Energy Qatar to sign ‘cheaper’ LNG deal with India shortly State-run Qatar Energy is expected to sign a long-term deal within weeks to provide liquefied natural gas (LNG) to Indian buyers on cheaper and more flexible terms than existing contracts, according to a news report. The Indian companies and QatarEnergy have agreed on terms and a contract could be signed by the end of this […] January 21, 2024
Renewable Energy Oman plans fourth large-scale solar power park Oman has issued a tender to develop its next large-scale solar power project just days after financial close was announced on another. Nama Power and Water Procurement, the sole purchaser of electricity from independent power plants in Oman, has issued a request for qualification for the 500MW Ibri III project in the sultanate’s north-west region. […] January 19, 2024
Finance Tadawul Group to buy 32.6% stake in DME Stock market operator Saudi Tadawul Group will buy a 32.6 percent stake in the parent company of Dubai Mercantile Exchange (DME) for SAR107 million ($28.5 million). The Saudi bourse owner will become the joint-largest shareholder, alongside CME Group, which owns the New York Mercantile Exchange. Other shareholders are Dubai Holding’s Tatweer Dubai and Oman Investment […] January 19, 2024
Oil & Gas Saudi Aramco CEO expects oil markets to tighten Saudi Aramco expects tighter oil markets due to growing crude demand and shrinking stockpiles, its CEO Amin Nasser has said. Nasser believes that the disruptions in the Red Sea will not affect global markets in the short term. However, an extension of the crisis would result in a shortage of tankers due to longer travel […] January 18, 2024
Finance Saudi Aramco doubles funds for venture capital arm The Saudi oil giant Aramco said on Wednesday that it had more than doubled the capital allotted to its venture capital arms to $7.5 billion as part of its investment in new energy and digital technologies. The additional $4 billion will be given over the next four years to Aramco Ventures, where Aramco had already […] January 17, 2024
Oil & Gas Petro Rabigh losses hit $1.7bn in fresh blow to chemicals sector Petro Rabigh, one of the largest petrochemicals producers in Saudi Arabia, has revealed that its losses now exceed SAR6.4 billion ($1.7 billion). The listed company announced in a filing to the Saudi stock exchange that losses had reached 38.4 percent of its share capital. The business, which is part-owned by state oil giant Saudi Aramco, […] January 17, 2024
Opinion Markets Carbon credit futures can be the next big thing for markets This emerging sector opens up opportunities for financial hubs across the GCC January 17, 2024
Oil & Gas Low LNG demand cushions Europe from Red Sea issues Low demand and healthy natural gas inventory levels have offset concerns over the Red Sea crisis, leaving markets cool-headed, energy experts said. Europe’s benchmark natural gas price, Dutch TTF, traded at €29.99 ($32.65) per megawatt-hour on Tuesday as industrial demand weakens and stockpiles grow, despite the cold spell. “Demand has so far disappointed, as households […] January 16, 2024
Manufacturing Cobalt refinery to support Saudi EV ambitions A European mining company has announced plans to develop a refinery in Saudi Arabia to process cobalt hydroxide into cobalt sulphate, which is used in electric vehicle (EV) batteries. Luxembourg-based Eurasian Resources Group (ERG) said the project aims to strengthen its position as a strategic supplier to the chemicals sector, particularly in batteries for EVs. […] January 16, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Oil & Gas Fears of supply disruption push crude prices over $80 Brent prices jumped by more than four percent on Friday after the US and its allies launched airstrikes against Houthi rebels in Yemen in retaliation for attacks by the Iran-backed group on ships in the Red Sea. Global crude oil benchmark Brent traded at $80.74 per barrel, slightly above the estimated break-even mark of GCC […] January 12, 2024
Oil & Gas Chinese refiners ask for less Saudi oil despite price cut Chinese refiners have lowered orders for Saudi crude oil for February despite Saudi Aramco’s biggest price cut in 13 months. About 38.5 million barrels were nominated by Chinese refiners for February loading, down slightly from about 40 million barrels for January, Reuters reported, citing trading sources. State-owned Saudi Aramco has cut the official selling price […] January 12, 2024
Renewable Energy Renewable energy capacity at record high says IEA Renewable energy capacity surged worldwide by 50 percent in 2023, putting the planet nearly on track to triple capacity by 2030 and limit the global temperature rise to 1.5C, analysts at the International Energy Agency (IEA) have announced. Renewable reserves reached almost 510 gigawatts (GW) last year, up from 340 GW in 2022, with solar […] January 11, 2024
Oil & Gas Saudi energy minister: There’s more to us than just oil Saudi Arabia should no longer be described as an oil producer but an energy provider, the kingdom’s oil minister said this week. Prince Abdulaziz bin Salman told a minerals forum in Riyadh that Saudi Arabia aims to be a provider of all forms of energy, with global companies welcome to manage the entire process themselves […] January 11, 2024
Oil & Gas Indian refiners seek more Saudi oil after price cut Two Indian state refiners plan to increase crude imports from Saudi Arabia after Saudi Aramco cut the official selling price (OSP) for its flagship crude for February. Indian Oil Corporation (IOC) and Bharat Petroleum Corporation are exploring the option of importing an additional one million barrels of oil each from Saudi Aramco next month, Reuters […] January 10, 2024
Sustainability Adnoc builds CCS portfolio with Storegga stake Abu Dhabi’s state oil company, Adnoc, has taken a 10 percent equity stake in Storegga, a UK developer of decarbonisation and hydrogen projects. The deal is Adnoc’s first international equity investment in a carbon management platform. The total amount of the investment was not disclosed. Storegga is one of the joint venture partners behind the Acorn […] January 9, 2024
Finance Abu Dhabi joint venture invests in US tech company An AED5.5 billion ($1.5 billion) joint venture between Adnoc Drilling Company and Alpha Dhabi Holding has made its first investment, buying a $180 million stake in a US engineering company. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company (Adnoc), and Alpha Dhabi holding, one of Abu Dhabi’s biggest investment companies, announced the partnership […] January 9, 2024
Oil & Gas Riyadh’s price cut fails to halt drop in oil markets Saudi Arabia’s decision to cut its February oil price is a response to rising supply and competitive pressures in the market, industry analysts have told AGBI. The country, the world’s biggest crude oil exporter, is reducing the official selling price to Asia of its flagship Arab Light crude to the lowest level in 27 months. […] January 9, 2024
Banking & Finance Bahrain Steel lands $450m loan for green transition Bahrain Steel, a supplier of high-grade iron ore pellets, has secured a $450 million sustainability-linked loan from a consortium of regional banks as part of its carbon footprint reduction drive. The loan will be used to build the world’s largest stockyard shed with rooftop solar panels, in addition to meeting working capital requirements, Dubai-headquartered lender […] January 9, 2024
Opinion Renewable Energy Green hydrogen: who will buy the ‘fuel of the future’? Middle East enthusiasm is not matched by Europe and Asia January 8, 2024
