France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business
Economy
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...
- The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
- The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Business
OPEC+ to meet in order to adjust quotas for October
Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...
- Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
- Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
Geostrategy
Russia sanctions not working, says Italy far-right leader
The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West...
- Skyrocketing energy prices since the start of the war in Ukraine have wreaked economic pain on countries.
- Someone in Europe has made a bad calculation. It is essential to rethink the strategy to save jobs and businesses, said Matteo Salvini, a far right leader in Italy.
Geostrategy
‘Well prepared to tackle Russia’s gas embargo’
EU Economy Commissioner Paolo Gentiloni said Saturday that the European Union was "well prepared" in the event of a total...
- "We are well prepared to resist Russia's extreme use of the gas weapon," EU Economy Commissioner Paolo Gentiloni said.
- Russian gas giant Gazprom said Friday that the Nord Stream pipeline would be "completely" stopped until turbine is repaired.
Economy
Clean energy is key for Indonesian economy, says IEA
Indonesia has a viable path to reaching its target of net zero emissions by 2060, bringing major benefits to its...
- Key policy reforms and international support will be crucial to the success of the clean energy transition in the world’s fourth most populous country.
- The clean energy transition offers huge opportunities for the next chapter of Indonesia’s development as it seeks to become an advanced economy by 2045.
Geostrategy
‘Turkey can mediate Ukraine nuclear plant standoff’
Turkey can mediate in a standoff over Ukraine's Zaporizhzhia nuclear power station, occupied by Moscow's troops, President Recep Tayyip Erdogan...
- Erdogan had warned of the danger of a nuclear disaster when he visited Lviv last month for talks with his Ukrainian counterpart Volodymyr Zelensky.
- There has been growing alarm over the safety of Europe's largest nuclear plant, Zaporizhzhia
Geostrategy
UAE keen to work with global partners to address energy issues
A senior UAE official at the Ministry of Energy and Infrastructure said that his country is committed to collaborating with...
- The UAE is at the forefront in efforts of energy diversification and adoption of sustainability-driven technology to achieve climate neutrality.
- During the G20 Energy Transitions Ministerial Meeting, G20 Energy Ministers and major international energy organizations discussed key issues facing the sector.
Geostrategy
G7 to ‘urgently’ implement Russian oil price cap
G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid...
- Households in Europe have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.
- Moscow would "simply not supply oil and petroleum products to companies or states that impose restrictions".
Business
Work begins on world’s first model of green steam cracking unit
Riyadh, Saudi Arabia--SABIC, BASF and Linde have begun work on the construction of the world's first model of an electrically...
- The new technology relies on the use of electricity from renewable sources instead of natural gas, which can reduce carbon emissions of the process by 90 percent.
- The fully electric heating unit will be integrated into one of the existing steam crackers at BASF's Verbund site in Ludwigshafen, Germany.
Economy
Eurozone inflation hits new record 9.1 percent on soaring energy prices
Driven by soaring energy prices caused by Russia's invasion in Ukraine, the yearly inflation rate in the 19-country single currency...
- The president of Germany's powerful federal central bank, Joachim Nagel, immediately declared that the ECB should plan for a "strong rise in interest rates for September".
- France, which has moved to cap energy prices saw the lowest rate within the eurozone, with 6.5 percent in August, according to Eurostat.
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France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business
Company News
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Business
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
Geostrategy
Iran inaugurates final phase of country’s largest gas field
The South Pars gas field is one of the world's largest natural gas condensate fields. Iran shares the gas field...
Business
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Economy
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
- The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
- In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
- Together with the existing participants, Russia and Brazil, these countries jointly command 39% of the global oil exports
- BRICS will also possess nearly half of the world's total oil reserves, amounting to 719.5 billion barrels out of 1.6 trillion
Economy
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
- The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
- Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert