Energy Archives - Page 18 of 159

Water scarcity is 500 cubic meters per capita, while Saudi Arabia's annual per capita share of water does not exceed 89.5 cubic meters.
The Saline Water Conversion Corporation has signed agreements with several major corporations to tackle water scarcity.

Business

EVIQ to set up infra for EVs in KSA

PIF, SEC JV's brand name for EV infrastructure is EVIQ.

EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.

Economy

Oil prices edge up on Iraq’s backing for OPEC+ output cuts

New York, United States - Oil prices saw a modest 2% increase on Friday, boosted by Iraq's expressed support for...

The market witnessed substantial short covering as the week unfolded, partly fueled by Iraq's commitment to OPEC+'s production level agreements
Looking ahead, OPEC+ is scheduled to meet on November 26, where discussions on production levels and potential supply adjustments will take center stage

Geostrategy

ADNOC Drilling, Alpha Dhabi set up JV

The two companies will invest up to US$1.5 billion.

ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.

Business

DEWA Q3 2023 revenue $2.5bn

The revenue was driven by demand for electricity, water.

For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.

Geostrategy

Saudi urges leniency in climate change policies for low income nations

Riyadh, Saudi Arabia - Saudi Arabia said on Thursday that policies to address climate change should not "crush the bones" of...

Climate change is "relevant and important" but "should not be attended to by crushing the bones and the future of the less (powerful) people," Prince Abdulaziz said.
Prince Abdulaziz said on Thursday that attempts to provide financial support to countries affected by climate change had so far delivered poor results.

Interview

Diversification remains crucial for oil-rich nations

Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...

Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview
She highlights the need for a global sustainability approach, emphasizing localized transitions, inclusivity, and the urgency of shifting to sustainable development

Economy

Russia to continue voluntary oil export cuts by 300,000 barrels a day until yearend

Moscow, Russia - Russia will continue additional voluntary oil export cuts by 300,000 barrels a day until the end of...

Additional cuts are geared to enhance OPEC+ measures to maintain stability and balance on oil markets
Russia began to voluntarily cut oil production by 500,000 barrels a day from February’s average back in March

Science

AI to contribute in enhancing low-emissions development

BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development. UN Climate Change’s Initiative on...

UN Climate Change’s Initiative on Artificial Intelligence for Climate Action explores the role of AI as a tool for climate action in developing countries.
It aims to deliver results both on policy and implementation, under the first joint work program of UN Climate Change’s Technology Mechanism.

Business

QatarEnergy inks second 27-year gas supply deal with China’s Sinopec

DOHA, QATAR - Qatar has agreed to supply Sinopec with natural gas for 27 years, the Gulf emirate's state-owned energy company said...

Doha will supply three million tonnes of gas a year to Sinopec under the deal.
Asian countries led by China, Japan and South Korea are the main market for Qatar's gas.