Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Economy
G20 per capita coal emissions growing: research
According to the research published by Ember, an energy thinktank that pushes for renewable power, per capita G20 coal emissions...
- Countries such as Britain, Germany and the United States were able to significantly decrease per capita emissions
- But at the same time, other countries, including G20 host India, Indonesia and China, all saw their emissions rise
Business
Improving power situation in Libya brightens life
Till last year, outages could last 20 hours, turning the streets dark and leaving residents sweltering in temperatures above 40...
- Chronic electricity shortages had shaped the daily lives of Libyans since the fall of Moamer Kadhafi in a NATO-backed 2011 uprising.
- A decade of stop-start fighting between rival groups followed, adding combat damage and looting to the dilapidated grid in Libya.
Economy
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
- Russia's Deputy Prime Minister Alexander Novak said on Thursday that his country has agreed with OPEC+ to cut oil exports next month
- The International Energy Agency and OPEC are relying on China, the world's largest oil importer, to shore up oil demand over the rest of 2023
Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
- The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
- The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Geostrategy
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
- In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
- IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
Geostrategy
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
Business
Iran inaugurates final phase of country’s largest gas field
The South Pars gas field is one of the world's largest natural gas condensate fields. Iran shares the gas field...
- Oil Minister Javad Owji said around 50 million cubic meters of gas will be extracted daily from phase 11 of the project "after the completion of the wells".
- Iran has the world's second largest gas reserves, after Russia, and the world's fourth largest oil reserves.
Business
NIDC drills 195 oil wells in 2 years
Wells were drilled in onshore, offshore operations.
- The oil and gas wells were put into operation by affiliated companies of the National Iranian Oil Company.
- 13 wells were completed 201 days sooner than expected due to round-the-clock efforts of NIDC’s employees.
Business
Climate change to be discussed in Dubai COP28 meet, says Egypt minister
Cairo, Egypt - Egyptian Minister of International Cooperation Dr. Rania Al Mashat, said the 28th Conference of the Parties to...
- noted that international reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change risks
- Al Mashat added that COP28 will see presentations on the most important results and joint action taken over a year within the National Platform for Green Projects
Economy
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
- The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
- In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
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ENEC, X-energy sign agreement
Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
Business
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
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Geostrategy
Russia redirected most oil exports to China and India, says Novak
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
- India has been able to snap up discounted crude from Russia before refining it and selling it to European customers, reports say
- Russian Deputy PM Alexander Novak said he expected Russian oil and gas revenues will amount to almost nine trillion rubles ($98 billion) this year
Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.