Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
Geostrategy
We respect climate science, says COP28 head
DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
COP28 UAE
Economy
Saudi Arabia GDP to gain in 2022: Kuwait Financial Center
Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.
- Markaz’s report indicated that investments are expected to pick up as the government initiates major projects like Neom City
- Steady population growth, government subsidies, and the enacted mortgage law are enabling banks to finance home purchases, fueling the growth in the residential sector
Science
‘Ocean battery’ targets renewable energy dilemma
Amid the growing push away from climate-warming energy sources like coal, stockpiling green energy is key, experts say.
- Amid the growing push away from climate-warming energy sources like coal, stockpiling green energy is key, experts say
- Bliek's "ocean battery" relies on massive flexible bladders on the seabed, which are filled up with seawater by the wind farm
Business
SEWA implements development projects worth over $14.78m
The Central Region Department of the Sharjah Electricity, Water and Gas Authority (SEWA) implemented a number of development projects during...
- 80 projects have been implemented for network modifications and approximately 50 transformers are installed in the central region.
- Cables have been extended to implement these projects with up to 197,624 km of length, and the total cost of the projects is $14.78 million.
Geostrategy
Masdar and Manchester City to launch climate awareness campaign
Renewable energy company Masdar will become an official partner of Manchester City under an agreement that will see them collaborate...
- The campaign will coincide with the Masdar-hosted Abu Dhabi Sustainability Week from 15–19 January 2022.
- Masdar has a presence in almost 40 countries worldwide and plans to expand its global clean energy portfolio to more than 50 gigawatts by 2030.
Economy
Iraq acquires ExxonMobil share
The share was bought by Iraqi national oil company.
- The share was bought by Iraqi national oil company in the West Qurna field
- The field is one of the giant fields, the Iraqi oil ministry statement said
Economy
Iran supplies gas for domestic consumption despite challenges: Minister
The Oil Minister of Iran Javad Owji has said that his country has not faced the need to cut the...
- Iran used around 600 million cubic meters, around 100 million cubic meters in power generator stations, or its equivalent in gas oil, said oil minister Javad Owji.
- The country has not faced the need to cut the gas in any area despite decreased pressure problem, he said.
Economy
Kuwait to increase crude output by 27,000 barrels per day from Feb 1
Kuwait will increase its crude production by 27,000 barrels per day (bpd) to 2.6 million bpd from 1 Feb. 2022...
- With the fresh raise, which is in compliance with OPEC decisions, Kuwait's total production will reach 2.6 million bpd.
- OPEC+ has decided to proceed with a production hike of 400,000 bpd, keeping their current policy of slight monthly increases in output.
Economy
Jordan plans to improve energy efficiency in several sectors, says Minister
The minister also highlighted the Renewable Energy and Energy Efficiency Law, issued for this purpose, along with the terms and...
- The minister Kharabsheh emphasized the need of spreading national awareness by encouraging energy efficiency in the building sector
- During a meeting with the Plan’s work team, Kharabsheh said that the ministry is preparing the third National Energy Efficiency Plan
Business
Sonatrach plans $40bn investment
The Algerian firm will make the investments over five years.
- The $40 billion plan includes a refinery project at the largest oil field of Algeria, as well as an extension of the Skikda refinery to convert derivatives into fuel
- Sonatrach has also planned to put into service the fourth turbocharger of the Medgaz pipeline, which transports gas to Spain and Portugal
Economy
Iran, Russia, Azerbaijan to connect power networks in May
Mohammad Ali Farahnakian, advisor to Iran's energy minister for international affairs, told IRNA on Sunday that given a contract among...
- Farahnakian noted that the energy corridor in northern Iran will bring profits and reduce the need to invest in the electricity sector of the Islamic Republic
- There are two potential corridors for energy sharing, including the Russia-Azerbaijan-Iran corridor and Armenia-Georgia-Russia, Farahnakian added
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Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
Geostrategy
Company News
Latest News
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...
Geostrategy
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
Economy
Most Read
Economy
Saudi Arabia to invest $3bn in three new solar projects
Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3...
- The solar projects are part of the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy
- These projects intend to produce a combined capacity of 4.55GWac of renewable energy, powering approximately 750,000 households
Geostrategy
Capable of safeguarding Gulf waters in coordination with neighbors: Iran
Iran said it is capable of ensuring the safety of the vital Gulf waters in cooperation with neighboring countries. Iran...
- The Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
- Recently the commander of the US Navy's Fifth Fleet transited through the Strait of Hormuz in a guided-missile destroyer.
Business
Gulf oil giants turn to start-ups in bid to promote carbon capture
With little investment and few projects in operation around the world so far, the technology to capture carbon before it...
- Now major players from Aramco to the UAE's ADNOC say that is about to change, as the UAE hosts climate negotiations this year with a message of cutting emissions.
- Aramco has invested in Carbon Clean, a UK-based firm that has developed compact technology that captures carbon from industrial smokestacks.