Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
Geostrategy
Energy-related global CO2 emissions hit record levels in 2023, says IEA
PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years...
Science
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 $360 million to shareholders.
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Geostrategy
COP28 host UAE vows ‘inclusive roadmap’ for climate talks
Rights group Amnesty International has said Sultan Al Jaber is "unfit" for the COP28 presidency, being the CEO of state-owned...
- Al Jaber told a summit event that as "president, I will lay out a roadmap for COP28 that is inclusive, results-oriented and... very far from business as usual".
- Al Jaber, 49, is also the UAE's minister of industry and advanced technology and head of a leading renewable energy firm. He is the first CEO to lead the summit.
Business
DEWA, ENOC sign MoU
Aim is to develop hydrogen-based mobility pilot project.
- The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
- The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
Economy
New lab set to make KSA a leader in renewable energy
The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's...
- The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's economy
- The laboratory is likely to save more than US$ 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.
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Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
Geostrategy
Company News
Latest News
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.