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
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
Business
Tanker that sank off Tunisia was empty: Ministry
The Equatorial Guinea-flagged Xelo was thought to have been carrying 750 tons of diesel when it went down en route...
- The Equatorial Guinea-flagged Xelo was thought to have been carrying 750 tons of diesel when it went down en route between Egypt and Malta on Saturday
- The ship’s seven crew members were banned from leaving the country for two weeks, pending the outcome of the probe
Economy
DEWA starts online service to encourage use of electric vehicle
The EV Community Hub website covers the latest government strategies, targets, incentives, and relevant regulations for EVs
- DEWA is trying to encourage the use of sustainable transport and consolidate Dubai’s position as a global capital for a green economy
- DEWA provides a robust charging infrastructure for electric vehicles across Dubai with over 325 charging stations
Business
Red Sea Development Company to use biofuel for all tourist facilities
The company has chosen MAN Energy Solutions to provide 25 sets of biofuel generators for the sustainable tourism destination.
- The Red Sea destination will apparently use solar energy stations that include storage batteries with the system of MAN GenSets
- These generators will reportedly have engines that will let them use the climate-neutral B100 biofuel
Economy
Oil prices up as traders weigh demand and supply issues
Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in...
- The United States has said it will release a substantial portion of its oil reserves to cushion the shortfall
- "Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range," Stephen Innes of SPI Asset Management said
Business
AMEA Power awarded two projects
These solar projects in Morocco were part of a large international tender.
- The Moroccan Agency for Sustainable Energy (Masen) and the Ministry of Energy Transition and Sustainable Development announced the award of projects.
- The sites are located in Taroudant, in the Souss-Massa region, and in El Hajeb, in the Fès-Meknès region.
Business
Italy looks to Africa for gas to end Russia dependence
Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to...
- Italy is one of Europe's biggest guzzlers of gas, which currently represents 42 percent of its energy consumption, and it imports 95 percent of the gas it uses
- The government hopes to reduce those imports by accelerating the investment in renewables and has vowed to cut red tape on wind and solar farms
Science
India turns to dung as new energy source
Cultivating alternative energy sources is an urgent priority in India, which burns coal to meet nearly three-quarters of the energy...
- This new energy source promises to help clean up India’s smog-choked cities
- It is already providing a vital revenue stream for poor Indian farmers
Economy
Oil stabilizes after big drop on IMF growth cut
Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the...
- Energy prices are surging, debt levels are rising and shortages remain acute, the IMF noted.
- Multiple crises including the Ukraine war and coronavirus pandemic fuel an acceleration of inflation
Analysis
Europe energy market: Will Qatar replace Russia?
The United States has asked Qatar to supply gas to Europe if Russian supplies were disrupted due to Moscow's military...
- Qatar gas exports account for about 106 billion cubic meters, with 80 percent going to Asia and 20 percent to Europe
- Qatar could cover around 13 percent of Russian gas imports to the European Union and the United Kingdom
Geostrategy
Libya’s energy sector paralyzed as second oil export terminal is shut
The suspension of operations at Brega terminal, which has an export capacity of 60,000 barrels per day, follows a force...
- Force majeure, a legal move, allows parties to free themselves from contractual obligations when factors such as fighting make meeting them impossible.
- Oil installations have often been attacked or blockaded by armed groups who hold sway in Libya.
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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
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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)...
Economy
Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
Geostrategy
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
Business
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Business
Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
- Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
- "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
Economy
OPEC+ strives for market balance, sustainable growth
The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
- UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
- The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Business
Iraq exports crude oil worth over US$7bn in June 2023
BAGHDAD, IRAQ - Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a...
- The majority of these exports - amounting to almost 99 million barrels - originated from the oil fields in central and southern Iraq.
- The average daily export volume was pegged at over 3.3 million barrels. The average price per barrel for the month was recorded at $71.11.