The French energy firm earned a net profit of $6.7 billion.

Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the two countries have strengthened in recent years. According to Lovemore Mazemo, ambassador of Zimbabwe to the UAE, the trade relations between the two countries are poised to grow further. The...

The firms will jointly establish an e-fuel demonstration plant.

RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here. The MoUs were signed by both government and private entities. Government agencies signed four MoUs with the private sector in areas such as real estate development, automotive, and water. President...

In June last year Eni agreed a deal with QatarEnergy for a 3.1 percent share in Qatar's North Field East project, the first phase of the Gulf emirate's expansion into the largest gas field on the planet, which extends into Iranian territory. The deal with Eni follows a quick succession...

Abu Dhabi, UAE--Kazakhstan is keen to expand trade ties with the UAE, setting a target of $1 billion in mutual trade. Speaking to a media outlet in Abu Dhabi, Arman Shakkaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, said: ‘’We got some great plans to unlimit our...

It entered into seven solar, hydrogen agreements in China.

Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and water desalination projects. The agreements, signed during the third Belt and Road Forum held in Beijing on October 17-18, reaffirm ACWA Power’s commitment to collaborative sustainable development by leveraging its...

Abu Dhabi, UAE - ADNOC Gas on Wednesday announced a multi-year liquified natural gas (LNG) supply agreement, valued between $500 million (AED1.8 billion) and $700 million (AED2.5 billion), with JERA Global Markets, a trading subsidiary of JERA Co. This agreement builds on the long-standing relationship between the UAE and Japan...

RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia. The network includes more than 150 charging stations spread across...

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy. The global lenders are holding their gathering, which brings together finance ministers and central bankers...

The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly...

Abu Dhabi, UAE-- The UAE and US have reviewed ways to accelerate cooperation in priority sectors such as clean energy, sustainable industrial development and advanced technology – areas where the UAE and US already share a successful track record. The discussion on the boosting of ties came up in a...

Washington, United States - US wholesale prices rose more than expected in September, government data showed Thursday, as energy prices continued to climb. The producer price index (PPI) rose by 0.5 percent last month, building on August's 0.7 percent increase, according to data from the Labor Department. This was above the...

Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on Wednesday. Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Total last year for a share of the Gulf state's...

Borouge will also supply critical materials for UAE energy projects.

RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's domestic market mechanism, Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), at MENA Climate Week 2023 here.  This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to...

Bishkek, Kyrgyzstan--The UAE and Kyrgyzstan have discussed mechanisms to enhance joint cooperation in various fields, especially renewable energy, transportation, and logistics services in a meeting between Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure and Sadyr Japarov, President of the Kyrgyz Republic. The minister led a high-level UAE...

"This is the largest trilateral energy project" between the three ex-Soviet countries, Putin said, after formally launching the shipment. He was hosting a meeting in Moscow with his Uzbek and Kazakh counterparts, Shavkat Mirziyoyev and Kassym-Jomart Tokayev.

Moscow, Russia - Russian Vladimir Putin on Saturday announced the start of gas supplies to Uzbekistan via Kazakhstan, a boost for Russia's industry hit by a flurry of Western sanctions over the offensive in Ukraine. Despite being home to a wealth of natural  resources including gas, the Central Asian country of Uzbekistan has faced energy shortages. Moscow meanwhile...

ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail and Ghasha Offshore Development project. The project aims to operate with net zero carbon dioxide (CO2) emissions, reinforcing ADNOC’s legacy of responsible energy production and supporting its Net Zero by...

Brasilia, Brazil-- The UAE and Brazil have explored opportunities to develop cooperation in trade, energy and climate issues in a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs of the UAE, and Mauro Vieira, Minister of Foreign Affairs of Brazil, in the capital, Brasilia. The meeting,...

Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said on Tuesday. The fractures have led to a doubling in new trade restrictions on commodities...

Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according to Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC). “By 2045, the world's energy demand is expected to increase by 25% from current levels, as...

Abu Dhabi, UAE - UAE’s clean energy powerhouse Masdar expands Central Asian presence with agreement to explore ground-mounted solar, onshore wind, floating solar and hydropower in land-locked and water-rich Tajikistan MW Energy, a joint venture between Abu Dhabi Future Energy Company – Masdar and W Solar Investment, has signed an...

Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister of Energy and Infrastructure, told a global audience of energy leaders at opening of ADIPEC 2023, which convened today under the theme of ‘Decarbonising. Faster. Together.’ Speaking at ADIPEC’s ministerial...

