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Energy

Energy news covering oil, gas and renewable energy across the Middle East. Energy investment news and analysis of energy markets.

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A worker at Shams Solar Power Station in Abu Dhabi. Solar's share of renewable energy in the Middle East has soared over the last decade

Middle East renewable capacity doubles but the region is lagging

Renewable energy capacity in the Middle East has more than doubled in the past decade, with Iran and the UAE leading the way – but the region remains a bit-part player globally. New figures released by the International Renewable Energy Agency (Irena) show that regional capacity rose from just under 16 gigawatts to more than […]

US company Albemarle controls 20% of the world's lithium market but Gulf companies have their sights set on production too

Lithium’s highs and lows – and what they mean for the Gulf

For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […]

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United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, South Korean President Yoon Suk Yeol and his wife Kim Keon Hee watch the Black Eagles, the aerobatic team of T-50 jets belonging to South Korea's air force, during a welcoming ceremony at the Presidential Office in Seoul on May 29, 2024. JUNG YEON-JE/Pool via REUTERS

Trade deal signed during UAE state visit to South Korea

The UAE has signed a trade agreement with South Korea during a two-day state visit by the Emirati president, Sheikh Mohamed bin Zayed Al Nahyan, that has resulted in deals worth billions of dollars being struck between the two countries. The UAE has become the first Arab country to formally sign a comprehensive economic partnership […]

Adnoc Distribution plans to open 15 to 20 new fuel stations this year

Adnoc Distribution targets 200 EV stations this year

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy. The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news […]

Opec oil demand US crowded highway

Opec optimistic about oil demand through to 2025

Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient, the group’s chief said. “For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of […]

QatarEnergy Brazil Petrobras FPSO

​QatarEnergy to help develop offshore oil project in Brazil

A consortium including the state-backed QatarEnergy has taken the final investment decision to develop the second phase of the Sépia oil and gas field, 200km off the coast of Brazil. The other partners alongside QatarEnergy are TotalEnergies of France, Petronas of Malaysia, the Netherland’s Petrogal Brazil, and Brazil’s Petrobras, the field operator. A contract was signed […]

The fish market in Sousse, Tunisia. The country hopes the first phase of its H2V deal will produce 5,000MW of renewable energy

Tunisia signs $50bn green hydrogen investment deal

Tunisia has signed a memorandum of understanding with French company TotalEnergies and Austrian group Verbund to produce green hydrogen (H2V). Overall investment could reach €46 billion ($50 billion). The first phase of the project, which is expected to cost €6 billion, aims to produce 200,000 tonnes of H2V per year, generating 5,000 megawatts (MW) of […]

Bahrain recorded its highest electricity load in its history of 3,819MW in August 2023

Bahraini power company completes $1bn refinancing

Bahrain’s Al Dur Power & Water Company has closed a $1.2 billion refinancing facility provided by a syndicate of 17 local, regional and international banks. The kingdom’s largest power generation and water desalination company will use the funds to refinance its existing project-level debt. The refinancing facilities extend up to 11 years and include a […]

Adnoc's Ruwais LNG project. The company has approved capital expenditure of $150 billion for 2023-2027

Adnoc to reach its 5m bpd oil target before 2027

Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations. The oil company announced in November 2022 that the new target was to be achieved by 2027 […]

A seller at a souq in Oman. The country has been given a stable outlook, thanks to the positive impact of budget reforms and falling debt

Oman to use budget surplus to repay nearly $3bn debt

Oman is expected to repay nearly $3 billion in external debt in the first half of 2024, driven by the budget surplus from high oil prices, Fitch Ratings said in a new report. The resulting 10 percent decline in external debt from the end of 2023 is faster than forecast last September. The rating agency affirmed the Gulf state’s […]

Helmet, Adult, Male

Saudi Aramco’s $10bn share sale slated for next month

Saudi Aramco’s anticipated share sale is expected to take place next month, according to a media report. The offering is projected to raise nearly $10 billion and will be listed on the local stock exchange, Reuters reported, citing unnamed informed sources.  The sources said details may still change, but the process continues. In September 2023, […]

The number of electric vehicles in Dubai passed 30,000 by the end of April 2024

Parkin to roll out more green EV chargers across Dubai

Dubai is expanding its network of electric vehicle (EV) chargers as part of the emirate’s push to accelerate smart and green mobility. Parkin, the state-backed parking management company, has signed an agreement with the Dubai Electricity and Water Authority (Dewa) to increase the number of EV green charger stations at prime locations across the emirate. Parkin […]

The under-construction Golden Pass LNG facility in Texas

Builder of Qatar-Exxon LNG facility files for bankruptcy

Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […]

The Adnoc Drilling head office. Adnoc will not be able to sell any more of its stake for at least six months

Adnoc Drilling successfully floats further stake

Abu Dhabi state oil company Adnoc has successfully placed a further 5.5 percent of listed subsidiary Adnoc Drilling, increasing the company’s free float to 16.5 percent. The sale of an additional 880 million shares through a book-building process will boost trading of Adnoc Drilling’s stock on Abu Dhabi’s bourse. Adnoc restricted the share sale to […]

Adnoc’s investment in Mozambique aligns with its expansion strategy for a lower-carbon LNG portfolio

Adnoc buys 10% in LNG project in Mozambique

Abu Dhabi National Oil Company (Adnoc) has acquired a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique as part of its global growth strategy.  The acquisition will allow the UAE energy major a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity […]

Architecture, Building, Factory A Sabic facility in Jubail. The company reported a net profit of SAR250 million in Q1 2024, down 62% year on year

Sabic to pay $1.4bn dividend despite profit drop

Saudi Basic Industries Corporation (Sabic) has declared a cash dividend of more than SAR5 billion ($1.4 billion) for the first six months of 2024. The board of the company, which is wholly owned by oil giant Saudi Aramco, announced the dividend payout this week, paying SAR1.7 per share. The dividend payout will take place on […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]

The presidents of China and Russia, Xi Jinping and Vladimir Putin, held talks in Beijing last week

Oil keeps Russia and China close, but analysts warn it won’t last

Russia was China’s biggest oil supplier once again in April, according to official figures, staying ahead of Saudi Arabia thanks to its cheaper crude. However, crude flows from Riyadh to Beijing are expected to increase as the kingdom strengthens its presence in the Chinese energy sector, analysts have told AGBI. Russia’s crude oil exports to […]