EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
Geostrategy
ENEC, Atlantic Council sign three-year nuclear cooperation pact
Abu Dhabi, UAE--- The Emirates Nuclear Energy Corporation (ENEC) has signed a three-year agreement with the Atlantic Council to collaborate...
- The Atlantic Council is a US-based think tank, and home to the Global Energy Centre, one of the leading US energy centers for promoting energy security.
- The collaboration will see ENEC and the Atlantic Council join forces to support the Council’s new Nuclear Energy Policy Initiative.
Market Report
Global stocks rise on Fed optimism, zero-Covid China policy reports
Global stock markets rose as traders looked to the US Federal Reserve's interest rate decision hoping it will signal a...
- Recent reports have suggested officials are looking to dial down the pace of increases, which has sparked a rally in risk assets over the past week.
- Positive results from multinational firms also helped lift equities.
Economy
UAE-US partnership to spur $100 bn clean-energy financing, development
The Partnership for Accelerating Clean Energy will see the two countries develop, finance and deploy clean projects in the US,...
- UAE Special Envoy for Climate Change Dr. Sultan Al Jaber and Special Presidential Coordinator Amos Hochstein signed the partnership at ADIPEC.
- They will accelerate investment in fossil fuel emissions mitigation; further develop CCUS technologies and advance methane measurement and management.
Business
BP underlying Q3 profit at $8.2bn
BP, flush with cash, revealed a $2.5 billion share buyback.
- Profits were weaker than the second quarter due to a dip in oil prices.
- BP is meanwhile seeking to pivot towards cleaner energy and away from fossil fuels.
Economy
World economy projected to more than double in size by 2045: OPEC
The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23%...
- The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23% in the next 23 years
- Globally, oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045
Economy
Biden threatens tax hit for ‘war profiteering’ oil giants
His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices...
- Biden said companies have a "responsibility to act" beyond the narrow self-interest of executive shareholders
- Hefty profits reported earlier by TotalEnergies and Shell have also reignited a European debate on windfall profits taxes
Geostrategy
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before...
- Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy
- Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.
Geostrategy
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
- UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
- The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Business
DEWA adds 600MW of clean energy production capacity
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
- Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
- The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Business
ADNOC sets Upstream Methane Intensity target of 0.15 percent by 2025
Abu Dhabi, UAE--- Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane...
- ADNOC’s 0.15 percent methane intensity target means ADNOC will be ranked in the Gold Standard category by the Oil and Gas Methane Partnership 2.0 (OGMP 2.0.
- Oil and Gas Methane Partnership 2.0 (OGMP 2.0 is a a multi-stakeholder initiative launched by the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition.
EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Company News
Latest News
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
Business
UN conference adopts plan to reduce harmful chemicals
PARIS, FRANCE - A new roadmap to reduce the environmental risks from chemicals and waste was adopted at a United Nations...
Geostrategy
ADB capital reforms unlock $100bn to support Asia and the Pacific region
MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
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Business
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
- Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
- Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Science
Politicians fail to understand scientific facts of climate, says expert
PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern...
- Several extreme weather events have occurred in 2023, which the European Union's climate monitor says is likely to be the hottest in human history.
- These underscores the urgency of slashing planet-heating greenhouse gas emissions to avert the catastrophic impacts of greater global warming.
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
- This pact builds on the five-year Naphtha sales agreement signed in 2018 between QatarEnergy and Marubeni Corporation.
- Japan-based Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia.