Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
Business
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
Economy
Indian, UAE cooperating in green hydrogen development: Indian minister
New Delhi, India -- India’s Minister for New, Renewable Energy and Power, R K Singh said on Tuesday that India...
- The UAE's expanded cooperation with India in clean energy aims to support New Delhi's ambition to achieve 450 gigawatts of renewable energy
- R K Singh said that the bilateral cooperation in renewable energy, similar to the UAE, is being promoted with Australia, Finland and Germany
Economy
Fusion energy will be game-changing viable energy source
Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power...
- Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power plant applications, says top US physicist
- The recent discovery in inertial confinement fusion marks a significant milestone in the development of fusion energy as a viable energy source, highlights Kimberly Budil
Economy
OPEC projects world oil demand to average 101.9 mb/d in 2023
Vienna, Austria – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3...
- The world economic growth forecast for 2023 is expected at 2.6% y-o-y, following growth of 3.2% in 2022
- On crude oil futures prices, OPEC said, the prospect of oil demand recovery in China limited futures price losses
Business
UAE has incredible position in the world: Salesforce CEO
All industries and businesses should focus on net zero emissions, nature positivity, net zero business and eventually a net zero...
- All industries and businesses should focus on net zero emissions, nature positivity, net zero business and eventually a net zero world, Salesforce chief Marc Benioff tells TRENDS
- Benioff advocates for global commitment to green initiatives, net zero emissions, and has expedited One Trillion Tree initiative to tackle climate change
Economy
EU and Algeria look to consolidate energy, security ties
The 27-country bloc would like to develop the partnership with Algeria "looking at the future, by prioritizing European investments in...
- Borrell said the EU and Algeria had agreed to "relaunch high-level security dialogue", with the first meetings planned before the end of the year
- He said the EU and Algeria could "do better" on trade relations, calling for a solution "to obstacles (Algeria) introduced since June 2022 to commerce with Spain"
Business
Aramco reports bumper profits
It posted $161bn profits last year on high oil prices.
- The world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021
- Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow
Geostrategy
COP28 President Designate meets with key US government officials
WASHINGTON DC, US - UAE Minister of Industry and Advanced Technology and COP28 President Designate Dr. Sultan bin Ahmed Al...
- The UAE minister discussed multilateral development bank reform as weel as an update on recent US climate policy action.
- They discussed the need to invest in global clean energy supply chains, and the role of the US-UAE Partnership for Accelerating Clean Energy.
UN buys ship to remove oil from decaying tanker off Yemen coast
The 47-year-old ship has not been serviced since Yemen's devastating civil war broke out in 2015 and was left abandoned...
- UNDP signed a contract to purchase a crude carrier from major tanker company Euronav that will head to Yemen to remove the oil from the beleaguered FSO Safer
- The United States, which has contributed $10 million, welcomed the UN announcement and called on other nations as well as private donors to fill the funding gap
Business
Siemens bags long-term service contracts for Iraqi power plants
Abu Dhabi, UAE -- Siemens Energy has been awarded long-term service contracts for several Iraqi power plants to improve energy...
- These contracts represent the first portion of prioritized projects under the Iraq Energy Agenda – Wave II agreement, which was signed in Berlin in January 2023.
- As part of the prioritized packages, Siemens Energy signed three long term service contracts, for five years each, for the Al Sadr, Kirkuk, and Al Rasheed power stations.
Economy
US wants hike in global crude output, including from OPEC: official
The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department...
- OPEC+ decided in early October to cut production by two million barrels per day and has not changed its output level since
- The US president has regularly called in the last year for an increase in the OPEC+ output, but the cartel has not raised its quotas
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
Business
Company News
Aramco, ENOWA ink pact
Business
Latest News
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
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...
Economy
Most Read
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.
Business
Norwegian firm expects first cross-border transport of CO2 in 2025
Oslo, Norway -- Norwegian fertilizer group Yara International on Monday signed a contract to begin transporting CO2 produced at its Netherlands...
- Yara International signed a contract to begin transporting CO2 produced at its Netherlands plant to Norway so it can be buried under the seabed.
- Carbon capture and storage is aimed at helping halt climate change, involves capturing CO2 emissions at factory smokestacks and burying them underground in geological reservoirs.