EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
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.
Business
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
- The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
- The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity
Economy
Gazprom halts pipeline gas flow in new jitters for Europe
Gazprom said supplies via Nord Stream 1 were "completely stopped" for "preventative work" at a compressor unit, shortly after the...
- Germany, which is heavily dependent on Russian gas, has accused Moscow of using energy as a "weapon."
- But Gazprom has said the 3-day maintenance work was "necessary" and had to be carried out after "every 1,000 hours of operation."
Geostrategy
What can Europe do to fight soaring power bills?
European leaders want to break the link between soaring gas prices and electricity bills, a wholesale reform of the EU...
- Electric power can't be stockpiled, unlike natural gas, so production and use must constantly be balanced.
- In the EU, electricity pricing is determined by the cost of the last energy source employed to respond to demand - often a gas-fired power plant
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EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
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Business
Latest News
Climate change to be discussed in Dubai COP28 meet, says Egypt minister
Cairo, Egypt - Egyptian Minister of International Cooperation Dr. Rania Al Mashat, said the 28th Conference of the Parties to...
Business
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDAN - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
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...
Economy
Most Read
Turkey’s leader Erdogan in Hungary for NATO, energy talks
Hungary has still not voted to approve the Nordic country's entry into the North Atlantic Treaty Organization, having aligned itself...
- The two countries have also discussed strengthening their energy cooperation, given that Hungary already receives a large proportion of its gas via the TurkStream pipeline
- Budapest and Ankara will also be deepening their "strategic partnership", an announcement due to be made official during a visit by Erdogan scheduled for December
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Geostrategy
Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
- Masdar signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants.
- Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of over 100 million people.