Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
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.
Business
Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.
- Shell is gradually withdrawing from Russia owing to the war due to the UK government policy.
- Shell previously apologized for buying a cargo of Russian oil at a vast discount following the invasion.
Rich nations to tap 120m barrels from emergency oil reserves: IEA
The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month...
- IEA, which holds emergency stockpiles totaling 1.5 billion barrels, concurred with the decision to tap oil reserves again
- Joe Biden had already announced that the US would release 1 million barrels its oil reserves onto the market every day for six months
Geostrategy
Civilians try to flee east Ukraine as Russia prepares attack
More than 11 million people in Ukraine have been displaced since Russia invaded on February 24, aiming to seize the...
- Russian troops have been withdrawing from around the capital and Ukraine's north, leaving a trail of destruction behind them
- The scenes of carnage left behind by retreating troops in towns like Bucha have led to a wave of fresh sanctions against Moscow
Most Read
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
Company News
Latest News
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...
Economy
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
Business
Most Read
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Arts & Culture
‘Global climate action brings immense optimism’
Finland and the UAE will be able to tackle climate change through international efforts, collaboration, and partnerships, she adds while...
- Kerstin Stendahl, Finland’s Special Envoy for Climate Change, expresses optimism for the forthcoming COP28 and global climate action
- Finland and the UAE will tackle climate change through international efforts, collaboration, and partnerships, the Finnish diplomat highlights