Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
Business
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business
Economy
Abu Dhabi Chamber inks 3 pacts to drive economic growth
ABU DHABI, UAE - As part of its participation in the first edition of the Abu Dhabi International Food Exhibition...
- The MoUs are a part of the chamber’s efforts to drive economic growth in Abu Dhabi and support investment in vital sectors.
- As part of its efforts to support start-ups and SMEs, the Abu Dhabi Chamber signed a partnership agreement with the Emirates Development Bank.
Business
Kazakhstan threatens to ban ArcelorMittal after worker death
ALMATY, KAZAKHSTAN - Kazakhstan threatened Thursday to ban global steel giant ArcelorMittal from operating in the Central Asian country after...
- ArcellorMittal, the world's second largest steel producer, operates a dozen factories and mines in this polluted industrial Kazakh region.
- Kazakhstan has in the past imposed fines on ArcelorMittal for non-compliance with ecological standards.
Geostrategy
Libya tells foreign energy firms it’s safe to return
TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday...
- Rival administrations in east and west have vied for power in Libya since March.
- Libya aims to raise its oil output from around 1.2 million barrels per day currently to 2.0 million bpd by 2027, NOC chairman Farhat Bengdara said.
Geostrategy
UAE, UK experts discuss science, tech help in net-zero agenda
ABU DHABI, UAE - Experts from UK and the UAE participated in a Sci-Tech Virtual Tour of the Emirates science...
- The tour was launched to facilitate business-to-business introductions between stakeholders and investors.
- During the virtual tour, delegates discussed decarbonization, affordability, supply of renewable energy.
Market Report
Oil rises as China eases Covid restrictions, Russia price cap
World oil prices rallied after more easing of Covid containment measures in China and as a price cap on Russian...
- In currency trading, the dollar was mixed against its main rivals.
- The Kremlin insisted the cap would not affect Russia's military campaign in Ukraine.
Economy
UAE secured 40% of Japan’s crude oil needs in October
94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain...
- 94.7 percent of 84.58 million barrels imported by Japan originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman
- Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the IEA
Geostrategy
EU head says bloc must act over US climate plan changes
EU chief Ursula von der Leyen said the bloc must act to address "distortions" created by Washington's $430-billion plan to...
- EU countries have poured criticism on Washington's landmark Inflation Reduction Act, seeing it as anti-competitive and a threat to European jobs
- The act, designed to accelerate the US transition to a low-carbon economy, contains around $370 billion in subsidies for green energy as well as tax cuts
Geostrategy
OPEC+ to maintain current output level amid uncertainty
Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members...
- OPEC+ decided to stick to their course agreed in October of a production cut of two million barrels per day until the end of 2023.
- On Friday, the EU, G7 and Australia agreed a $60-per-barrel price cap on Russian oil, which will come into effect on Monday.
Business
German government to stop unjustified energy price increases
BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with...
- Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the increase is objectively justified".
- A justification could, for example, result from "market-based price and cost developments".
Business
Guyana sells $750 mn of carbon credit to US oil firm Hess
Guyana, with 800,000 inhabitants, is already the country with the most reserves per capita in the world -- over 10...
- Hess is one of three partners, along with the China National Offshore Oil Corporation and ExxonMobil, operating in Stabroek oil field off Guyana that is 89 percent virgin forest.
- President Irfaan Ali said Guyana has 18m hectares of the country's forest still intact and that it is storing 19.5 gigatons of carbon, worth an estimated $40-$50bn a year.
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
Business
Company News
Masdar, Africa50 sign MoU
Business
Latest News
Israel-Hamas war a ‘new cloud’ over world economy, says IMF
Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
Geostrategy
Risk of oil supply disruptions due to Hamas-Israel conflict limited: IEA
The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its...
Geostrategy
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
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Geostrategy
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
- Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
- This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.
Geostrategy
OPEC sees no peak in global oil demand on the horizon
In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million...
- According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations.
- OPEC also backed developing technological solutions to reduce emissions, such as carbon capture and storage.
Economy
Saudi Arabia explores carbon capture, storage potential
“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds...
- The Kingdom can be a source of clean hydrogen and a producer/source of clean electricity, says Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud
- Saudi Arabia has adopted a comprehensive approach harnessing potential for renewable energy, hydrogen production, and electricity transmission, the minister adds