Energy Masdar consortium to build $1bn solar plant in Saudi Arabia Abu Dhabi state clean energy company Masdar has entered into a consortium agreement to develop a solar power plant in the Madinah province of Saudi Arabia. The group, which also includes France’s EDF Renewables and Saudi-based Nesma Company, submitted the most cost-competitive bid of $16.84 per megawatt hour to win the contract, the companies said […] November 8, 2023
Oil & Gas Saudi Aramco net profit down 23% after output cuts Saudi Aramco’s third quarter profit dropped by 23 percent year-on-year, after falls in both prices and volumes sold, the company said in a results announcement on November 7. The drop in volumes reflects Opec output cuts that the kingdom has championed. “The decrease principally reflects the impact of lower crude oil prices and volumes sold,” […] November 7, 2023
Energy Kuwait Petroleum to borrow $45bn to meet fund shortfall State oil giant Kuwait Petroleum Corporation (KPC) sees a near 14.1 billion Kuwaiti dinar ($45.7 billion) shortfall in the funds it has available to meet its five-year spending plan, and will need to borrow and sell assets to help plug the gap, a document seen by Reuters showed. Retaining its annual dividends instead of transferring […] November 7, 2023
Opinion Sustainability Loss, damage and Cop28’s multi-trillion-dollar challenge There is a body of opinion in the Middle East that the loss and damage concept is not fit for purpose November 6, 2023
Energy Saudi Arabia extends oil cuts to end of year Saudi Arabia said on Sunday it will continue its additional voluntary oil output cuts to the end of the year as part of an Opec+ policy of acting to stabilise and balance the markets. The production cuts, which began in April, come as prices cool after hitting a 2023 high in September of nearly $98 […] November 6, 2023
Energy Arabian Drilling profit slips 34% on higher finance costs Arabian Drilling Company said its third-quarter 2023 net profit declined 34.27 percent to SAR140 million ($37.32 million) from SAR213 million in Q3 2022 due to higher finance costs. The Saudi-listed oilfield services company’s revenue grew 31.05 percent annually to SAR920 million, primarily due to the start-up of three additional offshore rigs on five-year contracts. Net profit […] November 6, 2023
Renewable Energy Turkey banks on renewables in power plan for 2028 Half of Turkey’s proposed new installed electricity capacity will come from renewables, the Energy and Natural Resources Ministry said in a post on the social messaging site X, formerly Twitter. The country’s capacity is planned to rise 27 percent to 136,000 megawatts (MW) by 2028. Electrical energy demand will hit 430 terawatt hours (TWh) in […] November 6, 2023
Energy QatarEnergy, Sinopec strike 27-year LNG supply deal QatarEnergy, the world’s largest liquefied natural gas (LNG) supplier, has signed agreements with China Petrochemical Corporation (Sinopec) for the expansion of the North Field South (NFS) project and a long-term LNG supply deal. The companies signed a new 27-year LNG supply and purchase agreement to deliver three million tonnes per annum (mtpa) of LNG from […] November 5, 2023
Renewable Energy Lootah Biofuels strengthens Maldives presence Dubai’s Lootah Biofuels has signed a deal with Atmosphere Hotels & Resorts to provide and supply biodiesel and deliver waste cooking oil recycling services in the Maldives. The agreement also supports the collection and recycling of used cooking oil from luxury resorts, hotels, restaurants and households to produce biodiesel. The Global Centre for Maritime Decarbonisation […] November 3, 2023
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
