INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

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

Innovations spur Qatar’s petrochemical sector growth

"A fair, safe, and sustainable transition to low-carbon energy is crucial for protecting the planet and fostering economic growth. Achieving...

Economy
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
Business

Masdar to build five solar plants with a capacity of 1 GW in Iraq

Abu Dhabi-based renewable energy company Masdar on Thursday announced it will develop five solar photovoltaic (PV) projects in Iraq with...
  • The solar photovoltaic projects will be developed in Dhi Qar, Ramadi, Mosul and Amarah areas.
  • Iraq, the second-largest OPEC oil producer, is aiming at 20 to 25 percent of renewables in power production.
Economy

Natural gas market soars to record heights

Europe's reference Dutch TTF gas price hit 162.12 euros per megawatt hour and UK prices leapt to 407.82 pence per...
  • Europe's reference Dutch TTF gas price hit 162.12 euros per megawatt hour and UK prices leapt to 407.82 pence per therm in morning deals
  • Soaring gas prices -- coupled with oil which has struck multi-year highs -- have fuelled fears over spiking inflation and rocketing domestic energy bills
Business

Ducab unveils new brand identity

The UAE-based company will now focus on providing ‘Energy for change’.
  • The UAE-based company will now focus on providing ‘Energy for change’
  • The company seeks to generate positive economic, social, and environmental impact
Business

Libya kicks off construction of oil refinery near an oilfield

Announced in the early 1980s, the project for a refinery in southern Libya had been put on hold for years...
  • An annual income of $75 million is expected from the project, said state oil company head Mustafa Sanalla.
  • The refinery will be built near Al-Charara oil field, which produces an average of 300,000 barrels of oil a day.
Market Report

OPEC’s crude oil reserves up 0.3% to 1,237 bn barrels in 2020

World’s proven crude oil reserves stood at 1,549 billion barrels in 2020, increasing by 0.2 percent from the level of...
  • World’s proven natural gas reserves fell by 0.4 percent to 206.7 trillion standard cu m in 2020
  • OPEC natural gas reserves stood at 73.74 tr standard cu m in 2020, down 1.4 percent from 2019
Business

$80 oil sparks mixed fortunes for world economy

Rising oil prices handed a major boost to producers but threaten the global recovery and stoke inflationary pressures because they...
  • Global supplies have been disrupted because US production remains hampered by the ongoing fallout from Hurricane Ida.
  • OPEC now expects global oil demand to exceed its pre-pandemic level in 2022 thanks to Covid vaccines and recovering economies.
Economy

DEWA partners with Global Manufacturing and Industrialisation Summit

DEWA has implemented Fourth Industrial Revolution technologies, such as Artificial Intelligence, Cloud Computing and the Internet of Things to drive...
  • DEWA and GMIS will collaborate to promote the use of advanced energy-saving innovations
  • The collaboration will enable greater synergy between utility providers and industrial enterprises to eliminate energy wastage

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

Company News

Latest News

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
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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