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...
Geostrategy
Business
Aquaterra gets UAE contract
Firm will deliver a complete end-to-end managed service.
- Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
- This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
- Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
- He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating
Business
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
- The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
- The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Business
Siemens Energy shares fall due to technical problems at wind turbine unit
FRANKFURT, GERMANY - Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
- Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
- Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Arts & Culture
‘Global climate action brings immense optimism’
Finland and the UAE will be able to tackle climate change through international efforts, collaboration, and partnerships, she adds while...
- Kerstin Stendahl, Finland’s Special Envoy for Climate Change, expresses optimism for the forthcoming COP28 and global climate action
- Finland and the UAE will tackle climate change through international efforts, collaboration, and partnerships, the Finnish diplomat highlights
Science
FANR highlights cybersecurity framework of Barakah nuclear plant in meeting
VIENNA, AUSTRIA - The Federal Authority for Nuclear Regulation (FANR) is taking part in an international conference organized by the...
- In the event participants from 94 countries and seven global organizations discuss measures to protect against cyber-attacks on nuclear facilities.
- UAE's nuclear regulation body has carried out regular inspections of Barakah Power Plant and observed exercises to test the efficacy of cybersecurity plans.
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Economy
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
- The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global economic activity.
- Oman's real GDP rose by 4.3 percent in 2022, basically on an expansion of the hydrocarbon sector.
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.
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...
Geostrategy
Company News
Latest News
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
OPEC+ cartel’s grip on oil market loosening as demand slows: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
Business
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
Economy
Most Read
COP28 UAE
World unites at COP28 to shift away from fossil fuels
Nearly 200 nations in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step...
- Nearly 200 countries in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step in addressing climate change.
- EU climate chief Wopke Hoekstra lauds the historic deal targeting a 43% reduction in emissions by 2030 as a significant breakthrough after decades of discussions.
Geostrategy
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate...
- Data-driven technologies like the Internet of Things, robotics and artificial intelligence can enhance climate change monitoring.
- The digital transformation has left its mark on the planet through raw material depletion, energy and water use, pollution and waste.
Geostrategy
Antique stoves make a comeback in Gaza as the only way to cook during war
With a squeeze of pliers, a new wick, and a refill of homemade fuel, a flash of fire miraculously begins...
- Hundreds of thousands of civilians have fled northern Gaza due to relentless bombardment and a ground invasion by Israel, leaving their belongings behind.
- The civilians hoped to be safer in the south, but the Israeli military has progressively extended its strikes across the tiny coastal territory in its war aiming to destroy Hamas