Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
COP28 draft agreement includes option to do nothing on fossil fuels
The fate of oil, gas and coal is the thorniest issue being thrashed out at the COP28 UN climate talks...
COP28 UAE
Business
DEWA says 35% of work completed on Hatta power plant
The project is also part of DEWA’s initiative to develop the area to meet its social, economic, and environmental needs.
- The plant’s production capacity is set to reach 250 megawatts (MW) with a storage capacity of 1,500 megawatt-hours and a lifespan of up to 80 years
- This is the first of its kind in the Gulf region, with investments of around AED1.421 billion ($0.39billion)
Business
Aramco signs 10 Korea deals
The signings took place at the Saudi-Korean Investment Forum.
- The deals aim to advance Aramco’s downstream strategy and support the development of low-carbon energy solutions
- They are also expected to create new financing options for the world’s largest oil and gas company
Business
Masdar joins consortium to build solar power facilities in Indonesia
Masdar will be joining a consortium that will develop solar photovoltaic facilities with a capacity of about 1.2 gigawatts and...
- The renewable energy company signs MoU with Singapore’s Tuas Power, France’s EDF Renewables and PT Indonesia Power.
- Singapore is looking to import as much as 4 gigawatts of low-carbon electricity by 2035, which would constitute 35 percent of its total supply.
Economy
OPEC expects robust oil demand in 2022 to overcome Omicron threat
Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus...
- The Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global economic recovery.
- European crude benchmark Brent North Sea reached $88.13 per barrel, while US contract WTI hit $85.74 -- the highest levels since October 2014.
Business
Production capacity of Al Maktoum Solar Park’s fifth phase up by 30MW
The production capacity of the first project of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park...
- The increased production results from using the latest solar photovoltaic bifacial technologies.
- The 900-megawatt fifth phase, with investments of AED 2.058 billion, is 60 percent complete.
Economy
IRENA sees rapid growth of hydrogen economy
The development may bring significant geo-economic and geopolitical shifts in the energy market, which is currently valued at $174 billion.
- IRENA estimates hydrogen to cover up to 12 percent of global energy use by 2050
- This is due to the climate urgency and countries’ commitments to net-zero emissions
Business
Mineral resources key to supporting Saudi economy: Investment Minister
Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih said that the mineral resources sector is among the most important...
- General program for Geological Survey results in issuing 75 new exploration licenses after the launch of the new Mining Investment Bylaw in January 2021.
- Estimations put the value of mineral resources in the Kingdom of Saudi Arabia at $ 1.3 trillion.
Economy
Morocco’s GDP expected to grow by 3.2 percent in 2022: World Bank
The World Bank’s Global Economic Prospect reported on Tuesday that Morocco’s GDP is expected to grow by 3.2 percent in...
- Output in 2023 is projected to remain about 5 percent smaller than expected before the pandemic, the World Bank notes.
- The agricultural output returns to historical averages after the extraordinary performance of the primary sector in 2021, a WB report said.
Business
Dana Gas, Crescent Petroleum report record sales gas production
Dana Gas and its partner Crescent Petroleum have reported record sales gas production from their operations in the Kurdistan Region...
- Dana Gas and Crescent Petroleum jointly operate the Khor Mor and Chemchemal gas fields on behalf of the Pearl Petroleum consortium.
- The production milestone is the culmination of numerous process improvements at the Khor Mor gas plant, including a bypass project.
Business
Saudi Arabia and Tunisia sign energy agreement
The MoU encourages holding joint seminars and training courses on renewable energy, energy efficiency and conservation.
- The MoU covers the fields of renewable energy, energy efficiency and conservation, and includes cooperation on management of renewable energy
- The MoU aims at exchanging information and expertise between the two countries in these areas through related research and studies as well
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Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
Company News
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Equinor posts record profit
Business
Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts...
Economy
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
Business
Investment in solar power to overtake oil first time this year: IEA
The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment...
Economy
Most Read
Business
ADNOC, TAQA award $2.4bn project for sustainable water supply
Dubai, UAE -- ADNOC and Abu Dhabi National Energy Company (TAQA) Wednesday announced the award of a strategic investment project...
- A centralized seawater treatment facility and transportation network for operations at the Bab and Bu Hasa fields in Abu Dhabi are a part of the project.
- It will replace the current high-salinity, deep aquifer water systems at the fields, reducing water injection-related energy consumption by up to 30 percent.
Business
Gazprom 2022 profit at US$15bn
With Europe off limits, Gazprom has turned toward Asia.
- Gazprom said, "Profit margins were impacted by an increase in tax payments in the second half of the year."
- Western sanctions have heavily impacted the company headed by Alexei Miller, a close ally of President Vladimir Putin.
Geostrategy
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...
- Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
- Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.