Nations divided ahead of decisive week for shipping emissions
London, United Kingdom -- Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
Geostrategy
Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
Geostrategy
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
Economy
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
- The bloc is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and clean technology.
- The EU's $3.6 billion climate tax on shipping pushes for greener maritime practices, while the environmental toll of war demands global accountability and swift action.
Market Report
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
- Moscow has escalated its aerial attacks on Kyiv, targeting key infrastructure in the wake of Ukrainian attacks on Russian oil facilities.
- Russia is a key producer of oil, while the Gaza-Israel war has given rise to worries about Middle Eastern crude supplies.
Business
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
- The CEO acknowledged China's economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
- He underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Geostrategy
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
- The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds to small and medium-sized enterprises.
- This will help efforts to overcome the calamity’s impact and to promote a more resilient and sustainable agriculture sector.
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
- Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
- This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity
Economy
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
- Bayraktar outlined several potential routes for this transportation, including a swap arrangement via Iran or a combination of Iran and Azerbaijan
- He stressed that a primary consideration is the establishment of a pipeline traversing the Caspian Sea, offering a higher-capacity solution
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.
Geostrategy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
- The US cannot dictate prices, although they would like to as the world is becoming a multipolar one, a Russian official said.
- "This multipolarity is expressed in particular in the existence of the group of countries known as OPEC+," he added.
Nations divided ahead of decisive week for shipping emissions
London, United Kingdom -- Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
Geostrategy
Company News
Norway nears 100% goal of all-electric cars
Geostrategy
Latest News
Iraq now gas self-sufficient, paves the way for surplus exports
Iraq has now become self-sufficient in liquid gas and the surplus is usually exported abroad, strengthening the Iraqi economy.
Business
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
Most Read
Business
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
- Sheikh Hamdan toured key facilities and operations, learning about the company's efforts to leverage AI.
- Sheikh Hamdan emphasized on the importance of Emirati women's participation across various sectors.
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
Economy
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
- The bloc is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and clean technology.
- The EU's $3.6 billion climate tax on shipping pushes for greener maritime practices, while the environmental toll of war demands global accountability and swift action.