• Russia not in danger of trading oil at a loss, says Lavrov

    MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of energy flows to the East - growing local markets will be able to "absorb" its supply, Russian Foreign Minister Sergey Lavrov said. Lavrov said this in an interview for the...
  • 4th batch of Saudi oil derivatives grant arrives in Aden

    Aden, Yemen - The fourth batch of the Saudi Oil Derivatives Grant, consisting of 150,000 metric tons of diesel and 100,000 metric tons of mazut, has arrived at the oil port in Aden.  This initiative is part of Saudi Arabia's ongoing efforts to support the Yemeni people, in response to...
  • UAE, Vietnam begin process for economic partnership pact

    Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive economic partnership agreement (CEPA). The document was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Nguyen Hong Dien, Minister of Industry and Trade of...
  • DEWA, Siemens Energy discuss enhancing cooperation

    DUBAI, UAE -  MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed enhancing cooperation with top leadership of Siemens Energy here. Al Tayer met with Anne-Laure de Chammard, Member of the Executive Board of Siemens Energy AG, and Dietmar Siersdorfer, Managing Director of Siemens...
  • Iran working on key pipeline to supply gas to Oman

    Reza Noshadi, who heads the National Iranian Gas Company’s engineering subsidiary, said that Iran will be able to export gas to Oman through the 200-kilometer pipeline from Minab to Kuhmobarak.
  • Iraq, Kurdish region sign accord to resume oil export

    The deal, thrashed out in talks between federal and regional officials, spells the end of independent oil exports by the Kurdish regional government and marks a clear limit to its autonomy.
  • WMO urges more investment in integrated weather, climate services

    GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the World Meteorological Organization (WMO) said. This investment is critical to ensure that energy infrastructure is resilient to climate-related shocks and to harness the power of energy generated from sources such...
  • Oil cuts in interest of energy markets, says Russia

    The Kremlin said oil output cuts by Russia, Saudi Arabia and other major producers that have caused prices to soar are "in the interests" of global markets. The surprise move on Sunday came as oil prices have cooled in recent months after soaring last year following the start of the...
  • Major oil powers slash production ahead of OPEC+ meet

    Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total more than one million barrels per day -- the biggest reduction since the OPEC+ cut 2 million bpd in Oct. A Saudi official called it a measure "aimed at supporting...
  • Dubai Chamber reviews software development, Artificial Intelligence sector

    DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session of regular digital industry workshops here. Top executives, business leaders, experts and entrepreneurs discussed the challenges and opportunities in the industry, local media reports said. UAE Minister of State for...
  • EU bloc records highest ever trade deficit in 2022

    BRUSSELS, BELGIUM  - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching its lowest level since the start of the time series in 2002. The deficit was due, in particular, to a steep rise in the value of energy imports, which started...
  • Iraq inaugurates oil refinery in Karbala to curtail imports

    The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day -- over half of Iraq's daily imports of 15 million liters. The refinery has the capacity to produce 200 megawatts of electricity and "60 megawatts will be allocated to the...
  • DEWA, Siemens discusses enhancing cooperation

    DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer discussed the latest advancements in smart grid technology with CEO of Grid Software at Siemens Sabine Erlinghagen. The meeting was attended by senior officials from DEWA and Siemens. The two sides discussed the latest...
  • UK warns against protectionism after US green energy subsidy

    London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading a "distortive" green energy subsidy race. Finance Minister Jeremy Hunt's remarks came as his government updated its energy security plan to ramp up renewable and nuclear power. The Conservative government...
  • Petrofac shares surge

    Petrofact and Hitachi Energy secured a $14.1bn energy deal.
  • Trends Poll: Saudi will reach net-zero first in GCC

    Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address the obstacles.
  • EU closer to banning fossil fuel car sales after Berlin lifts veto

    Brussels, Belgium - The 27 EU member states approved Monday a deal between Brussels and Germany that lifted Berlin's block on a planned phaseout of sales of new fossil fuel cars by 2035. A spokesman for Sweden, which holds the EU presidency, said ambassadors backed the agreement. Energy ministers are expected...
  • Aramco to acquire 10% stake in China’s Rongsheng Petrochemical

