Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...
Business
Business
Major UAE solar plant to go online before COP summit, says energy firm
ABU DHABI, UAE - One of the world's biggest solar plants will become fully operational this year in the oil-rich United...
- The UAE, a major oil exporter, is spending billions to develop enough renewable energy to cover half of its needs by 2050.
- State-owned Emirati companies TAQA and Masdar own 60 percent of the project, which they describe as the world's largest single-site solar plant.
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
Geostrategy
Green energy investment tops $1 trillion, matches fossil fuels
Despite the milestone, spending on energy transition technology must immediately triple to meet the target of net-zero emissions by 2050...
- This is up 31 percent on the previous year and marks the first time the investment total has been measured in trillions.
- China -- the world's biggest polluter -- was by far the largest investor in energy transition, with the United States a distant second.
Business
European demand for US natural gas leads to investment boom
Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available...
- The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles
- In recent years, some 14 new liquefaction terminals have been approved in US, with the first set to begin operating in 2024
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Geostrategy
Fight global warming without harming economic growth: COP28 chief
The UAE is pushing the merits of carbon capture -- removing carbon dioxide as fuel is burned, or from the...
- Sultan Al Jaber, the UAE's special envoy for climate change and CEO of oil giant ADNOC, said the energy transition needed to make the planet "wealthier and healthier".
- The UAE, one of the world's biggest oil producers, argues that crude remains indispensable to the global economy and is needed to finance the energy transition.
Economy
Saudi Arabia explores space to secure solar energy
The Kingdom is studying the feasibility of investing in the futuistic UK project, which if materialized may play an important...
- The Kingdom is studying the feasibility of investing in the futuistic UK project, which if materialized may play an important role in combating climate change
- The project's cost is likely to exceed tens of billions of dollars amid expectations that the space solar energy project will be completed by 2040, reports suggest
Business
DEWA commissions 17 transmission substations worth US$871m in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) inaugurated 17 new substations in 2022.These include fifteen 132kV stations with...
- The transmission substations include 15 132kV stations with a conversion capacity of 2,280 megavolt amperes (MVA) and two 400kV stations with a conversion capacity of 4,000 MVA.
- DEWA installed 5km of 400kV overhead transmission lines and 247km of 132 kV ground cables to connect the substations to the main transmission network.
Economy
Libya and Italy sign US$8bn gas deal as Europe searches for energy
The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of...
- Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields
- During her trip to Libya, Giorgia Meloni was expected to discuss the issue of migration amid rising numbers of irregular migrants from Libya to Italy
Geostrategy
Italy PM Meloni in Libya to discuss energy, migration
Italian Prime Minister Giorgia Meloni arrived in the Libyan capital Tripoli for talks on energy and migration, Libyan state media...
- Libya and Italy are key trade partners, particularly in energy, where Italian giant Eni plays a major role in tapping into Africa's largest known oil reserves.
- Meloni was accompanied by Eni chief Claudio Descalzi, who is expected to sign a deal with Libya's National Oil Company.
Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
Company News
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Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...
Interview
Russia to continue voluntary oil export cuts by 300,000 barrels a day until yearend
Moscow, Russia - Russia will continue additional voluntary oil export cuts by 300,000 barrels a day until the end of...
Economy
AI to contribute in enhancing low-emissions development
BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development.UN Climate Change’s Initiative on Artificial...
Science
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Science
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
- The two-day forum showcased innovative technologies and transformative solutions to accelerate low-emission, climate-resilient development.
- The international event aimed to foster new partnerships to scale up investments and technology transfer to developing countries.
Business
Ducab, Somagec ink MoU
The MoU will enable UAE-based firm to enter Angolan market.
- Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
- It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Shell reports rise in profits
The company announces a buyback of shares worth $3.5bn.
- "Shell delivered another quarter of strong operational and financial performance," chief executive Wael Sawan said
- Over the first nine months of 2023 Shell's profit was down sharply, reflecting lower oil prices year-on-year