Renewable Energy Acwa Power profit up 16% on robust business momentum Saudi-listed Acwa Power reported a 16.46 percent increase in profits to SAR397.94 million ($106.08 million) in the third quarter of 2023, driven by positive momentum in the business development activities. Revenue rose 22.11 percent year on year to SAR1.54 billion in the quarter ended September 2023. The company achieved financial closure for three solar PV […] November 3, 2023
Oil & Gas Israeli gas exports to Egypt resume in small volumes Israeli natural gas exports to Egypt have resumed after a disruption last weekend but in small volumes, an official in Egypt’s petroleum ministry said on Thursday, without specifying the current flow. Three people with knowledge of the matter also told Reuters on Tuesday the flow had resumed, with two saying it had only been reduced, […] November 3, 2023
Oil & Gas Opec output cuts may extend to end of next year Opec+ may need to prolong output cuts until the end of 2024 to support crude prices, according to energy experts. A weakening global economy and rising supply from non-Opec countries means oil prices are under pressure. Dong Wang, a Middle East oil markets analyst at S&P Global Commodity Insights, told a conference in Dubai on […] November 3, 2023
Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023
Sustainability French minister hails positive steps in Cop28 negotiations France’s minister of energy transition, Agnès Pannier-Runacher, has hailed positive progress in climate negotiations, especially on the financial support for vulnerable countries hit by climate disasters. A final attempt to push through consensus became the most important point of the discussions ahead of the Cop28 climate conference in Dubai. Seventy ministers and 100 delegates met […] November 1, 2023
Renewable Energy Saudi Arabia urging businesses to make solar shift Saudi Arabia is doing more to encourage commercial and industrial enterprises to shift to solar energy as part of its green transition but the regulatory environment is still lagging due to a conservative gradualist approach, industry players say. The kingdom is trying to put itself at the forefront of green energy technology and consumption through […] November 1, 2023
Opinion Energy Geopolitical risk will shape next twist in crude oil prices Warning lights are on but the oil market's focus is softening demand November 1, 2023
Analysis Renewable Energy Startup touts alternative EV batteries for Saudi industry A startup developing non-lithium batteries for electric vehicles (EVs) says they are better suited to Gulf climates where flammability is a risk. But industry experts say it will be difficult to penetrate the car industry where lithium options are baked into budgets. Mukesh Chatter, founder of Alsym Energy, argued his case to regional political and […] November 1, 2023
Oil & Gas Saudi fuel retailer to buy Shell assets in Pakistan Shell Petroleum Company, the parent company of Shell Pakistan, has signed a deal with Wafi Energy, a fuel retailer in Saudi Arabia, to sell its operations in Pakistan. Shell Petroleum said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals, Reuters reported. In June, Shell Petroleum said it […] November 1, 2023
Energy Kuwait’s fuel oil exports drop 30% in October Kuwait’s October fuel oil exports tumbled more than 30 percent after hitting a record high in September as some supply was diverted to domestic power generation, according to trade sources, analysts and ship-tracking data. Exports fell to 490,000 metric tonnes (104,000 barrels per day) in October, after hitting a record high of 720,000 tonnes in […] November 1, 2023
Video length: 05:38 VIDEO Banking & Finance Standard Chartered chief aims for ‘100 years’ in Egypt As Standard Chartered plans its expansion into Egypt, the company’s regional CEO warns that the region “is not immune” to global economic turmoil. “If there is going to be a steep recession in the US and Europe, then the impact will be felt here,” said Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, […] October 31, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Renewable Energy Irena and industry leaders draw roadmap to fast-track renewables The energy transition away from fossil-based systems must be accelerated to keep global warming at bay, according to intergovernmental agency the International Renewable Energy Agency (Irena), headquartered in Abu Dhabi. Irena and the Cop28 presidency combined with a group of industry players – the Global Renewables Alliance (GRA) – in calling for a trebling of […] October 31, 2023
Energy World Bank warns of record oil prices if war escalates Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […] October 31, 2023
Oil & Gas Indian gas importer seeks no additional Qatar LNG India’s top gas importer Petronet LNG is not seeking additional volumes when it renews its long-term liquefied natural gas (LNG) deal with Qatar, its head of finance VK Mishra said on Monday on an analyst call. Petronet has a 7.5-million metric tonne per annum (mtpa) long-term LNG import deal with Qatar and its promoters Indian […] October 31, 2023
EXCLUSIVE Renewable Energy Abu Dhabi plans hydrogen carbon certification framework Abu Dhabi plans to roll out a carbon certification framework for the hydrogen industry next year in a bid to become a leader in developing the clean fuel. The emirate plans to apply the framework to both its production and use of hydrogen, Carlos Gasco Travesedo, energy policy adviser and executive director at Abu Dhabi […] October 30, 2023
Energy Oman’s crude oil output falls 3.3% to 224m barrels Oman’s total crude oil production fell by 3.3 percent to 223.55 million barrels as of September 2023. However, total condensate production rose 8.1 percent to 63.48 million barrels, the state-run Oman News Agency reported, citing data issued by the National Centre for Statistics and Information (NCSI). Average oil production hit 1.05 million barrels daily at […] October 30, 2023
Energy Borouge quarterly profit falls 9% on lower sales prices Net profit at the Abu Dhabi petrochemicals firm Borouge for the third quarter 2023 fell 9 percent year-on-year to $282 million (AED1.04 billion) on a 15 percent drop in average selling prices. However, the company’s profits rose 22 percent quarter on quarter, driven by robust production performance and cost management. Third-quarter revenue fell 11 percent year on […] October 30, 2023
Oil & Gas SLB predicts record Middle East oilfield services revenue SLB, the world’s largest oilfield services company, is predicting record revenue growth in the Middle East this year, as the region’s oil and gas companies ramp up capacity levels. The US company reported that international revenue rose 12 percent to $6.6 billion in the third quarter, its highest level since 2015. Opportunities in the GCC, […] October 30, 2023
Renewable Energy Egypt poised for $3bn green hydrogen facility Belgium-based Deme Group will invest $3 billion to build a green hydrogen facility in Gargoub port in the western region of Egypt. Significant progress has been made toward the final agreement and starting project implementation in coordination with the transport ministry, Daily News Egypt reported, citing Luc Vandenbulcke, CEO of Deme Group. The project will be implemented in […] October 29, 2023