    The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...
  • Aramco seeks to become China’s all-inclusive energy, chemicals source

    Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s long-term energy security and China’s high-quality development. Amin H. Nasser, Aramco President and CEO, told the China Development Forum 2023 that the company is doubling down on China’s energy supply,...
  • UAE highlights food, energy insecurity at G20 Finance Track meeting

    CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023 held here on March 24 – 25. The meeting was held to discuss the progress made on the 2023 FWG work...
  • Global financial woes may hit Europe, warns ECB chief Lagarde

    The ECB president insisted, however, that if the most recent forecasts were confirmed, "we will still have ground to cover to make sure that inflation pressures are stamped out".
  • UAE, Pakistan discuss ways to enhance mutual trade, investment

    The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly AED 4.8 billion ($1.3 billion) in 2022.
  • EU raids energy drink Red Bull over violation of antitrust rules

    If the company raided is guilty of antitrust violations, it risks large fines but can be granted immunity if it cooperates with the commission.
  • Dana Gas proposes dividend

    The company had reported a net profit of $182 m for 2022.
  • Gas price in Europe slips below US$43 for first time since 2021

    LONDON, UK- Europe's natural gas price slid Monday below US$43 for the first time in more than a year and a half, dampened by mild weather and high storage levels. In morning London deals, the price of benchmark Dutch TTF gas hit $42.5 per megawatt hour - last seen in July...
  • Kuwait Oil Company declares ‘state of emergency’ after oil spill on land

    Teams have been dispatched to determine the source of the leak and contain the incident, Al-Amer said, declining to give the spill's exact location. Kuwait's Al Rai newspaper released a video on Twitter showing a pipe spewing large amounts of oil onto barren land. AFP could not independently verify the...
  • EU unveils plans to scale up net-zero technology

    BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU and make sure the Union is well-equipped for the clean-energy transition, local media reports said. This initiative was announced by President Ursula von der Leyen as a part of the...
  • OECD raises global growth forecast as inflation eases, recovery ‘fragile’

    The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil. The Organization for Economic Co-operation and Development said it now expects the global economy to grow by 2.6 percent this year.
  • OPEC projects world oil demand to average 101.9 mb/d in 2023

    Vienna, Austria  – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors. “Following estimated growth of 2.5 mb/d y-oy in 2022, oil...
  • EU and Algeria look to consolidate energy, security ties

    The 27-country bloc would like to develop the partnership with Algeria "looking at the future, by prioritizing European investments in the renewable energy sector", Josep Borrell added in a statement. European governments, scrambling to find alternatives to Russian gas since last year's invasion of Ukraine that has sent prices soaring,...
  • ADNOC Gas gains US$9.2bn on first day after IPO

    Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest.
  • Aramco reports bumper profits

    It posted $161bn profits last year on high oil prices.
  • TAQA Morocco to invest US$1.6bn in renewable energy solutions

    Dubai, UAE--TAQA Morocco is looking to invest $1.6 billion in renewable energy solutions in Morocco in order to lift up electricity production by 50 percent by 2030.  Owned by Abu Dhabi National Energy Co., the company plans to diversify its activities in clean energy and water desalination as part of...
  • European Central Bank head pledges to tackle high inflation in Europe

    Last week, Lagarde said that more interest rate hikes might be needed in the eurozone after the half percentage point hike it has already signaled will come later this month.
  • Lego to gain market share

    Excluding currency effects, the sales gain was 11 percent.
  • Japan allots US$1.6bn to contentious Australia hydrogen project

    In a statement, HESC said the project has entered its commercial demonstration phase with money from Japan's Green Innovation Fund, which will be used to design and build facilities to liquefy and ship hydrogen from Australia's Victoria to Japan. The project aims to produce and liquefy hydrogen from a type...
  • Oman to award solar energy projects worth US$777m to investors

    Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR). According to media reports, the Manah 1 and 2 projects, which will jointly produce a total of...
  • ‘UAE’s economy sees fastest growth in over a decade’

