Search Site

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

Lebanon may see complete blackout by month-end

EDL has warned of a ‘high risk of reaching total and complete blackout by end-September.’ AFP
  • Lebanon has seen worsening shortages of fuel over the past few months
  • Power cuts across the country can currently last up to 23 hours a day

Lebanon could plunge into a total blackout by the end of September, local reports have quoted its state electricity company as saying.

This comes as its fuel oil reserves dwindle, amid an economic crisis that the World Bank has said is one of the worst in the world.

Electricite du Liban, or EDL, is now capable of generating less than 500 megawatts from the fuel it secured through a deal with Iraq, the company has said in a statement.

Iraq signed an agreement in July to allow the cash-strapped Lebanese government to pay for 1 million tons of heavy fuel oil a year in goods and services.

That oil is not suitable for use in Lebanon, but it is being exchanged in tenders for a suitable grade of petroleum.

EDL said its reserves of both Grade A and Grade B fuel oil had reached a critical point and had run out already for some plants that have now stopped production.

“The network already experienced total blackouts across the country seven times and if this continues there is a high risk of reaching total and complete blackout by end-September,” the statement said.

Lebanon has seen worsening shortages of fuel over the past few months, amid rising prices as subsidies are phased out.

Power cuts across the country can currently last up to 23 hours a day, with most Lebanese relying on costly private generators.