Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical...
Business
Geostrategy
Russia suspends participation in Ukraine grain deal
Russia suspended its participation in a pact that allowed grain exports from Ukraine, blaming alleged drone attacks on Russian ships...
- The Turkey and UN-brokered deal to unlock grain exports signed between Russia and Ukraine in July is critical to easing the global food crisis caused by the conflict.
- Russia had recently criticized the deal, saying its own grain exports have suffered due to Western sanctions.
Business
Octopus Energy acquires Bulb
Firm said it was paying the government a nine-digit sum.
- Bulb, Britain's seventh-biggest supplier, collapsed in 2021 due to soaring wholesale prices
- The government will give financial support to buy energy for Bulb customers over this winter.
Geostrategy
Jordan to host renewable energy investment forum
AMMAN, JORDAN - Amman is scheduled to host the Seventh International Investment Forum for Renewable Energy and Energy Efficiency in...
- The forum will discuss over three days many important and vital issues on various fields of renewable energy, energy efficiency, green hydrogen.
- The forum's themes will also cover innovative agricultural patterns, energy management, carbon trading.
Geostrategy
After Israel, Lebanon eyes Cyprus maritime border deal
Cyprus, which has aspirations of becoming a major energy player in the eastern Mediterranean, has a key exclusive economic zone,...
- In 2007, Lebanon and Cyprus signed an agreement to delineate their respective exclusive economic zones
- Neighbours Israel and Lebanon signed on Thursday a US-brokered agreement removing hurdles for natural gas production
Business
ExxonMobil Q3 net surges to US$19.7bn
Hike in profit was due to high oil, natural gas prices.
- The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
- The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business
OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.
- OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
- Following European sanctions on Moscow, OMV froze its investments in Russia.
Geostrategy
China’s President Xi expected to visit Saudi Arabia: Saudi FM
Prince Faisal bin Farhan hailed the "historical and solid relationship" between the major oil exporter and Beijing after talks with...
- The potential visit comes at a time of strained ties between Saudi Arabia and long-standing ally the United States
- Xi visited Saudi Arabia in January 2016, the year before Prince Mohammed was named as heir to the throne, ushering in a period of reform
Market Report
Markets mixed as investors digest ECB hike, US data
Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
- The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
- After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Science
‘Carbon neutrality goals are useless if not backed by action’
UNITED NATIONS, UNITED STATES - Carbon neutrality goals are useless if not backed by action, UN Secretary-General Antonio Guterres said...
- Commitments to net zero are worth zero without the plans, policies and actions to back it up, the UN chief said in a video message
- The message's target audience was governments, in particular G20 countries, as well as private actors and financial institutions.
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Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
Company News
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DEWA Q2 revenue $2bn
Business
Aramco Q2 profits drop 38%
Business
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
Business
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
Economy
ADNOC awards two contracts for Hail and Ghasha Offshore Development project
ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail...
Business
Most Read
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
- IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
- It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
- The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
- Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.
Geostrategy
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
- There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
- Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".