Dutch court upholds $50bn payment award in Yukos case
THE HAGUE, NETHERLANDS - A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the...
Geostrategy
Saboteurs hit Iran pipelines disrupting gas supply: state media
The saboteurs hit pipelines in the cities of Borujen in the southwestern province of Chaharmahal and Bakhtiari, and Safashahr in...
Geostrategy
Business
DEWA, ENOC sign MoU
Aim is to develop hydrogen-based mobility pilot project.
- The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
- The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
Economy
New lab set to make KSA a leader in renewable energy
The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's...
- The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's economy
- The laboratory is likely to save more than US$ 266.5 million in the field of testing energy devices by eliminating tests conducted outside Saudi Arabia
Business
DEWA’s R&D Center registers its 7th patent for 3D printing adhesive device
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has announced the registration of a new patent for an adhesive...
- The device distributes the adhesive material on the 3D printing plate, ensuring that the printed material sticks securely to the build plate.
- DEWA's R&D Center is responsible for supporting innovation in all production and operational areas.
Economy
IEA calls special meeting as gas crisis ‘not over’
IEA Executive Director Fatih Birol said the measures taken following Russia's invasion of Ukraine helped European nations whether Russia cutting...
- The meeting, to be held on Wednesday by video conference, is the first such special IEA ministerial meeting recent history
- It will also include ministers from several non-IEA member nations and will look at the global repercussions of the cuts to European gas supplies
Oil rises as Russia cuts output after Western price cap
Brent, the international benchmark, and its US counterpart WTI, which had been down earlier in the day, jumped more than...
- Russia is part of a 23-nation alliance with the OPEC crude cartel that already agreed in October to reduce output by two million barrels per day until the end of this year
- An EU-wide ban on Russia oil products - like diesel, gasoline and jet fuel - came into effect Sunday alongside a Group of Seven (G7) price cap on the same items
Business
Russia to slash oil output by 5% over Western price cap
Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result...
- The international benchmark, Brent North Sea crude, leapt 2.3 percent to $86.48 per barrel. New York contract WTI soared 2.5 percent to $80.01.
- "Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations," Deputy PM Alexander Novak said.
Business
Equinor posts record profit
Output slipped by 2% to 2.04 million barrels per day of oil equivalent.
- Net profit more than tripled to $28.7 billion, boosted mainly by skyrocketing gas prices.
- Equinor said it plans to invest $10-11 billion in 2023 and increase its oil and gas production by three percent.
Market Report
Stocks steady, dollar higher on US rate-hike expectations
Stock markets largely steadied and the dollar rose with traders forecasting US interest rates to keep climbing following last week's...
- January's rally for equities was halted as investors contemplate an extended period of high borrowing costs.
- Leading Asian stock markets and London managed gains Tuesday after all three main indices on Wall Street kicked off the week with losses.
Business
DEWA updates strategic plan to include achieving net-zero by 2050
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has updated its strategic plan, adding achieving net-zero by 2050 to...
- DEWA is steadily moving towards reducing its carbon footprint to achieve a sustainable net-zero carbon by 2050.
- The production capacity of clean energy in Dubai is around 14 percent of total power generated.
Russia’ Foreign Minister in Iraq for energy talks
Iraq, a close ally of Iran, also has strategic relations with the United States, which still has soldiers in the...
- Lavrov landed in Baghdad late on Sunday at the head of a large delegation that includes "oil and gas companies and investors", Ahmed al-Sahhaf told AFP
- He will also meet Prime Minister Mohammed Shia al-Sudani, President Abdul Latif Rashid, and parliament speaker Mohammed al-Halbussi
Dutch court upholds $50bn payment award in Yukos case
THE HAGUE, NETHERLANDS - A Dutch court quashed an appeal by Russia in a record $50-billion case on Tuesday, paving the...
Geostrategy
Company News
Latest News
UAE’s FANR grants operating license for unit 4 of Barakah Nuclear Power Plant
Dubai, UAE - The Federal Authority for Nuclear Regulation (FANR), serving as the UAE's independent nuclear regulatory body, has officially...
IAEA greenlights 3 national projects in Qatar
Doha, Qatar - The International Atomic Energy Agency (IAEA) has given the green light to three new national projects in...
Most Read
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...
- Commissioned facilities at South Ghawar have a 300 million standard cubic feet per day (scfd) of raw gas processing capacity
- Work is also progressing at the giant Jafurah unconventional gas field, which is the largest liquid-rich shale gas play in the Middle East
Economy
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...
- China is the largest greenhouse gas emitter and has brushed aside calls for a more ambitious carbon neutrality target
- IEA says the country is projected to account for 45 percent of global emissions from existing fossil fuel assets
Analysis
Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.
- Water scarcity is 500 cubic meters per capita, while Saudi Arabia's annual per capita share of water does not exceed 89.5 cubic meters.
- The Saline Water Conversion Corporation has signed agreements with several major corporations to tackle water scarcity.