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
Geostrategy
Coal still the fossil fuel most responsible for global warming: Report
The number of coal-fired power plants in the pipeline worldwide declined in 2021, according to research released Tuesday, but the...
- Since the 195-nation Paris treaty was inked in 2015, coal power capacity under construction or slated for development has dropped by three-quarter.
- Globally, there are more than 2,400 coal-fired power plants operating in 79 countries, with a total capacity of 2,100 GW.
Economy
Losing Russian energy would weigh on Europe’s economy: IMF official
Europe can get by without Russian gas for six months, but beyond that, the economic impact would be severe, a...
- Alfred Kammer, head of the IMF's European Department, urged countries in the region to take a series of steps to ease the blow, including reducing consumption to build up inventory
- The International Monetary Fund projects that a total loss of Russian gas and oil supplies could cost the European Union three percent of GDP
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
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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
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...
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...
Geostrategy
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
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Business
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)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT - Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
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