Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
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
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.
Geostrategy
COP28 host UAE vows ‘inclusive roadmap’ for climate talks
Rights group Amnesty International has said Sultan Al Jaber is "unfit" for the COP28 presidency, being the CEO of state-owned...
- Al Jaber told a summit event that as "president, I will lay out a roadmap for COP28 that is inclusive, results-oriented and... very far from business as usual".
- Al Jaber, 49, is also the UAE's minister of industry and advanced technology and head of a leading renewable energy firm. He is the first CEO to lead the summit.
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Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Company News
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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.