Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Advanced nuclear technologies and their role in the energy transition
New policies, public trust, and partnerships are crucial to accelerating these nuclear solutions. Platforms like the Forum’s Advanced Energy Solutions...
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
- The IEA said the largest growth took place in China, with wind power additions rising by 66%
- Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Business
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Economy
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
- The proposed text reaffirms France's commitment to nuclear power to ensure "energy sovereignty"
- The draft law also drops targets for reducing energy consumption via renovation of buildings.
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
- US and European oil futures fell around four percent after top exporter Saudi Arabia cut the price of its crude, weighing also on shares of energy majors, analysts said
- Drop in oil prices weighed on energy shares, with Shell down 2.9 percent as investors reacted to mixed trading update ahead of British oil major's annual earnings due next month
Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
- Announced in June, the Vision Pro will cost a hefty $3,499 before tax, more than double the price of Meta's top-of-the-range Quest Pro headset.
- The headset has been in development at Apple for years, and is seen as a much needed boost to a segment that Facebook-owner Meta has struggled to grow.
Business
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
- The pilot unit will separate oil from CO2-rich natural gas at the bottom of the ocean and reinject the gas directly into the reservoir, TotalEnergies said.
- The company said the high pressure subsea separation (HISEP) technology has the potential to reduce the intensity of greenhouse gas emissions.
Geostrategy
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
- UK government said it would invest $382 million building a high-assay low-enriched uranium programme that would help "displace" Moscow from global energy mar
- The British investment is part of plans to deliver up to 24 gigawatts of electricity from nuclear power by 2050, a quarter of the United Kingdom's electricity needs
Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
YEARBOOK 2023
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
- UAE launched ALTÉRRA, the world’s largest private investment climate action vehicle, aimed at raising and mobilizing an additional $250bn for climate action.
- Despite global headwinds, CBUAE projects 3.3 percent year-on-year growth projected for the UAE economy in 2024.
Geostrategy
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
- Buffeted by a global energy crisis, inflationary pressures and geopolitical instability, the move to clean energy has faced a challenging time.
- This year's top 10 emerging technologies will likely become increasingly familiar in the years ahead as they help tackle some of our biggest challenges.
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Company News
Masdar to buy stake in Terra-Gen
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Sovcomflot 2023 net profit $900m
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Latest News
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy
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Geostrategy
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
- Iranian Oil Minister Javad Owji had said that oil production would reach 3.6 million barrels per day by the end of the Persian year on March 19.
- Iran's oil sector suffered a blow in 2018 when Western sanctions were reimposed, forcing foreign companies to leave the country,
Economy
Middle East leads way in global methane mitigation
The Middle East is emerging as an important region in the battle against methane emissions, crucial for curbing global warming....
- The Middle East is emerging as an important region in the battle against methane emissions, crucial for curbing global warming. say an IEA report.
- With Saudi Arabia and UAE leading by example through low emissions intensities , the region is setting new benchmarks in environmental stewardship.
Economy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
- This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
- Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.