50 oil and gas companies pledge to cut operational emission in COP28 meet
DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050...
COP28 UAE
COP28 puts spotlight on state oil giants
Western energy firms are the usual suspects when it comes to criticism about the sector's role in climate change, but...
Economy
Morocco to keep Algeria-Spain gas pipeline open
The operating contract for the Moroccan section of the Maghreb-Europe Gas Pipeline, which links fields in Algeria with Spain, runs...
- The operating contract for the Moroccan section of the Maghreb-Europe Gas Pipeline, which links fields in Algeria with Spain, runs out in October
- There was concern its renewal might fall foul of the latest spat between the two countries
Business
Iran’s July oil output rises 28% year on year: OPEC
Iran produced 2.485 million barrels per day or bpd of crude oil in July, according to OPEC’s latest monthly report.
- The country’s average crude output for the second quarter of 2021 stood at 2.443 million bpd
- This indicated a 224,000-bpd increase compared to the figure for the first quarter of the year
Economy
Hezbollah says Iran fuel tanker to sail to Lebanon
The move, prohibited by US sanctions on Iran's oil industry, could drag Lebanon into the covert naval war between Tehran...
- Neither the Iranian nor the Lebanese governments have confirmed the paramilitary organisation's claim
- The move, prohibited by US sanctions on Iran's oil industry, could drag Lebanon into the covert naval war between Tehran and Israel
Geostrategy
Egypt ties up with Sudan to map geothermal energy potential
The two countries will also expand the installation of fixed and mobile seismic stations.
- With the world moving away from fossil fuels, countries across the world are turning to alternate sources of energy
- This cooperation could help Sudan along those lines, as it looks to power more and more industries and households
Economy
Lebanon grapples with power, telecom outages
The outages come less than two days after a fuel tank exploded in the village of Al-Tleil, scorching people clamouring...
- The outages come less than two days after a fuel tank exploded in the village of Al-Tleil, scorching people clamouring to fill petrol that the army was distributing
- Lights and phone lines went out across the impoverished and marginalised region that has long suffered from an ailing power grid
Business
Aramco plans $20m stock swap with Reliance Industries
Saudi Aramco chairman Yasir Al-Rumayyan was inducted into the RIL board in June in the run-up to this deal.
- This is expected to be an all-stock deal, where Aramco will get a 20% share of RIL for about $20-25 billion worth of its own shares
- Based on Aramco’s valuation of $1.9 trillion, the transaction would give RIL a 1 percent stake in Aramco
Business
Khalid Al Qubaisi new ADES CEO
Al Qubaisi served as a VP at Mubadala Investment Company.
- ADES, a TAQA subsidiary, is responsible for retrofitting government and commercial buildings.
- TAQA expects the appointment shows its ambition to become a champion for low carbon power.
Investigation
GCC seeks to tap green hydrogen demand
The GCC countries see hydrogen as a key factor in fuel transition and have drawn up plans to export green...
- UAE first in GCC to reduce emissions by 24 percent by 2030 and to 50 percent by 2050
- GCC countries have plenty of space, sunshine wind energy in some areas
Burns, tears as Beirut medics treat fuel blast victims
Health authorities acknowledge the official figures underestimate the country's real toll
- Health authorities acknowledge the official figures underestimate the country's real toll
- Numbers have broken daily records several times this month
Economy
Lebanon’s bank chief vows no forex raid to fund fuel unless law changed
Lebanon's central bank governor has vowed not to reverse his decision to stop subsidising fuel imports, unless parliament votes to...
- The country's Foreign exchange reserves have dwindled in recent months to now stand at $14 billion
- Earlier this week, the central bank had said it would no longer subsidise fuel imports
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
50 oil and gas companies pledge to cut operational emission in COP28 meet
DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050...
COP28 UAE
Company News
Latest News
DEWA wins Hydrogen Project of the Year Award for green transition
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has won the Hydrogen Project of the Year 2023 Award for...
Business
Europe’s largest nuclear reactor begins operation in Finland
The most powerful nuclear reactor in Europe, with a capacity of generating 1,600 megawatts, Olkiluoto 3 reached full power in late...
Business
Iraqi government plans to reduce economy’s dependence on oil
BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal...
Economy
Most Read
Science
UAE launches its second nanosatellite DEWA SAT-2
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) successfully launched its second nanosatellite, DEWA SAT-2, aboard SpaceX’s Falcon 9...
- The launch of DEWA SAT-2 underlines the firm's commitment in using space technologies to improve the operations and maintenance of electricity and water networks.
- The nanosatellite was designed and developed by Emiratis at DEWA’s Research and Development Center, in collaboration with NanoAvionics in Lithuania.
Geostrategy
Nuclear power reactors to shut down in Germany
BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks...
- The exit decision was popular in a country with a powerful anti-nuclear movement, stoked by lingering fears of Cold War conflict and atomic disasters.
- The challenge caused by Russia's invasion of Ukraine put an end to cheap gas imports and has upped calls in Germany to delay withdrawal from nuclear power.
Business
ADNOC L&S to deploy five very large gas carriers
ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced on...
- The gas carriers will be owned and operated by AW Shipping, an ADNOC L&S joint venture with Wanhua Chemical Group.
- VLGCs transport liquefied petroleum gas and will provide ADNOC L&S greater flexibility to meet growing global gas demand.