MENA region can create 10m jobs by 2050 via climate action, says ILO
DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the...
COP28 UAE
Business
TAQA lands Aramco water project
The project will be used to make power and desalinate water.
- The Abu Dhabi National Energy Company or TAQA will develop a greenfield cogeneration power and water desalination project in Saudi Arabia
- TAQA will do this along with the Marubeni Corporation for Saudi Aramco
Science
Planned fossil fuel output shatters 1.5C climate target, says UN
The UN's Environment Program said government fossil fuel production plans this decade were "dangerously out of sync" with emissions goals.
- The UN says emissions must go down nearly 50 percent by 2030 and to net-zero by mid-century to limit warming
- But its Production Gap report found that total fossil fuel production would likely increase until at least 2040
Business
Oman to get green ammonia plant at Salalah
The new project, named SalalaH2, will target the production of up to 1,000 tons per day of green ammonia.
- An international consortium has signed an agreement to develop a green hydrogen and green ammonia project at the Salalah Free Zone in Oman
- The consortium consists of the alternative energy business unit of Oman’s national petroleum investment company OQ, Marubeni Corporation, Linde, and Dutco
Economy
Look beyond subsidies to fight high energy prices: IMF
Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, said Paulo...
- The IMF has said generalized energy subsidies benefit rich households who don't need the support
- In addition, they are not friendly to the environment, and in fact they lead to very negative incentives
Geostrategy
World’s clean energy transition ‘too slow’: IEA
Not enough investment is being pumped into meeting future energy needs and the uncertainties are setting the stage for a...
- Investment in clean energy projects and infrastructure would need to be more than trebled over the next decade if energy pledges are to be met.
- Two scenarios analyzed by IEA say global temperatures would be above 2 degrees Celsius if the world wants to achieve 1.5 degrees Celsius.
Business
DP World inks deal with MAN Energy Solutions
This is the latest in the several agreements the two companies have had over the years.
- As a result of the agreement, both parties will now eye common progress in the field of decarbonization
- The agreement is scheduled to run for five years with an option to extend thereafter
Economy
Iran needs $22bn to maintain gas output
Iran’s Oil Minister Javad Oji has reportedly said the country requires at this investment to maintain the production level of...
- About 50 percent of Iran's gas reserves are in Bushehr province
- This is true for about 10 percent of the country’s oil reserves as well
Economy
Lebanon in blackout as power stations run out of fuel
State electricity in most places is barely available for an hour a day amid rolling power cuts
- State electricity in most places is barely available for an hour a day amid rolling power cuts
- The Mediterranean country is battling one of the planet's worst economic crises since the 1850s
Science
UN official lauds UAE for resolve to cut carbon emissions to zero by 2050
The United Arab Emirates will aim to achieve net-zero emissions by 2050, a plan commensurate with the country’s 2050 Strategic...
- UAE aims to reach net zero greenhouse gas emissions by 2050
- The initiative, announced at Expo 2020 Dubai, aims to underpin dynamic economic growth alongside positive environmental impact
Economy
Dubai set to achieve clean energy targets by 2050
It is the Emirate’s goal to meet three-fourths of its energy requirements with clean sources, which would make it a...
- The Dubai Electricity and Water Authority (DEWA) has attracted US$10.89bn investments from the private sector and foreign banks
- It is the Emirate’s goal to meet three-fourths of its energy requirements with clean sources, which would make it a global hub for clean energy and a green economy
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RIL posts Q3 profit of US$1.9b
Business
ADNOC, Baker Hughes partner to boost green hydrogen development
Abu Dhabi, UAE - ADNOC and Baker Hughes announced Wednesday a deal to accelerate the development and commercialization of technology...
Business
Jordan, Iraq renew crude supply deal
Baghdad, Iraq - Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under...
Economy
Iran seeks trade boost with Syria during Raisi’s visit to Damascus
Iran's president hailed his visit to Damascus as a "turning point", after Tehran's support helped Syria retake most of the...
Geostrategy
Most Read
Global energy firms must pay up to prevent spill: Yemen company
To prevent a damaging oil spill in the Red Sea, the UN Development Programme in March took the unprecedented step...
- Hayel Saeed Anam Group, which in August contributed $1.2 million to UN clean-up campaign, made the appeal hours before a virtual donor conference hosted by Britain and Netherlands
- The Safer's 1.1 million barrels contain four times as much oil as that spilled in the 1989 Exxon Valdez disaster off Alaska, one of the world's worst ecological catastrophes
Geostrategy
Iran seizes oil tanker in Strait of Hormuz, says US Navy
Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident...
- A dozen Iranian Navy fast-attack craft swarmed the vessel in the middle of the strait, said a statement from the Bahrain-based US Fifth Fleet.
- The troubled but commercially vital Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
BP back in Q1 profit
In Q1 2022, BP posted its biggest loss ever at $20.4bn.
- BP posted for the first three months of 2022 its biggest quarterly loss ever, at $20.4 billion after taxes, after Western sanctions forced its exit from Russia
- The company also revealed that underlying profit dropped by one fifth to $5 billion, reflecting lower energy prices compared with one year earlier