Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
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...
Economy
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.
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.
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Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
Company News
Russian oil price cap partially successful
Geostrategy
Tawzea, NWC ink pacts
Business
Latest News
ENEC, Kazatomprom ink pact
Business
Russia redirected most oil exports to China and India, says Novak
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
Geostrategy
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
Most Read
Market Report
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...
- Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
- Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
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.