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...
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...
Business
Business
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
- King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa making it the first cargo of oil byproduct from Yanbu-based hub.
- This reflects Mawani’s step to position the ports sector as a vehicle to fulfil Vision 2030’s ambition of transforming the Kingdom into a logistics hub.
Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Business
ADNOC awards two contracts for Hail and Ghasha Offshore Development project
ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail...
- The first contract for the offshore facilities has been awarded to a joint venture between National Petroleum Construction Company and Saipem.
- The second contract will deliver the onshore scope, including carbon dioxide and sulphur recovery and handling and has been awarded to Tecnimont.
Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
- Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
- "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
- IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
- It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
- The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
- Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.
Geostrategy
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
- There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
- Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".
Geostrategy
Oil industry is an integral part of climate solutions, says COP28 head
President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
- The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
- He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
- It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
- This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
Economy
ADIPEC 2023: Energy world to ponder energy transition
Abu Dhabi, UAE - Abu Dhabi International Progressive Energy Congress (ADIPEC) 2023 begins today here to deliberate decarbonization of the...
- ADIPEC 2023 is expected to attract more than 160,000+ attendees from 164 countries for its biggest edition ever
- The Congress will feature a rich exhibition programme that covers energy-related technology, innovation, collaboration, and digitalization
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...
Business
Company News
Oil prices rise after US, UK strike Houthi rebels
Market Report
Latest News
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
Business
Iran and Turkey to utilize modern tech for electricity exchange
Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...
Economy
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Interview
WEF24: AI stays at forefront of energy revolution
There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco...
- There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco Arcelli, CEO of ACWA Power, tells TRENDS.
- AI revolutionizes energy production, including water desalination, spearheading the irreversible shift towards renewable sources and green molecules, Arcelli adds.
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- OPEC+ continues to dynamically adjust production, with US output reaching a record high and global demand growth led by non-OECD regions.