Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
Economy
World resource extraction could surge 60 percent by 2060, UN warns
Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the...
Economy
Business
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
- The three-day summit is scheduled to take place at the Abu Dhabi National Exhibition Center from May 29-31.
- Lukas Sokol, Masdar City’s head of master planning, will shed light on the city’s work in introducing electric, autonomous vehicles.
Economy
Investment in solar power to overtake oil first time this year: IEA
The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment...
- Annual investment in clean energy is expected to have risen by 24 percent from 2021 to more than $1.7 trillion in 2023, according to the International Energy Agency
- The IEA expects investment in solar power, essentially photovoltaic panels, to hit $380 billion this year while investment in oil exploration and extraction to hit $370 billion
Business
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...
- ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
- These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
Business
ADNOC, TAQA award $2.4bn project for sustainable water supply
Dubai, UAE -- ADNOC and Abu Dhabi National Energy Company (TAQA) Wednesday announced the award of a strategic investment project...
- A centralized seawater treatment facility and transportation network for operations at the Bab and Bu Hasa fields in Abu Dhabi are a part of the project.
- It will replace the current high-salinity, deep aquifer water systems at the fields, reducing water injection-related energy consumption by up to 30 percent.
Business
Gazprom 2022 profit at US$15bn
With Europe off limits, Gazprom has turned toward Asia.
- Gazprom said, "Profit margins were impacted by an increase in tax payments in the second half of the year."
- Western sanctions have heavily impacted the company headed by Alexei Miller, a close ally of President Vladimir Putin.
Geostrategy
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...
- Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
- Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
Economy
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
- “I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
- Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
European energy crisis could worsen, warns Qatar minister
Doha, Qatar - Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages,...
- "The only thing that saved humanity and Europe this year was a warm winter, and the slowdown in the economy," said Qatari Energy Minister
- "If the economy starts churning back up in (2024) and you have just a regular winter, I think the worst is yet to come," he added
Economy
Saudi Arabia to invest $3bn in three new solar projects
Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3...
- The solar projects are part of the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy
- These projects intend to produce a combined capacity of 4.55GWac of renewable energy, powering approximately 750,000 households
Geostrategy
Capable of safeguarding Gulf waters in coordination with neighbors: Iran
Iran said it is capable of ensuring the safety of the vital Gulf waters in cooperation with neighboring countries. Iran...
- The Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
- Recently the commander of the US Navy's Fifth Fleet transited through the Strait of Hormuz in a guided-missile destroyer.
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
Economy
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Tabreed 9M profit at $218m
Business
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...
COP28 UAE
Masdar City to construct region’s first net-zero energy mosque
Abu Dhabi, UAE - Masdar City, an Abu Dhabi, UAE-based sustainability and innovation hub dedicated to making all cities a...
Geostrategy
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...
COP28 UAE
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Business
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.
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
- The G2COOL plant produces naturally occurring hot water found underground through two geothermal wells.
- The hot water is fed into absorption cooling technology to produce the chilled water needed by Tabreed for its district cooling activities.
COP28 UAE
UAE’s ENEC signs MoU with TerraPower for nuclear-technology development
Dubai, UAE--The Emirates Nuclear Energy Corporation (ENEC) has signed a memorandum of understanding with TerraPower, an American nuclear innovation company,...
- ENEC and TerraPower will collaborate across various areas, including technical design and commercial viability of the TerraPower Natrium technology development
- The MoU will look to jointly accelerate the commercialisation and global deployment of Natrium technology under licensing agreements with TerraPower