INSEAD Day 4 - 728x90

Energy

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

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...

Economy

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
Geostrategy

Pro-Iran parties urge Iraq to clear energy dues with Tehran

BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States...
  • Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third of its energy needs.
  • To reduce their dependence on Iranian gas, Iraq has been exploring several possibilities including imports from Gulf countries like Qatar.
Business

Dubai to expand EV charging points by 170 percent till 2025

DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170...
  • Dubai Electricity and Water Authority aims to grow the city’s network of public charging stations by 170 percent in less than three years.
  • The emirate’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100 percent of its power from clean energy sources by 2050.
Geostrategy

Saudi Arabia should ‘review’ emissions targets: French minister

France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
  • Saudi Arabia pledged in 2021 to achieve net zero carbon emissions by 2060. Pannier-Runacher's trip came as the UAE prepares to host the COP28 climate summit.
  • Largely state-owned energy firm Saudi Aramco, the kingdom's main revenue generator, is targeting "operational net-zero" carbon emissions by 2050.
Geostrategy

Libyan rival leaders to work together for oil income

TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on...
  • The UN Support Mission in Libya said the financial oversight committee's "inclusive approach" will help enable "a level-playing field for candidates in the polls.
  • Ballots in Libya had been due in December 2021 but disputes including who should stand in the polls meant they were never organized.
Economy

Russia to cut oil output by another 500,000 bpd

Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
  • Earlier, Deputy Prime Minister Alexander Novak told reporters that Russia will slash oil supplies to markets in August through the reduction of exports
  • Saudi Arabia and Russia have recently announced their decision to extend cuts to oil production in an effort to bolster global oil prices
Business

Iraq, GECF discuss role of oil, gas in country’s development

BAGHDAD, IRAQ -  Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
  • The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
  • The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Economy

Oil and gas firms must invest more in clean energy

“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
  • Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
  • The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability
Business

Energy prices may jump if output slashed, warns Shell CEO

LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because...
  • The official warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging.
  • Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year.
Geostrategy

COP28 chair Sultan Al Jaber urges energy firms to cut emissions

Al-Jaber, head of the UAE national oil company ADNOC, told ministers from countries of the OPEC oil producers' grouping the...
  • Jaber said the entire industry "should be aligned" to help the world meet the target of net-zero greenhouse gas emissions by 2050.
  • This includes not only international oil companies but also national state-controlled ones, Jaber told an OPEC seminar in Vienna.
Business

Gas export to Europe continues via Greenstream pipeline : Libya

Vienna, Austria - Mohamed Aoun, Libyan Minister of Oil and Gas, has said that Libya is continuing its gas export...
  • Libya developed a short-term strategic plan for the oil and gas sector, aimed at raising its oil production to two million barrels per day (bpd), said its energy minister.
  • Libyan National Oil Corporation's plan to overcome obstacles in the oil and gas sector includes restructuring the sector, he said.

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...
Economy

Company News

Latest News

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

Oil prices rise following Red Sea attacks

Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

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.
Business

ADNOC to buy stake in Fertiglobe

ADNOC to buy OCI’s entire shareholding in Fertiglobe.
  • Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
  • It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.