Saudi energy minister calls Western climate pledges ‘small change’
"Unlike the small change offered for loss and damage from our partners in developed countries, the Kingdom through its South-South...
Geostrategy
Analysis
Factors that may impact oil’s demand-fueled recovery
At the global scale, 56.5 percent of oil reserves and 26.7 percent of natural gas reserves are owned by Arab...
- The financial crisis of the Arab countries will not ease unless oil prices, which will remain above $80 per barrel until 2025-end, come down
- Oil prices climbed by about $28.2 per barrel from January until October 2021, showing 51.2 percent increase over the 10 months
Business
Iran gas platform out of service after catching fire
The gas transmission pipeline of platform 16 of South Pars gas field started leaking on the seabed.
- Gas leaking from the platform caught fire after a lightning strike
- The platform is now 'not operational' and repairs were underway
Economy
EU moves to label nuclear, gas energy as ‘green’
The fact that the European Commission quietly distributed the text of this proposal to member states late on Friday, in...
- The proposal aims to support the 27-nation bloc's shift towards a carbon-neutral future
- It also looks to gild the EU’s credentials as a global standard-setter for fighting climate change
Business
Dana Gas receives $39 million payment from Egyptian government
Dana Gas has received a payment of $39 million (AED143 million) from the Egyptian Government in December, the company announced...
- The payment reduced its receivables in Egypt below $30 million to its lowest levels since commencing operations there in 2007.
- Dana Gas has invested over $2 billion since first entering Egypt in 2007 and is currently the fifth-largest gas producer in the country.
Economy
Qatar to spend $60 million to build gas line for Gaza power station
The MoU was signed with the Energy and Natural Resources Authority, affiliated with the Palestinian Authority and the Gaza Electricity...
- The MoU was signed with the Energy and Natural Resources Authority, affiliated with the Palestinian Authority and the Gaza Electricity Generation Company in the Gaza Strip
- The Chairman of the Qatari Committee, Mohammed Al-Emadi, said that the agreement stipulates an increase in the plant’s production capacity to reach 500 megawatts
Geostrategy
UAE residents can recycle used cooking oil at Bee’ah Tandeef machines
Waste management and environment company Bee’ah Tandeef has launched a service that allows people to recycle used cooking oil so...
- Bee’ah Tandeef will turn the waste cooking oil into biodiesel that will be used to run its fleet of waste collection trucks.
- The collection machine also dispenses a new empty bottle whenever a bottle is deposited.
Videos
Which are priority sectors in 2022 Saudi budget?
With the worst of the repercussions of Covid-19 expected to be in the rearview mirror, there are some specific sectors...
- Saudi Arabia has since 2016 started a wide-ranging program to diversify its economy to end its dependence on oil
- For example, it has seen investment to the tune of $1 trillion in the infrastructure and real-estate front alone
Economy
Climate crisis puts oil in the crosshairs, but dependence persists
The International Energy Agency warned in May that an immediate halt to new investment in fossil projects is needed if...
- Fossil fuels, represent 80 percent of energy consumed, and were explicitly blamed for driving climate change at COP26
- This was not the case when the Paris climate pact was reached in 2015
Business
ADNOC, TAQA partner to power, decarbonise offshore operations
The two companies announced on Wednesday a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise ADNOC’s offshore production operations,...
- The innovative project will see the development and operation of a first-of-its-kind high-voltage, direct current subsea transmission system in the MENA region
- It will power ADNOC’s offshore production operations with cleaner energy, delivered through the Abu Dhabi onshore power grid, owned and operated by TAQA
Geostrategy
Natural gas prices hit fresh record peaks on strong winter demand
European and UK gas prices rocketed Tuesday to all-time highs on strong winter demand and simmering geopolitical tensions between key...
- European and UK markets beat previous records from October. They are currently about eight times greater than at the start of 2021.
- Runaway spot gas prices, alongside other buoyant commodities including crude oil, have fueled mounting concern about spiking inflation worldwide.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
European energy crisis could worsen, warns Qatar minister
Doha, Qatar - Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages,...
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...
Economy
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...
Geostrategy
Most Read
Geostrategy
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
- The support aims to reduce the financial burden related to electricity bills, as part of an integrated and holistic approach to help low-income families in UAE.
- Beneficiaries can check the monthly support amount by referring to their farms’ consumption bill through Etihad Water & Electricity’s service channels.
Geostrategy
UAE discusses clean energy partnerships with Germany, Netherlands
ABU DHABI, UAE - A senior UAE official of the Ministry of Energy and Infrastructure (MoEI) visited Germany and the...
- Over 11,500 decision-makers, energy ministers and CEOs from over 100 countries participated in the World Hydrogen Summit 2023 in Netherlands.
- A senior UAE official provided an overview of the country's energy transition, with a focus on its hydrogen industry.
Business
OPEC-China alliance key to global oil market stability
A pragmatic framework for cooperation has been established between the two entities, fostering an ongoing exchange of views on mutual...
- OPEC Secretary-General Haitham Al Ghais emphasizes the importance of the dialogue partnership with China, with a plan to reinforce and strengthen it
- A balanced framework for cooperation between OPEC and China has been established, facilitating an ongoing exchange of views on mutual energy issues, he says