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
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...
Business
Opinion
Goal: A just energy transition that’s equitable to all
It must be based on scientific, economic, and engineering facts, appreciate the multiple dilemmas and challenging trade-offs, and accelerate the...
- Record growth in renewables, representing over 80 percent of all new power-generating capacity last year, is the clearest sign yet that the energy transition is gathering pace
- Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating. They will undermine energy security, erode economic stability
Business
Russian gas supply cut: Germany to fall short of gas reserve target
Germany is heavily dependent on Russian gas and has seen deliveries drop sharply amid tensions over the Ukraine war.
- Warning of looming shortages, Economy Minister Habeck outlined a series of targets last month for gas stocks to reach 95% by November 1.
- "I am not counting on our achieving our next reserve goals as quickly as the first," said Klaus Mueller, president of the Federal Network Agency.
Economy
OPEC not responsible for soaring inflation: Secretary-General
“OPEC is not behind this price increase,” said the secretary-general of the the influential group of producers Haitham Al-Ghais. “There...
- Al-Ghais’ comments follow the OPEC’s decision to add only 100,000 barrels per day from next month
- He said the factors behind the spike in gas and oil prices are beyond OPEC and identified underinvestment as the main problem
Geostrategy
Spain PM hopes Europe gas pipeline will soon be ready
Spanish Prime Minister Pedro Sanchez said Tuesday he hopes a gas pipeline linking the Iberian Peninsula to central Europe through...
- Russia has reduced deliveries and nations are scrambling for supplies to avoid a possible shortage this winter, while prices for gas and electricity have soared
- Spain currently has six liquefied natural gas (LNG) terminals for processing deliveries made by huge sea tankers back into gas and injecting them into its pipeline network
Economy
Oil prices fall as Aramco signals plan to raise crude production
Oil prices slipped in Asian trade, with both main contracts down around two percent as the stuttering Chinese economic recovery...
- Oil prices slipped in Asian trade, with both main contracts down around two percent as the stuttering Chinese economic recovery added to concerns about demand
- Crude prices which had gained following Russia’s invasion of Ukraine have declined over the last couple of months on fears of a possible economic recession
Economy
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according...
- Gas production from Risha Field, eastern Jordan, reached about 6,510 million cubic feet during 2021 at a daily rate of 17.8 million cubic feet
- The capacity of Risha Field has been raised to about 32 million cubic feet per day, as Risha Wells 53, 51, 50 have entered production in 2021
Business
SEWA completes 10-km natural gas line to Al Zubair district
Sharjah Electricity, Water and Gas Authority (SEWA) has completed the implementation of a 10-km line project to connect the natural...
- The natural gas network and pumping stations operate according to the best technical specification, said Amna bin Hadda, Director of the Natural Gas Department.
- She added that the SEWA is keen to encourage the residents of Sharjah to use natural gas as compared to using liquefied gas cylinders.
Economy
Oil demand up as surging gas prices force countries to switch fuels: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries...
- Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and "escalating concerns over the deteriorating economic outlook, IEA said.
- Prices of natural gas and electricity have jumped to new records, prompting some countries to switch to oil use.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
Geostrategy
Saudi delegation discuss energy, climate action at Tokyo conference
A delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (KAPSARC), participated in Tokyo’s 43rd International Association for...
- The discussions included the future role of fossil fuels, decarbonization risks and opportunities, renewables, energy economics.
- Titled “Mapping the Energy Future, Voyage in Uncharted Territory,” the conference functioned from July 31 to August 4, 2022.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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
Company News
Latest News
DEWA picks bidder for 1,800MW phase of Al Maktoum Solar Park
Dubai, UAE -- In a step towards its clean energy ambitions, the Dubai Electricity and Water Authority (DEWA), has announced...
Business
US to invest $1.2 bn on facilities to pull carbon from air
The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
Geostrategy
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
Business
Most Read
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business
Aramco Q2 profits drop 38%
The oil company's profits fell sharply to US$30.08 billion.
- Production from the world's biggest crude exporter was down after Riyadh in April announced cuts of 500,000 barrels per day
- The kingdom's daily production is now approximately nine million bpd, far below its reported daily capacity of 12 million bpd
Geostrategy
Blazing heat spurs record energy consumption in Bahrain
Life in Bahrain largely moves indoors during the summer months, with the ever-present Arctic blast of air-conditioning systems.
- Manama's Electricity and Water Authority said the region "recorded its highest-ever electricity consumption rate" on Thursday at 3,798 megawatts
- Beating last year's record of 3,708 MW, the latest figure came as temperatures on Thursday reached 40 degrees Celsius (104 degrees Fahrenheit),