Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025
Oil & Gas Profits at Oman-listed OQBI surged in 2024 Oman’s state-controlled OQ Base Industries (OQBI) has reported that net profits for 2024 increased by 38 percent to $81 million, up from $25 million a year earlier. OQBI, which produces methanol, ammonia and liquefied petroleum gas (LPG), is the downstream arm of state-owned OQ. It started trading on the Muscat Security Market (MSM) on December […] April 2, 2025
Opinion Renewable Energy China’s solar giants take root in the GCC The regions share aspirations over energy security and economic diversification April 2, 2025
Oil & Gas Opec+ meeting this week to discuss oil output increase Opec+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters. Eight members of Opec+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, […] April 2, 2025
Oil & Gas EU to decide on Adnoc’s Covestro deal by May 12 European Union (EU) antitrust regulators will decide by May 12 whether to clear Abu Dhabi state oil major Adnoc’s €15.9 billion ($17.2 billion) takeover of German chemicals company Covestro, a regulatory filing on the European Commission website showed. Adnoc struck the deal for its biggest-ever acquisition last October as Middle East countries seek to reduce their […] April 2, 2025
Construction Review deals latest blow to Sidara’s takeover of John Wood UAE construction consultancy Sidara is facing another setback in its planned takeover of British oil services firm John Wood Group, which this week said it had to restate its financial results and probably suspend its shares after a review found information had been withheld from auditors. Dubai-based Sidara, formerly Dar Global, was in discussions last […] April 1, 2025
Oil & Gas Oman’s oil sector received $12bn investment in 2024 Oman says nearly RO5 billion ($12 billion) was pumped into its hydrocarbon sector last year as it pushed ahead with plans to expand production capacity and boost reserves. By the end of 2024, cumulative investment in the sultanate’s hydrocarbon industry totalled around RO24 billion ($62 billion), up from RO19 ($50 billion) at the end of […] April 1, 2025
Energy GCC companies to bid for Oman’s power projects A Saudi-listed company and a UAE state-run entity are among a dozen companies shortlisted to develop and operate two major independent power producer (IPP) projects in Oman. The list includes Etihad Water and Electricity, Acwa Power, Marubeni Corporation, Reliance Power, Sembcorp Utilities, Samsung C&T Corporation, Sumitomo Corporation, Nebras Power, Korea Western Power and Al Jomaih […] April 1, 2025
Oil & Gas Aramco holds LPG prices steady for April Oil producer Saudi Aramco kept April official selling prices (OSPs) for liquefied petroleum gas (LPG) unchanged from March, while Algeria’s Sonatrach cut its OSPs by 2-7 percent due to weaker demand in the Mediterranean, traders said on Monday. Aramco’s April OSP for propane was stable at $615 per metric tonne, while butane was $605 per tonne, […] April 1, 2025
Renewable Energy Turkey gives five companies go-ahead to build solar cell factories Turkey’s government has approved a series of projects designed to boost the country’s self-sufficiency in renewables technology – and lay the groundwork for exports. Last week, as protests continued in Istanbul and interest rates spiralled, Mehmet Kacır, Turkey’s industry and technology minister, announced that five private sector businesses – Alfa Solar, Astroenergy, CW Solar Cell, […] April 1, 2025
Opinion Oil & Gas Data is the new oil – and the oil industry agrees Saudi Arabia and the UAE are both pouring billions into AI initiatives under their broader economic visions March 31, 2025
Oil & Gas Uganda signs deal with UAE company over oil refinery Uganda signed an oil refinery agreement with UAE-based Alpha MBM Investments on Saturday, for a 60 percent stake in a crude oil refinery in Kabaale, Hoima district. The country’s state-run Uganda National Oil Company will retain the remaining 40 percent stake in the 60,000-barrel-per-day refinery, according to a statement from President Yoweri Museveni office. Besides […] March 31, 2025
Markets Masdar IPO could help accelerate Gulf’s energy transition An initial public offering by Abu Dhabi’s Masdar could mark a pivotal moment in the move towards cleaner sources of power in not only the world’s largest oil-producing region, but also in Europe, industry observers say. Masdar, more officially known as the Abu Dhabi Future Energy Co, is considering an IPO next year to fund […] March 28, 2025
Oil & Gas Saudi Arabia may cut May oil prices for Asia to three-month low Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said. The May official selling price (OSP) for flagship Arab Light crude may decline by $1.80 to $2 a barrel from April, four Asian refining sources […] March 28, 2025
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […] March 28, 2025
Oil & Gas Adnoc’s XRG seals a 10% stake in African gas projects XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has completed its acquisition of a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique. The Rovuma basin, one of the largest gas discoveries in the past 15 years, offers XRG access to liquefied natural […] March 28, 2025
Oil & Gas Oil holds near one-month high amid supply woes Oil prices held near one-month highs on Friday and were poised for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil and gas from Venezuela and placed restrictions on Iranian oil trade. Brent crude futures dipped 8 cents, or 0.1 percent, at $73.95 a barrel as […] March 28, 2025
Oil & Gas Oil output increase of 30% sought in Oman block offer Oman is planning to offer 11 new oil concession blocks across the country this year, as it seeks to raise production by a third by the end of the decade. The ministry of energy and minerals, through the state-run company OQ Exploration and Production (OQEP) and the Canadian-based Scotiabank, have started marketing the potential blocks. […] March 27, 2025
Oil & Gas Saudi Aramco considering investment in Indian refineries Saudi Aramco is in talks to invest in two planned refineries in India as the world’s top oil exporter looks for a stable outlet for its crude in the world’s fastest-growing emerging market, several Indian sources with direct knowledge of the matter said. India, the world’s third-biggest oil consumer and importer, wants to become a […] March 27, 2025
Energy Oil’s share of energy demand dips below 30% for first time Oil’s share of the global energy mix has hit a historic low, dipping below 30 percent of demand for the first time as renewables and electric vehicles reshape markets, according to the International Energy Agency. The IEA’s Global Energy Review 2025 reveals that energy demand rose by 2.2 percent last year, outpacing the average yearly […] March 26, 2025
Renewable Energy Aramco buys 50% of local blue hydrogen producer Saudi Aramco has purchased a 50 percent stake in a low-carbon hydrogen production plant in Jubail, a city on the Gulf, owned by a unit of the Saudi Arabia-based company Air Products Qudra (APQ). The stake buyout will enable Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of APQ, to provide blue hydrogen […] March 26, 2025
Renewable Energy Masdar weighs IPO on Abu Dhabi stock exchange Abu Dhabi’s state-owned renewables company Masdar is in the early stages of considering an initial public offering (IPO), three people with knowledge of the matter told Reuters. The company is considering a possible listing in Abu Dhabi to raise funding for renewable projects, said two of the sources, with one of them saying a dual […] March 26, 2025
