Its net profit fell 7 percent to US$50 million in Q1 of 2023.

Abu Dhabi, UAE - ADNOC and Baker Hughes announced Wednesday a deal to accelerate the development and commercialization of technology solutions for green and low-carbon hydrogen, as well as graphene. The agreement will see ADNOC collaborate with Baker Hughes as a strategic partner to study and pilot, the deployment of...

Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy. It is the first-ever business meeting between Dubai and Palestine, with the delegation involved in 237 meetings, one of the highest ever. Participants at the event included Hashim Shawa, Chairman of...

Growth in revenue driven by surge in demand for electricity, water.

BAGHDAD, IRAQ -  Iraq Prime Minister Muhammad Shia'a Al-Sudani said that the country is continuing regional economic communication. A statement issued by the Prime Minister's media office said, "Muhammad Shia' al-Sudani received the Lebanese Minister of Energy and Water Walid Fayyad and the Deputy Director of the Lebanese State Security...

Baghdad, Iraq - Jordan and Iraq have signed a deal to resume the export of Iraqi crude to Jordan under preferential terms, the Jordan News Agency reported The agreement was signed by the Energy and Mineral Resources Minister of Jordan, Saleh Al Kharabsheh, and the Oil Minister of Iraq, Hayan...

The surging profits prompted outcry from critics as Britons face a cost-of-living crisis, which has topped the agenda for Thursday's local elections in England. They have also rekindled calls for more taxation to help offset sky-high household energy bills caused by key producer Russia's war on Ukraine.

Adjusted earnings rose six percent to $10.6 billion.

To prevent a damaging oil spill in the Red Sea, the UN Development Programme in March took the unprecedented step of purchasing its own supertanker to remove more than a million barrels of oil from the beleaguered FSO Safer. The 47-year-old ship has not been serviced since Yemen's civil war...

The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey boost energy exports and its goal to achieve energy self-sufficiency. The news comes in the wake of another oil discovery made in December, considered to be one of the ten...

Consumer prices edged up from 6.9 percent in March, which could further encourage the European Central Bank (ECB) to raise interest rates on Thursday. Analysts for FactSet and Bloomberg had predicted the rate would remain stable. The ECB has hiked rates repeatedly since July last year to rein in inflation.

In Q1 2022, BP posted its biggest loss ever at $20.4bn.

Abu Dhabi, UAE - ADNOC Gas announced Monday a three-year supply agreement with the TotalEnergies Gas and Power Limited for exporting liquefied natural gas (LNG). Under the deal, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world. The three-year contract is expected...

DUBAI, UAE - The 30th edition of Arabian Travel Market (ATM) will open Monday at Dubai World Trade Center (DWTC), local media reports said. The event, on May 1-4, will see global travel, tourism, and hospitality experts come together to explore how their industry is ‘Working Towards Net Zero’.For ATM...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision to position the Emirates as one of the top 10 countries globally in the 'Human Development Index'. The 'We the UAE 2031' vision was launched by Sheikh Mohammed bin Rashid...

The Frankfurt-based institution has already lifted rates 3.5 percentage points since July last year to tame energy and food costs that surged after Russia invaded Ukraine. But there is debate about whether the ECB will opt for a 50-basis point hike -- as it did at its previous three meetings...

The firm had sold its oil sands activities in Canada to SunCor Energy.

BP in February announced that it expected to boost its profits between now and 2030 by investing more in both renewable energy and hydrocarbons, slowing the pace of its transition. Environmental group Greenpeace, which only last year was calling BP "the most ambitious" of the global majors, criticised the plans,...

Aviation emissions in Europe were on an upward curve of around five percent per year between 2013 and 2019, dropping off after that only because of travel curbs under the coronavirus pandemic. Those curbs are now largely lifted, and aviation traffic is bouncing back.

Dubai, UAE— Dubai Electricity and Water Authority (DEWA) and Xanadu, a Canadian quantum computing company, are considering strategic cooperation in order to develop solutions for enhancing the reliability of energy systems. In this regard, Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), met with...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has signed a sponsorship agreement with the Roads and Transport Authority in Dubai (RTA), allowing RTA to be the Platinum Sponsor of the World Green Economy Summit (WGES) for three sessions from 2023 to 2025. The Summit is organized by the...

