would host on Wednesday a pledging conference for the international body's plan to avert the crisis
Business
DEWA inches closer to finishing $72.42m water project
Dubai Electricity and Water Authority (DEWA) has completed 98.83% of its project to extend its water transmission network by 36...
- The project includes enhancement of water network including installation and commissioning of pipelines
- DEWA’s efforts have reduced the losses in water transmission and distribution networks from 42% in 1988 to 5.3% currently
Business
Aramco shares up 3 percent
Oil prices continue to spike, beefing up energy companies.
- The stock price slightly retreated to SR45.8 later in the day at 12:07 p.m. Saudi time.
- Saudi Aramco now holds the second largest market valuation globally of SR9.15 trillion.
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
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...
Economy
Company News
Latest News
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
Economy
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...
Business
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...
Economy
Most Read
Geostrategy
COP28 chair Sultan Al Jaber urges energy firms to cut emissions
Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the...
- Jaber said the entire industry "should be aligned" to help the world meet the target of net-zero greenhouse gas emissions by 2050.
- This includes not only international oil companies but also national state-controlled ones, Jaber told an OPEC seminar in Vienna.
Business
Gas export to Europe continues via Greenstream pipeline : Libya
Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export...
- Libya developed a short-term strategic plan for the oil and gas sector, aimed at raising its oil production to two million barrels per day (bpd), said its energy minister.
- Libyan National Oil Corporation's plan to overcome obstacles in the oil and gas sector includes restructuring the sector, he said.
Geostrategy
Saudi Arabia says oil production cut not at odds with Russia
Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian...
- On Monday, Riyadh said that it would extend a production reduction of one million barrels per day (bpd), which began in July, to August to boost prices.
- At the same time, its ally in the OPEC+ group of oil producers, Russia, decided to slash exports by 500,000 bpd in August.