    The UAE has utilized advanced technologies to develop capacities and meet the growing demand in these sectors. Additionally, the country aims to adopt a new and more open development model in line with the leadership's future vision and the UAE Centennial 2071, the minister adds.
  • Qatar Emir announces $60 million for Doha Program of Action

    Doha, Qatar - Qatar Emir Sheikh Tamim ibn Hamad Al Thani announced Sunday a $60 million financial contribution to Doha Program of Action (DPoA). He was speaking at the Fifth UN Conference on the Least Developed Countries (LDCs) in Doha. Local media reports said that $10 million will be allocated...
  • Iran to reconnect nuclear surveillance cameras: IAEA

    UN nuclear watchdog chief Rafael Grossi earlier said he had held "constructive" talks with Iranian officials in Tehran after the discovery of uranium particles enriched to near weapons-grade level. On his return to Vienna, Grossi recalled there had been "a reduction in monitoring activities related to cameras and monitoring systems"...
  • UAE, Italy enhance bilateral relations to Strategic Partnership level

    ABU DHABI, UAE -  The United Arab Emirates and Italy on Saturday announced the enhancement of their  bilateral relations to the Strategic Partnership level. The announcement came during a meeting between President Sheikh Mohamed bin Zayed Al Nahyan  and Italy's Prime Minister Giorgia Meloni at Al Shati Palace in Abu...
  • ADNOC Gas announces final IPO pricing, to raise $2.5 billion

    The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a market capitalization of about $50 billion. Total demand topped $124 billion, making it more than 50 times oversubscribed, ADNOC said, calling it the biggest demand yet seen for an IPO...
  • Trade leadership helps UAE emerge as a soft power

    “Trade has had an indelible impact on our soft power. Located at a strategic global crossroads, the UAE is one of the world’s most connected countries and acts as a vital bridge for many nation’s products on key East-West, North-South trade routes. This role is reflected in the value of...
  • Less than expected fall in EU inflation as food prices surge

    Brussels, Belgium - The eurozone annual inflation rate fell to 8.5 percent in February, the EU's statistics agency said Thursday, but the drop was less than expected as food costs soar. Inflation was down last month from 8.6 percent in January but analysts at financial data firm FactSet had forecast...
  • Renewables help offset rise in coal emissions in 2022, IEA says

    "The impacts of the energy crisis didn't result in the major increase in global emissions that was initially feared –- and this is thanks to the outstanding growth of renewables, EVs, heat pumps and energy-efficient technologies," IEA executive director Fatih Birol said.
  • Green energy meets 80 percent of Abu Dhabi demand: EWEC

    Abu Dhabi, UAE--- Emirates Water and Electricity Company (EWEC) has, for the first time, met 80 percent of total power demand in Abu Dhabi using renewable and clean energy from its solar and nuclear energy plants. In the process, EWEC supplied approximately 6.2 gigawatts (GW) of the total 7.7GW system...
  • EU strikes deal to create world’s first ‘green’ bond standard for investors

    Investors' appetite for "green debt", used to finance renewable energy projects, low-carbon transport or well-insulated housing, is growing exponentially. But the European Union until now did not have a common standard to certify the sustainability of investments.
  • Nigeria gas fuels Morocco, Algeria pipeline power struggle

    Morocco and Algeria have moved to revive long-stalled projects in light of a gas supply crunch following Russia's invasion of Ukraine a year ago. Prices surged and Europe - which was heavily reliant on Russian gas - had to look elsewhere for energy.
  • Masdar unveils 200MW Solar Park in Jordan

    Amman, Jordan - The Baynouna Solar Energy Company (BSCE), a joint venture between the UAE’s world-leading renewable energy company, Masdar, and Finnish investment and asset management group Taaleri, has announced the formal inauguration of the 200-megawatt (MW) Baynouna Solar Park – the largest clean energy project in Jordan. The inauguration...
  • BASF to cut thousands of jobs

    It will also close down several units in Ludwigshafen.
  • Masdar-built solar plant in Azerbaijan to begin operations in 2023

    In June 2022, Masdar announced the signing of several agreements with the Ministry of Energy of Azerbaijan to develop clean and renewable energy projects with a total capacity of 4,000 MW, underscoring the commitment of the two countries to climate action.