COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action
Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter...
COP28 UAE
UAE President announces $30bn Global Climate Fund at COP28 meet
In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh...
Geostrategy
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
Economy
Lebanon deploys army at pumps over fuel subsidies
Fuel importers blame the crisis on a delay by the central bank in opening credit lines to fund imports
- Fuel importers blame the crisis on a delay by the central bank in opening credit lines to fund imports
- Lebanon is gripped by one of the world's worst economic crises since the 1850s
Geostrategy
US’ Iran sanctions target Omani man, firms
The US Department of Treasury said the sanctions are on ‘individuals and businesses’ involved in a network that smuggled oil...
- The US has sanctioned an Omani national Mahmood Rashid Amur Al Habsi, who it said helped smuggled oil out of Iran
- On the list of sanctions are also two companies owned by Al Habsi, and a tanker used to ferry oil
Chevron JV wins $240m Bapco deal
This is the largest catalyst management deal in Bapco’s history.
- This is an exclusive five-year agreement, which includes an option to renew for an additional five years
- The resulting plant would be known as 1RHCU when fully operational in 2023
Business
Cargo ship splits in two after running aground at Japan port
Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat...
- Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat listing into the sea
- Authorities were trying to contain the oil leak but had not yet been able to erect an oil fence around the boat
Geostrategy
US urges OPEC+ to pump more oil
US national security adviser Jake Sullivan has criticized the world's major oil producers over their production speed.
- The US believes lower oil prices resulting from slower pumping would be detrimental to a global economic recovery
- As such, it has said it is engaging with ‘relevant OPEC+ members’ to urge them to extract more oil
Business
ADNOC and Fertiglobe to sell blue ammonia to Idemitsu
The sale is part of UAE-Japan industrial cooperation and development of ammonia supply chains.
- ADNOC sold its first cargo of blue ammonia to Japan's Itochu on Aug. 3.
- Sales part of UAE-Japan industrial cooperation and development of ammonia supply chains.
Business
Raisi tells Macron nuclear talks must guarantee Tehran’s ‘rights’
It was the ultraconservative Raisi's first reported call with a Western leader since taking office last week
- It was the ultraconservative Raisi's first reported call with a Western leader since taking office last week
- Both Raisi and Macron also stressed the need to strengthen bilateral relations, the statements said
Business
Iran helps Syria build power plant in Latakia
The new plant is expected to help bring back energy to those in Syria who lost access to it over...
- Iran-based Mapna Group has been tasked with implementing the project
- Iranian experts are aiding in this construction in an effort to assist the war-torn country in rebuilding itself
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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
COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action
Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter...
COP28 UAE
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Ducab partners with Vestas
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
G7 climate ministers pledge to end plastic pollution by 2040
A statement put out by G7 said the phase-out will be achieved by "promoting sustainable consumption and production of plastics,...
Economy
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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.
Economy
Germany to shut down last three remaining nuclear plants
At a time when many Western countries are ramping up nuclear power in their transition to greener energy sources, Europe's...
- The exit decision was popular in a country with a powerful anti-nuclear movement fuelled by fears of Cold War conflict and disasters such as Chernobyl
- The three final nuclear plants provided six percent of Germany's energy last year, compared with 30.8 percent from all nuclear plants in 1997