OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
Geostrategy
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...
Science
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.
Geostrategy
Saudi Arabia says oil production cut not at odds with Russia
Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian...
- On Monday, Riyadh said that it would extend a production reduction of one million barrels per day (bpd), which began in July, to August to boost prices.
- At the same time, its ally in the OPEC+ group of oil producers, Russia, decided to slash exports by 500,000 bpd in August.
Geostrategy
All voices must be heard in transition, sustainability debates: OPEC
Secretary-General of OPEC Haitham Al Ghais, speaking at the 8th OPEC International Seminar in Vienna, reiterated the organization's keenness to...
- Ghaith said the concept of sustainability relates to how we fulfil the needs of current generations without compromising the needs of future generations.
- He asserted the importance of oil in the global energy mix and the industry's primary role in reducing carbon emissions.
Economy
Barakah Nuclear Energy Plant refinancing completed with UAE banking partners
Abu Dhabi, UAE - The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC)...
- Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase
- The refinancing is the next step in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations
Geostrategy
Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict,...
- Khalifa Haftar, military head of Libyan eastern command, said "a deadline at the end of August for this committee to complete its mission".
- Haftar said a committee must be established "to put in place financial arrangements with a view to fair management of public funds" and oil revenues
Business
RAKEZ inks MoU with ICFA to foster trade in food, agriculture
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
- This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
- The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy
Kuwait calls for border talks with Iran over gas field
KUWAIT CITY, KUWAIT - Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
- Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
- Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Business
Oil prices increase after Saudi Arabia and Russia cut crude output
In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
- Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
- "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
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OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
Geostrategy
Company News
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ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
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...
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
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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.