People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
Masdar City to construct region’s first net-zero energy mosque
Abu Dhabi, UAE - Masdar City, an Abu Dhabi, UAE-based sustainability and innovation hub dedicated to making all cities a...
Geostrategy
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
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
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People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
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
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,...
Most Read
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.
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.