INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

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
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.
Business

TotalEnergies posts Q3 net profit of US$6.6bn

Firm said surging oil, gas prices helped it post massive profits.
  • Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
  • The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Geostrategy

Climate pledges short of limiting temperature rise to 1.5C: UN Official

Paris, France - International climate pledges remain far off track to limit rising temperatures to 1.5 degrees Celsius, according to a...
  • The combined climate pledges of more than 190 nations that signed up to the 2015 Paris climate deal put Earth on track to warm by around 2.5C.
  • With the planet already battered by climate-enhanced heatwaves, storms and floods after just 1.2C of warming, experts say world is still failing to act.
Geostrategy

Gas production starts at Karish field day before expected Israel-Lebanon deal

Jerusalem---Gas production has started at Karish, an offshore field at the centre of a maritime border deal between Israel and...
  • The announcement comes a day before Lebanon and Israel are expected to sign their maritime deal, following lengthy negotiations mediated by Washington.
  • Energy assets were fiercely contested in the talks, with Israel ultimately securing full rights over Karish as part of the accord.
Geostrategy

Aramco chief at FII6: World needs realistic, optimal energy transition plan

"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...
  • Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
  • Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
Business

Al Seer Marine buys large crude carriers

The firm's total VLCC fleet value is now $245 million.
  • VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
  • In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Market Report

Most markets up but China fear casts shadow

Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood...
  • Tokyo, Sydney, Seoul and Taipei led gains after a strong performance in New York.
  • The rise was sparked by a report the Fed could begin to take its foot off the pedal in its rate hike campaign.
Geostrategy

Sanctioned Iran general tells EU to ‘buy coal’ with assets

The EU's 27 member states have been squabbling for months over measures to lower energy bills as winter nears.
  • Ukraine war has pushed energy prices skywards, with Russia withholding gas deliveries to most of Europe in reaction to Western sanctions
  • Bagheri called the imposition of EU sanctions a "mistake" similar to those the United States made when it sanctioned him in 2019
Economy

Moroccans protest against cost of living crisis

The protest was organized by the country's main trade union, the UNTM, which is close to the Justice and Development...
  • The rally, outside parliament and witnessed by AFP journalists, came after several protests already this week in Rabat and other Moroccan cities
  • Consumer price inflation was 8.3 percent year-on-year in September, due in large part to surging food prices, which were up 14.7 percent
Economy

Saudi Crown Prince launches program to make KSA investment hub

Saudi Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs Prince Mohammed bin Salman bin...
  • GSCRI will help enable investors to benefit from the Kingdom's resources, capabilities and support and develop these value chains.
  • It will also build successful investments, which will give greater flexibility to economies, businesses and consumers around the world.

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

Latest News

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

Farmers turn to solar power in Syria’s former breadbasket

Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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".
Geostrategy

Oil industry is an integral part of climate solutions, says COP28 head

President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told...
  • The president of the upcoming COP28 urged oil industry leaders to curb emissions associated with energy production.
  • He also encouraged them to embrace "low carbon solutions" like carbon capture and storage,
Business

DEWA commissions 200MW second unit in Al Maktoum Solar Park

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
  • It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
  • This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).