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
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
Geostrategy
Three rockets land near oil refinery in northern Iraq
It comes less than a month after Iran's Revolutionary Guards claimed an assault on Arbil that it said targeted an...
- The rockets fell near the Kawergosk refinery, one of the largest in oil-rich Kurdistan
- The refinery is located about 20 kilometers (12 miles) northwest of regional capital Arbil
Economy
UAE launches database to monitor energy, water consumption
Announced in July 2021, the national program aims to boost efficiency by 40 percent across the three most energy-consuming sectors...
- The database is part of the initiatives of the National Water and Energy Demand Management Program.
- It will help gauge energy and water consumption in government buildings and identify buildings with the highest consumption rates to develop rationalization programs.
Economy
World’s fossil fuel assets risk evaporating in climate fight
Oil platforms, pipelines, coal power plants and other fossil fuel assets could lose trillions of dollars in the battle against...
- The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with clean energy faster to mitigate financial losses.
- Such assets will become "stranded" and worth less than expected because they may never be used since fossil fuel demand must fall in the near future to limit emissions.
Geostrategy
EU plans to punish Russia more with sanctions on oil or coal
The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top...
- The Europeans are under pressure to hit Moscow in the crucial energy sector and stop paying out the huge proceeds from gas, oil and coal
- Since Russia's military buildup against Ukraine began, sanctions against Moscow have been coordinated with the US and its Western allies
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Geostrategy
US, Iran spar over stalled nuclear talks and demands
Iranian foreign ministry spokesman Saeed Khatibzadeh said that the country's negotiators would not return to Vienna, the site of the...
- Tehran has been engaged in long-running negotiations in the Austrian capital of Vienna to revive the JCPOA
- It has engaged with Britain, China, France, Germany, and Russia directly, and the United States indirectly
Economy
Britain may build seven nuclear power plants by 2050
Britain could build up to seven new nuclear power plants by 2050, as well as offshore wind to diversify energy sources,...
- Britain has set itself a target of carbon neutrality by 2050 and the government could publish a delayed new energy security strategy
- About 21 per cent of Britain's electricity comes from 15 nuclear reactors today, according to Energy UK trade association
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
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
Petrofac shares surge
Business
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