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
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
Business
Masdar unveils 200MW Solar Park in Jordan
Amman, Jordan - The Baynouna Solar Energy Company (BSCE), a joint venture between the UAE’s world-leading renewable energy company, Masdar,...
- The Baynouna Solar Park produces over 560 gigawatt-hours (GWh) of energy annually – enough to power 160,000 homes
- The plant also displaces 360,000 tons of carbon dioxide per year, equivalent to taking nearly 80,000 cars off the road.
Business
Masdar-built solar plant in Azerbaijan to begin operations in 2023
In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean...
- The plant will help generate 0.5 billion kilowatts per hour (KW/hour) of electricity annually, sufficient to meet the needs of over 110,000 homes.
- In June 2022, Masdar announced the signing of several agreements with Azerbaijan to develop clean and renewable energy projects with 4,000MW capacity.
Business
Renewables investments record high in 2022, but need massive increase
A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
- The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
- Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
Economy
IEA faults energy firms for not doing enough to cut methane
The International Energy Agency (IEA) found that emissions from the energy sector rose slightly last year to 135 million tons,...
- The IEA estimates that $100 billion would be enough to achieve a 75 percent reduction in in methane emissions
- It noted that the explosions last year which destroyed the Nord Stream pipelines released a huge amount of methane into the atmosphere
Geostrategy
Iran denies enriching uranium above 60 percent
Iran denied reports it has enriched uranium up to 84 percent, just below the 90 percent needed to produce an...
- The IAEA is "giving Iran the opportunity to explain because it's apparently possible that there can be so-called 'spikes' of higher levels of enrichment".
- Uranium enriched up to 90 percent purity is considered nuclear weapons-grade.
Geostrategy
Saudi meet stresses carbon capture vital for net-zero goals
Riyadh, Saudi Arabia – Net-zero goal cannot be achieved without carbon capture and there is a need to scale up...
- The King Abdullah Petroleum Studies and Research Center held a high-level roundtable on Carbon Management Technologies.
- In 2022, investment in the carbon capture utilization and storage hit $6.4 billion.
Business
DEWA CEO discusses bilateral cooperation with Emerson
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received a high-level...
- DEWA, Emerson discussed advancing sustainability and consolidating foundations for environmental, social, and corporate governance.
- Clean energy makes about 14 percent of the total energy production capacity in Dubai.
Business
DEWA,  France’s satellite operator Eutelsat discuss cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer spoke of the...
- DEWA CEO highlighted organization’s key initiatives and projects to promote sustainability, renewable and clean energy, and energy efficiency.
- These include DEWA’s space program (Space D) which supports the National Space Strategy 2030.
Business
Centrica 2022 profit US$4bn Â
Firm's profit rose due to gas and crude oil prices spike.
- Britain's government of Prime Minister Rishi Sunak is temporarily subsidizing electricity and gas bills this winter.
- Centrica expanded its stock buyback scheme to hand another $360 million to shareholders.
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
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
Company News
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Almost all oil and gas producers developing unneeded fields: NGO
Germany's Urgewald, along with 50 other NGOs, analyzed the investment plans of 1,623 companies involved in the oil and gas...
Business
Aramco produces first unconventional tight gas
Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first...
Business
China emissions to fall in 2024 on renewables jump
The country has been installing renewable energy capacity at breakneck speed, with new solar in 2023 alone amounting to twice...
Economy
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Business
EVIQ to set up infra for EVs in KSA
PIF, SEC JV's brand name for EV infrastructure is EVIQ.
- EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
- This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.
Economy
Oil prices edge up on Iraq’s backing for OPEC+ output cuts
New York, United States - Oil prices saw a modest 2% increase on Friday, boosted by Iraq's expressed support for...
- The market witnessed substantial short covering as the week unfolded, partly fueled by Iraq's commitment to OPEC+'s production level agreements
- Looking ahead, OPEC+ is scheduled to meet on November 26, where discussions on production levels and potential supply adjustments will take center stage
Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.