Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
Economy
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
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.
Economy
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
- The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
- A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Business
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
- The MoU supports national strategic objectives to boost the growth of the industrial and advanced technology sectors.
- It aligns with the National ICV program's aims to enhance economic growth by redirecting government expenditure into the national economy.
Business
GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the...
- Businesses are getting ready for COP28 by moving from starting their ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts
- Companies in the region have also been cautioned against viewing ESG as synonymous with Corporate Social Responsibility or merely as a "tick the box" obligation
Business
Green activists cry foul as Shell decides to steady oil production
Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner...
- The group said Wednesday that it had already cut average daily liquids production to 1.5 million barrels per day by the end of 2022 on divestments.
- That marked a 21-percent reduction from 2019, or the equivalent of cutting output by two percent per year until 2030, according to the company.
Economy
Peak in oil demand ‘in sight’ before end of decade: IEA
"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight...
- IEA forecast in its Oil 2023 medium-term market report that annual demand growth would slow sharply over the next five years
- Energy prices soared last year after Russia, a major exporter of fossil fuels, invaded Ukraine and cut deliveries of natural gas to Europe
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
Economy
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.