INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Oil prices up on Saudi, Russia push for output reduction

Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...

Economy

Tawzea, NWC ink pacts

The companies have signed two agreements.

Business
Science

EU overachieves 2020 renewable energy target

With more than half of gross final energy consumption from renewable sources, Sweden had by far the highest share among...
  • With more than half of gross final energy consumption from renewable sources, Sweden had by far the highest share among the EU Member States in 2020
  • The Member States that significantly exceeded their 2020 targets were Sweden, Croatia and Bulgaria
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.

Oil prices up on Saudi, Russia push for output reduction

Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
Economy

Company News

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Iraq budget vote delayed as Kurds oppose amendments on oil

In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is...
Economy

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
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

French firm ENGIE’s investments in UAE projects nearly $12 billion

Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...
  • ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
  • These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
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.