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Energy

Roche to buy Poseida Therapeutics

The $1.5 billion deal is due to close in early 2025.

BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Saudi Arabia announces international conference on Sudan aid

Saudi Arabia announced that it would jointly lead a conference on the humanitarian response to the war in Sudan next...
  • Saudi Arabia and the United States have been mediating in the eight-week conflict.
  • The kingdom played a leading role in evacuating thousands of foreigners from Sudan early in the war.

Iranian nuke expert, EU officials review Tehran’s atomic program

A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in...
  • Germany's foreign ministry said the meeting took place on Monday and that discussions broached topics concerning Iran's nuclear program.
  • Iran's nuclear program has long been the subject of scrutiny from Western powers, resulting in sanctions that have hit the country's economy.

DEWA commissions 6 new transmission substations in Jan-April 2023

DUBAI, UAE -  Dubai Electricity and Water Authority (DEWA) has commissioned six new 132/11 kV transmission substations from January to...
  • The project included 3,450 meters of 132kV ground cable to connect with the main transmission network.
  • The new transmission substations are in Al Jaddaf, Tilal Al Ghaf, Bani Yas, Jebel Ali Port, Marsa Dubai and Al Yufrah 1.

Greenpeace denounces UK energy firm over coal-fired power station

LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station...
  • National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England.
  • Temperatures in Britain could exceed 30 degrees Celsius (86 degrees Fahrenheit) on Monday and remain high this week, forecasters say.

Pakistan gets first Russian crude under discount deal: PM

Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and...
  • Pakistani State Minister for Petroleum previously said shipments will be paid in currencies of "friendly countries", with Pakistan's US dollar reserves dangerously low
  • Local media reported the cargo of 100,000 metric tons of oil left Russia a month ago and was split across two smaller ships in Oman before sailing to Karachi

RTA signs strategic partnership agreement with Al-Futtaim Automotive

DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has signed a strategic partnership agreement with Al-Futtaim Automotive to deploy...
  • The agreement will support RTA's sustainable transport network and the Zero-Emissions Public Transportation in Dubai 2050 strategy.
  • Al-Futtaim Automotive will also provide assistance for building the Authority’s electric charging technology and infrastructure.

SEWA, US delegation explore collaboration in innovation, sustainability

Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
  • The two discussed the authority's initiatives to reduce carbon emissions and combat climate change and its vision for the upcoming COP28 conference.
  • They also explored potential collaborations between the authority and American companies in innovation and sustainable development.

Iran’s supreme leader urges cooperation with IAEA

Iran's supreme leader urged continued cooperation with the UN nuclear watchdog, while warning against succumbing to "bullying" based on "unfounded...
  • Ayatollah Ali Khamenei said agreements could be reached in certain fields, but "the existing infrastructure of the nuclear industry should not be touched".
  • Iran's Atomic Energy Organization "need not succumb to the pressure of unfounded claims and demands based on bullying", Khamenei said.

Iran’s Raisi, France’s Macron discuss ways to promote ties

Iran's President Ebrahim Raisi and his French counterpart Emmanuel Macron in a lengthy phone call discussed ways to promote ties,...
  • A 2015 nuclear accord between Iran and world powers gave the Islamic republic relief from international sanctions in return for curbs on its nuclear program.
  • In 2018 the United States withdrew unilaterally from the deal and reimposed sanctions, prompting Tehran to suspend implementing its own commitments.

45 governments endorse doubling energy efficiency by 2030

PARIS, FRANCE -  Forty-five governments have endorsed doubling the average global rate of energy efficiency improvements by the end of...
  • The meeting stressed as to how energy efficiency can help accelerate clean energy transition toward reaching net zero emissions by 2050.
  • The meeting underscored that effective policies must be fully leveraged to encourage behavior change among consumers and businesses.

China discovers world’s largest metamorphic rock oilfield in Bohai Sea

BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...

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Tawzea, NWC ink pacts

The companies have signed two agreements.

COP28 draft agreement includes option to do nothing on fossil fuels

The fate of oil, gas and coal is the thorniest issue being thrashed out at the COP28 UN climate talks...

Saudi Arabia spurns fossil fuel phaseout push at COP28

A tentative "phasedown/out" was included in a first draft of an agreement on climate action that delegates are haggling over...

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We respect climate science, says COP28 head

DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
  • Sultan Al Jaber also repeated his past statements that a phase out of fossil fuels was "inevitable".
  • He acknowledged that global greenhouse gas emissions must be cut by 43 percent by 2030.

Saudi energy minister calls Western climate pledges ‘small change’

"Unlike the small change offered for loss and damage from our partners in developed countries, the Kingdom through its South-South...
  • The loss and damage fund for vulnerable nations, a major win at COP28, has attracted about $655m so far, a sum criticized as insufficient by campaigners.
  • The prince's remarks were the latest sign of sharp differences around tackling the climate crisis as negotiators from around the world attempt to hammer out an agreement in Dubai.

ENEC, Kazatomprom ink pact

The move will ensure a secure supply of nuclear fuel.
  • ENEC's global partnerships will support the continued rapid decarbonisation of the country's heavy and energy-intensive industries.
  • This will create further clean energy sources while using the latest technologies and helping to deliver Net Zero by 2050.