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
Iraq exports oil worth $11bn in March, a fifty-year record
Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid...
- The figures published late Friday are preliminary data but final data "generally does not vary" much
- Oil revenues are financially crucial for Iraq's government, with the country mired in a financial crisis
Economy
US allies agree to tap emergency oil reserves again
IAE repeated its warning that the prospect of large-scale disruptions to Russian oil production "is threatening to create a global...
- A ministerial meeting of IEA chaired by US Energy Secretary decided to tap its emergency oil reserve fifth times since 1991 to calm soaring energy prices
- IEA members had already vowed to release 62.7 million barrels of oil encouraged members to support Ukraine in the supply of oil products
Economy
Dubai summit highlights future to governments
This year’s summit has brought together 190 countries, over 500 speakers, and 4,000 participants worldwide to discuss the future of...
- The summit’s topics focused on policies that drive progress and government development, sustainability, and future technology
- The Investopia Summit was launched as part of the WGS 2022 to improve global economic and investment sectors
Business
Qatar to invest $5bn in Egypt, with an eye on offshore gas
The move is being seen as another sign of a growing rapprochement between the two countries following last year's restoration...
- A Cairo statement said Qatar was to plough $5 billion in ‘investments and partnerships’ in Egypt, but did not give specifics
- However, QatarEnergy announced an agreement with ExxonMobil to acquire a 40% interest in a gas exploration block off Egypt
Economy
Bolsonaro removes Petrobras president after surge in fuel price
Brazilian President Jair Bolsonaro decided on Monday to replace the president of state-owned oil giant Petrobras, Joaquim Silva e Luna,...
- In early March, Petrobras upped the price of gas by 18.8 percent and diesel by 24.9 percent
- The ultra-right-wing Brazilian president has long criticized the pricing policy of Petrobras
Economy
Gulf region will boost global clean energy security: Al Kaabi
Mubadala’s UAE Investment chief Musabbeh Al Kaabi said on Monday that the Gulf region will play an increasingly important role...
- Al Kaabi affirmed that governments must develop initiatives to mitigate supply chain challenges to meet net-zero carbon targets
- He noted that global energy security will extend beyond oil as the UAE and its neighbours’ transition to become leaders in clean energy production
Geostrategy
Earth Hour: ENOC group stresses on lesser energy consumption
All service station forecourts including Service Station of the Future at Expo 2020 Dubai remained dark for an hour.
- The ENOC group switched off non-essential lights at its headquarters on 26th March from 8:30 to 9:30.
- ENOC saved a total of 11.9 GWh (or 11,963 MWh) of electricity in 2021, which is equivalent to 6,221 tCO2
Geostrategy
Sanctions on Iran’s revolutionary guards to stay despite nuke deal: US
Iran has been engaged in negotiations to revive the accord with Britain, China, France, Germany and Russia directly and the...
- The Guards are on the list because of Iran's action supporting the Syrian government and Yemen's Houthi rebels.
- The United States designated the Guards as a "foreign terrorist organization" under then-president Donald Trump in April 2019.
Geostrategy
Dubai saves 329MW of electricity during Earth Hour 2022
Dubai Electricity and Water Authority (DEWA) said about 329 megawatts (MW) of electricity were saved in the emirate during Earth...
- The power saved is equal to a reduction of 132 tons of carbon emissions.
- These savings are 13 percent higher than the 291 mw savings recorded during Earth Hour 2021.
Business
Jordan to soon resume oil imports from Iraq’s Kirkuk fields
Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.
- The exports were suspended in early February, pending discussion of details in the MoU
- The oil will reportedly be transported to the Jordan Petroleum Refinery in Zarqa
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Company News
Petrofac shares surge
Business
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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...
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...
Business
‘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...
Arts & Culture
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Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Economy
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
- The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
- Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.