Qatar to ramp up gas output with new mega field expansion
At the start of this month, Qatar said it would supply 7.5 million tonnes of LNG per year for 20 years...
Economy
WEF24: Pragmatic actions to help in carbon neutrality
Technology investment and corporate partnerships can play a crucial role in driving significant emission reduction, Hans Kobler of Energy Impact...
Interview
Opinion
ESG investment, COP28 drive GCC sustainability bid
As the effects of climate change intensify each year, there is an urgent need to transform multiple industries to meet...
- UAE accelerates its sustainability objectives with laser-focused ESG plans and policies, writes Damian Hitchen, CEO of SAXO Bank MENA
- As the UAE is all set to host COP28, an investment pledge of AED600 billion by 2050 comes with its own set of challenges, he adds
Business
Gas price in Europe slips below US$43 for first time since 2021
LONDON, UK- Europe's natural gas price slid Monday below US$43 for the first time in more than a year and a...
- Monday's low is almost nine times less than the record high struck after key gas producer Russia invaded Ukraine more than one year ago.
- Energy bills remain high for many households and businesses, however, with wholesale costs taking time to filter down to the end consumer.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Science
‘Rich nations must achieve net zero carbon by 2040’
UN Secretary General Antonio Guterres called on wealthy countries to move up their goals of achieving carbon neutrality as close...
- Most rich countries have set their goal at 2050 but some are more ambitious, like Finland (2035), or Germany and Sweden (2045).
- Leaders in emerging economies must commit to reaching net zero as close as possible to 2050, he said without naming any specific nation.
Economy
Kuwait Oil Company declares ‘state of emergency’ after oil spill on land
Teams have been dispatched to determine the source of the leak and contain the incident, Al-Amer said, declining to give...
- The emergency followed an "oil leak in the west of the country", the state-owned company said in a statement
- Kuwait is a major oil-producing country where nearly 90 percent of government revenues come from oil
Opinion
MENA region shines more on the global energy map
The Abraham peace Accords between Israel and some Middle Eastern countries has paved the way for new cooperation and energy...
- Diplomatic efforts, capacity building, and support for sustainability make Middle East and GCC region significant in global energy arena, says an expert
- Tension between Russia and western Europe prompts search for new energy sources, benefiting oil-producing companies in the region, adds Ritu Singh of Stone X
Science
EU unveils plans to scale up net-zero technology
BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU...
- The Act aims to enhance the resilience and competitiveness of net-zero technologies manufacturing in the EU, while making energy system more sustainable.
- EU seeks to increase overall strategic net-zero technologies manufacturing capacity approaches or reaches at least 40 percent of the Union's deployment needs by 2030.
Business
Abu Dhabi-Japan Economic Council reviews growth in bilateral trade and investments
TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further...
- In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed US$54 billion.
- UAE exports to Japan grew 69.7 percent to US$45.9 billion compared to US$27 billion in 2021.
Economy
OECD raises global growth forecast as inflation eases, recovery ‘fragile’
The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of...
- Organization for Economic Co-operation and Development says rate increases are still needed to fight inflation.
- OECD cited uncertainty over the course of the war in Ukraine, the risk of renewed pressure on energy markets.
Business
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the...
- Prince Salman said that sticking to the October agreement is the "sensible and only course of action” for OPEC and its allies.
- He said Saudi Arabia has proactively embarked on expanding our capacity to 13.3 million barrels a day by 2027.
Qatar to ramp up gas output with new mega field expansion
At the start of this month, Qatar said it would supply 7.5 million tonnes of LNG per year for 20 years...
Economy
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QFZ, Samsung C&T ink MoU
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Aramco, ENOWA ink pact
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.