INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

EU imports US$120.5bn worth of energy products in Q4 2023

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...

Business

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

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.
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.

EU imports US$120.5bn worth of energy products in Q4 2023

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business

Company News

Latest News

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...
Business

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...
Geostrategy

IEA boss says COP28 bid farewell to fossil fuels

PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
COP28 UAE
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ENEC, CNNC sign MoU

Both the firms will offer their expertise in the sector.
  • The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
  • They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.

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...
  • Consumption of the dirtiest fossil fuel rose by 1.4 percent in 2023 to a record 8.5 billion tones, as increases in China, India and Indonesia outweighed falling demand in Europe
  • "We expect to see a trend emerging of declining worldwide coal demand, starting in 2024," the IEA said, as renewable power generation from solar and wind continues to expand
Business

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...
  • The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.
  • Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.