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
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...
COP28 UAE
Economy
IEA warns of ‘chronic’ OPEC+ failure to meet 2022 oil demand
The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, had...
- The group began to increase output last year, renewing every month a target of 400,000 barrels per day, as demand and prices recovered.
- But analysts have said some members, such as Angola and Nigeria, have been unable to scale up their production and others are unwilling to do so.
Economy
Global diesel supplies fall as demand rises in post-pandemic recovery
Global supplies of diesel are dwindling as refiners struggle to keep pace with rapid post-pandemic demand recovery, exacerbating an acute...
- Northwest European diesel cargo prices reached $114/bbl on Monday, the highest since September 2014.
- Tight supply has pushed Asian diesel prices for the benchmark 10ppm gasoil to their highest since Sept. 2014.
Business
Dana Gas posts $317m profit
The company's revenue rose 30 percent to $452 million in 2021.
- The company revealed the profit in Preliminary Unaudited Financial Results for the full year ended 31st December 2021
- Revenue increased 30 percent to $452 million in 2021 compared to $349 million in 2020 due to higher oil prices
Business
BP profits $7.6bn in 2021
The company aims to cut emissions by 50 percent by 2030.
- BP posted a net profit of $7.6 billion (€6.7 billion) last year
- This followed a loss after tax of $20.3 billion in 2020
Economy
High electricity bills in Jordan due to rise in winter consumption: Regulator
Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when...
- Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when the electricity load was at 4,010 megawatts
- The regulator referred to repeated complaints about higher electricity bills during summer or winter when temperatures rise or fall, prompting consumption to soar
Economy
Lebanon fuel distributors say no diesel crisis in the country
Lebanon’s Fuel Distributors Representative Fadi Abu Chakra has confirmed that "there is no diesel oil crisis" in the country. The...
- The rumors of oil crisis started to circulate after a ship carrying 42 thousand tons of diesel met with a marine accident.
- The representative confirmed that diesel will be available during the next week and there is no crisis but a shortage.
Videos
Which GCC countries have largest renewable capacity?
From solar farms to wind energy, the infrastructure is being put in place at varying paces by GCC nations.
- Saudi Arabia is developing a sustainable renewable energy sector to support its economic growth
- More and more industries in the UAE are embracing solar in a big way as power demand rises
Economy
Dubai Supreme Council of Energy approves 2030 carbon strategy
The approval came at a meeting chaired by the council’s chairman Sheikh Ahmed bin Saeed Al Maktoum.
- The council approved the updated plans and objectives to reduce carbon emissions by 30 percent by the end of 2030
- This move is expected to, among other things, support the UAE’s efforts to achieve carbon neutrality by 2050
Business
Iran says Russia will invest $83.58m in Sirik power plant
Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.
- After discussions, the Russian Ministry of Finance agreed to invest in the 1400-megawatt (MW) gas-powered plant
- Some seven Iranian companies are working in the project, employing 250 manpower directly and indirectly
Economy
QatarEnergy, partners announce oil discovery offshore Namibia
The consortium partners comprise QatarEnergy, Shell and National Petroleum Corporation of Namibia "NAMCOR".
- The consortium partners comprise QatarEnergy, Shell and National Petroleum Corporation of Namibia "NAMCOR"
- The partners will conduct analysis on the well data and further exploration activity to determine the full size and recoverable resource potential
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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
Company News
Latest News
OPEC+ looks to slash production to rein in weak prices
The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and...
Economy
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
Business
Most Read
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE - Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
- Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
- Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Salvage of oil tanker stranded off Yemen can begin: UN
In an unprecedented salvage plan, the UN has purchased a super-tanker to remove the oil from the vessel in the...
- The salvage operation, which will cost an estimated more than $140 million, has been assigned to a company called SMIT Salvage
- SMIT Salvage will pump the oil from the 47-year-old Safer to the now UN-owned ship called Nautica, and then tow away the empty tanker
Geostrategy
Extension of Kurdish parliament unconstitutional, says Iraq supreme court
Iraq's supreme court ruled as unconstitutional the extended mandate of autonomous Kurdistan's parliament, rendering invalid votes taken by the chamber...
- The president of the top federal court in Baghdad, found unconstitutional the year-long extension of the chamber's mandate.
- As a result, decisions taken by the Kurdistan parliament since October 2022 "are constitutionally invalid", the judge said.