Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Economy
OFID, partners offer $60m loan to Tanzania for renewable energy
VIENNA, AUSTRIA - A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
- The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
- Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
- The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
- The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
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.
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Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
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...
Most Read
Economy
‘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...
- Kirill Komarov of Rosatom underscores the importance of nuclear power in combating climate change.
- SMRs have become crucial for decarbonizing remote areas reliant on carbon-intensive diesel generators.
Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
- With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
- However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.
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.