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...
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate...
Geostrategy
Geostrategy
Germany to ‘fast-track’ gas terminals as part of Qatar deal
Germany has committed to "fast track" the construction of two liquefied natural gas terminals as part of a new long-term...
- Economic Affairs Minister Robert Habeck secured the accord during talks in Doha with its emir and energy minister
- European states have been forced to turn to Qatar in recent months as they seek an LNG alternative to Russian gas in the wake of Moscow's invasion of Ukraine
Business
Houthi drone attack causes ‘temporary reduction’ in Saudi oil
Top crude exporter Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco...
- The Iran-backed Houthis, against whom Saudi Arabia leads a military coalition in Yemen, have repeatedly targeted the kingdom, including Aramco's sites
- The latest round of attacks comes after an oil refinery in the Saudi capital Riyadh was targeted on March 10 by a drone, an operation claimed by the Huthis
Business
Aramco profits doubled in 2021
The rise was due to crude prices, as the global economy recovered.
- Aramco's net income increased by 124 percent to $110 billion in 2021, compared to $49 billion in 2020
- It had achieved a net income of $88.2 billion in 2019 before the coronavirus pandemic hit global markets
Business
LNG projects in the Gulf of Mexico boosted as Russian gas alternative
The White House had earlier said that "federal policies are not limiting the production of oil and gas."
- Tellurian's future liquefaction plant will export 3.6 billion cubic feet LNG per day once completed
- The US administration has also said that supply must keep up with demand of energy for the short term
Business
GCC airfares soar as oil prices rise
The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry.
- Several Arab airlines have decided to raise the prices of their tickets slightly
- Kuwait’s Jazeera Airways increased fares to all destinations from March 7
Economy
Italy to tax energy profits to ease price burden
The amount generated is expected to help families and businesses struggling with high bills.
- The money will help fund a new €4.4-billion package to ease the pain of high energy prices
- This apparently comes on top of the €16 billion Italy has already spent in recent months
Geostrategy
Powered solely by renewables, PORRIMA docks at Dubai Harbour
Dubai Harbour welcomed the Swiss experimental vessel powered solely by renewables, PORRIMA, to its marinas on Thursday as part of...
- The first-of-its-kind solar, wind and hydrogen-powered ship has travelled more than 11,000 kilometers without stopping since departing Osaka, Japan, on December 18, 2021.
- Now, using solar, wind and hydrogen, the 36-metre 100-tonne vessel also utilizes artificial intelligence and technologies inspired by nature.
Economy
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
- OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
- Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Economy
IEA cuts oil demand outlook, fears Russia supply ‘shock’
The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over...
- Russia, the world's biggest exporter of oil, has been hit with a slew of international sanctions over the war in Ukraine, which sent oil prices soaring.
- While the measures exclude the energy market, the IEA said major oil companies, trading houses, shipping firms and banks have "backed away from doing business with the country".
Construction of 230 MW Masdar solar plant in Azerbaijan begins
Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan,...
- Masdar signed agreements to develop the Garadagh project, located nine kilometers northwest of the Alat settlement, in April last year.
- The project will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 houses.
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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...
Company News
Latest News
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...
Business
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
Economy
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
Business
Most Read
Business
Green activists cry foul as Shell decides to steady oil production
Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner...
- The group said Wednesday that it had already cut average daily liquids production to 1.5 million barrels per day by the end of 2022 on divestments.
- That marked a 21-percent reduction from 2019, or the equivalent of cutting output by two percent per year until 2030, according to the company.
Economy
Peak in oil demand ‘in sight’ before end of decade: IEA
"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight...
- IEA forecast in its Oil 2023 medium-term market report that annual demand growth would slow sharply over the next five years
- Energy prices soared last year after Russia, a major exporter of fossil fuels, invaded Ukraine and cut deliveries of natural gas to Europe
Economy
Regulating energy providers crucial for sustainability
“The new policy will contribute to the UAE’s GDP and help achieve financial returns that amount to AED21.5 billion (US$5.85bn)...
- UAE enforces policy to regulate energy providers, boost infrastructure, and foster investments, innovation, and modern technologies in the sector, says energy minister Al Mazrouei
- The new policy outlines contractual frameworks and public-private partnerships, targeting energy and water consumption reduction, carbon footprint, and building operational costs