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
Oil prices inch up on mixed day for US stocks
World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with...
Economy
Iran’s new oil terminal to bypass Gulf chokepoint
Tehran inaugurated Thursday the terminal in Jask, on the Gulf of Oman, allowing tankers to avoid the Strait of Hormuz...
Lebanon may not be able to handle next Covid-19 wave
A top hospital manager has said Lebanon’s medical facilities are unprepared for the next wave of Covid-19 cases
Turkey seeks change in UN climate change agreement
Turkey has sought a change in a UN climate framework so it won’t have to supply technology to developing countries
L&T wins contract for 132/11kV Dubai substation
L&T’s construction arm has won several orders in India and abroad, including one for a 132/11kV power substation in Dubai
Dewa, Stanford to build PV system at Al Maktoum Solar Park
Dewa and Stanford University will collaborate to develop an advanced system to forecast PV production at the Al Maktoum Solar...
Saudi Arabia wants to pump ‘every last molecule’ of oil
Energy Minister Abdulaziz bin Salman has said Saudi Arabia will pump out “every last molecule” of oil it has
DEWA, Stanford University system to boost production forecast at Al Maktoum solar park
The new system reduces errors in the forecast of photovoltaic production to less than 10 percent
Iran opens oil terminal in Gulf of Oman to bypass Strait of Hormuz
Iran has started exporting crude through its first terminal in the Gulf of Oman, bypassing the Strait of Hormuz to...
Aramco confirms data breach that entails $50m ‘ransom’ demand
Aramco has acknowledged that it had seen a data breach that has a potential $50-million “ransom” demand attached to it.
US arrests Trump aide Tom Barrack for being ‘agent of the UAE’
Tom Barrack, who worked for former US President Donald Trump, was arrested on Tuesday for allegedly being an “agent of...
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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
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Iraq, Kurdish region sign accord to resume oil export
The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the...
Business
WMO urges more investment in integrated weather, climate services
GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the...
Science
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar...
Geostrategy
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Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
- The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
- Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
Economy
Dutch refinery looks to boost production of sustainable aviation fuel
Sustainable aviation fuels are being made from different sources such as municipal waste, leftovers from the agricultural and forestry industry,...
- EU plans to impose the use of a minimum amount of sustainable aviation fuel by airlines, rising from two percent in 2025 to six percent in 2030 and at least 63 percent in 2050
- Neste's Lehmus said there was a great need to mature the technologies to make sustainable aviation fuel from diverse sources such as algae, nitrocellulose and synthetic fuels
Business
Iraq inaugurates oil refinery in Karbala to curtail imports
The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day...
- Oil minister said that after the inauguration by the Iraqi Prime Minister, the refinery has started commercial production.
- The refinery can produce up to 140,000 barrels every day, and help in reduction of overseas oil import.