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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

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

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.

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.

ENEC and General Atomics to collaborate on use of technology for nuclear energy

Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
  • The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
  • ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects

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...
  • Addressing the meeting, Azerbaijan's Mukhtar Babayev said "there is a growing gap between the needs of developing countries and what's available.
  • This year, "finance will lie at the heart of climate diplomacy", said Babayev, the ecology and natural resources minister of Azerbaijan, host of COP29 climate summit.

Russia not in danger of trading oil at a loss, says Lavrov

MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
  • Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
  • OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.

Gulf nations transition from oil to solar powerhouses

The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
  • The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing.
  • With Qatar leading by example and Saudi Arabia set to follow, these moves signify a key shift towards renewable energy sources.

Masdar to buy stake in Terra-Gen

Masdar to buy 50 percent stake in Terra-Gen from ECP.
  • Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
  • The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030

Dubai approves rise in energy, water efficiency programs

DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
  • The Council reviewed updates of the demand side management strategy for 2030 and 2050.
  • This is part of the efforts to make Dubai a leading example in efficient energy and water demand management.

Sovcomflot 2023 net profit $900m   

In 2023, the firm demonstrated strong financial results.
  • The company's revenue increased by 22.6 percent in 2023
  • Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.

Meta secures nuclear energy in 20-year Illinois plant deal

Washington, United States -- Facebook owner Meta announced Tuesday a 20-year nuclear energy agreement with US-based Constellation Energy to secure...

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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.

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...

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,...

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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.

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.

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.