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Energy

Oil, gas, renewables and energy news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

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Energy news

A person working on a solar site

Shortage of ‘bankable’ green energy projects stymies investment 

While the Middle East has seen a surge in sustainable finance initiatives, investors are struggling to find commercially viable energy projects to invest in. This is particularly the case in developing nations, according to industry experts. The financial sector in the UAE has pledged to “mobilise” AED1 trillion ($272 billion) in sustainable finance by 2030.  […]

The Xinyi Glass facility in Egypt is expected to produce 1.5 million tonnes of solar panel glass annually

China to invest in solar panel glass production in Egypt

A Chinese company will reportedly invest $700 million to establish a solar panel glass manufacturing facility in Egypt. Hong Kong-listed Xinyi Glass will develop the project in the Suez Canal Economic Zone in two phases, the Egypt Today newspaper reported. The facility is expected to produce 1.5 million tonnes of solar panel glass and 1.1 […]

Under the revised plan, Iraq will make the bulk of the contribution to the cuts followed by Kazakhstan and Russia

Opec+ sets out new oil cut plan to offset excess output

Opec+ on Thursday issued a new schedule for seven member nations to make further oil output cuts to compensate for pumping above-agreed levels. This will more than overtake the monthly production hikes the group plans to introduce next month. The plan will represent monthly cuts of between 189,000 barrels per day (bpd) and 435,000 bpd, […]

Mubarakiya souk in Kuwait: lower oil exports and an increase in imports pushed the country's trade balance down by 18 percent

Lower oil income takes $8bn off Kuwait’s trade surplus

A fall in oil export revenues caused by lower output and a drop in prices pushed Kuwait’s trade surplus down by nearly $8.5 billion in 2024, official data shows. The surplus plunged by more than 18 percent year on year to reflect the country’s heavy reliance on crude sales in its national income and commercial […]

Senior ADQ and EPC executives signing the agreement to jointly build power generation and energy infrastructure

ADQ and ECP of the US bet on data centre projects

Abu Dhabi sovereign wealth fund ADQ has formed a partnership with Energy Capital Partners, a US private equity company, to build power generation and energy infrastructure, primarily in the US. The goal of the prospective $25 billion, 50-50 tie-up is to support growing energy demand by data centres, large cloud providers, and other so-called hyperscalers – […]

The proposed deal for the 450MW portfolio will further expand Masdar's operations in Spain

Masdar in talks on $200m solar power deal in Spain

Abu Dhabi renewable energy company Masdar is nearing a deal that would see it pay around $200 million for a 49.9 percent stake in a solar portfolio controlled by Spanish power utility Endesa, according to two sources familiar with the deal and a document seen by Reuters. The deal for the roughly 450-megawatt portfolio builds […]

BP CEO Murray Auchincloss, pictured at the CERAWeek conference in Houston last week, signed the Kirkuk agreement in Iraq

Iraq approves Kirkuk oilfield development deal with BP

Iraq has officially endorsed an agreement with UK energy major BP for the development of four oilfields in the northern Kurdish Kirkuk region. The cabinet gave its final approval to the multi-billion dollar contract at a meeting this week headed by Prime Minister Mohammed Al-Sudani, the official news agency said. BP expects to invest up […]

Borouge chairman Sultan Al Jaber visits the Borouge 4 project, which will increase the company's petrochemicals production by almost one third

Gulf oil companies turn up petrochemicals investment

Gulf national oil companies (NOCs) are increasingly focusing their investment attention on petrochemicals as they seek to move up the value chain and as global demand growth for crude slows, experts say. The Paris-based International Energy Agency (IEA) expects the petrochemical industry to account for one third of global oil demand growth by 2030 and […]

Fujairah Oil Industry Zone

Fujairah marine fuel sales hit record low in February

Marine fuel sales in the United Arab Emirates’ Fujairah, the world’s third-largest bunkering hub, fell in February to their lowest since data started being published in 2021. Volumes, excluding lubricants, totalled 554,117 cubic metres (about 549,000 metric tons) for February, showed latest Fujairah Oil Industry Zone (FOIZ) data published by S&P Global Commodity Insights. The […]

Iraq's prime minister Mohammed Shia Al Sudani has agreed a deal over costs with the KRG

Final kink obstructs reopening of Iraq-Turkey pipeline

Iraq’s oil pipeline through Turkey – which has been closed for two years – is not just a pipeline. It raises a cornucopia of issues: declining Russian oil exports to Turkey, US pressure on Iraq to stop illicit Iraqi oil exports to Iran, peace with the militant Kurdistan Workers Party (PKK) in eastern Turkey, how […]

Mubadala has oil and gas investments in Thailand, Indonesia, Malaysia and Oman

Adnoc targets Mubadala’s energy assets

State-owned Abu Dhabi National Oil Company (Adnoc) is reportedly considering acquiring the energy assets of Mubadala Investment Company, one of the emirate’s sovereign wealth funds. Talks between the two companies, which stalled over valuation, are expected to resume soon, possibly after the end of Ramadan, Bloomberg reported, citing informed sources. The deal was previously valued […]

Person, Worker, Clothing

Turkey imports crude from Brazil after Russian oil ban

Turkey’s largest oil refiner Tupras is set to receive a cargo of Itapu crude early next month, its first such purchase from Brazil, according to a source, and ship tracking data. Tupras last month said it had stopped buying Russian crude after the US announced new sanctions on Russia’s oil industry on January 10. The cargo of […]

Capricorn Egypt

UK’s Capricorn seeks better term for investments in Egypt

The British oil and gas producer Capricorn Energy is in advanced talks with the state-owned Egyptian General Petroleum Corporation to improve the terms for its gas concession agreements in the Western Desert. The talks include an improved gas price for incremental production and new discoveries, plus “modernised” commercial terms, the company said. Capricorn and the […]

Most areas of Syria receive electricity for only a few hours each day and substantial infrastructure repair is needed

Qatar to supply Syria with natural gas to ease power crisis

Qatar has signed an agreement to supply natural gas to Syria via Jordan, a significant step towards addressing the war-torn nation’s energy crisis.  The agreement, signed between Qatar Fund for Development (QFFD) and Jordan’s energy ministry, in collaboration with the United Nations Development Programme, will contribute to generating up to 400 megawatts of electricity daily […]

Brooge's flagship facilities are located in Fujairah, the world’s second-largest bunkering and emerging storage hub

Gulf Navigation buys Nasdaq-listed Brooge Energy

Dubai-listed Gulf Navigation Holding is building its presence in the midstream oil and gas and logistics sectors following the acquisition of a Nasdaq-listed oil refining and storage company. Shareholders on Thursday approved the buying of assets and companies owned by Brooge Energy Limited, the company said in a statement to the Dubai stock exchange. This […]