London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the next three decades. This was stated by Abdullah bin Touq Al Marri, Minister of Economy, in his address at the 13th edition of the City Week 2023 Forum, in London,...

"German business's worries are abating, but the economy is still lacking dynamism," said Ifo president Clemens Fuest.

To meet the estimated energy demand from hydrogen and electric aircraft in 2050 would require the amount of energy produced from 10-25 of the world’s largest wind farms, or a solar farm half the size of Belgium, WEF says.

According to the China Association of Automobile Manufacturers, electric vehicles made up 25 percent of car sales in the country in 2022, a year-on-year increase of 94 percent.

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and Infrastructure’s ‘Research and Innovation Award’ in the government sector category for its contributions in the field of balanced national energy. The award recognizes DEWA's consistent efforts in research, development and...

It posted better-than-expected profit increase to US$2.35bn.

The facility will begin producing 10 million cubic metres of gas daily in a first phase - which Erdogan said is expected to reach 40 million cubic metres daily after other wells go into operation. Experts say 10 million cubic metres of gas per day would meet around six percent...

STOCKHOLM, SWEDEN - EU lawmakers this week adopted new laws boosting Europe's climate change fight, but a parallel drive to protect biodiversity in bills to be finalized before the end of next year looks to be on shakier ground. Negotiations between the European Commission, EU member states and the European Parliament...

Firms will work together on nuclear, renewable energy.

BRUSSELS, BELGIUM - Environmental groups lodged a lawsuit against the European Commission on Tuesday to challenge its definition of natural gas as a "green" energy source. In addition, one other non-governmental organization, Greenpeace, sued the EU executive separately for deciding that nuclear energy was worthy of its sustainable investment label. The legal...

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has won the Hydrogen Project of the Year 2023 Award for its green hydrogen project aimed at promoting the transition towards renewable and clean energy at the Hydrogen Future Awards 2023. The Hydrogen Future Awards was organized during the "Connecting Green...

BAGHDAD, IRAQ -  Iraq's Minister of Water Resources Aoun Diab said on Sunday that the releases of the Tigris River will improve in the coming days. He also said that an invitation was extended to the Iranian Minister of Energy to attend the third Baghdad Water Conference. Diab said that...

The most powerful nuclear reactor in Europe, with a capacity of generating 1,600 megawatts, Olkiluoto 3 reached full power in late September for the first time since construction began in 2005.

BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal budget bill submitted to the Parliament. The meeting was attended by Parliament Deputy Speaker Muhsin Al-Mandalawi, Parliament Deputy Speaker Shakhwan Abdullah and MPs of the Parliamentary Finance Committee, as well...

ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to strengthen economic and diplomatic ties. The UAE's energy and infrastructure minister, Suhail bin Mohammed al-Mazrouei, welcomed the Brazilian leader at Abu Dhabi airport, local media reported. Lula, who in January...

BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks to wean itself off fossil fuels and manage an energy crisis caused by the war in Ukraine. While many Western countries are upping their investments in atomic energy to reduce...

Sky-high inflation driven by sharp increases in the cost of energy prompted the ECB to crank up interest rates at a record pace to try to tame consumer price prices.

The world's leading developed economies are all targeting net-zero emissions by 2050 or sooner after signing the Paris Agreement to cap global warming at well under two degrees Celsius. But they differ on how to respond to the energy squeeze caused by Russia's war in Ukraine, with host Japan among...

Berlin, Germany--Inflation in Germany eased to 7.4 percent in March, mainly thanks to government measures to bring down energy prices, final figures showed on Thursday. The data from federal statistics agency Destatis confirm a downward trend since annual inflation peaked at 10.4 percent in Europe's biggest economy in October -- revised...

At a time when many Western countries are ramping up nuclear power in their transition to greener energy sources, Europe's biggest economy is resolutely sticking to its plans -- though not everyone is in agreement. Germany has been looking to phase out nuclear power since 2002, but the decision was...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) which is listed on the Dubai Financial Market (DFM) on Monday reported that its shareholders approved the payment of total dividend of US$1.29 billion (AED 4.77 billion) with a record date of April 20, 2023. This approval came during DEWA’s general...

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...

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...

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...

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.

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.

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...

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...

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...