President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told an oil conference that the fossil fuel industry would play an essential role in addressing the crisis. "This industry has been viewed as part of the problem, that it's not...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, local media reports said. This phase uses the Independent Power Producer (IPP) model with investments of up to AED...

The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion) in 2023 but now predicts a deficit of 82 billion Saudi riyals ($21.86 billion), or two percent of GDP, according to the ministry's pre-budget statement. A deficit of 79 billion...

Bridgetown, Barbados-- The UAE and Barbados have discussed prospects for bolstering bilateral cooperation, particularly in climate action and renewable energy, besides looking to boost economic and trade ties between the two countries. The subject was discussed in a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs...

PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global industrial power, top policymakers warned on Friday. The plea was made at a conference on the clean energy transition hosted by the International Energy Agency, the European Central Bank and...

The deal will be Aramco's first international investment in LNG.

According to the country's economy minister, around 1.5 million acres of public land -- nearly the size of Kuwait -- have been set aside for green hydrogen and ammonia plants. Morocco is looking to become North Africa's top player in the emerging "green hydrogen" sector, with plans to export the...

QatarEnergy will supply naphtha to Marubeni for 10 years.

Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter measures could undermine electric vehicle investments. Led by France and Italy, the 27 nations voted for a less ambitious plan than the one put forward by the European Commission in...

Tokyo, Japan-- The UAE and Japan have held discussions to boost partnership in various sectors of the economy even as the first ministerial meeting of the comprehensive strategic partnership took place between the two countries in Tokyo. In this regard, Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced...

Yinchuan, China--The sixth China-Arab States Expo commenced today in Yinchuan, northwest China's Ningxia Hui Autonomous Region, marking yet another chapter in the ever-expanding economic and trade nexus between China and its Arab counterparts. Spanning a sprawling 40,000 square meters, the Expo boasts an offline exhibition arena with participation from over...

Jakarta, Indonesia-- The UAE and Indonesia have discussed mechanisms to expand regional cooperation and opportunities for trade and investment cooperation between the two countries. In this connection the two countries have reviewed a number of economic and investment issues of common interest in the fields of energy, mining, tourism, real...

Looking to shore up ties between the two countries, Kuwait and China have signed cooperation agreements across a range of sectors, including renewable energy, infrastructure, low-carbon recycling. The agreements were signed in the Chinese city of Hangzhou and were presided over by Kuwait's crown prince and Chinese president.

Iran said it had called in the Swiss envoy to deliver a protest over a “provocative” US statement on its decades-old dispute with the UAE over three Gulf islands. The foreign ministry was reacting to a joint statement issued by the US and six Gulf Arab states backing UAE calls...

Abu Dhabi, UAE--UAE stock markets Thursday continued to capitalize on improved investor sentiments, defying US Fed's decision to keep interest rates steady on Wednesday, while projecting an increase by year-end. Blue-chip real estate, banking, and energy stocks lead the gainers in the Capital's bourse, as giant property Emaar drove DFM...

China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent of the global capacity -- after having accounted for just 10 percent of the global capacity in 2020. Electrolyzers are devices used for the industrial separation of hydrogen and oxygen...

PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind and solar electricity production in India. The joint venture will include wind and solar assets that Adani Green Energy Limited (AGEL) already operates and is building and developing in India,...

Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf Cooperation Council region.

AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection initiatives to enhance the system and advance the energy sector. This move will ultimately help position Jordan as a hub for regional energy exchange in all its forms. According to...

Putin first raised the idea of creating "a gas hub in Turkey for supplies to other countries" during talks with President Recep Tayyip Erdogan in the Kazakh capital Astana last October. Erdogan then instructed his government to start immediate preparations for "an international distribution center" in Turkey.

The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this year, partly due to resurgent Chinese consumption and jet fuel. But the extension of Saudi and Russian output cuts "will lock in a substantial market deficit" through the last three...

GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed policies, says a report.

The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of a historic turning point," executive director Fatih Birol wrote in the FT.

Abu Dhabi, UAE-- UAE President Sheikh Mohamed bin Zayed and Nigerian President Bola Ahmed Tinubu discussed opportunities for further bilateral collaboration in areas that serve both countries’ sustainable economic growth, including the economic, development, energy, and climate action fields in a meeting in Abu Dhabi. Sheikh Mohamed expressed his hope...