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
OPEC+ cartel’s grip on oil market loosening as demand slows: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
Business
Economy
Moroccan MPs call for cap on oil firms’ profit margins
Moroccan lawmakers on Monday called for a cap on oil firms' profit margins, describing them as "exorbitant" amid soaring fuel...
- Morocco, which relies on imports for its fuel consumption, has suffered from the skyrocketing prices of fuel
- In late March, the government said it would pay out more than $200 million to truck drivers who staged a national strike over spiralling fuel costs
Business
Nakilat Q1 net profit up 19.28 percent
Nakilat noted that earnings per share amounted to QR 0.07 in Q1 2022.
- Compared to its profit in April of 2021 which, stood at QR 320.106 million, the profit reached QR 381.835 million.
- Nakilat represents the main transport link in the global supply chain of liquified natural gas from the State of Qatar.
Economy
Iraqi PM sets up workgroup to coordinate gas supply with Iran
Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power...
- Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power plants
- Earlier this month, Iraqi Electricity Minister Adel Karim had said that Iraq will need to import gas from Iran at least for the next couple of years
Economy
SEWA carried out 35 lighting projects during 2021
Dr. Eng. Hassan Al Zarooni, Director of the Electricity Distribution Department, said the projects support its efforts to achieve sustainability...
- Dr. Eng. Hassan Al Zarooni, Director of SEWA said the projects aim for sustainability through energy conservation
- This comes as part of the Sharjah’s efforts to design and implement road lighting networks in all regions
Economy
Divers find ‘no leaks’ from fuel-laden ship sunk off Tunisia
Divers who inspected the hull of a tanker loaded with 750 tonnes of fuel that sank off southeast Tunisia have...
- The inspection was carried out by divers accompanied by the ship's captain and engineer
- Tunisian authorities rescued the seven-member crew, who received first aid and were moved to a hotel
Economy
Libya’s National Oil Corporation announces closure of Al-Fil oil field
Libya's National Oil Corporation announced Sunday the closure of production at a major oil field in the country's south, declaring...
- The closure comes after a group of individuals declared that they were halting production "until a government appointed by parliament takes office in the capital".
- The firm said it "is obliged to declare a state of force majeure" and would no longer be able to provide crude to the Mellitah complex on the country's northwestern coast.
Business
Jordan’s electricity linkages with neighbors on track
NEPCO Director Amjad Rawashdeh has called the linkages a model for Arab countries.
- Work is underway to double the electric power exported to the Palestinian Jerusalem Electricity Grid through the Al Ram Electrical Station
- The move is expected to raise the volume from the current 40 MW to 80 MW, according to an agreement signed by the two sides
Geostrategy
Tunisia works to contain diesel spill after cargo ship sinks
The tanker XELO, carrying 750 tons of diesel from Egypt to Malta, sank in the Gulf of Gabes off Tunisia’s...
- Tunisia’s Environment Ministry has said barriers will be put up and a perimeter set to contain the diesel spill from the vessel
- Divers are also expected to be mobilized to examine the extent of the spill and the infiltrated fuel will be pumped out
Geostrategy
France urges cooperation with Algeria after Russia-Ukraine crisis
France and Algeria have been attempting to improve their ties after a diplomatic crisis.
- Algeria is a major exporter of natural gas, which covers over 11 percent of Europe's needs, compared to the 47 percent from Russia
- European countries have been trying to ramp up Algerian exports to reduce their reliance on Russia after it invades Ukraine
Business
Petrobras names new CEO
Jose Mauro Coelho was appointed to the post for a one-year term.
- Jose Mauro Coelho is the third Petrobras CEO in just over a year after President Jair Bolsonaro fired his predecessors in a standoff over fuel prices
- He was the government's choice to succeed Joaquim Silva e Luna, who was ousted by Bolsonaro last month after slightly more than a year in the post
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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
Company News
Latest News
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...
Geostrategy
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...
Business
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...
Economy
Most Read
Geostrategy
France, UAE share vision to shift towards clean energy
PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
- The UAE and his country are working together on low-carbon energy solutions, the French minister said.
- The minister highlighted the rising number of natural disasters globally caused by climate change.
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
- The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
- The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out