ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE --Â 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...
Analysis
Global projects to fuel Aramco 2022 growth
The Saudi Arabian Oil Company has outlined a clear strategy to continue to invest in both upstream and downstream segments,...
- In March, Saudi Aramco said its net income increased 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- This was the result of higher oil prices, stronger refining and chemicals margins, and SABIC’s consolidation of full-year results
Business
Italy PM in Algeria seeking gas to reduce Russia reliance
Italian Prime Minister Mario Draghi arrived in gas powerhouse Algeria on Monday as Rome steps up efforts to reduce its...
- Italy buys the vast majority of its natural gas from overseas, with over 40 percent of those imports coming from Russia.
- Rome is hoping its second-biggest supplier Algeria can boost output via an undersea pipeline in order to provide alternatives.
Economy
Russia’s alarming hold over German energy infrastructure
The war in Ukraine has exposed not only Germany's dependence on Russian gas, but also the large share of Russian...
- The German subsidiaries of Russian giants Gazprom and Rosneft are key players in the energy landscape of Europe's biggest economy
- Gascade, one of the largest gas distribution network operators in Germany, is 50.03-percent owned by Gazprom Germania
Business
Future uncertain for Germany refinery fed on Russian oil
The PCK refinery in Germany has been processing crude oil from Russia since before reunification, but a looming ban on...
- The PCK refinery is located in the town of Schwedt in former East Germany near the Poland border
- It employs 1,200 people, and many local businesses depend on the custom it brings to the area
Geostrategy
Syria again accuses US of stealing oil through Iraq
Syria has over the past few months repeatedly accused the US of using its forces to steal oil from its...
- Local sources in the Yarubiya countryside said that US forces on Saturday brought out a convoy of 60 vehicles
- This, they said, included a number of trucks and tens of tanks loaded with ‘stolen Syrian oil’ being taken to Iraq
Economy
Iraq cleans up river as first green projects take root
The 200 volunteers at work in Baghdad remove garbage from a stretch of one of the mighty rivers that gave...
- The environment minister of Iraq has admitted that waste incineration's 'toxic gases affect people's lives and health'
- Iraq's southern Mesopotamian Marshes, which suffered huge losses during the war, were named a UNESCO World Heritage site in 2016
Analysis
GCC keeps pace with global solar, wind trends
Countries like the UAE, Saudi Arabia, and Oman appear on track to take giant strides in diversifying their portfolios when...
- Across the greater MENA region, Yemen, Jordan, Turkey, and Morocco have generated more than 10 percent of their power from solar and wind
- However, things appear poised to change very soon, with several projects that may improve the region’s overall renewable outlook
Business
Rising prices threaten Petrobras
It is caught in a political tug of war, with the president on one side.
- Jair Bolsonaro, the right-wing President of Brazil, is widely blamed by the public for the country's double-digit inflation and high fuel prices
- Even as Brazil's economy recovers from the pandemic, fuel prices rose 33 percent and the war in Ukraine made the situation worse
Geostrategy
UN seeks $80m to avert ‘imminent’ Yemen oil spill
Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month.
- Yemen's Huthi rebels already agreed a "framework for cooperation" with the United Nations on the issue last month
- The UN has said an oil spill could destroy ecosystems, shut down the fishing industry and close the lifeline port of Hodeida for six months
Business
Fuel price fall by five percent as demand takes a hit
The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in...
- Brent oil futures for June delivery fell 5.2 percent to $101.07 per barrel, while West Texas Intermediate for delivery in May slid 5.6 percent
- Oil executives rejected suggestions they had withheld supply to drive up prices and said they are in the process of increasing investments in response to higher commodity prices.
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ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE --Â Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Company News
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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...
Business
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...
Geostrategy
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...
Economy
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Business
Aquaterra gets UAE contract
Firm will deliver a complete end-to-end managed service.
- Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
- This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
- Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
- He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating