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

Use of DEWA’s electric-vehicle green chargers up 59% in 2023

Dubai, UAE -- Dubai Electricity and Water Authority (DEWA)’s EV Green Charger initiative witnessed a 59 percent increase in the...

Business

WEF24: AI stays at forefront of energy revolution

There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco...

Interview
Geostrategy

IEA urges Europe to reduce winter gas consumption

Europe must ramp down gas consumption to survive the winter given perilously low stocks amid fears of a total cut...
  • The IEA warned of "unprecedented risks" of shortages unless demand is reined in, estimating cuts of nine percent are needed
  • IEA said diversification had at least enabled gas stockage facilities to stand at almost 90 percent of capacity at the end of September
Geostrategy

Turkey, Libya sign maritime hydrocarbons agreement

Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in 'Libyan waters'.
  • The deal follows an agreement Turkey signed with authorities in Tripoli in 2019, which demarcated the countries' shared maritime borders.
  • The deal came at the height of a year-long battle between rival governments vying for control of the capital.
Geostrategy

UAE takes part in G20 Finance Track in Indonesia

UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for...
  • The meeting was held in Indonesia and sought to discuss key global economic issues.
  • G20 members, invited non-G20 member countries, representatives of the World Bank, IMF, and OECD also attended the meeting.
Economy

Fed up of perennial power cuts, Gaza turns to solar

For most of Gaza's 2.3 million residents, living under a 15-year-old Israeli blockade, power cuts are a daily fact of...
  • Gaza bakery owner Bishara Shehadeh began the switch to solar this summer, by placing hundreds of gleaming panels on his rooftop
  • Green energy advocates say that solar energy is a vision for a global future as the world faces the perils of climate change and rising energy costs
Business

Crude prices surge as top producers plan to slash output

The jump comes after both main contracts suffered hefty losses in recent months on demand fears caused by an expected...
  • WTI climbed 3.3 percent to $82.12 and Brent also piled on 3.3 percent to $87.94 ahead of a meeting of the group this week in Vienna
  • The reduction in production -- which delegates to OPEC said had not been finalized -- would be the biggest since the pandemic began when crude prices collapsed
Geostrategy

‘Nord Stream 2 pipeline has stopped leaking gas’

The Nord Stream 2 pipeline is no longer leaking under the Baltic Sea because an equilibrium has been reached between...
  • While the pipelines are not currently in operation, they both still contained gas before they fell victim to apparent sabotage, producing four leaks.
  • All the leaks are in the Baltic Sea off the Danish island of Bornholm.
Geostrategy

Russia suspends gas supply to Italy due to transport issues

SOFIA, BULGARIA - Russia's Gazprom has suspended gas deliveries to Italy's Eni, blaming a transport problem in Austria, the Italian...
  • Most of Russian gas delivered to Italy passes via Ukraine through Trans Austria Gas Pipeline (TAG), to Tarvisio in northern Italy
  • Before the war in Ukraine, Italy imported 95 percent of the gas it consumes -- about 45 percent of which came from Russia.
Geostrategy

Lebanon receives US ‘offer’ over Israel maritime border

Lebanon said it received a letter from US envoy Amos Hochstein containing an "offer" on a maritime border deal with...
  • PM Najib Mikati met with US ambassador to Lebanon Dorothy Shea "who delivered a written offer from the US mediator"
  • The US-mediated negotiations restarted in early June after Israel moved a production vessel near the Karish offshore field
Economy

Jordan government reduces fuel prices for October

The price of 90-octane gasoline and 95-octane gasoline will decrease by 60 fils in October.
  • The price of 90-octane gasoline and 95-octane gasoline will decrease by 60 fils in October
  • The price of one litre of diesel and kerosene will sell at JD0.825 in October, instead of JD0.790
Science

Two-day inaugural RAK Energy Summit to begin on Oct 4

The inaugural RAK Energy Summit, to be held on October 4-5, will feature experts from the energy sector in the...
  • The summit will feature experts from the energy sector in the UAE and globally.
  • The experts will discuss the challenges the world faces as it moves to cut carbon emissions.

Use of DEWA’s electric-vehicle green chargers up 59% in 2023

Dubai, UAE -- Dubai Electricity and Water Authority (DEWA)’s EV Green Charger initiative witnessed a 59 percent increase in the...
Business

Company News

Latest News

China to control half the world’s hydrogen electrolyser capacity

China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...

UK to revoke plan to attain net zero emissions by 2050

LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
Business

TotalEnergies, Adani Group set up JV for wind, solar power production in India

PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

Jordan’s interconnection projects to serve as hub for energy exchange

AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
  • Jordanian authorities are working on a project to connect the Kingdom’s Risha electrical station to Iraq's Rutba station.
  • The interconnection line will allow the Iraqis to power the Rutba area's loads, using the Jordanian grid.
Business

California sues oil giants, alleges environment, climate-risks deception

The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
  • The suit follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change.
  • The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California.
Business

Oil prices at a crossroads as production cuts persist

Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to...
  • Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to an anticipated market deficit until 2023-end, says a report
  • Refineries grapple with material changes and disruptions as Russia's diesel export reduction boosts futures prices and OPEC+ cuts drive high oil prices during Q3 of 2023