Eni Q3 profit drops
Business
QFZ, Samsung C&T ink MoU
Business
UN COP29 host Azerbaijan sees a big boom in gas production
Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels,...
Economy
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".
Economy
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
- The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent).
- Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Economy
European Union deal to nearly double renewable energy by 2030
The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the...
- The move also comes as the EU has sought to slash its dependence on Russian fossil fuels after Moscow cut gas supplies last year.
- The figure is a compromise between the 45 percent share for renewables that was sought by EU lawmakers and the European Commission.
Company News
Eni Q3 profit drops
Business
QFZ, Samsung C&T ink MoU
Business
Latest News
Aramco, ENOWA ink pact
Business
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
Rising temperatures worry MENA region
The Middle East and North Africa (MENA) region faces severe climate change challenges, including water scarcity and extreme temperatures, with...
Economy
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...
Business
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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.
Geostrategy
Earth to warm up to 2.9C even with current climate pledges, says UN
PARIS, FRANCE - Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
- The UN Environment Program's annual Emissions Gap report is released just ahead of crucial COP28 climate talks in Dubai .
- Taking into account countries' carbon-cutting plans, UNEP warned that the planet is on a path for disastrous heating of between 2.5C and 2.9C by 2100.
Business
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
- The second phase is part of a 950 MW solar CSP independent power project, the company said .
- The financial impact from the full capacity (950 MW) is expected to show starting from the first quarter 2024.