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
Business
Syria to host the Arab Energy Conference in 2024
The meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), was held on Thursday...
- The meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC), was held on Thursday via video
- The ministers agreed that Syria would head the Council of Ministers of OAPEC as of January 2022 until January 2023
Business
Masdar, Taaleri SolarWind II Fund launch wind farms in Poland
"This event marks a key milestone in Poland’s renewable energy journey and demonstrates Masdar’s commitment to the nation’s climate action...
- In January, both companies announced they had each acquired a 50% stake in the projects, marking their first investment in the Polish renewable energy market
- The projects produce enough electricity to supply approximately 90,000 households in Poland, and offset 146,000 tonnes of carbon dioxide each year
Economy
Dubai’s carbon emissions have fallen by 22 percent in 2019
Dubai's carbon emissions have fallen by 22 percent in 2019, reflecting the efforts made by its strategic partners to support...
- Dubai Supreme Council of Energy discusses a resolution to achieve carbon neutrality by 2050.
- The meeting also discussed the implementation of a resolution to regulate district cooling services in Dubai.
Business
Aramco taps L&T for Saudi facility
Spread over 120,000 square meters of area, the facility which is to construed by L&T aims to create crucial equipment...
- L&T is to build the region’s first Heavy Wall Pressure Vessels facility at Jubail Industrial City
- More than 20 MoUs were signed under the Namaat program of Aramco in September 2021
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business
Saudi Arabia, Oman ink 13 business deals
The deals were inked by Oman Investment Authority firms with Saudi counterparts as Saudi Crown Prince Mohammed bin Salman visited.
- OQ signed three MoUs in the fields of petrochemicals, renewable energy and green hydrogen sector
- In the field of dry dock and logistic services, Asyad signed an MoU with a Saudi shipping company
Analysis
Saudi Arabia, UAE ripe for hydrogen investments
Green hydrogen has the potential to rapidly replace fossil fuels on a large scale, says Cranmore Managing Partner Yusuf Macun.
- Green hydrogen has a lot of potential particularly in heavy transport and heavy industries
- Green hydrogen has the ability to rapidly replace fossil fuels while simultaneously enhancing electrification
Business
SIDF inks deal with Engie
The agreement is expected to yield low-carbon energy services.
- The move will let SIDF employees join Engie’s knowledge-exchange 2022 training program, which will be held in Saudi Arabia
- It will also give SIDF employees the opportunity to work with experts at Engie for six months at the company's headquarters in Paris
Business
OPEC and allies may freeze oil output
The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to...
- The emergence of the new Omicron variant of Covid-19 has put a shadow on whether OPEC+ will increase or decrease production
- The variant has led countries to reinstate travel bans and mull further restrictions that could tighten demand and hurt oil prices
Economy
OPEC+ meets under pressure from Biden and Omicron
The meeting "is shaping up to be one of the most significant since the pandemic demand recovery began, and the...
- Biden called it a "major initiative", with analysts estimating the injection at between 65 and 80 million barrels, including 50 million from the United States alone.
- The group said earlier this month it planned to boost output by 400,000 barrels per day in December, despite a room for manoeuvre that is 10 times greater
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Company News
Latest News
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...
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...
Geostrategy
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...
Business
Most Read
Interview
MENA region takes significant strides towards renewable energy, says Prince Albert II of Monaco
The Monaco prince commends the Saudi Green Initiative, Middle East Green Initiative and the upcoming COP in Dubai as "remarkable...
- Prince Albert recognizes the remarkable environmental initiatives undertaken by the MENA region and offers his support and willingness to contribute to these efforts
- Stressing on global collaboration, Prince Albert II emphasizes that the fight against climate change and the preservation of biodiversity cannot be won by isolated efforts
Business
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE - Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...
- The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
- Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.