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...
COP28 draft deal calls for ‘reducing’ fossil fuel production, consumption
The draft no longer mentioned a "phase-out". The text prepared under COP28 president Sultan Al Jaber, the head of the...
COP28 UAE
Economy
Oil prices plunge on China lockdowns, stocks diverge
Oil prices plunged on Tuesday as China, a major energy consumer, placed nearly 30 million people under COVID lockdown, and...
- China reported 5,280 new COVID-19 cases on Tuesday, more than double the previous day's tally
- "China oil demand risk is real," Dickson said, adding that a strengthening dollar also pressures crude prices since oil is traded in dollars
Geostrategy
Power restored at Ukraine’s Chernobyl: IAEA
Power has been restored at Ukraine's Chernobyl nuclear power station, the site of the world's worst nuclear disaster in 1986,...
- The retired Chernobyl nuclear reactors -- enclosed in a giant steel and concrete sarcophagus -- had also lost power early last week but supply was restored Sunda
- The 1986 explosion at the Chernobyl nuclear power plant killed hundreds and spread a radioactive cloud across Europe
Geostrategy
Arab Youth Council and HSBC to educate Arab students about climate action
HSBC sponsors the program that provides open-source sustainability skills, ideas and solutions to all university and college students in the...
- The two parties signed a pact by which they will cooperate in building the capacities of students and developing their skills.
- The two parties would collaborate to implement an interactive curriculum project available to all students of universities, colleges.
Geostrategy
Amid NFT boom, artists worry about climate costs
Most NFTs are currently traded on Ethereum, which reportedly uses as much electricity as all of the Netherlands, with a...
- K-pop fans in South Korea last year staged a brutal campaign against plans for popular groups include BTS and A.C.E. to sell crypto-art.
- Selling art as non-fungible tokens, or NFTs, uses the same technology as crypto-currencies like Bitcoin. The buyer receives a verified digital token as a mark of genuineness.
Economy
DEWA completes first stage of world’s largest aquifer project
Dubai Electricity and Water Authority (DEWA) has completed the construction of the first stage of the Aquifer Storage and Recovery...
- The full scale of the ASR project can store up to 6,000 million imperial gallons of water once completed by 2025 as a strategic reserve.
- The production capacity of desalinated water of DEWA is currently 490 MIGD, including 63MIGD using Sea Water Reverse Osmosis (SWRO) technology.
Economy
Too early to dismiss oil’s role in energy market
Saudi Arabia, the world's second-largest oil producer that produced more than 10 million barrels of crude per day before the...
- Saudi Arabia, the world's second-largest oil producer, plans to produce 13.5 million barrels by 2027, as well as 23 billion cubic feet of gas by 2030
- Despite its national policy to diversify the economy and lessen reliance on fuel, the Kingdom continues to increase its oil and natural gas production
Geostrategy
US seized cargo of ships allegedly carrying Iranian crude
Several weeks ago US authorities seized the oil which they said left Iran in 2020 and was then transferred to...
- Several weeks ago US authorities seized the oil which they said left Iran in 2020 and was then transferred to other vessels using surreptitious means.
- The court case was made public only recently, after the oil was resold for between $38 million and $45 million
Economy
Libya armed groups step back after Tripoli escalation
Libya has had rival administrations since the eastern-based assembly swore in a prime minister earlier this month in a challenge...
- Libya has been riven by conflict since the 2011 revolt that toppled dictator Moamer Gadhafi
- It has had two rival governments before: from 2014 till Abdulhamid Dbeibah was sworn in last year
Business
Aramco JV inks China deal
The refinery, in China’s Panjin, should be operational by 2024.
- The liquids-to-chemicals complex is being built by Huajin Aramco Petrochemical Company (HAPCO), of which Aramco is a part
- The other members of the JV are North Huajin Chemical Industries Group Corporation and the Panjin Xincheng Industrial Group
Economy
Ukraine war affects green energy transition
The EU, IEA, and NGOs stress that the development of renewable energy sources and biogas must be accelerated.
- The global demand for the dirty fossil fuel reached a historic high in 2021 as several countries including China prefer it to pricier gas
- Some countries could burn coal for longer, using it to transition to renewable energy sources without passing through a gas-power phase
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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...
Company News
Rosneft 2022 profit at $10.5bn
Business
Latest News
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...
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)...
Economy
Saudi Arabia announces international conference on Sudan aid
Saudi Arabia announced that it would jointly lead a conference on the humanitarian response to the war in Sudan next...
Geostrategy
Most Read
Business
DEWA commissions 6 new transmission substations in Jan-April 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned six new 132/11 kV transmission substations from January to...
- The project included 3,450 meters of 132kV ground cable to connect with the main transmission network.
- The new transmission substations are in Al Jaddaf, Tilal Al Ghaf, Bani Yas, Jebel Ali Port, Marsa Dubai and Al Yufrah 1.
Business
Greenpeace denounces UK energy firm over coal-fired power station
LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station...
- National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England.
- Temperatures in Britain could exceed 30 degrees Celsius (86 degrees Fahrenheit) on Monday and remain high this week, forecasters say.
Economy
Pakistan gets first Russian crude under discount deal: PM
Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and...
- Pakistani State Minister for Petroleum previously said shipments will be paid in currencies of "friendly countries", with Pakistan's US dollar reserves dangerously low
- Local media reported the cargo of 100,000 metric tons of oil left Russia a month ago and was split across two smaller ships in Oman before sailing to Karachi