Iran and Turkey to utilize modern tech for electricity exchange
Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...
Economy
Clean energy largest driver of Chinese GDP growth in 2023: report
China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of...
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
Geostrategy
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to...
- Jordan's Minister said electric connection with Europe achieves integration by supplying the continent with relatively low-cost energy.
- He said that Jordan seeks to turn its electric power grid into a smart one.
Geostrategy
Gas price cap divides EU energy ministers’ meeting
BRUSSELS, BELGIUM - EU energy ministers met Thursday to debate measures to mitigate the energy crunch in Europe but were...
- They were to discuss a proposal by the European Commission, unveiled just two days earlier, that would set a cap on gas prices at 275 euros per megawatt hour.
- Many members complained that the plan comes with such conditions attached that it was designed never to be used.
Geostrategy
Iran says starts enriching uranium to 60% at Fordo plant
Under a landmark deal struck in 2015, Iran agreed to mothball the Fordo plant and limit its enrichment of uranium...
- The move was part of Iran's response to the UN nuclear watchdog's adoption last week of a censure motion drafted by Western governments
- An atomic bomb requires uranium enriched to 90 percent, so 60 percent is a significant step towards weapons-grade enrichment
Business
QatarEnergy inks 27-year gas supply deal with China firm
The deal "marks the longest gas supply agreement in the history of the LNG industry", said Saad Sherida Al-Kaabi, Qatar's...
- QatarEnergy will send 4 million tons of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation.
- The Chinese company's chairman revealed that it had also requested a full share of the North Field South project that is dominated by Western energy giants.
Geostrategy
Ukraine, Russia trade blame over nuclear plant shelling
Kyiv and Moscow traded accusations of shelling on the territory of the Zaporizhzhia nuclear power plant that Russia controls in...
- The Russian army said missiles exploded around a power line that feeds the plant, the fourth and fifth power units and "special building number 2".
- Renat Karchaa, an advisor to the Russian nuclear agency Rosatom, told state-run agency TASS that the "special building" contained nuclear fuel.
Science
Swiss regret COP27 going soft on top polluters
GENEVA, SWITZERLAND - Switzerland regretted Sunday that the COP27 climate summit outcome does not impose obligations on the highest greenhouse...
- There was disappointment in some quarters over COP27's stand on cutting emissions.
- There were concerns that no resolutions were passed on phasing out coal and reducing subsidies for oil and gas
Geostrategy
‘Most APEC members condemn war in Ukraine’
Asia-Pacific leaders added their voices to international pressure on Russia over its invasion of Ukraine, issuing a summit statement saying...
- The summit communique was agreed by all APEC members, including Russia and China.
- Apart from substituting the name of the organization, the statement was word-for-word the same as a G20 declaration.
Market Report
World stocks rally but oil prices tumble
Global main stock markets rallied as investors fished for bargain shares and shrugged off losses elsewhere, but oil prices fell...
- Asian equities experienced mixed fortunes Friday as cautious investors tried to gauge the outlook for Federal Reserve monetary policy.
- The week has been broadly positive for global equities following softer-than-expected US consumer and wholesale price figures.
Geostrategy
UAE Minister discusses economic ties with Caribbean countries
ABU DHABI, UAE - UAE Minister of Economy Abdullah bin Touq Al Marri visited the Havana International Fair 2022 in...
- The visit was aimed at exploring opportunities for cooperation and establishing new economic partnerships between the UAE and Caribbean region.
- The UAE minister met several ministers from the Caribbean nations to discuss mechanisms to enhance economic and trade cooperation.
Iran and Turkey to utilize modern tech for electricity exchange
Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...
Economy
Company News
Latest News
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...
Geostrategy
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...
Economy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
Geostrategy
Most Read
World can’t ‘unplug’ existing energy system: COP28 head
Riyadh, Saudi Arabia - The president of the upcoming COP28 climate talks in Dubai called on Sunday for governments to abandon...
- Climate activists have criticized the appointment of Jaber to lead the COP28 talks which kick off in Dubai next month, given that he is also head of the oil firm ADNOC.
- But Jaber has garnered the support of COP parties including US climate envoy John Kerry, partly by emphasising his belief that "the phase-down of fossil fuels is inevitable."
Geostrategy
Putin launches Russian gas shipments to Uzbekistan
Moscow, Russia - Russian Vladimir Putin on Saturday announced the start of gas supplies to Uzbekistan via Kazakhstan, a boost for...
- Despite being home to a wealth of natural resources including gas, the Central Asian country of Uzbekistan has faced energy shortages.
- Russian gas exports decreased by 21.5 percent in 2022 - as its largest buyer the European Union drastically reduced imports.
Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.