Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
Economy
Business
Iraq, Kurdish region sign accord to resume oil export
The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the...
- The agreement was signed in Baghdad in the presence of Prime Minister Mohamed Shia al-Sudani and Kurdish premier Masrour Barzani.
- The deal comes two days after Iraq, Saudi Arabia and several other major oil exporters announced a sharp reduction in their production from May.
Science
WMO urges more investment in integrated weather, climate services
GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the...
- This investment is critical to ensure that energy infrastructure is resilient to climate-related shocks.
- WMO is stepping up its activities to promote tailored weather and climate information, and forecasts.
Geostrategy
Oil cuts in interest of energy markets, says Russia
The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar...
- Saudi Arabia and other major oil producers announced Sunday a production cut of more than one million barrels per day.
- Russia said it would extend until the end of the year its own voluntary production cut of 500,000 barrels per day.
Economy
Major oil powers slash production ahead of OPEC+ meet
Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total...
- Russia, a member of OPEC+, said it was also extending its cuts of 500,000 bpd to the end of this year, calling it "a responsible and preventive action".
- The cuts were announced despite calls from the US to raise production as consumption rises and as China, the world's biggest oil consumer, reopens after its Covid shutdown.
Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
- The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
- Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
Economy
Dutch refinery looks to boost production of sustainable aviation fuel
Sustainable aviation fuels are being made from different sources such as municipal waste, leftovers from the agricultural and forestry industry,...
- EU plans to impose the use of a minimum amount of sustainable aviation fuel by airlines, rising from two percent in 2025 to six percent in 2030 and at least 63 percent in 2050
- Neste's Lehmus said there was a great need to mature the technologies to make sustainable aviation fuel from diverse sources such as algae, nitrocellulose and synthetic fuels
Business
Iraq inaugurates oil refinery in Karbala to curtail imports
The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day...
- Oil minister said that after the inauguration by the Iraqi Prime Minister, the refinery has started commercial production.
- The refinery can produce up to 140,000 barrels every day, and help in reduction of overseas oil import.
Business
DEWA, Siemens discusses enhancing cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer discussed the latest advancements...
- DEWA and Siemens discussed the role of smart grids in improving the efficient and sustainable distribution of energy.
- They also discussed ways to enhance collaboration between DEWA and Siemens in the area of smart grid technology.
Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Business
Petrofac shares surge
Petrofact and Hitachi Energy secured a $14.1bn energy deal.
- European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
- Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
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Business
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Business
Every industry should be held accountable on climate, says COP28 president
Paris, France - The president of a pivotal UN climate summit defended on Saturday the large presence of industry representatives at...
Geostrategy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
Economy
ADNOC unveils inaugural green hydrogen refueling station
Abu Dhabi, UAE - ADNOC announced on Friday it opened “H2GO”, the region’s first high-speed green hydrogen pilot refueling station,...
Business
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Business
Masdar City completes first net-zero energy commercial building in region
ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
- NZ1 is designed to consume 53 percent less energy than an equivalent conventional building.
- Solar panels will generate 101 percent of the building’s annual energy needs, making it net-zero energy.
Economy
Oil slides further after OPEC delay as Asian stocks struggle
Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would...
- Riyadh and Russia unveiled massive cuts earlier this year in a bid to boost prices
- Many experts believe global supplies were healthier than expected
Business
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...
- The roadmap, which comes less than two weeks before the COP28 summit in Dubai, outlines Jakarta's vision to reach net-zero power sector emissions by 2050.
- Under the plan, Indonesia will seek to slash its carbon dioxide emissions to 250 million metric tons for its on-grid power sector by 2030.