Analysis Renewable Energy 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 […]
Opinion Oil & Gas Qatar’s role as LNG colossus will grow with North Field Geopolitics, high oil price and LNG demand are upsides for Qatar
Opinion Economy Economic diversification is the GCC’s top priority Saudi Arabia has taken great steps to diversify its economy – Kuwait must follow suit
Opinion Oil & Gas The IEA and Opec: 50 years of prickly co-existence The two organisations were managing to get along until climate change entered the equation
Opinion Sustainability Carbon capture isn’t a silver bullet but it’s part of the answer The priority for the energy transition should be to reduce emissions. Systems integration can do this
Renewable Energy Tunisia-Italy power project gets $285m investment The Tunisian Electricity and Gas Company (STEG) has revealed plans to invest about €266 million ($285 million) to complete the Tunisian-Italian Elmed Interconnector Project, a 220km power line connecting the two countries. The investment will fund the Tunisian side of the project, which includes laying a 100km submarine power cable worth €125 million and the […] April 26, 2024
Opinion Oil & Gas A just energy transition cannot be rushed The JP Morgan thesis will get a resounding welcome among oil producers April 24, 2024
Oil & Gas OQ and Total approve $1.6bn LNG project in Oman State-owned Oman National Oil (OQ) and French energy major TotalEnergies have finalised the construction of a $1.6 billion Marsa LNG bunkering project at Sohar Port. The project will be developed by Marsa Liquefied Natural Gas, a joint venture owned 80 percent by TotalEnergies and 20 percent by OQ, the state-run Oman News Agency reported. The upstream component […] April 23, 2024
Oil & Gas Aramco targets another petrochemical company in China Saudi Aramco has begun talks to acquire a 10 percent stake in Hengli Petrochemical Company, owner of a 400,000 barrel a day refinery and chemicals complex in Liaoning, north-east China. Hengli Petrochemical, a subsidiary of Hengli Group, also operates plants and production facilities in Jiangsu and Guangdong provinces. The kingdom’s state-owned oil company is looking […] April 23, 2024
EXCLUSIVE Energy Subsidies not route to affordable energy, says Omani minister Providing affordable energy is the biggest priority for Oman’s minister of energy and minerals, but subsidies are still not an option. “Affordable energy, sustainable energy and clean energy in that order. We cannot flip it,” Salim Al Aufi told AGBI in an exclusive interview on Monday during the Oman Petroleum and Energy Show, which took […] April 23, 2024
Energy Spain open to Taqa’s bid for potential Naturgy takeover The Spanish government is open to allowing Abu Dhabi National Energy Company (Taqa) to make a potential takeover bid for energy firm Naturgy, according to a media report. “I have spoken of the need to be vigilant and guarantee energy security in defence of Spain’s strategic interests,” Reuters reported Spanish energy minister Teresa Ribera as […] April 22, 2024
Energy Oman signs LNG supply pact with Turkey’s Botas State-backed Oman LNG has signed an agreement with Turkey’s Botas Petroleum Pipeline Corporation to supply one million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) for 10 years. The agreement will commence in 2025, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement with Botas […] April 21, 2024
Opinion Markets Middle East escalation would have severe market implications Energy market disruption would be substantial and global oil supply would contract by around 6% April 19, 2024
Energy Iraq to auction 30 oil and gas projects this month Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues. Ali Metwally, an […] April 19, 2024
Renewable Energy Abu Dhabi to generate 50% power from green sources by 2030 Abu Dhabi plans to generate more than half of its electricity from renewable and clean energy by 2030, a senior Emirates Water and Electricity Company (Ewec) official has said. The state-owned entity is increasing the emirate’s solar energy production plan to 7.6 gigawatts (GW) by 2030, the UAE state-run Wam news agency reported, quoting CEO Othman Juma […] April 19, 2024
Banking & Finance Acwa Power takes China bank loan in first for Saudi Arabia Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […] April 19, 2024
Renewable Energy Cost of Xlinks Morocco-UK project balloons by a third The cost of an ambitious project to deliver green energy from the south of Morocco to power homes in the UK has ballooned by more than a third to $30 billion. Xlinks First is behind the Morocco-UK renewables project, which would construct the world’s longest high-voltage direct current (HVDC) subsea power cable between the North […] April 19, 2024
Opinion Economy $12bn plan puts Oman on path to replace oil income Diversifying the economy is critical for creating jobs, as well as pulling in investors April 18, 2024
Renewable Energy African renewables are ripe for investment, says Irena Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […] April 18, 2024
Energy Taqa confirms potential buyout of Spain’s Naturgy Abu Dhabi National Energy Company (Taqa) has confirmed that it is holding talks with the three biggest shareholders of Spanish energy company Naturgy. In a statement published on the Abu Dhabi Securities Exchange, Taqa said it is holding talks with Criteria Caixa, which has a 26.7 percent stake in Naturgy. Discussions are also ongoing with […] April 18, 2024
Renewable Energy Renewables target for 2030 in sight for Saudi Arabia Saudi Arabia will expand its renewable energy output sixfold by 2030 if it continues at its current pace, a survey found this week. But it will need to add 20GW of capacity annually if it is to reach an ambitious government target laid out last year. In December the government set a new target of […] April 17, 2024
Economy IMF cuts Saudi GDP growth prediction The International Monetary Fund (IMF) has cut its estimate for Saudi economic growth in 2024 to 2.6 percent in its most recent World Economic Outlook, but raised its expectation for 2025. The IMF’s April report says it’s GDP estimate is down from the 2.7 percent in predicted in January. However, the it said that Saudi […] April 17, 2024
Renewable Energy Developers sought for Abu Dhabi’s Khazna solar plant Emirates Water and Electricity Company (Ewec) is seeking developers to build a 1,500 megawatt solar power facility in Abu Dhabi as the emirate ramps up its green energy drive. The utility has issued a request for proposals to qualified companies that have expressed interest in developing the Khazna Solar Photovoltaic project. A total of 27 […] April 17, 2024
Opinion Sustainability The Gulf is well-placed to soar on SAF – but not yet Sustainable aviation fuel is in its infancy but the Gulf has a hydrogen trump card April 16, 2024
Opinion Oil & Gas Iran, Israel and the one simple question for oil markets Geopolitical pressures are building on global energy markets April 15, 2024