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...
Business
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
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Business
Major energy firms post sliding profits as oil and gas prices dip
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...
- Shell on Thursday said its profit after tax came in at $3.13 billion in the second quarter (Q2), down 80 percent compared with Q2 last year.
- French group TotalEnergies said its net profit dropped 28 percent to $4.1 billion in the second quarter from a year earlier.
Economy
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
- More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Geostrategy
G20 nations fall short of common plan on fossil fuels
NEW DELHI, INDIA - Energy ministers from the group of 20 nations meeting in India on Saturday failed to agree...
- The failure to reach agreement in Goa comes despite G7 leaders agreeing in Hiroshima in May to "accelerate the phase-out of unabated fossil fuels".
- G20 host nation India is itself only pledging to reach net zero by 2070, 20 years later than the commitment made by many other countries.
Science
UAE emissions plan ‘insufficient’, say climate groups
PARIS, FRANCE - New carbon-cutting plans by this year's UN climate talks host the UAE were branded "insufficient" by an analysis...
- The UAE, which will host the COP28 United Nations talks in November and December, has released its updated climate plans.
- The plans laying out a tougher target to reduce its greenhouse gas emissions by 19 percent by 2030 compared to 2019 levels.
Geostrategy
US, Arab League discuss Middle East, Israeli-Palestinian conflict
The US-Arab Strategic Dialogue discussed Middle East peace and the Israeli- Palestinian conflict, among other issues. The dialogue concluded successfully...
- US-Arab League discussed reducing tensions in regional conflicts, climate change and health security.
- The US condemned the attack on the Swedish Embassy in Baghdad and urged the Iraqi government to protect foreign missions.
Science
UAE and Egypt to boost cooperation in higher education, scientific research
Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
- The Egyptian minister noted the depth of the ties across all levels between the two countries, especially in scientific, cultural and educational fields
- The UAE official applauded the relations between the UAE and Egypt, noting the latter's role in the education field and stressing UAE's resolve to deepen ties
Business
Governments should provide incentives for green finance, says Dubai Chambers’ webinar
DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...
- The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
- The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.
Business
OQGN inks $1.2bn financing deal
Deal will provide firm access to capital in dual currencies.
- OQGN is the exclusive operator of the natural gas transportation network in Oman.
- This is considered one of the largest syndicates of Sharia-compliant financing in Oman.
Business
ADNOC L&S buys VLCC
Firm has committed $2 billion for more such carriers.
- The very large crude carrier is a four dual-fuel engine ship – which can also run on liquefied natural gas.
- The carriers, which can carry up to 2 million barrels of crude per voyage, were built in South Korea.
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...
Business
Company News
Russian oil price cap partially successful
Geostrategy
Latest News
Tawzea, NWC ink pacts
Business
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...
Economy
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...
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Most Read
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
- The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
- Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.
Geostrategy
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
- The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
- Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
COP28 UAE
IEA boss says COP28 bid farewell to fossil fuels
PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
- It gave an unmistakable signal to investors that if you continue to invest in fossil fuels you may well have serious business risks
- It gives a signal to the investors for clean energy that they may be more profitable than many people now believe they are.