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...
Business
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.
Business
Oman natural gas production sees slight increase
The country’s National Center for Statistics and Information has announced that the country’s production of natural gas at the end...
- The consumption of natural gas in industrial areas rose 13.9 percent in March this year, compared to the same period in 2021
- Gas consumption witnessed a decrease in oil fields by 7 percent and in power plants by 3.3 percent at the end of last March
Business
Brazil, Guyana agree to widen energy cooperation
US giant ExxonMobil announced in April the discovery of three new oil deposits in Guyana, raising estimates of the country's...
- Guyana has emerged as one of the main low-cost oil production countries
- It is now preparing to auction offshore oil blocks at the end of the year
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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
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...
Business
Company News
Latest News
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
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...
Business
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...
Geostrategy
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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.
Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
- Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
- He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Economy
Barakah Nuclear Energy Plant refinancing completed with UAE banking partners
Abu Dhabi, UAE - The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC)...
- Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase
- The refinancing is the next step in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations