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Energy

Oil, gas, renewables and energy news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Aramco MidOcean

Aramco invests $500m in LNG business MidOcean

Saudi Arabia’s Aramco has made its first investment in the international liquefied natural gas (LNG) market with a $500 million investment in MidOcean Energy. The Saudi oil supermajor has acquired a minority stake in the company, which is the LNG unit of US-based energy investor EIG. The deal includes an option to increase the size […]

African leaders argue that they must be allowed to exploit their resources to lift their people out of poverty and raise living standards

Afrexim taps traders for $3bn loan to Nigerian oil company

African Export–Import Bank (Afrexim Bank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company that is central to the country’s efforts to support the naira, three sources told Reuters. The currency hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Afrexim approached traders […]

Aramaco has signed a deal with Chinese refiner Shenghong

Aramco in talks to buy 10% stake in Chinese refiner

Saudi Aramco has started talks with China’s privately owned Jiangsu Eastern Shenghong Company to acquire a 10 percent equity stake in the Chinese firm’s refiner and petrochemical subsidiary.  Under the cooperation framework agreement, the world’s largest oil producing company intends to supply Jiangsu Shenghong Petrochemical Industry Group with crude oil and potentially other feedstocks.  Aramco and […]

Gulf refinery upgrade programme

Gulf invests in major oil refinery upgrade programme

Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent.  From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […]

Amea Power Tunisia

Dubai’s Amea Power brightens Tunisia’s solar ambitions

Dubai’s Amea Power has reached financial close on its first 120 megawatt (MW) solar project in Tunisia as the North African country seeks to boost its renewable energy production.  The $86 million solar plant will be located in Metbassta, in the north-western Kairouan governate. It is being built by Kairouan Solar Plant, a company registered in […]

Egypt minister Tarek El-Molla announced oil and gas exploration bids

Egypt opens bidding for new oil and gas exploration

The Oil Ministry of Egypt on Monday launched an international bidding round for exploration in 23 blocks by oil and gas companies.  Of the blocks on offer, 10 are in the Western Desert, seven in the Gulf of Suez, four in the Red Sea, and two in the Eastern Desert. The tenders are part of […]

A worker at Shell's Pearl GTL facility in Doha, Qatar. The country has yet to set a net zero target

Majority of Mena countries lack net zero target, IEA warns

Just six out of 17 countries in the Middle East and North Africa (Mena) have set a target for reaching net zero carbon emissions, hampering global efforts to tackle climate change, according to the International Energy Agency (IEA).  The IEA has published a detailed update to its net zero roadmap of 2021. In the report, […]

Oil production in Oman rose very slightly in Q2, but prices and oil-related activity fell

Oman GDP falls after slowdown in oil activities

Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […]

The project is expected to reduce water injection-related energy consumption by up to 30% at Adnoc's Bab and Bu Hasa oil and gas fields

Funding secured for Adnoc’s $2.2bn water supply project

Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) have completed the financial closing of a AED8.3 billion ($2.2 billion) project to provide a sustainable water supply for Adnoc’s onshore operations. The investment by the two Abu Dhabi energy majors aims to develop and operate facilities to sustainably treat and supply […]

Adnoc to expand its branded service stations across Egypt

Adnoc Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, plans to open six new service stations in Egypt by the end of the year. The UAE company announced the opening of three Adnoc branded service stations on Saturday after acquiring a 50 percent stake in TotalEnergies Marketing Egypt earlier this year. The newly opened […]

Saudi Crown Prince Mohammed bin Salman's number one priority is funding the kingdom's Vision 2030 giga-projects

Saudi economy slips as government pushes oil cuts

Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts.  Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects.  The International Monetary Fund said this month it saw a slowdown in […]

The current energy transition shortcomings are already causing mass confusion across industries that produce and or rely on energy, said Aramco CEO Amin Nasser

Oil firms cautious on drilling as energy transition looms

Government policies to fight climate change are discouraging oil companies from investing heavily in new production even as they turn in record profits. It is a dynamic that could spell tight supply and high prices as clean energy alternatives seek to fill the void. Crude oil prices have surged above $90 a barrel and some […]

Lucid said its Saudi manufacturing facility should produce up to 155,000 vehicles a year at peak production

Lucid gets permit to operate in new Saudi economic zone

Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […]

Muscat Stock Exchange will offer Oman's biggest IPO

Strong demand for Oman’s biggest IPO in two decades

Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […]

Dr Sultan bin Ahmed Al Jaber, Cop28 president-designate, opened trading on Wall Street at the New York Stock Exchange on Tuesday

Fossil fuel phase-down ‘inevitable’ says Al Jaber

Cop28 president-designate Sultan Al Jaber this week implored world leaders to cut reliance on fossil fuels to meet carbon reduction targets.  Addressing the UN Climate Ambition Summit in New York, Al Jaber – who is also group chief executive of Abu Dhabi National Oil Company – urged nations to fast track the transition to a […]

aviation offsets

Aviation offset rules face shake-up as doubts persist

An imminent change to rules governing aviation carbon offsets ahead of the Cop28 climate conference may not be enough to convince airlines and others they have a meaningful effect, it has emerged. Aviation, like steel- and cement-making, is a hard-to-abate industry. It is difficult for companies within the sector to reduce emissions of carbon dioxide […]

Ades Holding is expected to raise about $1.22bn from selling more than 338.72 million existing and new shares

PIF-backed Ades Holding’s order book hits $76bn

Saudi oil and gas driller Ades Holding set the final price for its initial public offering (IPO) at the top-end at SAR 13.50, implying a valuation of SAR 15.242 billion ($4.06 billion). The institutional book-building process was 62.7 times oversubscribed, while the order book stood at SAR 286.853 billion ($76.49 billion). The Public Investment Fund-backed […]

Oil shipments from Saudi Arabia totalled 1.89 million bpd in August, down 5.5% from a year earlier

Saudi exports to China slip on Russia’s discounted oil

Russia maintained its spot as China’s top crude oil supplier in August, Chinese government data showed on Wednesday, even as discounts on Russian crude continued to narrow and Moscow cut exports. China’s imports from Russia – including supplies via pipelines and seaborne shipments – jumped 26 percent from August last year to 10.54 million metric […]

oil $100 oil price

$100 a barrel oil raises global inflation fears

Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […]

OPEC

Kenya extends oil supply deal with three Gulf companies

Kenya has extended an oil supply deal with three Gulf-based companies, which is designed to manage demand for dollars, the energy regulator said on Tuesday. The East African nation entered the deal with Saudi Aramco, Abu Dhabi National Oil Company (Adnoc) and Emirates National Oil Company (Enoc) in March, switching from an open tender system […]