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
QatarEnergy announces integration of all marketing and related activities
DOHA, QATAR - QatarEnergy has announced the successful integration of all marketing and marketing-related activities formerly managed by QatarEnergy LNG....
Business
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
Business
OPEC sees oil demand growing over next two decades
The cartel's world oil outlook goes against the vision of the International Energy Agency, which warned in May that demand...
- Developing countries will fuel demand while it will begin to fall in wealthier nations from 2023, said OPEC.
- The OPEC report comes as Brent crude oil prices jumped above $80 per barrel for the first time in almost three years.
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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
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RIL posts Q3 profit of US$1.9b
Business
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World Economic Forum
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
DEWA customers can make payments via Samsung Pay
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has added Samsung Pay to its many options for customers to...
Business
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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
Business
ADNOC and TotalEnergies sign agreement to export LNG globally
Abu Dhabi, UAE - ADNOC Gas announced Monday a three-year supply agreement with the TotalEnergies Gas and Power Limited for...
- Under the deal, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world.
- "This agreement reflects our commitment to meeting the needs of our customers by offering supply security," said CEO ADNOC Ahmed Alebri.