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...
Economy
Poorer countries need money before raising climate targets, says COP29 head
Copenhagen, Denmark - Developing countries should not have to set stricter targets for cutting their carbon emissions before funds are available...
Geostrategy
Business
TotalEnergies, Adani Group set up JV for wind, solar power production in India
PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
- The JV will include wind and solar assets that Adani Green Energy Limited already operates and is building and developing in India.
- TotalEnergies has been developing renewable electricity production, with 19 GW of installed gross production capacity as of July 2023.
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.
Geostrategy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
- Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
- The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Business
California sues oil giants, alleges environment, climate-risks deception
The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
- The suit follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change.
- The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California.
Business
Oil prices at a crossroads as production cuts persist
Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to...
- Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to an anticipated market deficit until 2023-end, says a report
- Refineries grapple with material changes and disruptions as Russia's diesel export reduction boosts futures prices and OPEC+ cuts drive high oil prices during Q3 of 2023
Business
Turkey-China nuclear power plant deal possible soon: Minister
Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and...
- Senior officials from the Chinese government visited eastern Thrace and saw the sites where the construction is planned, Middle East Eye reported.
- Russia is already building a power plant in Akkuyu that will become partly operational next year.
Turkey casts doubt on need for new Russian gas hub
Putin first raised the idea of creating "a gas hub in Turkey for supplies to other countries" during talks with...
- Turkish Energy Minister Alparslan Bayraktar told a group of reporters on Thursday that Turkey already had a well-functioning gas trading platform
- Russia currently ships gas to Turkey via two pipelines running under the Black Sea and Turkey sends some of that gas onto southeastern European countries
Economy
Saudi and Russian oil cuts to cause big supply shortfall: IEA
The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this...
- The warning comes a day after oil prices jumped following OPEC's own update
- Saudi Arabia and Russia said that they would extend voluntary cuts until the end of the year
Geostrategy
IEA forecasts energy demand to reach record high this decade
The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of...
- The shift will have implications for the battle against climate change as it will bring forward the peak in greenhouse gas emissions, IEA executive director Fatih Birol said.
- "This is the first time that a peak in demand is visible for each fuel this decade," he wrote in FT, adding that this was happening sooner than anticipated.
Geostrategy
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
- Mushrooming urban environments -- which add new buildings in an area equivalent in size to Paris every five days -- damage life-sustaining ecosystems.
- Building less and repurposing existing structures generates 50-75 percent fewer emissions than new constructions, a report said.
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...
Economy
Company News
5 WEF reports shaping your 2024 agenda
Geostrategy
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Oil prices rise following Red Sea attacks
Market Report
EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
Economy
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
Most Read
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
- The IEA said the largest growth took place in China, with wind power additions rising by 66%
- Europe, the US and Brazil also hit all-time highs in renewable energy capacity