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
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, JORDAN - 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.
Economy
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
- Together with the existing participants, Russia and Brazil, these countries jointly command 39% of the global oil exports
- BRICS will also possess nearly half of the world's total oil reserves, amounting to 719.5 billion barrels out of 1.6 trillion
Economy
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
- The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
- Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert
Turkey’s leader Erdogan in Hungary for NATO, energy talks
Hungary has still not voted to approve the Nordic country's entry into the North Atlantic Treaty Organization, having aligned itself...
- The two countries have also discussed strengthening their energy cooperation, given that Hungary already receives a large proportion of its gas via the TurkStream pipeline
- Budapest and Ankara will also be deepening their "strategic partnership", an announcement due to be made official during a visit by Erdogan scheduled for December
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Geostrategy
Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
- Masdar signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants.
- Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of over 100 million people.
‘Fuel of the future’: Gulf states bet on ‘green’ hydrogen
The investment in green hydrogen has not curbed expansion in oil and gas, with both the UAE and Saudi Arabia...
- In July the UAE, which will host the COP28 climate conference this year, approved a hydrogen strategy that aims to make it one of the top 10 producers by 2031
- According to Deloitte, Gulf nations will lead global clean hydrogen trade in the short-term, exporting around half of their domestic production by 2030
Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
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
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ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
Business
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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,...
Economy
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
Business
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
Economy
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Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
- Announced in June, the Vision Pro will cost a hefty $3,499 before tax, more than double the price of Meta's top-of-the-range Quest Pro headset.
- The headset has been in development at Apple for years, and is seen as a much needed boost to a segment that Facebook-owner Meta has struggled to grow.
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
- The pilot unit will separate oil from CO2-rich natural gas at the bottom of the ocean and reinject the gas directly into the reservoir, TotalEnergies said.
- The company said the high pressure subsea separation (HISEP) technology has the potential to reduce the intensity of greenhouse gas emissions.
Geostrategy
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
- UK government said it would invest $382 million building a high-assay low-enriched uranium programme that would help "displace" Moscow from global energy mar
- The British investment is part of plans to deliver up to 24 gigawatts of electricity from nuclear power by 2050, a quarter of the United Kingdom's electricity needs