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
Business
OPEC-China alliance key to global oil market stability
A pragmatic framework for cooperation has been established between the two entities, fostering an ongoing exchange of views on mutual...
- OPEC Secretary-General Haitham Al Ghais emphasizes the importance of the dialogue partnership with China, with a plan to reinforce and strengthen it
- A balanced framework for cooperation between OPEC and China has been established, facilitating an ongoing exchange of views on mutual energy issues, he says
Business
Masdar on way to become one of world’s largest renewable energy firms
ABU DHABI, UAE - Abu Dhabi Future Energy Company (Masdar) has announced that it has nearly doubled its clean energy...
- Masdar announced that it has nearly doubled its clean energy capacity and CO2 displacement in just two years.
- Masdar has invested, or has committed to invest, in projects globally with a combined value of more than US$30 billion.
Interview
MENA region takes significant strides towards renewable energy, says Prince Albert II of Monaco
The Monaco prince commends the Saudi Green Initiative, Middle East Green Initiative and the upcoming COP in Dubai as "remarkable...
- Prince Albert recognizes the remarkable environmental initiatives undertaken by the MENA region and offers his support and willingness to contribute to these efforts
- Stressing on global collaboration, Prince Albert II emphasizes that the fight against climate change and the preservation of biodiversity cannot be won by isolated efforts
Business
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE - Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...
- The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
- Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.
Geostrategy
Iraqi Kurds await oil export renewal deal with Turkey
ARBIL, IRAQ- Officials in Iraqi Kurdistan say Baghdad is still waiting to reach a "final agreement" with Ankara to resume...
- Crude sales were Kurdistan's economic lifeblood, with 475,000 barrels exported daily via the Turkish port of Ceyhan.
- The suspension of exports represents a shortfall of around "one billion dollars", analyst Kovand Shirwani said.
Business
Dubai Supreme Council reviews progress in clean energy projects
DUBAI, UAE - Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 76th...
- The meeting discussed the progress of the Hatta hydroelectric power plant, which DEWA is building and is 70 percent complete.
- The meeting also discussed the operation of the region’s first green hydrogen production facility to support diversifying energy sources.
Economy
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...
- OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
- The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
Geostrategy
US to bolster presence in Gulf after Iran threat, says White House
The United States said it was sending reinforcements to the Gulf after what it called increasing harassment by Iran of...
- US National Security Council spokesman John Kirby said Iran has "harassed, attacked or interfered" with 15 internationally flagged merchant vessels over the past 15 years.
- "The United States will not allow foreign or regional powers to jeopardize freedom of navigation through the Middle East waterways including the Strait of Hormuz, he said.
Science
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.
Company News
Latest News
Tabreed 9M profit at $218m
Business
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...
COP28 UAE
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
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Geostrategy
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.
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.