EU seeks 90 percent drop in greenhouse emission by 2040
Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...
Geostrategy
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
World Economic Forum
Energy security key driver of climate investments
The US Inflation Reduction Act signed by President Biden last year, is the most significant climate pact since the Paris...
- The US Inflation Reduction Act signed by President Biden last year, is the most significant climate pact since the Paris Agreement in 2015, says IEA Executive Director Fatih Birol
- "We are entering the first global energy crisis," says Birol while highlighting the role of Russia in the crisis at a World Economic Forum session
Economy
Abu Dhabi Department of Energy, Statistics Center sign data collaboration pact
ABU DHABI, UAE - Statistics Center – Abu Dhabi (SCAD) and the Abu Dhabi Department of Energy (DoE) have signed...
- The pact was inked on the sidelines of the 15th edition of the Abu Dhabi Sustainability Week 2023.
- This is a part of a strategy to develop an advanced statistical ecosystem which provides high-quality statistics through a decentralized model.
Economy
Oil prices fall, but hovers near 2023 highs
Brent fell 36 cents, or 0.4 percent, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents,...
- Brent fell 36 cents, or 0.4 percent, to $84.92 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.3 percent
- Last week, oil prices booked their largest weekly increase since October 2022, bouncing back from a significant crash at the start of the year
Business
Majid Al Futtaim among firms to halve real estate emissions by 2030
These companies also pledged to reach net-zero carbon no later than 2050. With buildings contributing 38 percent of all energy-related...
- Avison Young, Edge, GPFI Group, Ivanhoé Cambridge, JLL Schneider Electric and Signify were the other firms that pledged the emissions cut.
- These firms will meet these targets by implementing the Forum’s Green Buildings Principles, which provides a sequence of steps to deliver net-zero carbon real-estate portfolio.
Geostrategy
Baghdad-Amman oil pipeline will soon be functional, says Iraqi Parliamentary Speaker
BAGHDAD, IRAQ - Iraqi Parliamentary Speaker Mohammed al-Halbousi said that an oil pipeline from Basra port to the Jordanian port...
- Iraq and Jordan will form joint parliamentary committees to overcome legislative impediments to projects.
- The Jordanian delegation held a series of meetings with Iraqi officials.
Economy
UAE launched clean energy projects worth $43 bn in 2022: Minister
UAE Minister of Energy Suhail bin Mohammed Al Mazrouei highlighted the UAE Energy Strategy 2050, the first unified energy strategy...
- UAE’s clean energy production in 2021 totaled 7,035.75 megawatts (MW), underscoring the country's efforts in the clean energy sector.
- The minister said that once commercially operational, the third reactor will add another 1,400 MW of carbon-free electricity to the UAE's electricity grid.
Geostrategy
UAE energy minister, Romanian counterpart discuss cooperation
ABU DHABI, UAE - UAE Minister of Energy and Infrastructure and Romanian Minister of Energy discussed ways to enhance cooperation...
- The UAE and Romanian ministers discussed importance of international cooperation to address climate change.
- The ministers discussed ways and means to develop cooperation between the two countries
Business
Masdar inks pact with 4 Dutch firms for exporting green hydrogen from Abu Dhabi
ABU DHABI, UAE - Masdar signed an agreement with four Dutch companies to explore the development of a green hydrogen...
- Masdar, , one of the world’s leading clean energy companies, inked an agreement with Port of Amsterdam, SkyNRG, Evos Amsterdam and Zenith Energy.
- Green hydrogen is produced with green electricity from renewables like wind or solar, in a process that separates water into oxygen and hydrogen via electrolysis.
Geostrategy
Europe will return to Russian gas, says Qatar energy minister
ABU DHABI, UAE - European countries will eventually resume higher imports of Russian gas, Qatar's energy minister and gas company...
- Russian gas exports to Europe plunged after Moscow's invasion of Ukraine.
- A mild winter has spared European countries from having to plunder their gas stockpiles.
UAE provides ‘conducive environment for cooperation’ between fossil fuel providers and climate activists
"The [energy] landscape in 2023 will have much of the same volatility we've seen in 2022. The difference is the...
- The UAE is not only one of the world's most important fossil fuel producers, but also one of the most important pioneers in renewables through Masdar, says Atlantic Council chief
- "The fossil fuel producers know they've got to deal with climate. They're putting billions of dollars into doing it, and climate activists are becoming more pragmatic," he adds
EU seeks 90 percent drop in greenhouse emission by 2040
Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...
Geostrategy
Company News
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Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
Business
COP28 wide open to private sector, says climate talks chief
ABU DHABI, UAE - Upcoming UN climate talks in Dubai will be open to the private sector on an unprecedented scale,...
Geostrategy
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
Economy
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Business
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating...
- Brent crude futures increased by $2.55, or 2.9%, settling at $90.48 a barrel, while US West Texas Intermediate (WTI) crude saw a rise of $2.33, or 2.8%, closing at $85.54
- The widening gap between Brent and WTI prices, reaching its highest level since March, is making it more enticing for energy firms to export crude from the U.S.
Business
Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.
- Adjusted net profit -- a figure closely watched by the markets because it excludes exceptional items -- also fell, by 51 percent to US$1.9 billion (1.81 billion euros).
- The group's turnover fell 40 percent in the three months to US$23.5 billion (22.31 billion euros), well below analysts' expectations of US$34.4 billion (32.58 billion euros).
Economy
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
- This positive outcome is attributed to strong investment from the private and public sectors,
- Non-oil revenue growth, ongoing diversification, and economic resilience efforts has also helped.