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Arabian Gulf Business Insight -  oil, gas, renewables and energy news from the Middle East. All the important stories, plus authoritative opinion and analysis.

Person, Human, Flag

Oil top of the agenda on White House visit to Saudi this week

Two senior US officials visited Saudi Arabia this week for talks that included global energy supplies, Iran and other regional issues, the White House said on Thursday. Meeting senior Saudi officials in Riyadh were Brett McGurk, Biden’s top White House adviser on the Middle East, and Amos Hochstein, the State Department’s energy envoy. “I will […]

Boat, Transportation, Vehicle

US seizes Russian ship with Iranian oil cargo

The United States has confiscated an Iranian oil cargo held on a Russian-operated ship near Greece and will send the cargo to the United States aboard another vessel, three sources familiar with the matter said. Greek authorities last month impounded the Iranian-flagged Pegas, with 19 Russian crew members on board, near the coast of the […]

Saudi Aramco keen to buy stake in US-based motor oil firm

Oil giant Saudi Aramco has approached motor oil and lubricant maker Valvoline Inc to buy its segment that caters to commercial customers, sources familiar with the matter told Reuters on Wednesday. Valvoline, which is valued at $5.4 billion as of Tuesday’s closing price, had last year decided to separate its retail services and global products […]

UAE’s first commercial waste-to-energy plant to power 28,000 homes

A new commercial scale waste-to-energy plant inaugurated in Sharjah, one of the seven emirates in the United Arab Emirates (UAE) will produce enough electricity to power 28,000 homes per year and help the government to achieve its goal to become the Middle East’s first zero-waste city. The Emirates Waste to Energy company, a joint venture […]

Office Building, Building, Architecture

Saudi oil giants lead on march to net zero

Aramco and Sabic commit to big investments in technology to combat emissions from hydrocarbons Oil industry heavyweights from Saudi Arabia have pledged to pursue a green energy transition against a backdrop of robust energy prices, with Brent currently hovering at around $110 a barrel of oil. Officials from Saudi Aramco and Saudi Basic Industries Corporation, […]

Dubai cooling firm Empower invites banks to pitch for IPO

Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to pitch for […]

Kuwait to start building world’s largest petroleum research centre

Kuwait plans to start building the world’s largest petroleum research centre by the end of the year, the oil ministry said today. The Middle East Economic Digest said the project had stalled because of budget pressure, estimating its cost at $120 million. The centre, to be built in al-Ahmadi, south of Kuwait City, will have […]

Person, Human, Chair

Saudi oil exports surge 123% in March

Saudi oil exports rose 123 percent year-on-year in March, Reuters reported today, citing data from the kingdom’s General Authority for Statistics. At the same time, the authority said Saudi non-oil exports rose 25.4 percent in March. The news comes as the Saudi finance minister said the country’s policy on fiscal sustainability would ensure that reserves […]

Adnoc facility at Ruwais

Abu Dhabi and Britain sign deal to fuel global hydrogen push

Adnoc’s deal to develop clean hydrogen with British giant BP and renewable energy firm Masdar is a “landmark agreement” that will accelerate the global transition towards a sustainable future, industry experts have said.  As part of the partnership announced on Tuesday, Adnoc (Abu Dhabi National Oil Company) and BP have advanced to the design phase […]

President Volodymyr Zelensky at Davos

Zelensky tells Davos the world is ‘at a turning point’

Ukrainian President Volodymyr Zelensky addressed global business leaders at Davos on Monday, telling them the world faced a turning point and had to ramp up sanctions against Russia as a warning to other countries considering using brute force.  “History is at a turning point… This is really the moment when it is decided whether brute […]

Abu Dhabi crude oil discovery

New oil discovery puts Abu Dhabi on course for 2030 target

A new crude oil discovery by Abu Dhabi National Oil Company (Adnoc) will help the company realise its ambitious target to produce five million barrels per day (bpd) by 2030, according to experts.  The state-owned energy giant announced last week it had discovered 650 million barrels of crude at three new onshore sites.   The discoveries […]

Saudi Opec+ Russia

Saudi Arabia signals support for Russia in Opec+

Brent crude trading at about $112 a barrel Saudi blames prices on lack of global refining capacity and taxes New production deal for Opec+ quotas due in three months  Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and […]

City, Town, Urban

‘We’re serious about net zero’ says Saudi’s PIF chief

PIF establishing new hydrogen company Fund plans to develop 70 percent of renewable energy targets Kingdom to phase out almost all liquids Saudi Arabia’s Public Investment Fund (PIF) is committed to achieving its goal of developing 70 percent of the kingdom’s renewable energy by the end of the decade, PIF’s governor confirmed today. Despite it […]

Face, Person, Human

Biden in talks to meet Saudi Crown Prince for first time

US President Joe Biden and Saudi Arabian Crown Prince Mohammed bin Salman could meet for the first time as soon as next month, CNN reported on Thursday, citing multiple sources. Biden administration officials are in talks with the Saudis about arranging a potential in-person meeting while Biden is overseas next month, the report added. The […]

Iran has up to 20 oil tankers anchored near Singapore

Cheap Russian oil gives Iran a China crisis

Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. US and European sanctions imposed over Moscow’s invasion of Ukraine on February 24 have pushed […]

Tie, Accessories, Accessory

Qatar to invest $5bn in Spanish projects, Emir says

Qatar’s $300 billion sovereign wealth fund plans to invest $5 billion in Spanish projects, the Gulf state’s ruler said late on Tuesday at a dinner held in his honour in Madrid. Spain’s Prime Minister Pedro Sanchez said on Tuesday that Emir Sheikh Tamim bin Hamad Al-Thani told an audience at a dinner held in King […]

US private equity group buys UK power plant giant for £1.75bn

ContourGlobal, the UK power plant owner, has agreed to be taken over by KKR, the New York-based private equity giant, for £1.75 billion after an underwhelming four-and-a-half-year stint on the public markets. The FTSE 250 company said its board intended to recommend the “fair and reasonable” all-cash acquisition at 263.6p a share, a 36 percent […]

Abu Dhabi’s $2bn green energy splash will deepen India ties

Abu Dhabi-based International Holding Company PJSC’s (IHC) AED 7.3 billion ($2 billion) investment in Indian multinational conglomerate Adani Group takes the UAE-India partnership to “a different level” with more deals on the horizon, market observers said.  IHC provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay […]

Foreign ship in Gulf waters detained for ‘smuggling fuel’

Iranian authorities seized a foreign ship attempting to smuggle fuel out of the country and detained its crew, state news agency IRNA said today. Iran, which has some of the world’s cheapest fuel prices due to heavy subsidies and the plunge in value of its national currency, has been fighting rampant fuel smuggling by land […]

Borouge produces polyolefins used in cars and food packaging

Borouge to sell 10% of shares in IPO as it lists on ADX

Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis AG are planning an initial public offering (IPO) of their petrochemicals joint venture Borouge on the Abu Dhabi Securities Exchange (ADX). Borouge, a specialty plastics firm that produces polyolefins used in items such as cars and food packaging, said its offering will consist […]

Oman: the next hydrogen energy superpower

With lengthy daytime sun, strong overnight winds and an accessible coastline, H2 investors and developers have long admired Oman, dubbed a “future renewable superpower,” by green energy titans. The government has noticed their admiration, and is looking to hydrogen to help power the oil-rich country’s energy grid and recharge its fossil fuel-reliant economy.  Since announcing […]

Face, Person, Human

Saudi puts its energy into increasing oil output

Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level should market […]